<SEC-DOCUMENT>0001047469-17-000434.txt : 20170131
<SEC-HEADER>0001047469-17-000434.hdr.sgml : 20170131
<ACCEPTANCE-DATETIME>20170131105308
ACCESSION NUMBER:		0001047469-17-000434
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		24
FILED AS OF DATE:		20170131
DATE AS OF CHANGE:		20170131

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:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-207243
		FILM NUMBER:		17559814

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>a2230757zs-1a.htm
<DESCRIPTION>S-1/A
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg43513_table_of_contents">  TABLE OF CONTENTS</A> <BR>
<A HREF="#fa43513_index_to_consolidated_financial_statements">  Index to Consolidated Financial Statements</A><BR></font>
</P>

<P style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;">


<FONT SIZE=1><B>As filed with the Securities and Exchange Commission on January&nbsp;31, 2017

  </B></FONT>

</P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> Registration No.&nbsp;333-207243  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=1><B><BR>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B> <div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>WASHINGTON, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>


Amendment No. 7<BR>
to

 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>FORM S-1<BR>  </B></FONT><FONT SIZE=1><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>Laureate Education,&nbsp;Inc.<BR>  </B></FONT><FONT SIZE=1>(Exact name of registrant as specified in its charter) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Delaware</B></FONT><FONT SIZE=1><BR>
(State or Other Jurisdiction of<BR>
Incorporation or Organization)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> 8200</B></FONT><FONT SIZE=1><BR>
(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> 52-1492296</B></FONT><FONT SIZE=1><BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>650 S. Exeter Street<BR>
Baltimore, Maryland 21202<BR>
(410)&nbsp;843-6100</B></FONT><FONT SIZE=1><BR>
(Address, including zip code, and telephone number, including<BR>
area code, of registrant's principal executive offices) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Robert W. Zentz, Esq.<BR>
Senior Vice President, Secretary and General Counsel<BR>
Laureate Education,&nbsp;Inc.<BR>
650 S. Exeter Street<BR>
Baltimore, Maryland 21202<BR>
(410)&nbsp;843-6100<BR>  </B></FONT><FONT SIZE=1>(Name, address, including zip code, and telephone number, including<BR>
area code, of agent for service) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="46%" style="font-family:times;"></TD>
<TD WIDTH="30pt" style="font-family:times;"></TD>
<TD WIDTH="46%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>With copies to:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1><B>Robert W. Smith, Jr., Esq.<BR>
Michael J. Stein, Esq.<BR>
DLA Piper&nbsp;LLP (US)<BR>
6225 Smith Avenue<BR>
Baltimore, MD 21209<BR>
(410)&nbsp;580-3000</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=1><B> Joseph H. Kaufman, Esq.<BR>
David W. Azarkh, Esq.<BR>
Simpson Thacher&nbsp;&amp; Bartlett&nbsp;LLP<BR>
425 Lexington Avenue<BR>
New York, NY 10017<BR>
(212)&nbsp;455-2000</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Approximate date of commencement of proposed sale to the public:<BR>
As soon as practicable after this Registration Statement is declared effective.  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of
1933 check the following box:&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the
definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule&nbsp;12b-2 of the Exchange Act. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="110pt" style="font-family:times;"></TD>
<TD WIDTH="10%" style="font-family:times;"></TD>
<TD WIDTH="84pt" style="font-family:times;"></TD>
<TD WIDTH="10%" style="font-family:times;"></TD>
<TD WIDTH="103pt" style="font-family:times;"></TD>
<TD WIDTH="10%" style="font-family:times;"></TD>
<TD WIDTH="128pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Large accelerated filer&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Accelerated filer&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Non-accelerated filer&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT><BR></FONT> <FONT SIZE=1>(Do not check if a<BR>
smaller reporting company)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Smaller reporting company&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="30%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Title of Each Class of Securities<BR>
to be Registered</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount to be<BR>
Registered(1)(2)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate Offering<BR>
Price per Share(2)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate Offering<BR>
Price(2)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount of<BR>
Registration Fee(3)</B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1><B> </B></FONT><FONT SIZE=1>Class&nbsp;A common stock, par value $0.004 per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>33,350,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$20.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$667,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$75,786</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"> &nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Includes
the aggregate offering price of shares of Class&nbsp;A common stock that the underwriters have the option to purchase. See "Underwriting."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Estimated
solely for the purpose of calculating the registration fee in accordance with Rule&nbsp;457(a) under the Securities Act of 1933, as amended.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Previously
paid.

 </FONT></DD>

</DL>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=1><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall
file&nbsp;a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933, as
amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may
determine.</B></FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=1>

<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>

<P style="font-family:times;"><FONT SIZE=1><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=721128,FOLIO='blank',FILE='DISK112:[12ZBH3.12ZBH43513]BA43513A.;24',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_TXTHEX,"" -->


</FONT><FONT COLOR="#FF4040" SIZE=2><B>The information in this preliminary prospectus is not complete and may be changed. We may not sell these
securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not
soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;">

<FONT SIZE=2><B>









<!-- COMMAND=ADD_TXTHEX,"" -->


 </B></FONT><FONT COLOR="#FF4040" SIZE=2><B>Subject to Completion, dated January&nbsp;31, 2017</B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2><B> PROSPECTUS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>29,000,000&nbsp;Shares  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>
<IMG SRC="g894714.jpg" ALT="LOGO" WIDTH="343" HEIGHT="85">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> Class&nbsp;A Common Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate Education,&nbsp;Inc. is offering 29,000,000 shares of its Class&nbsp;A common stock. This is our initial public offering and no
public market currently exists for our shares of Class&nbsp;A common stock. We anticipate that the initial public offering price will be between $17.00 and $20.00 per share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
this offering, we will have two classes of outstanding common stock, Class&nbsp;A common stock and Class&nbsp;B common stock. The rights of the holders of Class&nbsp;A
common stock and Class&nbsp;B common stock will be identical, except with respect to voting and conversion. Each share of Class&nbsp;A common stock will be entitled to one vote per share. Each
share of Class&nbsp;B common stock will be entitled to ten votes per share and will be convertible at any time into one share of Class&nbsp;A common stock. Outstanding shares of Class&nbsp;B
common stock will represent approximately 97.9% (or 97.6% if the underwriters exercise in full their option to purchase additional shares of Class&nbsp;A common stock) of the voting power of our
outstanding capital stock following this offering. After completion of this offering, Wengen Alberta, Limited Partnership, an Alberta limited partnership ("Wengen"), our controlling stockholder, will
continue to control a majority of the voting power of our outstanding common stock. As a result, we are a "controlled company" within the meaning of the Nasdaq Global Select Market ("Nasdaq")
corporate governance standards. See "Security Ownership of Certain Beneficial Owners and Management." In October 2015, we redomiciled in Delaware as a public benefit corporation as a demonstration of
our long-term commitment to our mission to benefit our students and society. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Class&nbsp;A common stock has been approved for listing on Nasdaq under the symbol "LAUR."

 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=3><B><I>Investing in our Class&nbsp;A common stock involves risks. See "Risk Factors" beginning on
page&nbsp;29.</I></B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="75%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Per<BR>
Share </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Initial public offering price</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting discounts and commissions(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds, before expenses, to us</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>We
have agreed to reimburse the underwriters for certain expenses in connection with this offering. See "Underwriting."  </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have granted the underwriters the right to purchase up to an additional 4,350,000 shares of Class&nbsp;A common stock from us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this prospectus is truthful or complete. Any
representation to the contrary is a criminal offense. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters expect to deliver the shares of Class&nbsp;A common stock to purchasers on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>Joint Book-Running Managers  </I></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="122pt" style="font-family:times;"></TD>
<TD WIDTH="22%" style="font-family:times;"></TD>
<TD WIDTH="145pt" style="font-family:times;"></TD>
<TD WIDTH="22%" style="font-family:times;"></TD>
<TD WIDTH="79pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=4><B>Credit Suisse</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=4><B>Morgan Stanley</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=4><B>Barclays</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

<P style="font-family:times;"><FONT SIZE=3><B>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="18%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=3><B>Macquarie Capital</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=3>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=3><B> J.P.&nbsp;Morgan</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=3>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B> BMO&nbsp;Capital&nbsp;Markets</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=3>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B> Citigroup</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=3>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=3><B> Goldman,&nbsp;Sachs&nbsp;&amp;&nbsp;Co.</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>Co-Managers  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


</FONT> <FONT SIZE=2><I>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </I></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="7%" style="font-family:times;"></TD>
<TD WIDTH="117pt" style="font-family:times;"></TD>
<TD WIDTH="7%" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="7%" style="font-family:times;"></TD>
<TD WIDTH="69pt" style="font-family:times;"></TD>
<TD WIDTH="7%" style="font-family:times;"></TD>
<TD WIDTH="119pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B> Baird</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> Barrington Research</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> Piper Jaffray</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> Stifel</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2><B> William Blair</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> Bradesco BBI</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2><B> BTG Pactual</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=782026,FOLIO='blank',FILE='DISK112:[12ZBH3.12ZBH43513]BC43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g617438.jpg" ALT="GRAPHIC" WIDTH="685" HEIGHT="949">
  </B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=691824,FOLIO='blank',FILE='DISK112:[12ZBH3.12ZBH43513]BD43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g888891.jpg" ALT="GRAPHIC" WIDTH="685" HEIGHT="899">
  </B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=554817,FOLIO='blank',FILE='DISK112:[12ZBH3.12ZBH43513]BE43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:36' -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g796188.jpg" ALT="GRAPHIC" WIDTH="685" HEIGHT="907">
  </B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=5,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1044968,FOLIO='blank',FILE='DISK112:[12ZBH3.12ZBH43513]BE43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g976821.jpg" ALT="GRAPHIC" WIDTH="685" HEIGHT="968">
  </B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=6,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=661377,FOLIO='blank',FILE='DISK112:[12ZBH3.12ZBH43513]BF43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_bg43513_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="BG43513A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg43513_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG43513_TOC"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->

<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bg43513_trademarks_and_tradenames"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Trademarks and Tradenames</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bg43513_trademarks_and_tradenames"><FONT SIZE=2>ii</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bg43513_industry_and_market_data"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Industry and Market Data</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bg43513_industry_and_market_data"><FONT SIZE=2>ii</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bg43513_presentation_of_financial_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Presentation of Financial Information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bg43513_presentation_of_financial_information"><FONT SIZE=2>ii</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#L1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Letter from Doug Becker</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#L1"><FONT SIZE=2>iii</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca43513_prospectus_summary"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prospectus Summary</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca43513_prospectus_summary"><FONT SIZE=2>1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ci43513_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Factors</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ci43513_risk_factors"><FONT SIZE=2>29</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cu43513_special_note_regarding_forward-looking_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Special Note Regarding Forward-Looking Statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cu43513_special_note_regarding_forward-looking_statements"><FONT SIZE=2>93</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cu43513_use_of_proceeds"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of Proceeds</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cu43513_use_of_proceeds"><FONT SIZE=2>95</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cu43513_dividend_policy"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividend Policy</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cu43513_dividend_policy"><FONT SIZE=2>96</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw43513_capitalization"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capitalization</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw43513_capitalization"><FONT SIZE=2>97</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cw43513_dilution"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dilution</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cw43513_dilution"><FONT SIZE=2>99</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cy43513_selected_historical_co__cy402300"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selected Historical Consolidated Financial and Other Data</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cy43513_selected_historical_co__cy402300"><FONT SIZE=2>101</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da43513_management_s_discussion_and_an__man03466"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management's Discussion and Analysis of Financial Condition and Results of
Operations</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da43513_management_s_discussion_and_an__man03466"><FONT SIZE=2>107</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq43513_business"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Business</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq43513_business"><FONT SIZE=2>179</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy43513_industry_regulation"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Industry Regulation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy43513_industry_regulation"><FONT SIZE=2>219</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ee43513_management"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ee43513_management"><FONT SIZE=2>267</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eg43513_executive_compensation"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive Compensation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eg43513_executive_compensation"><FONT SIZE=2>277</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eq43513_security_ownership_of_certain___sec02525"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Security Ownership of Certain Beneficial Owners and Management</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eq43513_security_ownership_of_certain___sec02525"><FONT SIZE=2>311</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es43513_certain_relationships_and_related_party_transactions"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain Relationships and Related Party Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es43513_certain_relationships_and_related_party_transactions"><FONT SIZE=2>317</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eu43513_description_of_capital_stock"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Description of Capital Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu43513_description_of_capital_stock"><FONT SIZE=2>323</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ew43513_description_of_certain_indebtedness"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Description of Certain Indebtedness</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew43513_description_of_certain_indebtedness"><FONT SIZE=2>333</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ey43513_material_u.s._federal_tax_cons__mat03085"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Material U.S. Federal Tax Consequences for Non-U.S. Holders of Class&nbsp;A
Common Stock</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ey43513_material_u.s._federal_tax_cons__mat03085"><FONT SIZE=2>344</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ey43513_shares_eligible_for_future_sale"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Shares Eligible for Future Sale</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ey43513_shares_eligible_for_future_sale"><FONT SIZE=2>348</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ez43513_underwriting"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ez43513_underwriting"><FONT SIZE=2>351</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ez43513_legal_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal Matters</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ez43513_legal_matters"><FONT SIZE=2>358</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ez43513_experts"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Experts</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ez43513_experts"><FONT SIZE=2>358</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ez43513_where_you_can_find_more_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Where You Can Find More Information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ez43513_where_you_can_find_more_information"><FONT SIZE=2>358</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#fa43513_index_to_consolidated_financial_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Index to Consolidated Financial Statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#fa43513_index_to_consolidated_financial_statements"><FONT SIZE=2>F-1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>


<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained in this prospectus or contained in any free writing prospectus filed with the Securities and Exchange Commission (the "SEC"). Neither we
nor the underwriters have authorized anyone to provide you with additional information or information different from that contained in this prospectus or in any free writing prospectus filed with the
SEC. We are offering to sell, and seeking offers to buy, our Class&nbsp;A common stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is
accurate only as of the date of this prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Through and including&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 (the 25th&nbsp;day after the date of this prospectus), all dealers that effect transactions in these securities,
whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with
respect to their unsold allotments or subscriptions.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
investors outside of the United States, neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus or any
free writing prospectus we may provide to you in connection with this offering in any jurisdiction where action for that purpose is required, other than in the United States. You are required to
inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus and any such free writing prospectus outside of the United States. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this prospectus, unless otherwise stated or the context otherwise requires, references to "we," "us," "our," the "Company," "Laureate" and similar references refer
collectively to Laureate Education,&nbsp;Inc. and its subsidiaries. Unless otherwise stated or the context requires, references to the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network include Santa Fe University of Art and Design ("SFUAD"), which is owned by Wengen. Laureate is affiliated with SFUAD, but does not own or control it and, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=7,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=486269,FOLIO='i',FILE='DISK112:[12ZBH3.12ZBH43513]BG43513A.;25',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_bg43513_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>accordingly,
SFUAD is not included in the financial results of Laureate presented throughout this prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg43513_trademarks_and_tradenames"> </A>
<BR></FONT><FONT SIZE=2><B>  TRADEMARKS AND TRADENAMES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LAUREATE, LAUREATE INTERNATIONAL UNIVERSITIES and the leaf symbol are trademarks of Laureate Education,&nbsp;Inc. in the United
States and other countries. This prospectus also includes other trademarks of Laureate and trademarks of other persons, which are properties of their respective owners. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg43513_industry_and_market_data"> </A>
<BR></FONT><FONT SIZE=2><B>  INDUSTRY AND MARKET DATA    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We obtained the industry, market and competitive position data used throughout this prospectus from our own internal estimates and
research as well as from industry publications and research, surveys and studies conducted by third parties. This prospectus also contains the results from studies by Millward Brown and Gallup, Inc.
("Gallup"). We commissioned the Millward Brown study as part of our periodic evaluation of employment rates and starting salary information for our graduates. In addition, we commissioned the Gallup
survey to explore the relationship between the experiences of students at Walden University, our online university located in the United States, and long-term outcomes of those students based on the
survey responses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry
publications, studies and surveys generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness
of such information. While we believe that each of these publications, surveys and studies is reliable, we have not independently verified industry, market and competitive position data from
third-party sources. While we believe our internal business research is reliable and the market definitions are appropriate, neither such research nor these definitions have been verified by any
independent source. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg43513_presentation_of_financial_information"> </A>
<BR></FONT><FONT SIZE=2><B>  PRESENTATION OF FINANCIAL INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this prospectus we present certain data for the 12-month period ("LTM") ended September&nbsp;30, 2016. This data has been derived
by summing our historical results for the year ended December&nbsp;31, 2015 and our historical results for the nine months ended September&nbsp;30, 2016, then subtracting our historical results
for the nine months ended September&nbsp;30, 2015. Our results of operations for the nine months ended September&nbsp;30, 2016 are not necessarily indicative of the results that may be expected
for the full year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;2, 2016, we announced a change to our operating segments in order to align our structure more geographically. Our institution in Italy, Nuova Accademia di Belle Arti Milano
("NABA"), including Domus Academy, moved from our&nbsp;GPS segment into our Europe segment. Media Design School ("MDS"), located in New Zealand, moved from our&nbsp;GPS segment into our AMEA
segment. Our&nbsp;GPS segment now focuses on Laureate's fully online global operations and on its campus-based institutions in the United States. This change has been reflected in the financial
statements for all periods presented. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;10, 2017, we announced that we plan to combine our Europe and AMEA operations, effective March&nbsp;31, 2017, in order to reflect our belief that we will be able to
operate the institutions in those operations more successfully and efficiently under common management. The Company is currently evaluating the impact of this combination on its operating segments.
All information in this prospectus is presented consistently with our operating segments as in effect on September&nbsp;30, 2016, and on the date of this prospectus, and does not reflect any
possible segment realignment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;1, 2016, Laureate adopted Accounting Standards Update 2015-03, which simplified the presentation of debt issuance costs by requiring debt issuance costs to be presented
as a deduction from debt. At adoption, the new guidance was applied retrospectively to all prior periods presented in this prospectus. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
consolidated financial statements included in this prospectus are presented in U.S. dollars ($) rounded to the nearest thousand, with many amounts in this prospectus rounded to the
nearest tenth of a million. Therefore, discrepancies in the tables between totals and the sums of the amounts listed may occur due to such rounding. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=8,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=248236,FOLIO='ii',FILE='DISK112:[12ZBH3.12ZBH43513]BG43513A.;25',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_bi43513_1_3"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="L1"></A>LETTER FROM DOUG BECKER  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dear Prospective Investors, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
the founder of Laureate, it is my privilege to explain the company and its beliefs, as a way of educating potential new investors to determine if we are a
compatible fit. This company was founded over 25&nbsp;years ago and, while the offerings, strategies and even the name of the company have changed over the years, our core beliefs remain the same.
Chief among them is our belief in the power of education to transform lives, and our view that the private sector can make a positive impact in a field that traditionally has been the province of the
public sector. I have been accompanied on this journey by remarkable partners, friends and co-workers, and the success and longevity of this company is a credit to their passion, commitment and many
sacrifices. Many of these contributors are still with us and some are gone, but I write this letter on behalf of them all, in a
shared belief that Laureate is that rare company that will outlive its many founders and make lasting contributions to the world. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seventeen
years ago, we entered the field of international higher education with the acquisition of Universidad Europea de Madrid in Spain, and this became our testbed for innovation as
we developed our ideas for new ways to manage universities and to improve outcomes for students. The company was built upon the idea that our main purpose was to prepare our students for success in
their careers and lives. And we also believed that this was a much more valuable contribution if it could be done at scale. There are many barriers that inhibit participation in higher education and
we committed ourselves to overcoming these barriers in order to expand access. This requires us to educate students at an affordable price, and in fact our tuition typically is far below the actual
per-student cost to society of public institutions, which are heavily subsidized by government. Expanding access also requires us to accept more students compared to elite institutions, and to
demonstrate that many of our students graduate and succeed in career and life. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the very beginning, we wanted to create an international network of universities that would give our students a unique multicultural experience and better preparation for success in
an increasingly globalized workforce. So we searched for other compatible acquisitions of, or partnerships with, universities in other countries, initially in Spanish-speaking markets but eventually
across many languages and cultures. In the process, we forged the largest and most powerful network of universities of its kind, with over 70 institutions that today serve more than one million
students. Many of these universities are owned or controlled by Laureate, but we also manage institutions that we do not own. In addition, we provide services under contract to governments and to
prestigious public and non-profit universities, which demonstrates our quality and value. We believe that providing these types of services will become an increasingly important part of our business
model. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accountability
for results has been a critical factor in our success, and to accomplish this we have brought together best practices from the fields of higher education and business
management. As a company, we understand the needs of the private sector, which will ultimately employ most of our graduates. So we build deep linkages with employers to ensure that our curriculum
reflects the latest requirements and that our students graduate with the skills to succeed. But we are not just a company. We are a company of educators. Our academic leaders ensure that we have great
teachers in the classroom, teaching in effective ways and with the right curriculum, and with a human connection to each of our students. They ensure that we understand the needs and requirements of
regulators in the many countries that we serve, helping achieve the goals of increasing participation while assuring quality. Their efforts allow us to deliver great, measurable outcomes for our
students, the majority of whom are outside the United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
recognize the enormous importance that society places on education as a public good or even a civil right, and we respect the role that government plays in ensuring quality and access
to education. As a leader in this field, we are required to operate with the highest integrity and the deepest commitment to social responsibility. This has always caused us to have a culture that
combines the "head" of a business enterprise&#151;scalable, efficient and accountable for measurable results&#151;with the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=9,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=483303,FOLIO='iii',FILE='DISK112:[12ZBH3.12ZBH43513]BI43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_bi43513_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"heart"
of a non-profit organization&#151;dedicated to improving lives and benefitting society. We reconcile these two concepts by delivering measurable results for our students, recognizing
that when our students succeed, countries prosper and societies benefit. This means that we have always asked our stockholders and employees to recognize our commitment to put the needs of our
students first. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
believe that balancing the needs of our constituents has been instrumental to our success and longevity, allowing us to grow even in challenging economic times. For a long time, we
didn't have an easy way to explain the idea of a for-profit company with such a deep commitment to benefitting society. So we took notice when in 2010 the first state in the U.S. passed legislation
creating the concept of a Public Benefit Corporation, a new type of for-profit corporation with an expressed commitment to creating a material positive impact on society. We watched this concept
carefully as it swept the nation, with 31 states and the District of Columbia now having passed legislation to allow for this new class of corporation, which commits itself to high standards of
corporate purpose, accountability and transparency. This includes Delaware, the state that we have selected as our new domicile and which has the most up-to-date Public Benefit Corporation law. We
believe that we are by far the largest company to become a Public Benefit Corporation and that, following our IPO, we likely will be the first publicly traded Public Benefit Corporation. In addition,
while not required by Delaware law, we have chosen to have our social and environmental performance, accountability and transparency assessed against the proprietary criteria established by an
independent non-profit organization. Based on this assessment, we have been designated as a "Certified B Corporation." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Which
brings me to the topic of our initial public offering. Many of you may know that Laureate was previously a publicly traded company, from 1993 until we went private in 2007. So we
understand the advantages and challenges associated with being public. We went private with the intention of accomplishing some very specific objectives and, having achieved these goals, we believe it
is time for us to re-establish ourselves as a publicly traded company. Being public brings the highest level of transparency, and will enable us to more easily raise capital to support our mission
which, at its core, is about expanding access to higher education through greater scale. We want to best ensure that we always have capital to grow and bring the benefits of our education programs to
more students. We recognize that some investors in public companies are highly focused on short-term results, and we hope that it is very clear to them that this is not our approach. With the benefit
of a long-term view, we will balance the needs of stockholders with the needs of students, employees and the communities in which we operate, and we believe that this approach will deliver the best
results for our investors. We plan to seek out and engage with investors who see the benefit of this approach, and who want to be a part of an enduring, mission-driven company that we believe has
strong prospects for long-term growth and the opportunity to help millions of people change their lives through education. We use the expression </FONT><FONT SIZE=2><I>Here For
Good</I></FONT><FONT SIZE=2> to explain our commitment to thinking and acting for the long-term, and providing a significant benefit to society. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Looking
ahead, I can't think of a more exciting time for our company. The world embraces the power and importance of education and is seeking new ideas and technologies to deliver better
education to more people at an affordable cost. We believe we are uniquely positioned to meet this need through our unparalleled scale and resources, and our growing capacity to provide our
intellectual property and services to other universities and governments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Sincerely
yours, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g423126.jpg" ALT="GRAPHIC" WIDTH="135" HEIGHT="67">
  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Douglas
L. Becker<BR>
Founder, Chairman and<BR>
Chief Executive Officer </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iv</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=10,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1040246,FOLIO='iv',FILE='DISK112:[12ZBH3.12ZBH43513]BI43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ca43513_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca43513_prospectus_summary"> </A>
<A NAME="toc_ca43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PROSPECTUS SUMMARY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>This summary highlights information contained elsewhere in this prospectus and does not contain all of the
information that you should consider before making your investment decision. Before investing in our Class&nbsp;A common stock, you should carefully read this entire prospectus,
including the information presented under the section entitled "Risk Factors" and the financial statements and notes thereto included elsewhere in this prospectus.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca43513_laureate_education,_inc."> </A>
<A NAME="toc_ca43513_2"> </A>
<BR></FONT><FONT SIZE=2><B>  LAUREATE EDUCATION,&nbsp;INC.    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Mission  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate is an international community of universities that encourages learning without boundaries. Our purpose is to offer higher
education with a unique multicultural perspective, and prepare our students for exciting careers and life-long achievement. We believe that when our students succeed, countries prosper and societies
benefit. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Beliefs  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a mission-driven company with a long-term perspective, committed to addressing the needs of our students and preparing them for
their future endeavors. We are intensely focused on providing our students with the highest quality education resulting in strong employment opportunities. In addition to delivering superior outcomes
for our students, we remain highly focused on delivering social returns to all of our constituents, especially the local communities we serve. Key decisions affecting each institution are made by
local management and faculty, taking into account the needs of the students, prospective employers, surrounding communities and regulators. We believe our dedication to these constituencies has
enabled our institutions to become trusted brands in their local markets, and has enabled Laureate to become a trusted name in global higher education. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Business  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the largest global network of degree-granting higher education institutions, with more than one million students enrolled at our
71&nbsp;institutions in 25 countries on more than 200 campuses, which we collectively refer to as the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. We
participate in the global higher education market, which was estimated to account for revenues of approximately $1.5&nbsp;trillion in 2015, according to GSV Advisors ("GSV"). We believe the global
higher education market presents an attractive long-term opportunity, primarily because of the large and growing imbalance between the supply and demand for quality higher education around the world.
Advanced education opportunities drive higher earnings potential, and we believe the projected growth in the middle class population worldwide and limited government resources dedicated to higher
education create substantial opportunities for high-quality private institutions to meet this growing and unmet demand. Our outcomes-driven strategy is focused on enabling millions of students
globally to prosper and thrive in the dynamic and evolving knowledge economy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
1999, we made our first investment in higher education and, since that time, we have developed into the global leader in higher education, based on the number of students,
institutions and countries making up our network. Our global network of 71&nbsp;institutions comprises 59&nbsp;institutions we own or control, and an additional 12 institutions that we manage or
with which we have other relationships. Our institutions are recognized for their high-quality academics. For example, we own and operate Universidad del Valle de M&eacute;xico ("UVM Mexico"),
the largest private university in Mexico, which in 2016 was ranked seventh among all public and private higher education institutions in the country by </FONT><FONT SIZE=2><I>Gu&iacute;a
Universitaria</I></FONT><FONT SIZE=2>, an annual publication of </FONT><FONT SIZE=2><I>Reader's Digest</I></FONT><FONT SIZE=2>. Our track record for delivering high-quality outcomes to our students,
while stressing affordability and accessibility, has been a key reason for our long record of success, including 16&nbsp;consecutive years of enrollment growth. We have generated </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=11,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=277250,FOLIO='1',FILE='DISK112:[12ZBH3.12ZBH43513]CA43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ca43513_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;"><FONT SIZE=2>compound
annual growth rates ("CAGRs") in total enrollment and revenues of 10.4% and 9.0%, respectively, from 2009 through September&nbsp;30, 2016. For the LTM ended September&nbsp;30, 2016, we
generated total revenues of $4,218.8&nbsp;million, operating income of $336.8&nbsp;million, net income of
$311.6&nbsp;million and Adjusted EBITDA of $708.3&nbsp;million. For a reconciliation of Adjusted EBITDA to net income (loss), see "Prospectus Summary&#151;Summary Historical Consolidated
Financial and Other Data." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
being taken private in August 2007, we have undertaken several initiatives to continually improve the quality of our programs and outcomes for our students, while expanding our
scale and geographic presence, and strengthening our organization and management team. From 2007 to September&nbsp;30, 2016, we have expanded into 12 new countries, added over 100 campuses worldwide
and grown enrollment from approximately 300,000 to more than one million students with a combination of strong organic revenue growth of 9.3% (average annual revenue growth from 2007 to 2015 excluding
acquisitions) and the successful integration of 41 strategic acquisitions. Key to this growth were expansions into Brazil, where we owned 13 institutions with a combined enrollment of approximately
260,000 students, and expansions into Asia, the Middle East and Africa, where we owned or controlled 21 institutions with a combined enrollment of approximately 86,000 students. Further, we have made
significant capital investments and continue to make operational improvements in technology and human resources, including key management hires, and are developing scalable back-office operations to
support the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network, including implementing a vertically integrated information technology, finance, accounting and
human resources organization that, among other things, are designed to enhance our analytical capabilities. Finally, over the past several years, we have invested heavily in technology-enabled
solutions to enhance the student experience, increase penetration of our hybrid offerings and optimize efficiency throughout our network. We believe these investments have created an intellectual
property advantage that has further differentiated our offerings from local market competitors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
</FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network enables us to educate our students locally, while connecting them to an international
community with a global perspective. Our students can take advantage of shared curricula, optional international programs and services, including English language instruction, dual-degree and study
abroad programs and other benefits offered by other institutions in our network. We believe that the benefits of the network translate into better career opportunities and higher earnings potential
for our graduates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network offer a broad range of undergraduate and graduate degrees through
campus-based, online and hybrid programs. Approximately 93% of our students attend traditional, campus-based institutions offering multi-year degrees, similar to leading private and public higher
education institutions in the United States and Europe. In addition, approximately two thirds of our students are enrolled in programs of four or more years in duration. Our programs are designed with
a distinct emphasis on applied, professional-oriented content for growing career fields and are focused on specific academic disciplines, or verticals, that we believe demonstrate strong employment
opportunities and provide high earnings potential for our students, including: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g548133.jpg" ALT="GRAPHIC" WIDTH="651" HEIGHT="102">
  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Across
these academic disciplines, we continually and proactively adapt our curriculum to the needs of the market, including emphasizing the core STEM (science, technology, engineering
and </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=12,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=732973,FOLIO='2',FILE='DISK112:[12ZBH3.12ZBH43513]CA43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ca43513_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;"><FONT SIZE=2>math)
and business disciplines. We believe the STEM and business disciplines present attractive areas of study to students, especially in developing countries where there exists a strong and ongoing
focus to develop and retain professionally trained individuals. Since 2009, we have more than doubled our enrollment of students pursuing degrees in Business&nbsp;&amp; Management, Medicine&nbsp;&amp;
Health Sciences and Engineering&nbsp;&amp; Information Technology, our three largest disciplines. We believe the work of our graduates in these disciplines creates a positive impact on the communities
we serve and strengthens our institutions' reputations within their respective markets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Across
the world, we operate institutions that address regional, national and local supply and demand imbalances in higher education. As the global leader in higher education, we believe
we are uniquely positioned to effectively deliver high-quality education across different brands and tuition levels in the markets in which we operate. In many developing markets, traditional higher
education students (defined as 18-24&nbsp;year olds) have historically been served by public universities, which have limited capacity and are often underfunded, resulting in an inability to meet
growing student demands and employer requirements. Our institutions in these markets offer traditional higher education students a private education alternative, often with multiple brands and price
points in each market, with innovative programs and strong career-driven outcomes. In many of these same markets, non-traditional students such as working adults and distance learners have limited
options for pursuing higher education. Through targeted programs and multiple teaching modalities, we are able to serve the differentiated needs of this unique demographic. Our flexible approach
across geographies allows Laureate to access a broader addressable market of students by efficiently tailoring institutions to meet the needs of a particular geography and student population. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have four reporting segments, which are summarized in the table below. We group our institutions by geography in Latin America ("LatAm"), Europe ("Europe") and Asia, Middle East and
Africa ("AMEA") for reporting purposes. Our Global Products and Services segment ("GPS") includes our fully online universities and our campus-based institutions in the United States. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g810647.jpg" ALT="GRAPHIC" WIDTH="613" HEIGHT="303">
  </B></FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=13,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=405973,FOLIO='3',FILE='DISK112:[12ZBH3.12ZBH43513]CA43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ca43513_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following information for our operating segments is presented as of September&nbsp;30, 2016, except where otherwise indicated, and reflects the operating segment change discussed
in the section entitled "Presentation of Financial Information": </FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="14pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="14pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="14pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="14pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="13pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>LatAm </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Europe </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMEA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>GPS </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Countries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Institutions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>71</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enrollments (rounded to nearest thousand)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>834,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>86,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>73,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,047,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LTM ended September&nbsp;30, 2016 Revenues ($&nbsp;in&nbsp;millions)&#135;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,378.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>496.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>419.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>939.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,218.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>% Contribution to LTM ended September&nbsp;30, 2016 Revenues&#135;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#135;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
elimination of inter-segment revenues and amounts related to Corporate, which total $15.7&nbsp;million, is not separately presented. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Industry  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the leader in the global market for higher education, which is characterized by a significant imbalance between supply and
demand, especially in developing economies. In many countries, demand for higher education is large and growing. GSV estimates that higher education institutions accounted for total revenues of
approximately $1.5&nbsp;trillion globally in 2015, with the higher education market expected to grow by approximately 5% per annum through 2020. Global growth in higher education is being fueled by
several demographic and economic factors, including a growing middle class, global growth in services and technology-related industries and recognition of the significant personal and economic
benefits gained by graduates of higher education institutions. At the same time, many governments have limited resources to devote to higher education, resulting in a diminished ability by the public
sector to meet growing demand, and creating opportunities for private education providers to enter these markets and deliver high-quality education. As a result, the private sector plays a large and
growing role in higher education globally. While the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network is the largest global network of degree-granting higher
education institutions in the world, our total enrollment of more than one million students represents only 0.5% of worldwide higher education students. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large, Growing and Underpenetrated Population of Qualified Higher Education Students.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;According to the United Nations Educational,
 Scientific and
Cultural Organization ("UNESCO"), 198.6&nbsp;million students worldwide were enrolled in higher education institutions in 2013, nearly double the 99.7&nbsp;million students enrolled in 2000, and
approximately 90% of those students were enrolled at institutions outside of the United States as of 2013. In many countries, including throughout Latin America, Asia and other developing regions,
there is growing demand for higher education based on favorable demographics, increasing secondary completion rates and increasing higher education participation rates, resulting in continued growth
in higher education enrollments. While global participation rates have increased for traditional higher education students (defined as 18-24 year olds), the market for higher education is still
significantly underpenetrated, particularly in developing countries. Given the low penetration rates, many governments in developing countries have a stated goal of increasing the number of students
participating in higher education. For example, Mexico's participation rate increased from approximately 16% to approximately 22% from 2003 to 2013, and the Mexican government has set a goal of
increasing the number of students enrolled in higher education by 17% over the next three years. Other developing countries with large addressable markets are similarly underpenetrated as evidenced by
the following participation rates for 2013: Brazil (32%), China (22%) and India (19%), all of which are well below rates of developed countries such as the </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=14,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=310708,FOLIO='4',FILE='DISK112:[12ZBH3.12ZBH43513]CA43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ca43513_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">

<P style="font-family:times;"><FONT SIZE=2>United
States and Spain, which in 2013 had participation rates of approximately 63% and approximately 60%, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strong Economic Incentives for Higher Education.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;According to the Brookings Institution, approximately 1.8&nbsp;billion people
in the world
composed the middle class in 2009, a number that is expected to more than double by 2030 to almost five billion people. We believe that members of this large and growing group seek advanced education
opportunities for themselves and their children in recognition of the vast differential in earnings potential with and without higher education. According to data from the Organization for Economic
Co-operation and Development ("OECD"), in certain European markets in which we operate, the earnings from employment for an adult completing higher education were approximately 60% higher than those
of an adult with just an upper secondary education, while in the
United States the differential was approximately 76%. This income gap is even more pronounced in many developing countries around the world, including a differential of approximately 139% in Chile and
approximately 152% in Brazil. OECD statistics also show that overall employment rates are greater for individuals completing higher education than for those who have not completed upper secondary
education. In addition, we believe as economies around the world are increasingly based on the services sector, they will require significant investment in human capital, advanced education and
specialized training to produce knowledgeable professionals. We believe the cumulative impact of favorable demographic and socio-economic trends, coupled with the superior earnings potential of higher
education graduates, will continue to expand the market for private higher education. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increasing Role of the Private Sector in Higher Education.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In many of our markets, the private sector plays a meaningful role in
higher education,
bridging supply and demand imbalances created by a lack of capacity at public universities. In addition to capacity limitations, we believe that limited public resources, and the corresponding policy
reforms to make higher education systems less dependent on the financial and operational support of local governments, have resulted in increased enrollments in private institutions relative to public
institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According
to the OECD, from 2003 to 2013, the number of students enrolled in private institutions grew from approximately 26% to approximately 31% of total enrollments within OECD
countries. For example, Brazil and Chile rely heavily upon private institutions to deliver quality higher education to students, with approximately 71% (in 2012) and approximately 84% (in 2013),
respectively, of higher education students in these countries enrolled in private institutions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decrease in government funding to public higher education institutions in recent years has served to spur the growth of private institutions, as tuitions have been increasingly
funded by private sources. On average, OECD countries experienced a decrease in public funding from approximately 69% of total funding in 2000 to approximately 65% in 2012. For example, Mexico
experienced a decrease in public funding as a percentage of total funding of approximately ten percentage points during the same period. We believe these trends have increased demand for competitive
private institutions as public institutions are unable to meet the demand of students and families around the world, especially in developing markets. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Accessibility to Higher Education through Online and Hybrid Offerings.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Improving Internet broadband infrastructure and
new instruction
methodologies designed for the online medium have driven increased acceptance of the online modality globally. According to a survey conducted by the Babson Survey Research Group, approximately 71% of
academic leaders rated online learning outcomes as the same or superior to classroom learning in 2014, up from approximately 57% in 2003. GSV estimates that the online higher education market will
grow by a CAGR of approximately 25%, from $49&nbsp;billion in 2012 to $149&nbsp;billion in 2017. Additionally, new online and hybrid education offerings have enabled the cost-effective delivery of
higher education, while improving overall affordability and accessibility for students. We believe that increasing student demand, coupled with </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=15,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1021642,FOLIO='5',FILE='DISK112:[12ZBH3.12ZBH43513]CA43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ca43513_1_6"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">


<P style="font-family:times;"><FONT SIZE=2>growing
employer and regulatory acceptance of degrees obtained through online and hybrid modalities, will continue to drive significant growth in the online and hybrid higher education market
globally. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Strengths and Competitive Advantages  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe our key competitive strengths that will enable us to execute our growth strategy include the following: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Mover and Leader in Global Higher Education.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In 1999, we made our first investment in global higher education. Since that
time, the </FONT> <FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network has grown to include 71&nbsp;institutions in 25 countries that enroll more than one million students, of
which approximately 95% are outside of the United States. Our growth has been the result of numerous organic initiatives, supplemented by successfully completing and integrating 41&nbsp;acquisitions
since August 2007, substantially all of which were completed through private negotiations and not as part of an auction process. Given our size and status as the first mover in many of our markets, we
have been able to acquire many marquee assets, which we believe will help us maintain our market-leading position due to the considerable time and expense it would take a competitor to establish an
integrated network of international universities of similar scale with the brands, intellectual property and accreditations that we possess. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Standing and Reputable University Brands Delivering High Quality Education.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We believe we have established a reputation for
providing
high-quality higher education around the world, and that our
schools are among the most respected higher education brands in their local markets. Many of our institutions have over 40-year histories, with some institutions approaching 100&nbsp;years. In
addition to long-standing presences in their local communities, many of our institutions are ranked among the best in their respective countries. For example, the </FONT> <FONT SIZE=2><I>Bar&oacute;metro de la Educaci&oacute;n
Superior</I></FONT><FONT SIZE=2> has ranked Universidad Andr&eacute;s Bello as the top private university in
Chile. Similarly, in Brazil, Universidade Anhembi Morumbi is ranked by </FONT><FONT SIZE=2><I>Guia do Estudante</I></FONT><FONT SIZE=2> as one of S&atilde;o Paulo's top universities, and in
Europe, Universidad Europea de Madrid is the second largest private university in Spain and received four stars in the prestigious 2015 QS Stars<SUP>TM</SUP> international university rating. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
strong brands are perpetuated by our student-centric focus and our mission to provide greater access to cost-effective, high-quality higher education, which allows more students to
pursue their academic and career aspirations. We are committed to continually evaluating our institutions to ensure we are providing the highest quality education to our students. Our proprietary
management tool, the Laureate Education Assessment Framework ("LEAF"), is used to evaluate institutional performance based on 44 unique criteria across five different categories: Employability,
Learning Experience, Personal Experience, Access&nbsp;&amp; Outreach and Academic Excellence. LEAF, in conjunction with additional external assessment methodologies, such as QS Stars<SUP>TM</SUP>,
allows us to identify key areas for improvement in order to drive a culture of quality and continual innovation at our institutions. For example, more than 86% of students attending Laureate
institutions in Brazil are enrolled in an institution with an IGC score (an indicator used by the Brazilian Ministry of Education to evaluate the quality of higher education institutions) that has
improved since 2010. In addition, our Brazilian institutions' IGC scores have increased by approximately 16% on average from 2010 to 2014, placing three of our institutions in the top quintile, and
nine (encompassing approximately 96% of our student enrollment in Brazil) in the top three quintiles of all private higher education institutions in the country. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
of our institutions and programs have earned the highest accreditation available, which provides us with a strong competitive advantage in local markets. For example, we serve more
than 200,000 students in the fields of medicine and health sciences on over 100 campuses throughout the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network,
including 22 medical schools and 19 dental schools. Medical school licenses are often the most difficult to obtain and are only granted to institutions that meet </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=16,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=928050,FOLIO='6',FILE='DISK112:[12ZBH3.12ZBH43513]CA43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ca43513_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;"><FONT SIZE=2>rigorous
standards. We believe the existence of medical schools at many of our institutions further validates the quality of our institutions and programs. Similarly, other institutions have received
numerous specialized accreditations, including those for Ph.D. programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Outcomes for Our Students.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We offer high-quality undergraduate, graduate and specialized programs in a wide range of
disciplines that
generate strong interest from students and provide attractive employment prospects. We design our programs to prepare students to contribute productively in their chosen professions upon employment.
Our curriculum development process includes employer surveys and ongoing research into business trends to determine the skills and knowledge base that will be required by those employers in the
future. This information results in timely curriculum upgrades, which helps ensure that our graduates acquire the skills that will make them marketable to employers. In 2014, we commissioned a study
by Millward Brown, a leading third-party market research organization, of graduates at Laureate institutions representing over 60% of total Laureate enrollments. Graduates at 12 of our 13 surveyed
international institutions achieved, on average, equal or higher employment rates within 12&nbsp;months of graduation as compared to graduates of other institutions in the same markets, and in all
of our premium institutions surveyed, graduates achieved higher starting salaries as compared to graduates of other institutions in those same markets (salary premium to market benchmarks ranged from
approximately 6% to approximately 118%). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robust Technology and Intellectual Property Platform.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;By virtue of our 17&nbsp;years of experience operating in a global
environment, managing
campus-based institutions across multiple disciplines and developing and administering online programs and curricula, we have developed an extensive collection of intellectual property. We believe
this collection of intellectual property, which includes online capabilities, campus design and management, recruitment of transnational students, faculty training, curriculum design and quality
assurance, among other proprietary solutions, provides our students a truly differentiated learning experience and creates a significant competitive advantage for our institutions over competitors. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
critical element of our intellectual property is a suite of proprietary technology solutions. Select examples include </FONT><FONT SIZE=2><I>OneCampus</I></FONT><FONT SIZE=2>, which
connects students across our network with shared online courses and digital experiences, and </FONT><FONT SIZE=2><I>Slingshot,</I></FONT><FONT SIZE=2> an online career orientation tool that enables
students to explore career paths through state-of-the-art interest assessment and rich content about hundreds of careers. Our commitment to investing in technology infrastructure, software and human
capital ensures a high-quality educational experience for our students and faculty, while also providing us with the infrastructure to manage and scale our business. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
intellectual property has been a key driver in developing partnerships with prestigious independent institutions and governments globally. For example, we have partnered with other
traditional public and private higher education institutions as a provider of online services. We have operated this model for more than ten years with the University of Liverpool in the United
Kingdom and, more recently, we have added new partnerships with the University of Roehampton in the United Kingdom and the
University of Miami in the United States. Additionally, in 2013, the Kingdom of Saudi Arabia launched the College of Excellence program with a long-term goal of opening 100 new technical colleges, and
sought private operators to manage the institutions on its behalf under an operating model in which the Kingdom of Saudi Arabia funds the capital requirements to build the institutions, and the
private operator runs the academic operations under a contract model. As of September&nbsp;30, 2016, we have been awarded contracts to operate eight of the 33 colleges for which contracts have been
awarded to date, more than any other provider in the Kingdom of Saudi Arabia. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scale and Diversification of Our Global Network.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT
SIZE=2> network is
diversified across 25&nbsp;countries, 71&nbsp;campus-based and online institutions and over 2,500 programs. Additionally, in many markets, we have multiple institutions serving different segments
of the population, at different price points and with different academic offerings. Although the majority of our </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=17,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=519662,FOLIO='7',FILE='DISK112:[12ZBH3.12ZBH43513]CA43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ca43513_1_8"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">


<P style="font-family:times;"><FONT SIZE=2>institutions
serve the premium segment of the market, we also have expanded our portfolio of offerings in many markets to include high-quality value and technical-vocational institutions. By serving
multiple segments of the market, all with high-quality offerings, we are able to continue to expand our enrollments during varying economic cycles. We believe there is no other public or private
organization that commands comparable global reach or scale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
global network allows our institutions to bring their distinctive identities together with our proprietary international content, managerial best practices and international
programs. Through collaboration across the global network, we can efficiently share academic curricula and resources, create dual degree programs and student exchanges, develop our faculty and
incorporate best practices throughout the organization. In addition, our wide-ranging network allows us to continue to scale our business by facilitating the expansion of existing programs and
campuses, the launch of new programs, the opening of new campuses in areas of high demand and the strategic acquisition and integration of new institutions into our network. For example, the resources
and support of our global network have had a demonstrated impact on our Medicine&nbsp;&amp; Health Sciences expansion effort, which has resulted in enrollment growth from approximately 75,000 students
in 2009 to more than 200,000 students as of September&nbsp;30, 2016. Furthermore, the existing breadth of our network allows us to provide a
high-quality educational experience to our students, while simultaneously accessing the broadest addressable market for our offerings. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
recognition of the benefits of our international scale, and in order to formalize our organizational focus on the opportunities presented by our established network, we created the
Laureate Network Office ("LNO") in 2015. The LNO is an important resource that allows us, among other things, to better leverage our expertise in the online modality to increase the frequency and
effectiveness of online and hybrid learning opportunities across the network. </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=18,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=758152,FOLIO='8',FILE='DISK112:[12ZBH3.12ZBH43513]CA43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ca43513_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
further illustrate the breadth and diversity of our global network, the charts below show the mix of our geographic revenues, programs, modality and levels of study: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g281283.jpg" ALT="GRAPHIC" WIDTH="574" HEIGHT="460">
  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Attractive Financial Model.  </I></B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Strong and Consistent Growth.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;We have a proven track
record of delivering strong financial results through various economic cycles. From 2009 to 2015, our revenues and Adjusted EBITDA grew at a CAGR of 10.5% and 11.3%, respectively (13.5% and 14.8% on a
constant currency basis, respectively). From 2009 to 2015, our net loss increased at a CAGR of 13.2% to $315.8&nbsp;million for the year ended December&nbsp;31, 2015. During this same period, we
realized constant currency revenue growth of at least 10.3% every year. Adjusted for acquisitions, our average annual organic revenue growth over the same period was 7.6% (10.4% on a constant currency
basis). For a reconciliation of Adjusted EBITDA to net income (loss), see&nbsp;"&#151;Summary Historical Consolidated Financial and Other Data."  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Private Pay Model.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Over 75% of our revenues for the year
ended December&nbsp;31, 2015 were generated from private pay sources. We believe students' and families' willingness to allocate personal resources to fund higher education at our institutions
validates our strong value proposition. </FONT></DD></DL>
</UL>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=19,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=912757,FOLIO='9',FILE='DISK112:[12ZBH3.12ZBH43513]CA43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cc43513_1_10"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Revenue Visibility Enhanced by Program Length and Strong
Retention.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The majority of the academic programs offered by our institutions last between three and five years, and approximately two
thirds of our students were enrolled in programs of at least four years or more in duration, as of September&nbsp;30, 2016. The length of our programs provides us with a high degree of revenue
visibility, which historically has led to more predictable financial results. Given that our fall student intake is substantially completed by the end of September, we have visibility into
approximately 70% of the following year's revenues, assuming a constant foreign exchange environment and assuming retention and graduation rates in line with historical performance. We actively
monitor and manage student retention because of the impact it has on student outcomes and our financial results. The historical annual student retention rate, which we define as the proportion of
prior year students returning in the current year (excluding graduating students), of over 80% has not varied by more than three percentage points in any one year over the last five years. Given our
high degree of revenue visibility, we are able to make attractive capital investments and execute other strategic initiatives to help drive sustainable growth in our
business. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Attractive Return on Incremental Invested Capital
("ROIIC").</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Our capital investments since inception have created significant scale and have also laid the foundation for continued strong
organic growth. Given that we have already made foundational infrastructure investments in many of our core markets, we expect to recognize attractive returns on incremental invested capital deployed.
As of December&nbsp;31, 2015, our four-year ROIIC was 28.1%. For more information on ROIIC, see "Selected Historical Consolidated Financial and Other Data." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proven Management Team.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have an experienced and talented senior management team, with strong international expertise from a
wide variety of
industry-leading global companies. Our executive officers have been with us an average of 13&nbsp;years and have led our transformation into the largest global network of degree-granting higher
education institutions in the world. Douglas L. Becker, our Chairman, Chief Executive Officer and founder, has led our Company since its inception in 1989 and has cultivated an entrepreneurial and
collaborative management culture. This entrepreneurial leadership style has been complemented by an executive management team with broad global experience, enabling us to institute strong governance
practices throughout our network. The strength of the management team has enabled the sharing of best practices, allowing us to capitalize on favorable market dynamics and leading to the successful
integration of numerous institutions into the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. In addition, we have strong regional and local management
teams with a deep understanding of the local markets, that are focused on meeting the needs of our students and communities, and maintaining key relationships with regulators and business leaders. Our
management team has a proven track record of gaining the trust and respect of the many regulatory authorities that are critical to our business. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Growth Strategy  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to continue to focus on growing the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2>
network through the following key strategies: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Programs, Demographics and Capacity.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We will continue to focus on opportunities to expand our programs and the type of
students that we serve,
as well as our capacity in our markets to meet local demand. We also intend to continue to improve the performance of each of our institutions by adopting best practices that have been successful at
other institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. We believe these initiatives will drive organic growth and provide an attractive
return on capital. In particular, we intend to: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Add New Programs and Course Offerings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;We will continue
to develop new programs and course offerings to address the changing needs in the markets we serve by using shared curricula </FONT></DD></DL>
</UL>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=20,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=601979,FOLIO='10',FILE='DISK112:[12ZBH3.12ZBH43513]CC43513A.;58',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cc43513_1_11"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>available
through the network, and in consultation with leading local businesses. New programs and course offerings enable us to consistently provide a high-quality education that is desired by
students and prospective employers. As we optimize our offerings to deliver courses in high-demand disciplines, we also believe we will be able to increase enrollment and improve utilization at
institutions across our network.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Expand Target Student Demographics.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;In many of our
markets, we use sophisticated analytical techniques to identify opportunities to provide quality education to new or underserved student populations where market demand is not being met, such as
non-traditional students (e.g.,&nbsp;working adults) who may value flexible scheduling options, as well as traditional students. Our ability to provide quality education to these underserved markets
has provided additional growth to the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network and we intend to leverage our management capabilities and local
knowledge to further capitalize on these higher education opportunities in new and existing markets. As we expand in a particular country or region, we often develop tailored programs to address the
unmet needs of these markets.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Increase Capacity at Existing and New Campus
Locations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;We will continue to make demand-driven investments in additional capacity throughout the </FONT><FONT SIZE=2><I>Laureate
International Universities</I></FONT><FONT SIZE=2> network by expanding existing campuses and opening new campuses, including in new cities. We employ a highly analytical process based on economic and
demographic trends, and demand data for the local market to determine when and where to expand capacity. When opening a new campus or expanding existing facilities, we use best practices that we have
developed over more than the past decade to cost-effectively expedite the opening and development of that location. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>We
have successfully implemented these strategies at many of our institutions. For example, at UVM Mexico we grew total enrollments from approximately 37,000 students in 2002 to approximately 128,000
in 2015. This growth was the result of the introduction of new programs, including in the fields of health sciences, engineering and hospitality, the addition of 23 new campus locations (from 13 in
2002 to 36 in 2015), and the ability to serve new market segments such as working adults. While UVM Mexico has grown into the largest private institution in Mexico, our relentless focus on academic
quality remains. In fact, UVM Mexico has improved from the 9<SUP>th</SUP>&nbsp;ranked institution in 2004 to the 7<SUP>th</SUP>&nbsp;ranked institution in 2016 according to </FONT> <FONT SIZE=2><I>Gu&iacute;a Universitaria.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Penetration of Online and Hybrid Offerings.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We intend to increase the number of our students who receive their education
through fully online
or hybrid programs to meet the growing demand of younger generations that continue to embrace technology. Over the past decade, the global population with Internet access has continued to grow, and
Forrester Research, Inc. ("Forrester") estimates a total of 3.5&nbsp;billion people will have Internet access by 2017, representing nearly half of the world's population. Additionally, in many of
our markets, online education is becoming more accepted by regulators and education professionals as an effective means of providing quality higher education. As the quality and acceptance of online
education increases globally, we plan to continue investing in both expanding our stand-alone online course offerings and enhancing our traditional campus-based course offerings via complementary
online delivery, creating a hybrid delivery model. We believe our history of success with Walden University, a fully online institution in the United States, and our well-developed online program
offerings will provide a considerable advantage over local competitors, enabling us to
combine our strong local brands with our experience in delivering online education. By the end of&nbsp;2019, our goal is to increase the number of student credit hours taken online, which was
approximately 11% as of the end of 2015, to approximately 25%. Some of our network institutions are already implementing online programs with significant progress being made. For example, at
Universidad Europea de Madrid in Spain, approximately 20% of our students took at least one online course as of June&nbsp;30, 2016. Our online initiative is designed to not only provide our students
with access to the technology platforms and innovative programs they expect, but also to increase our </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=21,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=314277,FOLIO='11',FILE='DISK112:[12ZBH3.12ZBH43513]CC43513A.;58',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cc43513_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;"><FONT SIZE=2>enrollment
in a more capital efficient manner, leveraging current infrastructure and improving classroom utilization. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Presence in AMEA.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMEA represents the largest higher education market opportunity in the world with more than
120&nbsp;million students
enrolled in higher education institutions in 2013, according to UNESCO. Despite the large number of students enrolled, participation rates in the region suggest significantly underpenetrated
enrollment given the strong imbalance between the supply and demand for higher education. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2008, we entered the AMEA higher education market with our acquisition of an interest in INTI Education Group in Malaysia. In the last eight years, we have grown our AMEA footprint to
include 21 institutions in eight countries, serving approximately 86,000 students, representing an enrollment CAGR of approximately 20% since entering the region in 2008. Recent expansion in the AMEA
region includes eight Colleges of Excellence in the Kingdom of Saudi Arabia, and our first institution in Sub-Saharan Africa in 2013, Monash South Africa. In anticipation of continued growth, we have
made significant investments in the region, including hiring an experienced regional management team and establishing the infrastructure to help facilitate growth and further expand our footprint in
the region. We plan to continue to expand our presence in AMEA by prioritizing markets based on demographic, market and regulatory factors, while seeking attractive returns on capital. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Partnership and Services Model Globally.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As the global leader in higher education, we believe we are well-positioned
to capitalize on
additional opportunities in the form of partnership and service models that are designed to address the growing needs of traditional institutions and governments around the world. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increasingly
more complex services and operating capabilities are required by higher education institutions to address the needs of students effectively, and we believe our expertise and
knowledge will allow us to leverage our intellectual property and technology to serve this market need. We have partnered with traditional public and private education institutions as a provider of
online services and we believe there will be opportunities to expand that platform under similar relationships with other prestigious independent institutions in the future. Additionally, we are
continually adding to our suite of solutions, and we believe many of these products and services will provide additional contractual and licensing opportunities for us in the future. For example, in
recent years we have significantly advanced our digital teaching and learning efforts through proprietary technology-enabled solutions such as:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>OneFolio,</I></FONT><FONT SIZE=2> an online tool that connects Laureate faculty members, instructional
designers, and learning architects to valuable digital resources they can use to enhance the student learning experience. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Laureate Languages,</I></FONT><FONT SIZE=2> which provides digital language learning solutions to our students
and faculty in the areas of General English, Professional English and English for Academic Purposes, as well as teacher training and assessment. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
governments around the world are increasingly focused on increasing participation rates and often do not have an established or scalable public sector platform with the
necessary expertise to accomplish that objective, and therefore are willing to fund private sector solutions. We believe our current partnership with the Kingdom of Saudi Arabia, where we were
selected as their largest partner for the Colleges of Excellence program, is a demonstration of how our distinct portfolio of solutions differentiates us from other providers who participated in the
selection process. We are in active discussion with other governments regarding similar partnerships, as well as other solutions that we can provide to existing and new partners, and we anticipate
this could be a source of additional revenue for us in the future. </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=22,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=244453,FOLIO='12',FILE='DISK112:[12ZBH3.12ZBH43513]CC43513A.;58',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cc43513_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase Operating Efficiencies through Centralization and Standardization.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In 2014, we launched </FONT><FONT
SIZE=2><I>Excellence in
Process</I></FONT><FONT SIZE=2> ("EiP") as an enterprise-wide initiative to optimize and standardize our processes to enable sustained growth and margin expansion. The program aims to enable vertical
integration of procurement, information technology, finance, accounting and human resources, thus enabling us to fully leverage the growing size and scope of our local operations. Specifically, we
have developed and begun to deploy regional shared services organizations ("SSOs") around the world, which will process most back-office and non-student facing transactions for the institutions in the </FONT> <FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network, such as accounting, finance and procurement. The implementation of EiP and regional SSOs are expected to
generate significant cost savings throughout the network as we eliminate redundant processes and better leverage our global scale. In addition, centralized information technology, product development
and content management will allow us to propagate best practices throughout the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network and capitalize on
efficiencies to help improve performance. We anticipate EiP will require an investment of approximately $180&nbsp;million from 2015 to 2017, with the first significant investments already having
been made in 2015. These investments have already begun to generate cost savings and, upon completion of the project, we expect these efficiencies to generate approximately $100&nbsp;million in
annual cost savings in 2019, while also enhancing our internal controls and the speed of integration of new acquisitions. We also believe these initiatives will enhance the student experience by
improving the quality of our operations and by enabling additional reinvestment in facilities, faculty and course offerings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Strategic Acquisitions.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Since being taken private in August 2007, we have made 41 acquisitions with an aggregate purchase
price of
approximately $2.0&nbsp;billion, including assumed debt. Substantially all of these acquisitions were completed through private negotiations and not as part of an auction process, which we believe
demonstrates our standing as a partner of choice. We intend to continue to expand through the selective acquisition of institutions in new and existing markets. We employ a highly disciplined approach
to acquisitions by focusing on key characteristics that make certain markets particularly attractive for private higher education, such as demographics, economic and social factors, the presence of a
stable political environment and a regulatory climate that values private higher education. When we enter a new market or industry sector, we target institutions with well-regarded reputations and
which are well-respected by regulators. We also invest time and resources to understand the managerial, financial and academic resources of the prospect and the resources we can bring to that
institution. After an acquisition, we focus on organic growth and financial returns by applying best practices and integrating, both operationally and financially, the institution into the </FONT> <FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network, and we have a strong track record of success. For all the
institutions we acquired between 1999 and December&nbsp;31, 2010, we achieved average enrollment and revenue CAGRs of approximately 15% and approximately 19%, respectively, in the four full years
following the first anniversary of the acquisition. Further, we achieved operating income CAGRs (adjusted for impairment charges) of approximately 40%, translating into a margin expansion of nearly
six percentage points for the same period. Additionally, we bring programs and expertise to increase the quality and reputation of institutions after we acquire them, and assist them in earning new
forms of licenses and accreditations. We believe our experienced management team, history of strong financial performance rooted in the successful integration of previous acquisitions, local contacts
and cultural understanding makes us the leading choice for higher education institutions seeking to join an international educational network. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our History  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were founded in 1989 as Sylvan Learning Systems,&nbsp;Inc., a provider of a broad array of supplemental and remedial educational
services. In 1999, we made our first investment in global higher education with our acquisition of Universidad Europea de Madrid, and in 2001 we entered the market for online delivery of higher
education services in the United States with our acquisition of Walden University. In 2003, we sold the principal operations that made up our then K-12 educational services </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=23,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1037687,FOLIO='13',FILE='DISK112:[12ZBH3.12ZBH43513]CC43513A.;58',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cc43513_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">


<P style="font-family:times;"><FONT SIZE=2>business
and certain venture investments deemed not strategic to our higher education business, and in 2004 we changed our name to Laureate Education,&nbsp;Inc. Between the time we sold the K-12
educational services business in 2003 and August 2007, we acquired nine institutions for an aggregate purchase price of approximately $160&nbsp;million, including assumed debt, and entered seven new
countries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August 2007, we were acquired in a leveraged buyout by a consortium of investment funds and other investors affiliated with or managed by, among others, Douglas L. Becker, our
Chairman and Chief
Executive Officer and founder, Steven M. Taslitz, a director of the Company, Kohlberg Kravis Roberts&nbsp;&amp;&nbsp;Co. L.P. (together with its affiliates, "KKR"), Cohen Private Ventures, LLC
(together with its affiliates, "CPV"), Bregal Investments, Inc. (together with its affiliates, "Bregal"), StepStone Group LP (together with its affiliates, "StepStone"), Sterling Fund
Management,&nbsp;LLC (together with its affiliates and investment funds managed by it, "Sterling Partners") and Snow Phipps Group, LLC (together with its affiliates, "Snow Phipps" and, collectively,
the "Wengen Investors"), for an aggregate total purchase price of $3.8&nbsp;billion, including $1.7&nbsp;billion of debt, all of which has been refinanced or replaced. See "Risk
Factors&#151;Risks Relating to Our Indebtedness&#151;The fact that we have substantial debt could materially adversely affect our ability to raise additional capital to fund our
operations and limit our ability to pursue our growth strategy or to react to changes in the economy or our industry." We believe that these investors have embraced our mission, commitment to academic
quality and ongoing focus to provide a social benefit to the communities we serve.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
being taken private in August 2007, we have undertaken several initiatives to continually improve the quality of our programs and outcomes for our students, while expanding our
scale and geographic presence, and strengthening our organization and management team. Since August 2007, we have completed 41 acquisitions with an aggregate purchase price of approximately
$2&nbsp;billion, including assumed debt, and entered 12 new countries, and we now have a total institution count of 71. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
early 2013, International Finance Corporation ("IFC"), a member of the World Bank Group, the IFC Africa, Latin American and Caribbean Fund,&nbsp;LP and the Korea Investment
Corporation (together with the IFC, the "IFC Investors") collectively invested $200&nbsp;million in our common stock. IFC is a global development institution that helps developing countries achieve
sustainable growth by financing investment in the private sector and providing advisory services to businesses and governments. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2013, the boards of directors of Wengen and Laureate authorized the combination of Laureate and Laureate Education Asia Limited ("Laureate Asia"). Laureate Asia was a
subsidiary of Wengen that provided higher education programs and services to students through a network of licensed institutions located in Australia, China, India, Malaysia and Thailand. Wengen
transferred 100% of the equity of Laureate Asia to Laureate. The transaction is accounted for as a transfer between entities under common control and, accordingly, the accounts of Laureate Asia are
retrospectively included in the financial statements and notes thereto included elsewhere in this prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Public Benefit Corporation Status  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 2015, we redomiciled in Delaware as a public benefit corporation as a demonstration of our long-term commitment to our
mission to benefit our students and society. Public benefit corporations are a relatively new class of corporations that are intended to produce a public benefit and to operate in a responsible and
sustainable manner. Under Delaware law, public benefit corporations are required to identify in their certificate of incorporation the public
benefit or benefits they will promote and their directors have a duty to manage the affairs of the corporation in a manner that balances the pecuniary interests of the stockholders, the best interests
of those materially affected by the corporation's conduct, and the specific public benefit or public benefits identified in the public benefit corporation's certificate of incorporation. Public
benefit corporations organized in Delaware are </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=24,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=692588,FOLIO='14',FILE='DISK112:[12ZBH3.12ZBH43513]CC43513A.;58',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cc43513_1_15"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;"><FONT SIZE=2>also
required to assess their benefit performance internally and to disclose publicly at least biennially a report detailing their success in meeting their benefit objectives. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not believe that an investment in the stock of a public benefit corporation differs materially from an investment in a corporation that is not designated as a public benefit
corporation. We believe that our ongoing efforts to achieve our public benefit goals will not materially affect the financial interests of our stockholders. Holders of our Class&nbsp;A common stock
will have voting, dividend and other economic rights that are the same as the rights of stockholders of a corporation that is not designated as a public benefit corporation. See "Risk
Factors&#151;Risks Relating to Investing in Our Class&nbsp;A Common Stock&#151;As a public benefit corporation, our focus on a specific public benefit purpose and producing a positive
effect for society may negatively influence our financial performance" and "Description of Capital Stock&#151;Public Benefit Corporation Status." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
public benefit, as provided in our certificate of incorporation, is: to produce a positive effect (or a reduction of negative effects) for society and persons by offering diverse
education programs delivered online and on premises operated in the communities that we serve. By doing so, we believe that we provide greater access to cost-effective, high-quality higher education
that enables more students to achieve their academic and career aspirations. Most of our operations are outside the United States, where there is a large and growing imbalance between the supply and
demand for quality higher education. Our stated public benefit is firmly rooted in our company mission and our belief that when our students succeed, countries prosper and societies benefit. Becoming
a public benefit corporation underscores our commitment to our purpose and our stakeholders, including students, regulators, employers, local communities and stockholders. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certified B Corporation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to becoming a public benefit corporation, although not required by Delaware law, we have elected to have our social and
environmental performance, accountability and transparency assessed against the proprietary criteria established by an independent non-profit organization. As a result of this assessment, we have been
designated as a "Certified B Corporation<SUP>TM</SUP>." See "Business&#151;Certified B Corporation." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recent Developments  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Sale of Glion and Les Roches Hospitality Management Schools  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;15, 2016, we signed an agreement with Eurazeo, a publicly traded French investment company, to sell Glion and Les
Roches and associated institutions (the "Swiss Institution Sale") for a total transaction value of CHF&nbsp;380&nbsp;million (approximately $385&nbsp;million at the signing date), subject to
certain adjustments. The sale included the operations of Glion in Switzerland and the United Kingdom, with a total of approximately 1,800 students, and the operations of Les Roches in Switzerland and
the United States, as well as LRG in Switzerland, Les Roches Jin Jiang in China, RACA in Jordan and Les Roches Marbella in Spain, with a combined total of approximately 3,000 students. The transaction
closed on June&nbsp;14, 2016 and we received total net proceeds of approximately $339&nbsp;million. We are continuing to provide certain back-office services to Glion and Les Roches, and programs
of those institutions will continue on various campuses in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network throughout the world. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Sale of Operations in France  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;19, 2016, we signed an agreement with Apax Partners, a private equity firm, under which Apax Partners acquired LIUF SAS
(the "French Institution Sale"), our French holding company ("LIUF"), for a total transaction value of EUR 201&nbsp;million (approximately $228&nbsp;million at the signing date), subject to
certain adjustments. LIUF comprised our five institutions located in France with a </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=25,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=804892,FOLIO='15',FILE='DISK112:[12ZBH3.12ZBH43513]CC43513A.;58',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cc43513_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;"><FONT SIZE=2>total
student population of approximately 7,500: &Eacute;cole Sup&eacute;riure du Commerce Ext&eacute;rieur, Institut Fran&ccedil;ais de Gestion, European Business
School, &Eacute;cole Centrale d'Electronique and Centre d'&Eacute;tudes Politiques et de la Communication. The transaction closed on July&nbsp;20, 2016 and we received total net
proceeds of approximately $207&nbsp;million. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2015 and 2016 Operating Results of Institutions Associated with the Swiss Institution Sale and
the French Institution Sale  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December&nbsp;31, 2015, the combined contributions to revenues, operating income, and depreciation and
amortization expense from the institutions associated with the Swiss Institution Sale and the French Institution Sale were approximately $262.2&nbsp;million, $15.3&nbsp;million and
$13.7&nbsp;million, respectively. For the nine months ended September&nbsp;30, 2016 (during the period that those institutions were included in our consolidated results prior to being sold), the
combined contributions to revenues, operating income, and depreciation and amortization expense from the institutions associated with the Swiss Institution Sale and the French Institution Sale were
approximately $142.0&nbsp;million, $23.7&nbsp;million and $3.0&nbsp;million, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Note Exchange Transaction  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;15, 2016, we entered into separate, privately negotiated note exchange agreements (the "Note Exchange Agreements") with
certain existing holders (the "Existing Holders") of our outstanding 9.250% Senior Notes due 2019 (the "Senior Notes") pursuant to which we will exchange $250.0&nbsp;million in aggregate principal
amount of Senior Notes for shares of our Class&nbsp;A common stock. We expect the exchange to be completed within one year and one day after the consummation of this offering. The number of shares
of Class&nbsp;A common stock issuable will equal 104.625% of the aggregate principal amount of Senior Notes to be exchanged, or $261.6&nbsp;million, divided by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the initial public
offering price per share of Class&nbsp;A common stock in this offering. Following this offering, but prior to the exchange, the Senior Notes subject to the exchange will continue to receive interest
at the same rate as the Senior Notes that are not subject to the exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Note Exchange Agreements, on June&nbsp;15, 2016, we also repurchased from the Existing Holders $62.5&nbsp;million aggregate principal amount of Senior Notes at par
value, plus accrued and unpaid interest and special interest. Within 60&nbsp;days after the consummation of this offering, at the option of the Existing Holders or their transferees, we will
repurchase up to an additional $62.5&nbsp;million aggregate principal amount of Senior Notes at the redemption price set forth in the indenture governing the Senior Notes that is applicable as of
the date of pricing of this offering, plus accrued and unpaid interest and special interest (the "Subsequent Repurchase"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Note Exchange Agreements will terminate if this offering is not consummated on or before August&nbsp;15, 2017, and the exchange of $250.0&nbsp;million in aggregate principal
amount of Senior Notes for shares of Class&nbsp;A common stock and the Subsequent Repurchase will not occur. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
consummation of all of the transactions described above, we will have retired up to $375.0&nbsp;million in aggregate principal amount of Senior Notes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
an initial public offering price of $18.50 per share, which is the midpoint of the range set forth on the cover page of this prospectus, and assuming the completion of the
exchange transaction one year and one day after the date of this offering, we expect to issue an aggregate of 14,138,514&nbsp;shares of Class&nbsp;A common stock in connection with the exchange
transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exchange of Senior Notes for shares of Class&nbsp;A common stock will be effected in reliance on the exemption from registration provided by Section&nbsp;3(a)(9) of the
Securities Act. Nothing herein shall constitute or be deemed to constitute an offer to sell or the solicitation of an offer to buy the Senior Notes. </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=26,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=114141,FOLIO='16',FILE='DISK112:[12ZBH3.12ZBH43513]CC43513A.;58',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cc43513_1_17"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Series&nbsp;A Preferred Stock Offering  </I></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;4, 2016, we signed a subscription agreement (the "Subscription Agreement") with six investors, including KKR and
Snow Phipps, pursuant to which we agreed to issue and sell to those investors an aggregate of 400,000 shares of a new series of our convertible redeemable preferred stock (the "Series&nbsp;A
Preferred Stock") in a private offering for total gross proceeds of $400 million and net proceeds of approximately $383&nbsp;million. Closing of the first tranche of funding for this transaction
(the "Closing") occurred on December&nbsp;20, 2016 and we received net proceeds, after issuance costs, of approximately $328 million. One investor funded a portion of its purchase price equal to
$57&nbsp;million (approximately $55 million net of issuance costs) on January&nbsp;18, 2017 and the remainder on January&nbsp;23, 2017. The proceeds from the Series&nbsp;A Preferred Stock
offering have and will be used primarily to, among other things, repay a portion of our outstanding debt, including our revolving credit facility.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
compound quarterly and, if not paid in shares of Series&nbsp;A Preferred Stock on a quarterly basis or in cash, accrue when, as and if declared by the board of directors of
the Company, on each share of Series&nbsp;A Preferred Stock. The holders of shares of Series&nbsp;A Preferred Stock are entitled to the payment of their liquidation preference in cash in certain
circumstances, including upon the sale of the Company or the sale of all or substantially all of our assets, and upon a change in control of Wengen. The holders of Series&nbsp;A Preferred Stock do
not have any voting rights except as required by law and with respect to certain extraordinary actions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Series&nbsp;A Preferred Stock are only convertible into shares of our Class&nbsp;A common stock under certain circumstances, including upon the closing of a sale of the
Company or Wengen, in the event Wengen no longer exclusively controls us and, following this offering and except in certain circumstances, by us and the holders of the Series&nbsp;A Preferred Stock
into shares of our Class&nbsp;A common
stock commencing on the earlier to occur of one day following the first anniversary of the closing of this offering and the time immediately prior to the effectiveness of a registration statement
filed by us in connection with our first follow-on public offering following this offering in which the holders of shares of Series&nbsp;A Preferred Stock receive net proceeds not less than the
Priority Amount. "Priority Amount" means, generally, shares of our Class&nbsp;A common stock in a dollar amount equal to, as of any date of determination, the greater of (a)&nbsp;25% of the
aggregate offering price of all Class&nbsp;A common stock proposed to be offered and sold in our first follow-on public offering following this offering and (b)&nbsp;$275&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Series&nbsp;A Preferred Stock are redeemable at our option at any time until the closing of this offering and, thereafter, subject to certain conditions, and by the
holders of the Series&nbsp;A Preferred Stock after the fifth anniversary of the issue date, in each case, at a redemption price per share equal to 115% of the sum of the issue amount per share plus
any accrued and unpaid dividends. If we fail to redeem the shares of Series&nbsp;A Preferred Stock when required after the fifth anniversary of the issue date, the holders of the Series&nbsp;A
Preferred Stock are entitled to certain remedies, including the ability to take control of a majority of our board of directors and cause a sale of the Company and/or cause us to raise debt or equity
capital in an amount sufficient to redeem the remaining outstanding shares of Series&nbsp;A Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
Closing, and so long as the shares of Series A Preferred Stock are outstanding, we will be subject to certain financial covenants relating to total net leverage and trailing
12&nbsp;months revenue and Adjusted EBITDA (as defined in the Stockholders Agreement (as defined below)). Failure by the Company to satisfy these covenants would result in the holders of the
Series&nbsp;A Preferred Stock obtaining certain remedies, including (i)&nbsp;the ability to appoint an individual to advise the board of directors on improving our growth and profitability and
(ii)&nbsp;consent to (A)&nbsp;the incurrence of additional indebtedness and (B)&nbsp;acquisitions of assets and the establishment of new schools by the Company. In addition, we would be required
to implement a one-time cost reduction program. </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=27,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=835538,FOLIO='17',FILE='DISK112:[12ZBH3.12ZBH43513]CC43513A.;58',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cc43513_1_18"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the closing and funding of the purchase price of the Series&nbsp;A Preferred Stock offering in full, which was a qualified equity issuance under our Senior Secured Credit
Facilities, the applicable LIBOR margin for the 2021 Extended Term Loan (as defined below) under our Senior Secured Credit Facilities
was reduced to 7.5% and the applicable ABR margin was reduced to 6.5%. The applicable LIBOR margin for the revolving credit line under our Senior Secured Credit Facilities was reduced to 3.75% and the
applicable ABR margin was reduced to 2.75%. In addition, the additional scheduled payment on such 2021 Extended Term Loan in the amount of $62.5&nbsp;million will not be required under our Senior
Secured Credit Facilities.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
more information on our Series&nbsp;A Preferred Stock, including for a description of certain rights that terminate upon the effective time of this offering, see "Description of
Capital Stock&#151;Preferred Stock&#151;Series&nbsp;A Preferred Stock." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Estimated Fiscal 2016 Financial Results  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The unaudited estimated financial results set forth below are preliminary and subject to revision based upon
the completion of our year-end financial closing process as well as the related external audit of the results of operations for the fiscal year ended December&nbsp;31, 2016. Once the year-end
financial closing process and external audit are completed, we may report financial results that could differ, and the differences could be material.</I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The preliminary financial data set forth below have been prepared by, and are the responsibility of, our management. PricewaterhouseCoopers&nbsp;LLP has not
audited, reviewed, compiled or performed any procedures with respect to the following preliminary financial data. Accordingly, PricewaterhouseCoopers&nbsp;LLP does not express an opinion or any
other form of assurance with respect thereto.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The following information and estimates contain certain forward-looking statements. While we believe that such information and estimates are based on reasonable
assumptions, our actual results may vary, and such variations may be material. Factors that could cause the preliminary financial data and estimates to differ include, but are not limited to:
(i)&nbsp;additional adjustments in the calculation of, or application of accounting principles for, the financial results for the year ended December&nbsp;31, 2016; (ii)&nbsp;discovery of new
information that affects accounting estimates, management judgment, or impacts valuation methodologies underlying these estimated results; and (iii)&nbsp;the completion of our audit for the fiscal
year ended December&nbsp;31, 2016.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the fiscal year ended December&nbsp;31, 2016, we expect to generate total revenues of between $4,200.0&nbsp;million and $4,240.0&nbsp;million, operating income of between
$381.6&nbsp;million and $396.1&nbsp;million, net income of between $355.0&nbsp;million and $388.8&nbsp;million and Adjusted EBITDA of between $750.0&nbsp;million and $760.0&nbsp;million.
Please see below for a reconciliation of Adjusted EBITDA to net income. In addition, please see footnote 3 under "&#151;Summary Historical Consolidated Financial and Other Data" for a
definition of Adjusted EBITDA, reasons why we include it and certain limitations to
its use. We expect new enrollments at all of our institutions to be between 505,500 and 506,500 students for the year ended December&nbsp;31, 2016. We expect total enrollment at all of our
institutions to </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=28,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=847992,FOLIO='18',FILE='DISK112:[12ZBH3.12ZBH43513]CC43513A.;58',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cc43513_1_19"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">


<P style="font-family:times;"><FONT SIZE=2>be
between 1,035,000 and 1,041,000 students as of December&nbsp;31, 2016, compared to 1,009,000 students at December&nbsp;31, 2015, after giving effect to the Swiss Institution Sale and the French
Institution Sale. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the year ended<BR>
December&nbsp;31, 2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>(in millions)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low End </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High End </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>355.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>388.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>61.6 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from continuing operations before income taxes and equity in net loss of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>410.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>450.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of subsidiaries, net(a)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(406.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(406.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange income, net(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(54.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(75.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other expense (income), net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(18.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(19.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>423.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>422.2 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>381.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>396.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>272.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>271.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock-based compensation expense(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>38.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EiP expenses(d)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54.1 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Adjusted EBITDA</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>750.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>760.0 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Primarily
represents a gain of approximately $249.1&nbsp;million, subject to certain adjustments, resulting from the Swiss Institution Sale that closed on
June&nbsp;14, 2016, and a gain of approximately $149.0&nbsp;million, subject to certain adjustments, resulting from the French Institution Sale that closed on July&nbsp;20, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Primarily
relates to foreign exchange gains and losses on intercompany transactions, excluding permanent intercompany loans not planned or anticipated to be
settled in the foreseeable future.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
non-cash, stock-based compensation expense pursuant to the provisions of Accounting Standards Codification ("ASC") Topic 718
"Compensation&#151;Stock Compensation" ("ASC Topic 718").
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>EiP
implementation expenses are related to our enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of
procurement, information technology, finance, accounting and human resources, which began in 2014 and is expected to be substantially completed by the end of 2017. EiP includes the establishment of
regional SSOs around the world, as well as improvements to our system of internal controls over financial reporting.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Risk Factors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to certain risks related to our industry and our business, and there are risks associated with investing in our
Class&nbsp;A common stock. The risks set forth under the section entitled "Risk Factors" reflect risks and uncertainties that may materially adversely affect our business, </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=29,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=369391,FOLIO='19',FILE='DISK112:[12ZBH3.12ZBH43513]CC43513A.;58',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cc43513_1_20"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">

<P style="font-family:times;"><FONT SIZE=2>prospects,
financial condition, operating results and growth strategy. In summary, significant risks related to our business include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we are a global business with operations in 25 countries around the world and are subject to complex business, economic, legal,
political, tax and foreign currency risks, which risks may be difficult to adequately address; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if we do not effectively manage our growth and business, our results of operations may be materially adversely affected; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if we cannot maintain student enrollments in our institutions and maintain tuition levels, our results of operations may be materially
adversely affected; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we have incurred net losses in each of the last three fiscal years; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their
application to us may materially adversely affect our business, financial condition and results of operations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our right to receive economic benefits from certain of the institutions that are organized as not-for-profit or non-stock entities,
and that we account for as variable interest entities, may be limited; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to control our institutions may be materially adversely affected by changes in laws affecting higher education in certain
countries in which we operate; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the fact that we have substantial debt could adversely affect our ability to raise additional capital to fund our operations and limit
our ability to pursue our growth strategy or to react to changes in the economy or our industry; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the dual class structure of our common stock as contained in our certificate of incorporation has the effect of concentrating voting
control with those stockholders who held our stock prior to this offering, including Wengen and our executive officers, employees and directors and their affiliates, and limiting your ability to
influence corporate matters; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we currently have four material weaknesses and if we fail to maintain proper and effective internal controls, our ability to produce
accurate financial statements on a timely basis could be materially adversely affected; and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> as a public benefit corporation, our focus on a specific public benefit purpose and producing a positive effect for society may cause
our board of directors to make decisions that may not be in the best interests of our stockholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with your investment decision, you should review the section of this prospectus entitled "Risk Factors." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Corporate Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal executive offices are located at 650 S. Exeter Street, Baltimore, Maryland 21202. Our telephone number is
(410)&nbsp;843-6100. Our website is accessible through www.laureate.net. Information on, or accessible through, our website is not part of, and is not incorporated into, this prospectus. </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=30,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=457718,FOLIO='20',FILE='DISK112:[12ZBH3.12ZBH43513]CC43513A.;58',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ce43513_1_21"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ce43513_the_offering"> </A>
<A NAME="toc_ce43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  THE OFFERING    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="64%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Class&nbsp;A common stock offered by us</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>29,000,000&nbsp;shares</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Class&nbsp;A common stock to be outstanding after this offering</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>29,000,000 shares, representing a 2.1% voting interest (or 33,350,000&nbsp;shares, representing a 2.4% voting interest, if
the underwriters exercise in full their option to purchase additional shares of Class&nbsp;A common stock).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Class&nbsp;B common stock to be outstanding after this offering</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>133,300,971 shares, representing a 97.9% voting interest (or a 97.6% voting interest, if the underwriters exercise in full
their option to purchase additional shares of Class&nbsp;A common stock).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriters' option to purchase additional shares of our Class&nbsp;A common stock</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>We have granted the underwriters an option to purchase up to 4,350,000 additional shares of Class&nbsp;A common stock at the
initial public offering price for a period of 30&nbsp;days from the date of this prospectus.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of proceeds</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>We estimate that our net proceeds from the sale of 29,000,000&nbsp;shares of our Class&nbsp;A common stock being offered by
us pursuant to this prospectus at an assumed initial public offering price of $18.50 per share, the midpoint of the range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and estimated
offering expenses payable by us, will be approximately $496.7 million. We intend to use the net proceeds from this offering to repay, redeem or repurchase our outstanding Senior Notes, our term loans under our Senior Secured Credit Facilities (as
defined below) and/or the seller notes used to partially finance the acquisition of FMU Group. See "Use of Proceeds."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividend policy</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>We do not intend to pay dividends on our Class&nbsp;A common stock following this offering. Any declaration and payment of
future dividends to holders of our Class&nbsp;A common stock may be limited by restrictive covenants in our debt agreements, and will be at the sole discretion of our board of directors and will depend on many factors, including our financial
condition, earnings, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends and other considerations that our board of directors deems relevant. See "Dividend Policy."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk factors</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Please read "Risk Factors" and other information included in this prospectus for a discussion of factors you should
carefully consider before deciding to invest in our Class&nbsp;A common stock.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Nasdaq symbol</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LAUR</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=31,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=313833,FOLIO='21',FILE='DISK112:[12ZBH3.12ZBH43513]CE43513A.;21',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ce43513_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total number of shares of our Class&nbsp;A and Class&nbsp;B common stock outstanding after this offering is based on no shares of our Class&nbsp;A common stock and
133,300,971&nbsp;shares of our Class&nbsp;B common stock outstanding, as of September&nbsp;30, 2016, and excludes the following shares:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 133,300,971&nbsp;shares of Class&nbsp;A common stock issuable upon the conversion of our Class&nbsp;B common stock that will be
outstanding after this offering; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 10,860,526&nbsp;shares of Class&nbsp;B common stock issuable upon the exercise of total stock options outstanding as of
September&nbsp;30, 2016 at a weighted average exercise price of $21.80&nbsp;per share; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 31,905&nbsp;shares of Class&nbsp;B common stock that are subject to forfeiture and substantial restrictions on transfer; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 2,773,098&nbsp;shares of Class&nbsp;B common stock issuable upon exercise of options to be granted to Mr.&nbsp;Becker at the
consummation of this offering in exchange for the liquidation of certain profits interests he holds in Wengen (the "Executive Profits Interests"), assuming an initial public offering price of $18.50
per share, which is the midpoint of the range set forth on the cover page of this prospectus; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 1,296,621&nbsp;shares of common stock available for additional grants under the Laureate Education,&nbsp;Inc. 2013 Long-Term
Incentive Plan, which grants will be for Class&nbsp;B common stock if granted prior to the completion of this offering and for Class&nbsp;A common stock if granted after the completion of this
offering; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 7,431&nbsp;shares of Class&nbsp;B common stock reserved for issuance under the Laureate Education,&nbsp;Inc. Deferred
Compensation Plan, as amended and restated effective January&nbsp;1, 2009 (the "Post-2004 DCP"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 358,708&nbsp;shares of Class&nbsp;B common stock issuable upon the vesting of restricted stock units outstanding as of
September&nbsp;30, 2016; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 691,010&nbsp;shares of Class&nbsp;B common stock issuable upon the vesting of performance share units outstanding as of
September&nbsp;30, 2016; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 14,138,514&nbsp;shares of Class&nbsp;A common stock issuable in connection with the Note Exchange Agreements, assuming an initial
public offering price of $18.50 per share, which is the midpoint of the range set forth on the cover page of this prospectus; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all shares of Class&nbsp;A common stock issuable upon conversion of the Series&nbsp;A Preferred Stock. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise stated, information in this prospectus (except for the historical financial statements) assumes:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the reclassification of our existing common stock into an equivalent number of shares of our Class&nbsp;B common stock and the
authorization of our Class&nbsp;A common stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that our amended and restated certificate of incorporation, which we will file in connection with the completion of this offering, is
in effect; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that our amended and restated bylaws, which we will adopt in connection with the completion of this offering, are in effect;
and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> no exercise by the underwriters of their option to purchase 4,350,000 additional shares of Class&nbsp;A common stock from us in this
offering. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information in this prospectus reflects a 4 to 1 reverse stock split of our common stock that we intend to effect prior to the effectiveness of the registration statement of which
this prospectus is a part. </FONT></P>
 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=32,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=42372,FOLIO='22',FILE='DISK112:[12ZBH3.12ZBH43513]CE43513A.;21',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cg43513_1_23"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cg43513_summary_historical_con__cg402288"> </A>
<A NAME="toc_cg43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SUMMARY HISTORICAL CONSOLIDATED FINANCIAL AND OTHER DATA    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are summary historical consolidated financial data of Laureate Education,&nbsp;Inc., at the dates and for the periods
indicated. The summary historical statements of operations data and statements of cash flows data for the fiscal years ended December&nbsp;31, 2015, 2014
and 2013 have been derived from our historical audited consolidated financial statements included elsewhere in this prospectus. The unaudited historical consolidated statements of operations data and
statements of cash flows data for the nine months ended September&nbsp;30, 2016 and 2015 and the unaudited consolidated balance sheet data as of September&nbsp;30, 2016 have been derived from our
historical unaudited consolidated financial statements included elsewhere in this prospectus. We have prepared the unaudited financial information on the same basis as the audited consolidated
financial statements and have included, in our opinion, all adjustments that we consider necessary for a fair presentation of the financial information set forth in those statements. The segment data
reflects the operating segment change discussed in the section entitled "Presentation of Financial Information." Our historical results are not necessarily indicative of our future results. The data
should be read in conjunction with the consolidated financial statements and related notes and other financial information included therein. See accompanying historical financial statements of FMU
Group and Sociedade Educacional Sul-Rio-Grandense&nbsp;Ltda., which are included because these two acquisitions met the significance thresholds of Rule&nbsp;3-05 of Regulation&nbsp;S-X. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
summary historical consolidated financial and other data should be read in conjunction with "Selected Historical Consolidated Financial and Other Data," "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nine Months Ended<BR>
September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fiscal Year Ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>(Dollar amounts in thousands, except per share amounts)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Consolidated Statements of Operations:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Revenues</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,068,299</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,141,156</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,291,659</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,414,682</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,913,881</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Costs and expenses:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,697,820</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,795,027</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,760,016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,838,179</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,418,449</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General and administrative expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>158,566</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>134,103</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>194,686</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>151,215</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>141,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on impairment of assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>125,788</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,582 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Operating income</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>211,913</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>212,026</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>336,957</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>299,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>320,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,305</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,924</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,822</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,805</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(314,383</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(300,145</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(398,042</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(385,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(350,196</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(17,363</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(22,984</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,361</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Loss) gain on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,618</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,607</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,631</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other (expense) income, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(964</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,268</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,499</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange gain (loss), net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>80,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(139,416</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(149,178</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(109,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,102</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of subisidaries, net(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>398,412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations before income taxes and equity in net income (loss) of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>362,948</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(220,224</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(200,610</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(201,671</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax (expense) benefit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(35,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(81,587</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(117,730</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(91,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in net income (loss) of affiliates, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
2,106</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
2,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
(905</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Income (loss) from continuing operations</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(90,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from discontinued operations, net of tax of $0 for all years</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>796</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sales of discontinued operations, net of tax of $0, $0, $0, $0, and $1,864, respectively</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,350 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income (loss)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(85,076</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss (income) attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,817</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>124</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(403</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,162</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,398 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income (loss) attributable to Laureate Education,&nbsp;Inc.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>330,539</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,581</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(316,248</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(158,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(69,678</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
</font></p><p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=33,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=914626,FOLIO='23',FILE='DISK112:[12ZBH3.12ZBH43513]CG43513A.;36',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cg43513_1_24"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">

 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nine Months Ended<BR>
September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fiscal Year Ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>(Dollar amounts in thousands, except per share amounts)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) per share attributable to common stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.44</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.44</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted-average common stock used to compute net loss per share attributable to common stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>133,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,941</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,950</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>131,983</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>134,217</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,941</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,950</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>131,983</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Consolidated Statements of Cash Flows:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by operating activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>195,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>220,295</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>170,486</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>269,156</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>277,202</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by (used in) investing activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>392,330</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(41,324</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(173,642</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(489,181</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(889,083</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash (used in) provided by financing activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(572,684</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,056</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34,424</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>172,586</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>756,663</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by operating activities of discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effects of exchange rate changes on cash</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,182</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(34,221</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(34,179</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(50,877</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(12,531</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Business acquisitions, net of cash acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(287,945</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(177,550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments of contingent consideration for acquisition</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,275</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,674</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Segment Data:(2)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,738,315</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,775,287</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,415,641</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,532,451</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,340,867</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>331,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>321,081</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>486,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>533,862</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>501,398</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>309,874</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>312,928</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>422,134</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>405,555</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>202,251</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>697,872</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>737,914</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>979,920</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>954,494</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>872,426</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9,516</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,054</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(12,271</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(11,680</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:25pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,068,299</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,141,156</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,291,659</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,414,682</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,913,881 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>329,440</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>323,143</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>463,691</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>541,975</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>466,664</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25,735</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23,630</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>78,439</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>72,777</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>72,745</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36,346</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,823</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49,869</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,843</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>189,496</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>175,150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>226,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>222,998</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>205,581</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(100,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(83,881</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(115,395</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(94,355</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(93,675</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:25pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Adjusted EBITDA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>480,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>475,865</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>703,408</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>773,525</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>646,472 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total enrollments (rounded to the nearest thousand):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>834,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>809,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>794,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>752,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>617,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>62,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>86,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>84,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>84,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>77,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>61,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>73,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>78,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>81,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>77,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>76,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:25pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,047,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,026,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,021,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>959,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>803,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New enrollments (rounded to the nearest hundred):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>389,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>384,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>393,200</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>344,700</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>315,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>38,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>42,800</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>42,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,200</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,800</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>43,200</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:25pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>469,800</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>467,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>504,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>449,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>395,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=34,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=733740,FOLIO='24',FILE='DISK112:[12ZBH3.12ZBH43513]CG43513A.;36',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cg43513_1_25"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As of September&nbsp;30, 2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>(Dollar amounts in thousands)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Actual </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As Adjusted(4) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As Further<BR>
Adjusted(5) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Consolidated Balance Sheets:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents (includes VIE amounts of $164,922)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>481,471</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>704,471</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,201,122</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash and investments(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>176,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>176,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>176,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net working capital (deficit) (including cash and cash equivalents)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(422,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(182,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>314,521</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,177,596</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,177,596</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,177,596</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,009,278</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,009,278</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,009,278</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,325,613</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,325,613</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,325,613</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51,084</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51,084</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51,084</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets (includes VIE amounts of $1,469,249)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,508,457</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,731,457</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,228,108</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total debt, including due to shareholders of acquired companies(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,242,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,082,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,082,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Convertible Redeemable Preferred Stock</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>400,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>400,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Laureate Education,&nbsp;Inc. stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>651,530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>651,530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,148,181</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
a gain of approximately $249.1&nbsp;million, subject to certain adjustments, resulting from the Swiss Institution Sale that closed on
June&nbsp;14, 2016, and a gain of approximately $149.0&nbsp;million, subject to certain adjustments, resulting from the French Institution Sale that closed on July&nbsp;20, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>On
January&nbsp;10, 2017, we announced that we plan to combine our Europe and AMEA operations, effective March&nbsp;31, 2017. The Company is currently
evaluating the impact of this combination on its operating segments. See "Presentation of Financial Information."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>We
define Adjusted EBITDA as net loss, </FONT><FONT SIZE=2><I>before</I></FONT><FONT SIZE=2> gain on sales of discontinued operations, net of tax, income
from discontinued operations, net of tax, equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), gain on sale of subsidiaries, net, foreign currency exchange loss
(income), net, other (income) expense, net, loss (gain) on derivatives, loss on debt extinguishment, interest expense and interest income, </FONT><FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2>
depreciation and amortization, stock-based compensation expense, loss on impairment of assets and expenses related to implementation of our EiP initiative. When we review Adjusted EBITDA on a segment
basis, we exclude inter-segment revenues and expenses that eliminate in consolidation. Adjusted EBITDA is used in addition to and in conjunction with results presented in accordance with generally
accepted accounting principles in the United States ("GAAP") and should not be relied upon to the exclusion of GAAP financial measures.  </FONT>
<BR>

<P style="font-family:times;"><FONT SIZE=2>We
have included Adjusted EBITDA in this prospectus because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to
prepare
and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for
period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input used by the compensation committee of our board of directors and our Chief Executive Officer in
connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to
investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. <BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Our
use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these
limitations are:</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>although depreciation and amortization are non-cash charges, the assets being depreciated and
amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjusted EBITDA does not include impairment charges on long-lived assets; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital
needs; </FONT></DD></DL>
</DD></DL>
 </DIV>
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
</font></p><p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=35,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=653027,FOLIO='25',FILE='DISK112:[12ZBH3.12ZBH43513]CG43513A.;36',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cg43513_1_26"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">

 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjusted EBITDA does not consider the potentially dilutive impact of equity-based
compensation; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjusted EBITDA does not reflect expenses related to implementation of our EiP program to
optimize and standardize our processes; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available
to us.  </FONT>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Other
companies may calculate Adjusted EBITDA differently than the way we do, limiting the usefulness of these items as comparative measures. We believe that the inclusion of Adjusted EBITDA in this
prospectus is appropriate to provide additional information to investors about our business. While management believes that these measures provide useful information to investors, the SEC may require
that Adjusted EBITDA be presented differently or not at all in filings made with the SEC. <BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Because
of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net loss and our other GAAP results. The </FONT></P>

</DD></DL>
</UL>
 </DIV>
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
</font></p><p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=36,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=151426,FOLIO='26',FILE='DISK112:[12ZBH3.12ZBH43513]CG43513A.;36',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cg43513_1_27"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>following
unaudited table sets forth a reconciliation of Adjusted EBITDA to net loss for the periods indicated: </FONT></P>

</UL>
</UL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nine Months Ended<BR>
September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fiscal Year Ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>(Dollar amounts in thousands)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income (loss)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(85,076</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sales of discontinued operations, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,350</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from discontinued operations, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(796</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(90,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in net (income) loss of affiliates, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,106</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>905</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax expense (benefit)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>35,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>81,587</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>117,730</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(39,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>91,246 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations before income taxes and equity in net (income) loss of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>362,948</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(220,224</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(200,610</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(201,671</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of subsidiaries, net(a)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(398,412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange (income) loss, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(80,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>139,416</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>149,178</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>109,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,102</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other expense (income), net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>964</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,268</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(195</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7,499</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss (gain) on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,618</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,607</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,631</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,363</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,984</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,361</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>314,383</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>300,145</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>398,042</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>385,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>350,196</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,305</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9,924</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(21,822</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(21,805</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>211,913</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>212,026</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>336,957</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>299,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>320,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>202,735</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>209,390</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>282,946</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>288,331</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>242,725 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EBITDA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>414,648</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>421,416</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>619,903</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>587,831</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>563,378</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock-based compensation expense(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,939</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,021</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49,512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on impairment of assets(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>125,788</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EiP expenses(d)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,175</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,227</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44,484</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,716</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Adjusted EBITDA</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>480,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>475,865</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>703,408</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>773,525</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>646,472 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>See
footnote (1)&nbsp;above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
non-cash, stock-based compensation expense pursuant to the provisions of ASC Topic 718.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
non-cash charges related to impairments of long-lived assets. For further details on certain impairment items, see "Management's Discussion and
Analysis of Financial Condition and Results of Operations."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>EiP
implementation expenses are related to our enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of
procurement, information technology, finance, accounting and human resources, which began in 2014 and is expected to be substantially completed by the end of 2017. EiP includes the establishment of
regional SSOs </FONT></DD></DL>
 </DIV>
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
</font></p><p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=37,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=265837,FOLIO='27',FILE='DISK112:[12ZBH3.12ZBH43513]CG43513A.;36',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_cg43513_1_28"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=2>around
the world, as well as improvements to our system of internal controls over financial reporting. </FONT></P>

</UL>
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Reflects
the issuance of 343,000 shares of Series&nbsp;A Preferred Stock and the receipt of approximately $328&nbsp;million in net proceeds that occured
on December&nbsp;20, 2016 and the issuance of an additional 57,000 shares of Series&nbsp;A Preferred Stock and the receipt of an aggregate of approximately $55&nbsp;million of net proceeds on
January&nbsp;18, 2017 and January&nbsp;23, 2017.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Reflects
the sale by us of shares of our Class&nbsp;A common stock offered by this prospectus at the initial public offering price of $18.50 per share,
the midpoint of the range set forth on the cover page of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us and the application of
the net proceeds from this offering as described under "Use of Proceeds." A $1.00 increase or decrease in the assumed initial public offering price of $18.50 per share would increase or decrease the
amount of as adjusted cash and cash equivalents, net working capital (deficit), total assets and total Laureate Education,&nbsp;Inc. stockholders' equity by approximately $27.3&nbsp;million,
assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated
offering expenses payable by us. Similarly, an increase or decrease of one million shares in the number of shares of Class&nbsp;A common stock offered by us would increase or decrease the amount of
as adjusted cash and cash equivalents, net working capital (deficit), total assets and total Laureate Education,&nbsp;Inc. stockholders' equity by approximately $17.4&nbsp;million. Does not
reflect the anticipated exchange of $250.0&nbsp;million in aggregate principal amount of Senior Notes for shares of Class&nbsp;A common stock within one year and one day following completion of
this offering pursuant to the Note Exchange Agreements. See "&#151;Recent Developments&#151;Senior Note Exchange Transaction."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Restricted
cash and investments includes cash equivalents held to collateralize standby letters of credit in favor of the U.S. Department of Education (the
"DOE") in order to allow our institutions in the United States to participate in the Title IV program. In addition, we may have restricted cash in escrow pending potential acquisition transactions, or
otherwise have cash that is not immediately available for use in current operations.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
current portion of long-term debt and current portion of due to shareholders of acquired companies. In addition, pursuant to the Note Exchange
Agreements, within 60&nbsp;days after the consummation of this offering, the Existing Holders may require us to repurchase up to an additional $62.5&nbsp;million aggregate principal amount of
Senior Notes at the redemption price set forth in the indenture governing the Senior Notes that is applicable as of the date of pricing of this offering, plus accrued and unpaid interest and special
interest. </FONT></DD></DL>
 </DIV>

 <p style="font-family:times;"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=38,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=102352,FOLIO='28',FILE='DISK112:[12ZBH3.12ZBH43513]CG43513A.;36',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ci43513_1_29"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ci43513_risk_factors"> </A>
<A NAME="toc_ci43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Investing in our Class&nbsp;A common stock involves risk. Before investing in our Class&nbsp;A common
stock, you should carefully consider the following risks as well as the other information included in this prospectus, including "Management's Discussion and Analysis of Financial Condition and
Results of Operations" and our financial statements and related notes. Any of the following risks could materially adversely affect our business, financial condition and results of operations.
However, the risks described below are not the only risks that we face. Additional risks and uncertainties not currently known to us or those we currently view to be immaterial may also materially
adversely affect our business, financial condition and results of operations. In such a case, the trading price of the Class&nbsp;A common stock could decline and you may lose all or part of your
investment.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ci43513_risks_relating_to_our_business"> </A>
<A NAME="toc_ci43513_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Risks Relating to Our Business    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We are a global business with operations in 25 countries around the world and are subject to complex
business, economic, legal, political, tax and foreign currency risks, which risks may be difficult to adequately address.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In each of 2015, 2014 and 2013, over 80% of our revenues were generated from operations outside of the United States. We own or control
59 institutions and manage or have relationships with 12 other licensed institutions in 25 countries, each of which is subject to complex business, economic, legal, political, tax and foreign currency
risks. As we continue to expand our international operations, we may have difficulty managing and administering a globally dispersed business and we may need to expend additional funds to, among other
things, staff key management positions, obtain additional information technology infrastructure and successfully implement relevant course and program offerings for a significant number of
international markets, which may materially adversely affect our business, financial condition and results of operations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
challenges associated with the conduct of our business overseas that may materially adversely affect our operating results
include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the large size of our network and diverse range of institutions present numerous challenges, including difficulty in staffing and
managing foreign operations as a result of distance, language, legal and other differences; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each of our institutions is subject to unique business risks and challenges including competitive pressures and diverse pricing
environments at the local level; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> difficulty maintaining quality standards consistent with our brands and with local accreditation requirements; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> potential economic and political instability in the countries in which we operate, including student unrest; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> fluctuations in exchange rates, possible currency devaluations, inflation and hyperinflation; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> difficulty selecting, monitoring and controlling partners outside of the United States; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compliance with a wide variety of domestic and foreign laws and regulations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> expropriation of assets by governments; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> political elections and changes in government policies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> difficulty protecting our intellectual property rights overseas due to, among other reasons, the uncertainty of laws and enforcement
in certain countries relating to the protection of intellectual property rights; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=39,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=358223,FOLIO='29',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_30"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> lower levels of availability or use of the Internet, through which our online programs are delivered; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limitations on the repatriation and investment of funds, foreign currency exchange restrictions and inability to transfer cash back to
the United States without taxation; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limitations on our ability to realize economic benefits from certain institutions that are organized as not-for-profit or non-stock
entities and that we account for as variable interest entities; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> acts of terrorism, public health risks, crime and natural disasters, particularly in areas in which we have significant operations. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
success in growing our business will depend, in part, on the ability to anticipate and effectively manage these and other risks related to operating in various countries. Any failure
by us to effectively manage the challenges associated with the international expansion of our operations could materially adversely affect our business, financial condition and results of operations. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If we do not effectively manage our growth and business, our results of operations may be materially
adversely affected.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have expanded our business over the past eight years through the expansion of existing institutions and the acquisition of higher
education institutions, and we intend to continue to do so in the future. We also have established and intend to establish new institutions in certain markets. Planned growth will require us to add
management personnel and upgrade our financial and management systems and controls and information technology infrastructure. There is no assurance that we will be able to maintain or accelerate the
current growth rate, effectively manage expanding operations, build expansion capacity, integrate new institutions or achieve planned growth on a timely or profitable basis. If our revenue growth is
less than projected, the costs incurred for these additions and upgrades could have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If we cannot maintain student enrollments in our institutions and maintain tuition levels, our
results of operations may be materially adversely affected.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our strategy for growth and profitability depends, in part, upon maintaining and, subsequently, increasing student enrollments in our
institutions and maintaining tuition levels. Attrition rates are often due to factors outside our control. Students sometimes face financial, personal or family constraints that require them to drop
out of school. They also are affected by economic and social factors prevalent in their countries. In some markets in which we operate, transfers between universities are not common and, as a result,
we are less likely to fill spaces of students who drop out. In addition, our ability to attract and retain students may require us to discount tuition from published levels, and may prevent us from
increasing tuition levels at a rate consistent with inflation and increases in our costs. If we are unable to control the rate of student attrition, our overall enrollment levels are likely to decline
or if we are unable to charge tuition rates that are both competitive and cover our rising expenses, our business, financial condition, cash flows and results of operations may be materially adversely
affected. In addition, student enrollment may be negatively affected by our reputation and any negative publicity related to us. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We have incurred net losses in each of the last three fiscal years.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incurred net losses of $315.8 million, $162.5&nbsp;million and $85.1&nbsp;million in 2015, 2014 and 2013, respectively, and had
an accumulated deficit of $1,079.0&nbsp;million as of September&nbsp;30, 2016. Our operating expenses may increase in the foreseeable future as we continue to expand our operations and the </FONT> <FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network. These efforts may prove more expensive than we </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=40,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=676321,FOLIO='30',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_31"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>currently
anticipate, and we may not succeed in increasing our revenues sufficiently to offset any higher expenses. Any failure to increase our revenues could prevent us from attaining profitability.
We cannot be certain that we will be able to attain profitability on a quarterly or annual basis. If we are unable to manage these risks and difficulties effectively as we encounter them, our
business, financial condition and results of operations may be materially adversely affected. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We may not be able to identify, acquire or establish control of, and integrate additional higher
education institutions, or effectively integrate previously acquired institutions, which could materially adversely affect our growth.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have previously relied on, and we expect to continue to rely on, acquisitions as an element of our growth. In 2015, we made two
acquisitions totaling $11.6&nbsp;million, in 2014, we made three acquisitions totaling $469.2&nbsp;million, in 2013, we made four acquisitions totaling $321.7&nbsp;million, in 2012, we made two
acquisitions totaling $8.6&nbsp;million, in 2011, we made six acquisitions totaling $58.9&nbsp;million and in 2010 we made four acquisitions totaling $153.0&nbsp;million, including debt assumed.
However, there is no assurance that we will be able to continue to identify suitable acquisition candidates or that we will be able to acquire or establish control of any acquisition candidate on
favorable terms, or at all. In addition, in many countries, the approval of a regulatory agency is needed to acquire or operate a higher education institution, which we may not be able to obtain.
Furthermore, there is no assurance that any acquired institution can be integrated into our operations successfully or be operated profitably. Acquisitions involve a number of risks,
including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> diversion of management's time and resources; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> adverse short-term effects on reported operating results; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> competition from other acquirors, which could lead to higher prices and lost opportunities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> cultural issues related to acquisition of closely held institutions in countries around the world; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> failures of due diligence during the acquisition process; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> integration of acquired institutions' operations, including reporting systems and internal controls;
and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> loss of key employees of the acquired business. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we do not make acquisitions or make fewer acquisitions than we have historically, or if our acquisitions are not managed successfully, our growth and results of operations may be
materially adversely affected. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We may not be able to successfully establish new higher education institutions, which could
materially adversely affect our growth.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have entered new markets primarily through acquisitions. As part of our expansion strategy, we may establish new higher education
institutions in some markets where there are no suitable acquisition targets. We have only limited experience in establishing new institutions, such as the establishment of our universities in Morocco
and Australia, and there is no assurance that we will be able to do this successfully or profitably. Establishing new institutions poses unique challenges and will require us to make investments in
management, capital expenditures, marketing activities and other resources that are different, and in some cases may be greater, than those made to acquire and then operate an existing institution. To
open a new institution, we will also be required to obtain appropriate governmental approvals, including a new license, which may take a substantial period of time to obtain. If we are unable to
establish new higher education institutions successfully, our growth may be materially adversely affected. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=41,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=188556,FOLIO='31',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_32"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our success depends substantially on the value of the local brands of each of our institutions as
well as the Laureate International Universities network brand, which may be materially adversely affected by changes in current and prospective students' perception of our reputation and the use of
social media.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of our institutions has worked hard to establish the value of its individual brand. Brand value may be severely damaged, even by
isolated incidents, particularly if the incidents receive considerable negative publicity. There has been a marked increase in use of social media platforms, including weblogs (blogs), social media
websites, and other forms of Internet-based communications that allow individuals access to a broad audience of interested persons. We believe students and prospective employers value readily
available information about our institutions and often act on such information without further investigation or authentication, and without regard to its accuracy. In addition, many of our
institutions use the Laureate name in promoting their institutions and our success is dependent in large part upon our ability to maintain and enhance the value of the Laureate and </FONT> <FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> brands. Social media platforms and devices immediately publish the content their subscribers and participants post,
often without filters or checks on the accuracy of the content posted. Information concerning our company and our institutions may be posted on such platforms and devices at any time. Information
posted may be materially adverse to our interests, it may be inaccurate, and it may harm our performance, prospects and business. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our reputation may be negatively influenced by the actions of other for-profit and private
institutions.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recent years, there have been a number of regulatory investigations and civil litigation matters targeting post-secondary for-profit
education institutions in the United States and private higher education institutions in other countries, such as Chile. These investigations and lawsuits have alleged, among other things, deceptive
trade practices, false claims against the United States and noncompliance with state and DOE regulations, and breach of the requirement that universities in Chile be operated as not-for-profit
institutions. These allegations have attracted adverse media coverage and have been the subject of federal and state legislative hearings and investigations in the United States and in other
countries. Allegations against the post-secondary for-profit and private education sectors may affect general public perceptions of for-profit and private educational institutions, including
institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network and us, in a negative manner. Adverse media coverage regarding other for-profit or
private educational institutions or regarding us directly or indirectly could damage our reputation, reduce student demand for our programs, materially adversely affect our revenues and operating
profit or result in increased regulatory scrutiny. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Growing our online academic programs could be difficult for us.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate significant future growth from online courses we offer to students, particularly in emerging markets. The expansion of
our existing online programs, the creation of new online programs and the development of new fully online or hybrid programs may not be accepted by students or employers, or by government regulators
or accreditation agencies. In addition, our efforts may be materially adversely affected by increased competition in the online education market or because of problems with the performance or
reliability of our online program infrastructure. There is also increasing development of online programs by traditional universities, both in the public and private sectors, which may have more
consumer acceptance than programs we develop, because of lower pricing or greater perception of value of their degrees in the marketplace, which may materially adversely affect our business, financial
condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our success depends, in part, on the effectiveness of our marketing and advertising programs in
recruiting new students.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to maintain and increase our revenues and margins, we must continue to develop our admissions programs and attract new
students in a cost-effective manner. Over the last several years, in support of our admissions efforts in all the countries in which we operate, we have increased the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=42,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=680137,FOLIO='32',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_33"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>amounts
spent globally on marketing and advertising from $265.4&nbsp;million in 2013 to $278.3&nbsp;million in 2015, and we anticipate that this trend will continue. As part of our marketing and
advertising, we also subscribe to lead-generating databases in certain markets, the cost of which is expected to increase. The level of marketing and advertising and types of strategies used are
affected by the specific geographic markets, regulatory compliance requirements and the specific individual nature of each institution and its students. The complexity of these marketing efforts
contributes to their cost. If we are unable to advertise and market our institutions and programs successfully, our ability to attract and enroll new students could be materially adversely affected
and, consequently, our financial performance could suffer. We use marketing tools such as the Internet, radio, television and print media advertising to promote our institutions and programs. Our
representatives also make presentations at upper secondary schools. Additionally, we rely on the general reputation of our institutions and referrals from current students, alumni and employers as a
source of new enrollment. Among the factors that could prevent us from marketing and advertising our institutions and programs successfully are the failure of our marketing tools and strategies to
appeal to prospective students, regulatory constraints on marketing, current student and/or employer dissatisfaction with our program offerings or results and diminished
access to upper secondary campuses. In addition, in certain instances, local regulatory authorities set quotas each year for how many students we may enroll, which may further limit our ability to
recruit new students or maintain our present enrollment level. In some of the countries in which we operate, enrollment growth in degree-granting, higher education institutions is slowing or is
expected to slow. In order to maintain current growth rates, we will need to attract a larger percentage of students in existing markets and increase our addressable market by adding locations in new
markets and rolling out new academic programs. Any failure to accomplish this may have a material adverse effect on our future growth. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our institutions are subject to uncertain and varying laws and regulations, and any changes to these
laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higher education is regulated to varying degrees and in different ways in each of the countries in which we operate an institution. In
general, our institutions must have licenses, approvals, authorizations, or accreditations from various governmental authorities and accrediting bodies. These licenses, approvals, authorizations, and
accreditations must be renewed periodically, usually after an evaluation of the institution by the relevant governmental authorities or accrediting bodies. These periodic evaluations could result in
limitations, restrictions, conditions, or withdrawal of such licenses, approvals, authorizations or accreditations, which could have a material adverse effect on our business, financial condition and
results of operations. In some countries in which we operate, there is a trend toward making continued licensure or accreditation based on successful student outcomes, such as employment, which may be
affected by many factors outside of our control. Once licensed, approved, authorized or accredited, some of our institutions may need approvals for new campuses or to add new degree programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of these regulations and their applicable interpretations are subject to change. Moreover, regulatory agencies may scrutinize our institutions because they are owned or controlled by
a U.S.-based for-profit corporation. Outside the United States, we may be particularly susceptible to such treatment because, in several of the countries in which we operate, our institutions are
among the largest private institutions and have a substantial share of the higher education market. Changes in applicable regulations may cause a material adverse effect on our business, financial
condition and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
in laws governing student financing could affect the availability of government-sponsored financing programs for our non-U.S. students, such as the Cr&eacute;dito con
Aval del Estado (the&nbsp;"CAE&nbsp;Program"), a government-sponsored student loan program in Chile, the Fundo de Financiamento Estudantil ("FIES"), a government-sponsored loan program in Brazil,
and the Programa </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=43,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=405446,FOLIO='33',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_34"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Universidade
Para Todos ("PROUNI") in Brazil, all of which are offered by governments as a means of increasing student access to post-secondary education programs. If those programs are changed, or if
our institutions or our students are no longer permitted to participate in those programs, it could cause a material adverse effect on our business, financial condition and results of operations. For
example, in December 2014, the Brazilian government announced a number of changes to FIES beginning in 2015. These changes limit the number of new participants and the amount spent on the program, and
delay payments to the post-secondary institutions that would otherwise have been due in 2015. For more information on the CAE Program, FIES and PROUNI, see "&#151;If students who avail
themselves of government-sponsored student financing programs in certain countries do not graduate and subsequently default on their loans, we may be responsible for repaying a significant portion of
their loans" and "Business&#151;Our Operating Segments&#151;LatAm&#151;Government-Sponsored Student Financing Programs." As another example, in October 2013, one of our
institutions in Chile, Universidad de Las Am&eacute;ricas ("UDLA Chile"), was notified by the National Accreditation Commission that its institutional accreditation would not be renewed. UDLA
Chile appealed this decision but received a final determination that the appeal was denied on January&nbsp;22, 2014. UDLA Chile filed a new application for accreditation in October 2015 and was
notified in March 2016 that it had been accredited for three years until March 2019. Institutional accreditation is required for new students to be eligible to participate in the CAE Program and new
students at UDLA Chile were not eligible to participate in the CAE Program during the period that UDLA Chile was not accredited. For more information about possible changes in government regulation of
higher education in Chile, including possible changes to student financing programs, see "&#151;Political and regulatory developments in Chile may materially adversely affect our operations"
and "Industry Regulation&#151;Chilean Regulation&#151;Recent Developments." In December 2015, the Australian parliament adopted legislation that imposed limits on government financing of
vocational education beginning in January 2016, and the Australian government announced that it plans to fundamentally redesign the vocational education fee help scheme in the near future. While we
are unable to predict what changes may be adopted, any such redesign could materially affect our business, financial condition and results of operations. See "Business&#151;Our Operating
Segments&#151;AMEA&#151;Government-Sponsored Student Financing Programs." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
laws of the countries where we own or control institutions and expect to acquire ownership or control of institutions in the future must permit both private higher education
institutions and foreign ownership or control of them. For political, economic or other reasons, a country could decide to change its laws or regulations to prohibit or limit private higher education
institutions or foreign ownership or control or prohibit or limit our ability to enter into contracts or agreements with these institutions. If this change occurred, it could have a material adverse
effect on our business, financial condition and results of operations and we could be forced to sell an institution at a price that could be lower than its fair market value or relinquish control of
an institution. A forced sale or relinquishment of control could materially adversely affect our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Istanbul
Bilgi University, a member of the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network located in Turkey, is established as a "Foundation
High Education Institution" (a "Foundation University") under the Turkish higher education law, sponsored by an educational foundation (the "Bilgi Foundation"). As such, it is subject to regulation,
supervision and inspection by the Turkish Higher Education Council
(the "Y&Ouml;K"). In 2014, the Turkish parliament amended the higher education law to provide expanded authority to the Y&Ouml;K with respect to Foundation Universities, including
authorizing additional remedies for violations of the higher education law and of regulations adopted by the Y&Ouml;K. On November&nbsp;19, 2015, the Y&Ouml;K promulgated an
"Ordinance Concerned with Amendment to Foundation High Education Institutions" (the "Ordinance") the principal effects of which relate to the supervision and inspection of Foundation Universities by
the Y&Ouml;K. Under the Ordinance, the Y&Ouml;K has expanded authority to inspect accounts, transactions, activities and assets of Foundation Universities, as well as their
academic units, programs, projects and subjects. The Ordinance establishes a progressive series of five remedies that the Y&Ouml;K can take in the event it finds a violation of the
Ordinance, ranging from </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=44,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=551786,FOLIO='34',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_35"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>(1)&nbsp;a
warning and request for correction to (2)&nbsp;the suspension of the Foundation University's ability to establish new academic units or programs to (3)&nbsp;limiting the number of
students the Foundation University can admit, including ceasing new admissions, to (4)&nbsp;provisional suspension of the Foundation University's license to (5)&nbsp;cancellation of the Foundation
University's license. Since the promulgation of the Ordinance, the Y&Ouml;K has cancelled the licenses of 15 Foundation Universities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Ordinance specifies that Foundation Universities cannot be established by foundations in order to gain profit for themselves, and prohibits specified types of fund transfers from
Foundation Universities to their sponsoring foundation, with certain exceptions for payments made under contractual arrangements for various goods and services that are provided at or below current
market rates. Istanbul Bilgi University has entered into contractual arrangements with a subsidiary of Laureate that is a member of the board of trustees of the Bilgi Foundation, and has affiliates
that are also members of that board, to provide Istanbul Bilgi University with management, operational and student services and certain intellectual property at fair market rates. The
Y&Ouml;K conducts annual audits of the operations of Istanbul Bilgi University and currently is in the process of completing its most recent audit. If the Y&Ouml;K were to
determine that any of these contracts or the payments made by Istanbul Bilgi University to this Laureate subsidiary, or any other activities of Istanbul Bilgi University, including the donation of
40.0 million Turkish Liras made by the university to a charitable foundation that was subsequently reimbursed to the university by certain Laureate-owned entities, violate the Ordinance or other
applicable law, the Y&Ouml;K could take actions against Istanbul Bilgi University up to and including cancellation of its license. See "&#151;We are conducting an internal
investigation of one of our network institutions for violations of the Company's policies, and possible violations of the U.S. Foreign Corrupt Practices Act and other applicable laws. A violation of
these laws and regulations could subject us to penalties, harm our reputation and materially adversely affect our business, financial condition and results of operations." Further, if the
Y&Ouml;K were to determine that any administrators of Istanbul Bilgi University have directly taken any actions or supported any activities that are intended to harm the integrity of the
state, the license of the university could be cancelled. In July 2016, a coup attempt increased political instability in Turkey, and the uncertainties arising from the failed coup in Turkey could lead
to changes in laws affecting Istanbul Bilgi University or result in modifications to the current interpretations and enforcement of the Ordinance or other laws and regulations by the
Y&Ouml;K. Any such actions by the Y&Ouml;K, including actions in relation to the conduct of the annual audit, could have a material adverse impact on Istanbul Bilgi University's
future growth or its ability to remain in operation, and could have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a full description of the laws and regulations affecting our higher education institutions in the United States ("U.S. Institutions"), and the impact of those laws and regulations on
the operations of our U.S. Institutions, including the ability of our U.S. Institutions to continue to access U.S. federal student aid funding sources, see "&#151;Risks Relating to Our Highly
Regulated Industry in the United States" and "Industry Regulation&#151;U.S. Regulation." Our institutions located outside the United States also participate in various student financial aid
programs offered by the countries in which they operate. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Political and regulatory developments in Chile may materially adversely affect our operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a consequence of student protests and political disturbances, during 2011 and 2012, the former Chilean government announced several
proposed reforms to the higher education system. The reforms, if they had been adopted, could have included changing the current accreditation system to make it more demanding, revising the student
financing system to provide a single financing system for students in all higher education institutions (replacing the CAE Program), establishing a system of information transparency for higher
education, creating an agency to promote accountability by higher education institutions, changing certain corporate governance rules for universities (such as the need for a minimum number of
independent directors), and establishing procedures for the approval of, or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=45,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=70433,FOLIO='35',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_36"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>otherwise
limiting, transactions between higher education institutions and related parties. Other legislative reforms were promoted by members of the Chilean Congress but were not supported by the
previous Chilean government, including proposals to restrict related party transactions between higher education institutions and entities that control them. In November and December 2013, Chile held
national elections. The presidential election was won by former president Michelle Bachelet, who assumed office on March&nbsp;11, 2014, and a political coalition led by Ms.&nbsp;Bachelet won the
elections for both houses of the Chilean Congress, in each case for four years beginning on March&nbsp;11, 2014. Although the election platform of the new government mentioned that stronger
regulation of higher education was required, it did not contain specific commitments with respect to the abovementioned reforms, other than the creation of a special agency to oversee higher education
institutions' compliance with law and regulations. In the second quarter of 2014, the new government announced the withdrawal of all of the prior administration's higher education proposals and its
intent to submit new bills to the Chilean Congress. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
April 2016, the Chilean Congress made reforms to specific career disciplines, including pedagogy. Law 20,903 created the teaching professional development system
(</FONT><FONT SIZE=2><I>Sistema de Desarrollo Profesional Docente</I></FONT><FONT SIZE=2>), which aims to improve the quality of training for those who choose to study pedagogy by setting new program
admission requirements and mandatory institutional accreditation standards for pedagogy career programs. As these changes have only taken effect in 2017, their impact cannot yet be determined;
however, the Chilean universities in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network are preparing to adjust to the new regime and will be monitoring
the effects on their pedagogy programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;4, 2016, the Chilean President submitted to the Chilean Congress a bill (the "Higher Education Bill") that, if approved, would change the entire regulatory landscape of
higher education in Chile, as it would amend and/or replace most of the currently applicable legislation, including repealing the current laws governing universities, professional institutes and
technical training centers. Among other things, the Higher Education Bill would create the Undersecretary of Higher Education, which would propose policies on higher education to the Ministry of
Education, including policies on access, inclusion, retention and graduation of higher education students. The Undersecretary of Higher Education would also develop policies relating to the promotion
development, support and continuous improvement of the quality of higher education institutions and their relationship with the needs of the country. The Undersecretary of Higher Education would also
manage the new Common Access System for Higher Education Institutions, which would establish the process and mechanisms for the application, admission and selection of undergraduate students, and
which would be mandatory at all higher education institutions that receive public funding through the Ministry of Education. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Higher Education Bill also includes new regulations applicable to not-for-profit educational institutions that would: (i)&nbsp;provide that their controllers and members can only
be individuals, other not-for-profits or state-owned entities; (ii)&nbsp;create the obligation to use their resources and reinvest their surplus or profits in the pursuit of their objectives and in
enhancing the quality of the education they provide; (iii)&nbsp;create the obligation to have a board of directors, which cannot delegate its functions, and whose members cannot be removed unless
approved by the majority of the board and for serious reasons; and (iv)&nbsp;prohibit related party transactions with their founders, controllers, members of the board, rector and their relatives or
related entities, unless the counterparty to the transaction is another not-for-profit entity, and establish regulations for other related party transactions which include the need for them to be
under market conditions and approved by the board. For more information about possible changes in government regulation of higher education in Chile as a result of the Higher Education Bill, see
"Industry Regulation&#151;Chilean Regulation&#151;Recent Developments." See also, "&#151;Student protests may disrupt our ability to hold classes as well as our ability to attract
and retain students, which could materially adversely affect our operations." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=46,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=969561,FOLIO='36',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_37"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are currently evaluating the effect the proposed Higher Education Bill would have on the Chilean institutions in the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network if it is adopted in the form introduced in the Chilean Congress. We cannot predict whether or not the proposed Higher Education Bill will be
adopted in this form, or if any higher education legislation will be adopted that would affect the institutions in the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network. However, if any such legislation is adopted, it could have a material adverse effect on our results of operations and financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
we believe that all of our institutions in Chile are operating in full compliance with Chilean law, we cannot predict the extent or outcome of any educational reforms that may be
implemented in Chile. Depending upon how these reforms are defined and implemented, there could be a material adverse effect on our financial condition and results of operations. Any disruption to our
operations in Chile would have a material adverse effect on our financial condition and results of operations. Similar reforms in other countries in which we operate could also have a material adverse
effect on our financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Regulatory changes in Chile may reduce access to student financing for some of our students in
Chile, which could reduce enrollments at our Chilean institutions.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;27, 2015, the Chilean Congress passed the 2016 budget law (the "2016 Budget Law"). By means of the 2016 Budget Law,
the administration sought to implement a policy to grant free access to higher education to students from the first five income deciles who attend certain universities or technical vocational
("tech/voc") institutions. For university students, the 2016 Budget Law would have required them to be enrolled in universities that either are members of the </FONT><FONT SIZE=2><I>Consejo de
Rectores de las Universidades Chilenas</I></FONT><FONT SIZE=2> (the "CRUCh") or are private universities that are not members of the CRUCh that, on September&nbsp;30, 2015, met the following
requirements: (a)&nbsp;being accredited for four years or more; (b)&nbsp;not being related to for-profit legal entities; and (c)&nbsp;having a representative of the students or non-academic
personnel as a member of their governing body. For tech/voc students, the Budget Law would have required them to be enrolled in institutions organized as not-for-profit legal entities that were
accredited for four or more years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;21, 2015, the Constitutional Tribunal ("CT") declared portions of the 2016 Budget Law dealing with higher education institutions to be unconstitutional, in particular
those portions that would require students to attend institutions with specific characteristics in order to obtain free tuition as, under the Chilean Constitution, that would constitute arbitrary
discrimination affecting students who are in the same economic condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before
the CT published the text of its decision, the administration submitted to the Chilean Congress a bill modifying the 2016 Budget Law that establishes different conditions to
access free higher education (the </FONT><FONT SIZE=2><I>ley corta</I></FONT><FONT SIZE=2> or "Short Law"). The Short Law was approved by Congress two days after its submission, on
December&nbsp;23, 2015, and published on December&nbsp;26, 2015. The Short Law is effective only during 2016 and was not subject to a constitutional challenge. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Short Law, for university students to be eligible for free tuition, they had to come from the first five income deciles and enroll either in a State-owned university or in a
private university that on December&nbsp;27, 2015 was accredited for at least four years and controlled by individuals or not-for-profit legal entities. The Short Law excluded tech/voc students from
eligibility for free tuition in 2016. However, the Short Law provided that free tuition for tech/voc students would be implemented within three years provided that they attend tech/voc institutions
that are accredited for at least four years and are organized as not-for-profit legal entities. The Short Law provided that tech/voc institutions that were organized as for-profit entities should, not
later than December&nbsp;27, 2015, state their intention to reorganize as not-for-profit entities in order to be eligible to participate in certain student financing programs. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=47,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=671347,FOLIO='37',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_38"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the period between the effective date of the Short Law and such time as students at tech/voc institutions become eligible to participate in the free tuition program, the Short Law
modified the allocations of the </FONT><FONT SIZE=2><I>Nuevo Milenio</I></FONT><FONT SIZE=2> Scholarship ("NMS"). The Short Law divided this scholarship program into three parts: (i)&nbsp;NMS I,
which grants students who meet certain personal conditions scholarships of up to CLP 600,000 per year; (ii)&nbsp;NMS II, which grants students scholarships of up to CLP 850,000 per year, provided
the students come from the first five income deciles and the tech/voc institution in which they are enrolled is organized as a not-for-profit legal entity or, if the tech/voc institution is not so
organized, the institution has stated in writing its intention to become a not-for-profit entity and to be accredited; and (iii)&nbsp;NMS III, which grants students scholarships of up to CLP 900,000
per year, provided that such students and the institution in which they enroll meet the requirements for NMS II and the tech/voc institution was, on December&nbsp;31, 2015, accredited for four years
or more. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Chilean universities and tech/voc institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network did not meet each of these tests, so
students at these institutions were not eligible for free tuition or NMS II or NMS III scholarships under the Short Law. It is possible that the provisions of the Short Law could have a material
adverse effect on our results of operations and financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;11, 2016, the Chilean Congress passed the 2017 budget law (the "2017 Budget Law"). The 2017 Budget Law included changes to the policies for granting free access to
higher education and scholarships to students from the first five and seven income deciles who attend certain universities or tech/voc institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
university students, the 2017 Budget Law provides for free access to higher education with the same requirements as were in the 2016 Budget Law but adds the requirement that eligible
universities have a minimum of 80% of their newly enrolled students with an average result from the national university admissions examination, high school grades and high school rankings above a
specified level, and have a transparent admission system that must have been published on the institution's website by December&nbsp;1, 2016. For tech/voc institutions, the 2017 Budget Law provides
for eligibility for free access
for students if they are enrolled in institutions (i)&nbsp;organized as not-for-profit legal entities or as for-profit legal entities that have filed for transformation to not-for-profit legal
entities under the "Transformation Law" passed by the Chilean Congress on November&nbsp;16, 2016, before December&nbsp;15, 2016, (ii)&nbsp;accredited for four years or more as of
December&nbsp;23, 2016, (iii)&nbsp;having as controllers not-for-profit legal entities or natural persons, (iv)&nbsp;having stated their intention to participate in the free access system before
December&nbsp;15, 2016, and (v)&nbsp;having a transparent admission system that must have been published on the institution's website by December&nbsp;1, 2016. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2017 Budget Law also modified the allocations of the </FONT><FONT SIZE=2><I>Bicentenario</I></FONT><FONT SIZE=2> Scholarship ("the BS Program"). The BS Program supports access to
higher education for university students coming from one of the first seven income deciles and covers the full amount of tuition up to an amount authorized by the government. Historically, the BS
Program solely benefited students of CRUCh universities. The 2017 Budget Law terminated the differentiation between CRUCh and non-CRUCh universities for eligibility for the BS Program. Thus, for 2017,
3,500 BS Program scholarships will be granted to students at non-CRUCh universities and 3,500 additional BS Program scholarships will be granted to students at non-CRUCh universities in 2018. By 2019,
the government promises to have an equal BS Program scholarship policy for all universities, whether CRUCh or non-CRUCh. Students may apply for a BS Program scholarship if their university is
accredited for at least four years and if 80% of the university's newly enrolled students have an average result from the national university admissions examination, high school grades and high school
rankings above a specified level. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the 2017 Budget Law, the NMS II and NMS III are available to all students enrolled in a tech/voc institution, whether for-profit or not-for-profit: (i)&nbsp;NMS II in an amount
of CLP 860,000 per year, or up to the effective government-approved tuition fee if it is less than that amount, for students who come from the first five income deciles with an average high school
grade of 5.0 and the tech/voc </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=48,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=64327,FOLIO='38',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_39"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>institution
in which they are enrolled being accredited for at least three years; and (ii)&nbsp;NMS III, in an amount up to CLP 900,000 per year, or up to the effective government-approved tuition
fee if it is less than that amount, provided that such students and the institution in which they enroll meet the requirements for NMS II and the tech/voc institution was, on December&nbsp;31, 2016,
accredited for four years or more. The NMS III scholarship will last until the tax benefit established in the Transformation Law for tech/voc institutions ends. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally,
under the 2017 Budget Law, the Comptroller General will be in charge of overseeing the use of the public resources in higher education. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
cannot predict the effect that the student financing reforms may have on our operations in Chile. Any material limitations on the access of our students in Chile to
government-sponsored financing may
have a material adverse effect on our financial condition and results of operations. Similar limitations on government-sponsored student financing in other countries in which we operate could also
have a material adverse effect on our financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We are subject to investigations by Chilean regulators, which could individually or in the
aggregate, materially adversely affect our business, financial condition and results of operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2014, the Chilean Congress approved legislation that provides for the appointment of a provisional administrator or
closing administrator to handle the affairs of failing universities or universities found to have breached their bylaws (the "Provisional Administrator Law"). If the Ministry of Education were to
determine that one of the universities in Chile that is part of the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network had violated its bylaws, it could
appoint a provisional administrator for that university causing us to lose our rights to control that institution, which could have a material adverse effect on our results of operations and financial
condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2012, an investigative committee of the Chilean Chamber of Deputies issued a preliminary report on the Chilean higher education system alleging that certain universities,
including the three universities that Laureate controls in Chile, have not complied with the requirements of Chilean law that universities be not-for-profit. Among the irregularities cited in the
report are high salaries to board members or top executives, outsourcing of services to related parties, and that universities are being bought and sold by foreign and economic groups. The
investigative committee referred its report to the Ministry of Education and to the Public Prosecutor of Chile to determine whether there has been any violation of the law. The Public Prosecutor has
appointed a regional prosecutor to investigate whether any criminal charges should be brought for alleged violations of the laws on higher education. On July&nbsp;19, 2012, the Chilean Chamber of
Deputies rejected the report of the investigative committee. In December 2012, in light of the criminal prosecution of the former president of the National Accreditation Commission for alleged
bribery, the Chilean Chamber of Deputies mandated its Education Commission to be an investigative committee regarding the functioning of the National Accreditation Commission, especially with respect
to compliance with the National Accreditation Commission's duty to oversee higher education entities. The Education Commission delivered a report, which was approved by the Chamber of Deputies on
October&nbsp;1, 2013, containing several recommendations to improve regulation of the higher education accreditation system. Additionally, the Chilean Chamber of Deputies approved the creation of a
special investigative committee to resume the investigation of higher education performed by the investigative committee that issued the June 2012 report that was previously rejected by the Chamber of
Deputies. On January&nbsp;15, 2014, that investigative committee approved a new report recommending, among other things, improvements to the Chilean higher education system regulations, amendments
to the higher education financing system, particularly the CAE Program, imposition of criminal penalties for violation of the requirement that universities be not-for-profit, and support of
legislation that would prohibit related party transactions, prohibit the transfer of control of universities, and require universities to have independent board members. The report was approved by the
full Chamber of Deputies on April&nbsp;1, 2014. If the Chilean Congress were </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=49,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=501793,FOLIO='39',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_40"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>to
approve legislation implementing the recommendations in this report, it could have a material adverse effect on our results of operations and financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;18, 2014, the Ministry of Education disclosed that on November&nbsp;15, 2013 and February&nbsp;11, 2014, it had initiated internal investigations into UDLA Chile
and Universidad Andr&eacute;s Bello ("UNAB"), respectively. The investigations were initiated upon referrals from the National Education Council and the National Accreditation Commission,
which had conveyed to the Ministry of Education their concerns regarding certain agreements entered into by UDLA Chile and UNAB with their controlling entities, including concerns about the amount and
real use made by the universities of the services provided under those agreements. The investigations are an initial step by the Ministry of Education to determine whether the Ministry should begin
formal sanction proceedings against the universities. The Ministry of Education also disclosed that it had delivered relevant documentation on the matter to the Public Prosecutor. In January 2016, the
Ministry of Education announced that it had closed the investigation into UNAB. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2014, Servicio de Impuestos Internos Chile ("SII"), the Chilean tax authority, instituted an audit of Universidad Vi&ntilde;a del Mar, UNAB and UDLA Chile questioning
whether they had regularly paid their taxes as non-profit entities for the period from 2011 to 2014, specifically in relation to their financial dealings with Laureate for-profit entities. Any
non-compliance with the non-profit laws would subject them to the payment of additional taxes and penalties. As of August 2015, SII had notified all three institutions that its audit detected "no
differences" in the taxes paid and the taxes owed, and provided a written closure letter to each of the institutions.&nbsp;In December 2016, SII notified separately UDLA Chile and UNAB that as part
of the general audit program called "Auditoria Integral a Universidades," it was requesting supporting documentation from them for the tax periods between November 2013 and October 2016. Each
institution will submit responsive documents that support taxes paid related to its revenues and expenses, including to the extent such revenues and expenses involve financial dealings with Laureate
for-profit entities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2016, the Ministry of Education notified UNAB that it was opening an investigation into possible violations of the not-for-profit nature of UNAB. In September 2016, the Ministry
of Education notified UVM Chile that it was opening a similar investigation of UVM Chile. Each of the institutions continues to be responsive to the Ministry of Education's requests as part of these
investigations.&nbsp;Each investigation will be conducted by an investigator appointed by the Ministry of Education under the Provisional Administrator Law, and both UNAB and UVM Chile have been
advised that the investigation will last at least six months. Under the Provisional Administrator Law, at the end of the investigation the Ministry of Education can either close the investigation or
issue a report imposing one of the following measures: (i)&nbsp;ordering a recovery plan for the investigated institution, should the Ministry verify severe breaches of the institution's financial,
administrative, labor or academic commitments; (ii)&nbsp;with the prior consent of the National Education Council, naming a provisional administrator for the institution if the Ministry determines
that (a)&nbsp;there are serious risks to the administrative or financial viability of the institution that may affect the continuity of its educational
programs, (b)&nbsp;there are serious and recurring breaches of the academic commitments of the institution to its students due to a lack of educational or teaching resources available to grant
professional or technical degrees, (c)&nbsp;it is impossible for the institution to maintain its academic functions due to sanctions, injunctions or foreclosures affecting the institution, its
campuses or its assets, (d)&nbsp;the institution is declared bankrupt or (e)&nbsp;a recovery plan pursuant to (i)&nbsp;above has not been presented, has been rejected or has been breached by the
institution; or (iii)&nbsp;initiating a process to revoke the institution's license, in which case it would name a closing administrator. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
we believe that all of our institutions in Chile are operating in full compliance with Chilean law, we cannot predict whether the Ministry of Education or the Public Prosecutor
will take any action in response to the reports of the Chamber of Deputies investigative committees, or what outcome may result from any investigations undertaken by the Ministry of Education, the
Public Prosecutor or the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=50,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=890485,FOLIO='40',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ci43513_1_41"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>SII
in response to the referrals from the National Education Council and National Accreditation Commission, or by the Ministry of Education as a result of its investigation under the Provisional
Administrator Law. Depending upon the outcome of any investigation by the Chilean authorities, there could be a material adverse effect on our business. Any disruption to our operations in Chile would
have a material adverse effect on our financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our right to receive economic benefits from certain of the institutions that are organized as
not-for-profit or non-stock entities, and that we account for as variable interest entities, may be limited.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have obtained board and operating control and controlling financial interests in entities outside the United States that are
educational institutions similar to U.S. not-for-profit, non-stock universities. Under applicable law, these institutions do not have recognized "owners" or shareholders, and generally cannot declare
dividends or distribute their net assets to us. For accounting purposes, we have determined that these institutions are Variable Interest Entities ("VIEs") under GAAP and that we are the primary
beneficiary of these VIEs. Maintenance of our interest in the VIE institutions, and our ability to receive economic benefits from these entities, is based on a combination of (1)&nbsp;service
agreements that other Laureate entities have with the VIE institutions, allowing the institutions to access the benefits of the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network and allowing us to recognize economies of scale throughout the network, (2)&nbsp;our ability to provide these entities with opportunities to invest for
market returns in education-related real estate entities globally and (3)&nbsp;our ability to transfer our rights to govern the VIE institutions, or the entities that possess those rights, to other
parties, which would yield a return if and when these rights are transferred. In limited circumstances, we may have rights to the residual assets in liquidation. Under the mutually agreed service
agreements, we are paid at market rates for providing services to institutions such as access to content, support with curriculum design, professional development,
student exchange, access to dual degree programs, affiliation and access to the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network, and management, legal, tax,
finance, accounting, treasury, use of real estate and other services. While we believe these arrangements conform to applicable law, the VIE institutions are subject to regulation by various agencies
based on the requirements of local jurisdictions. These agencies, as well as local legislative bodies, review and update laws and regulations as they deem necessary or appropriate. We cannot predict
the form of any laws that may be enacted, or regulations that ultimately may be adopted in the future, or what effects they might have on our results of operations, financial condition and cash flows.
If local laws or regulations were to change, the VIE institutions were found to be in violation of existing local laws or regulations, or regulators were to question the financial sustainability of
the VIE institutions and/or whether the contractual arrangements were at fair value, local government agencies could, among other actions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> revoke the business licenses and/or accreditations of the VIE institutions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> void or restrict related party transactions, such as the contractual arrangements between us and the VIE institutions; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> impose fines that significantly impact business performance or other requirements with which the VIE institutions may not be able to
comply; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> require us to change the governance structures of the VIE institutions, such that we would no longer maintain control of the VIE
institutions; or</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> disallow a transfer of our rights to govern the VIE institutions, or the entities that possess those rights, to a third party for
consideration. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we are unable to receive economic benefits from these institutions, it would have a material adverse effect on our results of operations and financial condition. In addition, if we
are unable or limited in
our ability to receive economic benefits from these institutions, we may be unable to consolidate the VIE institutions into our consolidated financial statements or we may be limited in our ability to
recognize all of the institutions' earnings in our consolidated statements of operations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=51,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=794959,FOLIO='41',FILE='DISK112:[12ZBH3.12ZBH43513]CI43513A.;20',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ck43513_1_42"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our ability to control our institutions may be materially adversely affected by changes in laws
affecting higher education in certain countries in which we operate.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our institutions are governed by the higher education laws of the various countries in which we operate, which may be amended or
interpreted in ways that affect our ability to maintain control over the institutions through our ability to appoint the members of the institutions' governing bodies. If we are unable to maintain our
rights of control of appointments to those governing bodies, our ability to realize economic benefits from these institutions may be severely limited, including not being able to transfer control of
the institutions in a way that would yield us a return on our investment or not being able to implement or maintain service agreements with those institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is possible that the governance and control structures that we implement at a specific institution to comply with local laws and regulations would not allow us to meet the standards
for consolidation of that institution's financial statements into our own consolidated financial statements. If we determine that we do not control an institution or otherwise meet the standards for
consolidation, deconsolidation of that institution would be required. In that event, or if our controlling financial interest in that institution is impaired, it could have a material adverse effect
on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
example, in the second half of 2010, Ecuador adopted a new higher education law that, upon its implementation, required us to modify the governance structure of our institution in
that country. While the constitutionality of certain provisions of the higher education law is currently being challenged in Ecuador's court system, the law has been implemented. In the fourth quarter
of 2012, the Consejo de Educaci&oacute;n Superior (the "CES"), the relevant regulatory body, commenced reviewing and issuing comments on bylaws submitted by other Ecuadorian higher education
institutions, implementing and enforcing the co-governance provisions of the new law. In accordance with ASC 810-10-15-10, we believed that control no longer resided with Laureate given the
governmentally imposed uncertainties. As a result, Universidad de Las Am&eacute;ricas Ecuador ("UDLA Ecuador") was deconsolidated in the fourth quarter of 2012 and a loss of
$43.7&nbsp;million was recorded in loss from regulatory changes in the consolidated statement of operations. This loss represented our initial investment on the leveraged buyout date in the
Ecuadorian institution of $17.9&nbsp;million, as well as $25.8&nbsp;million of accumulated earnings from the leveraged buyout date to the date of deconsolidation. The CES approved UDLA Ecuador's
new bylaws complying with the 2010 law in September 2014 and we no longer control UDLA Ecuador, although we maintain contractual arrangements with the institution. See also "Industry
Regulation&#151;Chilean Regulation&#151;Recent Developments." </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our business may be materially adversely affected by a general economic slowdown or recession.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many countries around the world have recently experienced reduced economic activity, increased unemployment, substantial uncertainty
about their financial services markets and, in some cases, economic recession. These events may reduce the demand for our programs among students, which could materially adversely affect our business,
financial condition, results of operations and cash flows. These adverse economic developments also may result in a reduction in the number of jobs available to our graduates and lower salaries being
offered in connection with available employment which, in turn, may result in declines in our placement and retention rates. For example, in the United States, our professional-oriented graduate
programs, such as master's degrees in teaching, are directly affected by the employment and promotion prospects for persons with advanced degrees. Efforts by states in recent years to reduce education
funding by laying off younger teachers and curtailing pay increases for remaining teachers may have a material adverse effect on our ability to attract and retain students in our graduate education
programs. In addition, in 2015 we generated approximately 83% of our revenues outside the United States, including approximately 56% of our revenues from our LatAm segment. As a result, any general
economic slowdown or recession that disproportionately impacts the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>42</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=52,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=223050,FOLIO='42',FILE='DISK112:[12ZBH3.12ZBH43513]CK43513A.;10',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ck43513_1_43"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>countries
in which our institutions operate could have a material adverse effect on our business, financial condition, results of operations and cash flows. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The higher education market is very competitive, and we may not be able to compete effectively.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higher education markets around the world are highly fragmented and are very competitive and dynamic. Our institutions compete with
traditional public and private colleges and universities and other proprietary institutions, including those that offer online professional-oriented programs. In each of the countries where we operate
a private institution, our primary competitors are public and other private universities, some of which are larger, more widely known and have more established reputations than our institutions. Some
of our competitors in both the public and private sectors may have greater financial and other resources than we have and have operated in their markets for many years. We also face potential
competition from alternative education providers that prioritize open access education to students. A number of these providers have been formed recently to provide online curriculum from leading
academics at little or no cost to the student. If this new modality is successful, it could disrupt the economics of the current education model (both for-profit and not-for-profit institutions).
Other competitors may include large, well-capitalized companies that may pursue a strategy similar to ours of acquiring or establishing for-profit institutions. Public institutions receive substantial
government subsidies, and public and private not-for-profit institutions have access to government and foundation grants, tax-deductible contributions and other financial resources generally not
available to for-profit institutions. Accordingly, public and private not-for-profit institutions may have instructional and support resources superior to those in the for-profit sector, and public
institutions can offer substantially lower tuition prices or other advantages that we cannot match. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of these large, well-capitalized competitors may make it more difficult for us to acquire institutions as part of our growth strategy. They may also be able to charge lower tuitions
or attract more students, which would adversely affect our growth and the profitability of our competing institutions. There is also an increased ability of traditional universities to offer online
programs and we expect competition to increase as the online market matures. This may create greater pricing or operating pressure on us, which could have a material adverse effect on our
institutions' enrollments, revenues and profit margins. We may not be able to compete successfully against current or future competitors and may face competitive pressures that could have a material
adverse effect on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If our graduates are unable to obtain professional licenses or certifications required for
employment in their chosen fields of study, our reputation may suffer and we may face declining enrollments and revenues or be subject to student litigation.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of our students require or desire professional licenses or certifications after graduation to obtain employment in their chosen
fields. Their success in obtaining such licensure depends on several factors, including the individual merits of the student, whether the institution and the program were approved by the relevant
government or by a professional association, whether the program from which the student graduated meets all governmental requirements and
whether the institution is accredited. If one or more governmental authorities refuses to recognize our graduates for professional licensure in the future based on factors relating to us or our
programs, the potential growth of our programs would be negatively affected, which could have a material adverse effect on our business, financial condition and results of operations. In addition, we
could be exposed to litigation that would force us to incur legal and other expenses that could have a material adverse effect on our business, financial condition and results of operations. For
example, in 2013, 2015 and 2016, several groups of current and former students filed five separate lawsuits against University of St.&nbsp;Augustine for Health Sciences ("St.&nbsp;Augustine")
relating to matters arising before we acquired that institution in November 2013. The allegations relate to a program that was launched in May 2011 and, at the time, offered a "Master of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=53,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=264409,FOLIO='43',FILE='DISK112:[12ZBH3.12ZBH43513]CK43513A.;10',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ck43513_1_44"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Orthopaedic
Physician's Assistant Program" degree. The plaintiffs in these matters allege that the university misrepresented their ability to practice as licensed Physician Assistants with a
heightened specialty in orthopaedics. One of the lawsuits was resolved in October&nbsp;2015, another was resolved in March 2016, and another was resolved in June&nbsp;2016 and all have been
dismissed. See "Business&#151;Legal Proceedings" for more information. See also "&#151;Risks Relating to Our Highly Regulated Industry in the United States&#151;The inability of
our graduates to obtain licensure or other specialized outcomes in their chosen professional fields of study could reduce our enrollments and revenues, and potentially lead to litigation that could be
costly to us." </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our business may be materially adversely affected if we are not able to maintain or improve the
content of our existing academic programs or to develop new programs on a timely basis and in a cost-effective manner.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continually seek to maintain and improve the content of our existing academic programs and develop new programs in order to meet
changing market needs. Revisions to our existing academic programs and the development of new programs may not be accepted by existing or prospective students or employers in all instances. If we
cannot respond effectively to market changes, our business may be materially adversely affected. Even if we are able to develop acceptable new programs, we may not be able to introduce these new
programs as quickly as students or employers require or as quickly as our competitors are able to introduce competing programs. Our efforts to introduce a new academic program may be conditioned or
delayed by requirements to obtain foreign, federal, state and accrediting agency approvals. The development of new programs and courses, both conventional and online, is subject to requirements and
limitations imposed by the governmental regulatory bodies of the various countries in which our institutions are located, including the DOE, state licensing agencies and the relevant accrediting
bodies. The imposition of restrictions on the initiation of new educational programs by regulatory agencies may delay such expansion plans. If we do not respond adequately to changes in market
requirements, our ability to attract and retain students could be impaired and our financial results could suffer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Establishing
new academic programs or modifying existing academic programs also may require us to make investments in specialized personnel and capital expenditures, increase marketing
efforts and reallocate resources away from other uses. We may have limited experience with the subject matter of new programs and may need to modify our systems and strategy. If we are unable to
increase the number of students, offer new programs in a cost-effective manner or otherwise manage effectively the operations of newly established academic programs, our business, financial condition
and results of operations could be materially adversely affected. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Failure to keep pace with changing market needs and technology could harm our ability to attract
students.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The success of our institutions depends to a significant extent on the willingness of prospective employers to hire our students upon
graduation. Increasingly, employers demand that their employees possess appropriate technological skills and also appropriate "soft" skills, such as communication, critical thinking and teamwork
skills. These skills can evolve rapidly in a changing economic and technological environment. Accordingly, it is important that our educational programs evolve in response to those economic and
technological changes. The expansion of existing academic programs and the development of new programs may not be accepted by current or prospective students or by the employers of our graduates.
Students and faculty increasingly rely on personal communication devices and expect that we will be able to adapt our information technology platforms and our educational delivery methods to support
these devices and any new technologies that may develop. Even if our institutions are able to develop acceptable new programs and adapt to new technologies, our institutions may not be able to begin
offering those new programs and technologies as quickly as required by prospective students and employers or as quickly as our competitors begin offering similar programs. If we are unable to
adequately respond to changes in market requirements due to regulatory </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=54,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=853052,FOLIO='44',FILE='DISK112:[12ZBH3.12ZBH43513]CK43513A.;10',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ck43513_1_45"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>or
financial constraints, unusually rapid technological changes or other factors, our ability to attract and retain students could be impaired, the rates at which our graduates obtain jobs involving
their fields of study could suffer and our results of operations and cash flows could be materially adversely affected. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If students who avail themselves of government-sponsored student financing programs in certain
countries do not graduate and subsequently default on their loans, we may be responsible for repaying a significant portion of their loans.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our accredited Chilean institutions participate in a Chilean government-sponsored student financing program known as the CAE Program.
The program was implemented by the Chilean government in 2006 to promote higher education in Chile for lower socio-economic level students with good academic standing. The CAE Program involves tuition
financing and guarantees that are shared by our institutions and the government. As part of the program, our institutions provide guarantees resulting in contingent liabilities to third-party
financing institutions, beginning at 90% of the tuition loans made directly to qualified students enrolled through the CAE Program and declining to 60%. The guarantees by our institutions are for the
period in which the student is enrolled, and the guarantees are assumed entirely by the government upon the student's graduation. Additionally, when a student leaves one of our institutions and
enrolls in another CAE-qualified institution, our institution will remain the guarantor of the tuition loans that have been granted to the student up to such date, and until the student's graduation
from the new CAE-qualified institution. Assuming that all students at our institutions who are in the CAE Program, and all students who left our institutions and were part of the CAE Program, do not
graduate, and that all of those students default on the full amount of the CAE-qualified loan balances, the maximum potential amount of payments our institutions could be required to make under the
CAE Program was approximately $484&nbsp;million at September&nbsp;30, 2016. As of September&nbsp;30, 2016, we had recorded $23.7&nbsp;million as estimated guarantee liabilities for these
obligations. If a significant portion of our students who participate in the CAE Program were to default, the financial condition and results of operations of each participating institution would be
materially adversely affected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly,
students at substantially all of our Brazilian institutions are participating in a Brazilian government program known as FIES. FIES is a federal program established to provide
financing to students enrolled in private institutions of higher education that meet certain academic standards and whose household incomes per capita relative to the cost of tuition are below a
certain level. Under FIES, the government loans a portion of the tuition to eligible students, some of whom are required to name a guarantor to underwrite their loan. The government then pays the
corresponding loan amount to the higher education institution in special bonds that the institution may use to pay its national social security tax and certain other federal taxes or, if the
institution has a tax clearance certificate, that the institution can sell for cash in a public auction conducted by a government-sponsored bank. Under FIES, if a student defaults on his or her
repayment of a FIES loan, and the guarantor does not fulfill its guarantee, the higher education institution is responsible for repaying up to 15% of the related delinquency (30% if an institution has
one or more open tax disputes that are not being defended in compliance with the applicable security/bond requirements). However, since February 2014, all new students who participate in FIES must
also enroll in the Fundo de Garantia de&nbsp;Opera&ccedil;&otilde;es de&nbsp;Cr&eacute;dito Educativo ("FGEDUC"), which is a government-mandated, private guarantee fund
that allows participating educational institutions to insure themselves for 90% (or 13.5% of 15%) of their losses related to student defaults under the FIES program. See "Business&#151;Our
Operating Segments&#151;LatAm&#151;Government-Sponsored Financing Programs." If participation by our Brazilian students in FIES increases, and a significant portion of our participating
students in the program were to default and their respective guarantors were to fail to fulfill the terms of their guarantee, or if the defaulting student was not required to provide a guarantor, our
financial
condition and results of operations could be materially adversely affected. In addition, if any institution were involved in a tax dispute with the Brazilian government, and such institution were not
defending the suit in compliance with the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=55,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=183774,FOLIO='45',FILE='DISK112:[12ZBH3.12ZBH43513]CK43513A.;10',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ck43513_1_46"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>applicable
security/bond requirements, the amount of the guarantee would increase to 30%, which could materially adversely affect our business, financial condition and results of operations. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Regulatory changes that affect the timing of government-sponsored student aid payments or receipt of
government-sponsored financial aid could materially adversely affect our liquidity.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New regulations may change the timing for the collection of government-sponsored student aid payments from our students. For example,
in December 2014, regulators in Brazil announced several significant rule changes to FIES beginning in 2015; additional regulations were issued in December&nbsp;2015. These changes raise the
eligibility requirements, reduce the annual budget for the program and delay payments to the post-secondary institutions that would otherwise have been due in 2015 and 2016. Such a delay in tuition
payments from government-sponsored programs may negatively affect our liquidity and we may require additional working capital or third-party funding to finance our operations. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations&#151;Liquidity and Capital Resources&#151;FIES Payment Plan," "Business&#151;Our Operating
Segments&#151;LatAm&#151;Government&#150;Sponsored Student Financing Programs" and "Industry Regulation&#151;Brazil Regulation&#151;Student Financing Program." See
also "&#151;Risks Relating to our Highly Regulated Industry in the United States&#151;The DOE may change our U.S. Institutions' method of receiving Title&nbsp;IV program funds, which
could materially affect our liquidity." </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We may have exposure to greater-than-anticipated tax liabilities.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a multinational corporation, we are subject to income taxes as well as non-income based taxes in the United States and various
foreign jurisdictions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
future income taxes could be materially adversely affected by earnings being lower than anticipated in jurisdictions where we have lower statutory tax rates and higher than
anticipated in jurisdictions where we have higher statutory tax rates. In addition, changes in the valuation of our deferred tax assets and liabilities, or changes in tax laws, regulations and
accounting principles, could have a material adverse effect on our future income taxes. The determination of our worldwide provision for income taxes and other tax liabilities requires significant
judgment, and there are many transactions and calculations where the ultimate tax determination is uncertain. We have not recorded any deferred tax liabilities for undistributed foreign earnings
either because of legal restrictions on distributions or because our historical strategy was to reinvest these earnings outside the United States. As circumstances change and if some or all of these
undistributed foreign earnings are remitted to the United States, we may be required to recognize deferred tax liabilities on those amounts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
earn a significant amount of our income from subsidiaries located in countries outside the United States, and any repatriation of funds currently held in foreign jurisdictions may
result in higher effective tax rates for our company. In addition, there have been proposals to change U.S. tax laws that would significantly impact how U.S. multinational corporations are taxed on
foreign earnings. Although we cannot predict whether or in what form this proposed legislation may pass, if enacted it could have a material adverse effect on our tax expense and cash flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
in certain countries in which we operate, higher education institutions are either exempt from paying certain taxes, including income taxes, or pay taxes at significantly
reduced rates. This includes certain of our higher education institutions that are organized as VIEs, similar to not-for-profit institutions in the United States. If we were to lose this favorable tax
treatment, either because a VIE institution is converted into a for-profit shareholder-owned entity, or because of a change in local tax laws, our tax liabilities could increase materially. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are subject to regular review and audit by both domestic and foreign tax authorities. Any adverse outcome of such a review or audit could have a negative effect on our operating
results and financial condition. We are also subject to non-income based taxes, such as payroll, sales, use, value- </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=56,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=384577,FOLIO='46',FILE='DISK112:[12ZBH3.12ZBH43513]CK43513A.;10',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<A NAME="page_ck43513_1_47"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>added,
net worth, property and goods and services taxes, in both the United States and various foreign jurisdictions. We are under regular audit by tax authorities with respect to these non-income
based taxes and may have exposure to additional non-income based tax liabilities. Our acquisition activities have increased the volume and complexity of laws and regulations that we are subject to and
with which we must comply. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2010, we were notified by the Spanish Taxing Authorities ("STA") (in this case, by the Regional Inspection Office of the Special Madrid Tax Unit) that an audit of some of our
Spanish subsidiaries
was being initiated for 2006 and 2007. On June&nbsp;29, 2012, the STA issued a final assessment to Iniciativas Culturales de Espa&ntilde;a, S.L. ("ICE"), our Spanish holding company, for
approximately EUR 11.1&nbsp;million ($12.4&nbsp;million at September&nbsp;30, 2016), including interest, for those two years based on its rejection of the tax deductibility of financial expenses
related to certain intercompany acquisitions and the application of the Spanish ETVE regime. On July&nbsp;25, 2012, we filed a claim with the Regional Economic-Administrative Court challenging this
assessment and, in the same month, we issued a cash-collateralized letter of credit for the assessment amount, in order to suspend the payment of the tax due. Further, in July 2013, we were notified
by the STA (in this case, by the Central Inspection Office for Large Taxpayers) that an audit of ICE was also being initiated for 2008 through 2010. On October&nbsp;19, 2015, the STA issued a final
assessment to ICE for approximately EUR 17.2&nbsp;million ($19.3&nbsp;million at September&nbsp;30, 2016), including interest, for those three years. We have appealed this assessment and, in
order to suspend the payment of the tax assessment until the court decision, we issued a cash-collateralized letter of credit for the assessment amount plus interest and surcharges. We believe the
assessments in this case are without merit and intend to defend vigorously against them. During the second quarter of 2016, we were notified by the STA that tax audits of the Spanish subsidiaries were
also being initiated for 2011 and 2012; no assessments have yet been issued for these years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the quarter ended June&nbsp;30, 2015, we reassessed our position regarding the ICE tax audit matters as a result of recent adverse decisions from the Spanish Supreme Court and
Spanish National Court on cases for taxpayers with similar facts, and determined that we could no longer support a more-likely-than-not position. As a result, during the second quarter of 2015, we
recorded a provision totaling EUR 37.6&nbsp;million ($42.1&nbsp;million) for the period from January&nbsp;1, 2006 through September&nbsp;30, 2016. We plan to continue the appeals process for
the periods already audited and assessed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
we believe our estimates are reasonable, the ultimate tax outcome may differ from the amounts recorded in our financial statements and may materially adversely affect our
financial results in the period or periods for which such determination is made. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Market perceptions concerning the instability of the euro, the potential reintroduction of
individual currencies within the Eurozone, or the potential dissolution of the euro entirely, could adversely affect our business and financial position.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the credit crisis in Europe, in particular in Cyprus, Greece, Italy, Ireland, Portugal and Spain, the European
Commission created the European Financial Stability Facility (the "EFSF") and the European Financial Stability Mechanism (the "EFSM") to provide funding to Eurozone countries in financial difficulties
that seek such support. Throughout 2011, the EFSF and EFSM undertook a series of interventions to provide direct financing or other credit support to European governments. In 2012, certain Eurozone
states announced austerity programs and other cost-cutting initiatives, and the EFSF was permitted to further expand its powers to provide direct loans to certain Eurozone financial institutions.
Despite these measures, there can be no assurance that the recent market disruptions in Europe related to sovereign debt, including the increased cost of funding for certain governments and financial
institutions, will not continue, nor can there be any assurance
that future assistance packages will be available or, even if provided, will be sufficient to stabilize the affected countries and markets in Europe or elsewhere. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=57,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=307569,FOLIO='47',FILE='DISK112:[12ZBH3.12ZBH43513]CK43513A.;10',USER='HYUNG',CD='31-JAN-2017;09:36' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cm43513_1_48"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uncertainty persists regarding the debt burden of certain Eurozone countries, including those in which we have higher education institutions, and the solvency of
certain European financial institutions and their respective ability to meet future financial obligations. In 2015, Greece entered into extended negotiations with its international creditor
institutions as to its request for additional assistance or relief in meeting its financial obligations. Uncertainty regarding this financial assistance and Greece's ability to meet its financial
obligations led to the imposition of capital controls within Greece and the closing of the country's banks and stock exchanges for an extended period of time, all of which has caused a significant
negative impact on the Greek economy. While we do not have any institutions in Greece, our institution in Cyprus (European University Cyprus) draws a significant proportion of its students from
Greece, and may be adversely affected by the current and any future economic turmoil in Greece. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, the protracted adverse market conditions in Europe have created doubts as to the overall stability of the euro and the suitability of the euro as a single currency given the
diverse economic and political circumstances in individual member states. These and other concerns could lead to the reintroduction of individual currencies in one or more member states or, in more
extreme circumstances, the possible dissolution of the euro entirely. Should the euro dissolve entirely, the legal and contractual consequences for holders of euro-denominated obligations would be
determined by laws in effect at such time. These potential developments, or market perceptions concerning these and related issues, could materially adversely affect our business, financial condition
and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our reported revenues and earnings may be negatively affected by the strengthening of the U.S.
dollar and currency exchange rates.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We report revenues, costs and earnings in U.S. dollars, while our institutions generally collect tuition in the local currency.
Exchange rates between the U.S. dollar and the local currency in the countries where we operate institutions are likely to fluctuate from period to period. In 2015, approximately 83% of our revenues
originated outside the United States. We translate revenues and other results denominated in foreign currencies into U.S. dollars for our consolidated financial statements. This translation is based
on average exchange rates during a reporting period. The U.S. dollar has been strengthening against many international currencies, including the Brazilian real, euro and Mexican peso. For example, the
Brazilian dollar-to-real spot exchange rate increased from 1:2.3621 on December&nbsp;31, 2013 to 1:2.6576 on December&nbsp;31, 2014, 1:3.9180 on December&nbsp;31, 2015 and 1:3.2352 on
September&nbsp;30, 2016. As the exchange rate of the U.S. dollar strengthens, our reported international revenues and earnings are reduced because foreign currencies translate into fewer U.S.
dollars. For the year ended December&nbsp;31, 2015, a hypothetical 10% adverse change in average annual foreign currency exchange rates, excluding the impacts of our derivatives, would have
decreased our operating income and our Adjusted EBITDA by $21.9&nbsp;million and $71.1&nbsp;million, respectively. For more information, see&nbsp;"Management's Discussion and Analysis of
Financial Condition and Results of Operations&#151;Overview&#151;Factors Affecting Comparability&#151;Foreign Exchange." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that foreign revenues and expense transactions are not denominated in the local currency and/or to the extent foreign earnings are reinvested in a currency other than their
functional currency, we are also subject to the risk of transaction losses. We occasionally enter into foreign exchange forward contracts or other hedging arrangements to reduce the earnings impact of
non-functional currency denominated non-trade receivables and debt and to protect the U.S. dollar value of our assets and future cash flows with respect to exchange rate fluctuations. Given the
volatility of exchange rates, there is no assurance that we will be able to effectively manage currency transaction and/or translation risks. Therefore, volatility in currency exchange rates may have
a material adverse effect on our business, financial condition, results of operations and cash flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency
exchange rates and our reported revenues and earnings may also be negatively affected by inflation or hyperinflation. If a country in which we operate is designated as a highly
inflationary </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=58,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1001330,FOLIO='48',FILE='DISK112:[12ZBH3.12ZBH43513]CM43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cm43513_1_49"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>economy
in the future under GAAP, the U.S. dollar would become the functional currency for our operations in that country. As a result, all gains and losses resulting from the remeasurement of the
financial results of operations in such country and other transactional foreign exchange gains and losses would be reflected in our earnings, which could result in volatility within our earnings,
rather than as a
component of our comprehensive income within stockholders' equity. Hyperinflation in any of the countries in which we operate may have a material adverse effect on our business, financial condition,
results of operations and cash flows. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We experience seasonal fluctuations in our results of operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most of the institutions in our network have a summer break, during which classes are generally not in session and minimal revenues are
recognized. In addition to the timing of summer breaks, holidays such as Easter also have an impact on our academic calendar. Operating expenses, however, do not fully correlate to the enrollment and
revenue cycles, as the institutions continue to incur expenses during summer breaks. Given the geographic diversity of our institutions and differences in timing of summer breaks, our second and
fourth quarters are stronger revenue quarters as the majority of our institutions are in session for most of these respective quarters. Our first and third fiscal quarters are weaker revenue quarters
because the majority of our institutions have summer breaks for some portion of one of these two quarters. Because a significant portion of our expenses do not vary proportionately with the
fluctuations in our revenues, our results in a particular fiscal quarter may not indicate accurately the results we will achieve in a subsequent quarter or for the full fiscal year. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Connectivity constraints or system disruptions to our computer networks could have a material
adverse effect on our ability to attract and retain students.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We run the online operations of our institutions on different platforms, which are in various stages of development. The performance
and reliability of these online operations are critical to the reputation of our institutions and our ability to attract and retain students. Any computer system error or failure, or a sudden and
significant increase in traffic on our institutions' computer networks may result in the unavailability of these computer networks. In addition, any significant failure of our computer networks could
disrupt our on-campus operations. Individual, sustained or repeated occurrences could significantly damage the reputation of our institutions' operations and result in a loss of potential or existing
students. Additionally, the computer systems and operations of our institutions are vulnerable to interruption or malfunction due to events beyond our control, including natural disasters and other
catastrophic events and network and telecommunications failures. The disaster recovery plans and backup systems that we have in place may not be effective in addressing a natural disaster or
catastrophic event that results in the destruction or disruption of any of our critical business or information technology and infrastructure systems. As a result of any of these events, we may not be
able to conduct normal business operations and may be required to incur significant expenses in order to resume normal business operations. As a result, our revenues and results of operations may be
materially adversely affected. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We rely on computer systems for financial reporting and other operations and any disruptions in our
systems would materially adversely affect us.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We rely on computer systems to support our financial reporting capabilities, including our SSOs, and other operations. As with any
computer systems, unforeseen issues may arise that could affect our ability to receive adequate, accurate and timely financial information, which in turn could inhibit effective and timely decisions.
Furthermore, it is possible that our information systems could experience a complete or partial shutdown. If such a shutdown occurred, it could materially adversely affect our ability to report our
financial results in a timely manner or to otherwise operate our business. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=59,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=258742,FOLIO='49',FILE='DISK112:[12ZBH3.12ZBH43513]CM43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cm43513_1_50"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The personal information that we collect may be vulnerable to breach, theft or loss that could
materially adversely affect our reputation and operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Possession and use of personal information in our operations subjects us to risks and costs that could harm our business. Our
institutions collect, use and retain large amounts of personal information regarding our students and their families, including social security numbers, tax return information, personal and family
financial data and credit card numbers. We also collect and maintain personal information of our employees in the ordinary course of our business. Our computer networks and the networks of certain of
our vendors that hold and manage confidential information on our behalf may be vulnerable to unauthorized access, computer hackers, computer viruses, cyber attacks and other security threats.
Confidential information also may become available to third parties inadvertently when we integrate or convert computer networks into our network following an acquisition of an institution or in
connection with upgrades from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due
to the sensitive nature of the information contained on our networks, such as students' grades, our networks may be targeted by hackers. A user who circumvents security measures
could misappropriate proprietary information or cause interruptions or malfunctions in our operations. Although we use security and business controls to limit access and use of personal information, a
third party may be able to circumvent those security and business controls, which could result in a breach of student or employee privacy. In addition, errors in the storage, use or transmission of
personal information could result in a breach of student or employee privacy. Possession and use of personal information in our operations also subjects us to legislative and regulatory burdens that
could require notification of data breaches and restrict our use of personal information. As a result, we may be required to expend significant resources to protect against the threat of these
security breaches or to alleviate problems
caused by these breaches. A major breach, theft or loss of personal information regarding our students and their families or our employees that is held by us or our vendors could have a material
adverse effect on our reputation and results of operations and could result in further regulation and oversight by governmental authorities and could violate the laws of one or more countries in which
we operate, which could subject us to civil or criminal penalties and increased costs of compliance. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Student protests and strikes may disrupt our ability to hold classes as well as our ability to
attract and retain students, which could materially adversely affect our operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political, social and economic developments in the countries in which we operate may cause protests and disturbances against conditions
in those countries, including policies relating to the operation and funding of higher education institutions. These disturbances may involve protests on university campuses, including the occupation
of university buildings and the disruption of classes. For example, during the second quarter of 2016, students in Chile engaged in a mobilization that included the occupation of buildings and
disruption of classes on their respective campuses to protest, among other things, the failure of the Chilean government to enact proposed reforms of the higher education system that had been promised
by President Bachelet in her 2013 presidential campaign, as well as to call attention to their belief that there should not be any role or involvement of for-profit companies in the operation of
private universities in Chile, including the universities that are part of the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. During May and June 2016,
approximately 30 universities as well as over 100 high schools had their buildings occupied or classes disrupted due to the student mobilizations. Students occupied buildings on five of UNAB's
campuses and one campus at Universidad Vi&ntilde;a del Mar and over 70% of students enrolled at those universities, representing approximately 22% of the total number of students enrolled in </FONT> <FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> institutions in Chile, were not able to attend classes during that time as a result of such protests, although
classes returned to normal in July 2016. We are unable to predict whether students at institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network in
Chile or other countries will engage in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=60,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=31126,FOLIO='50',FILE='DISK112:[12ZBH3.12ZBH43513]CM43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cm43513_1_51"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>various
forms of protest in the future. Should we sustain student strikes, protests or occupations in Chile or other countries in the future, it could have a material adverse effect on our results of
operations and on our overall financial condition. Further, we may need to make additional investments in security infrastructure and personnel on our campuses in order to prevent future student
protests from disrupting the ability of our institutions to hold classes. If we are required to make substantial additional investments in security, or if we are unable to identify security
enhancements that would prevent future disruptions of classes, that could cause an adverse effect on our results of operations and financial condition. In addition, we may need to pay overtime
compensation to certain of our faculty and staff, which may increase our overall costs. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We may be unable to operate one or more of our institutions or suffer liability or loss due to a
natural or other disaster.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our institutions are vulnerable to natural or other disasters, including fires, earthquakes, hurricanes and other events beyond our
control. A number of our institutions are located in areas such as Mexico and Central America that are prone to hurricane damage, which may be substantial. A number of our institutions are also
located in areas, such as Chile, Mexico, Peru and Turkey, that are prone to earthquake damage. For example, in 2010, a magnitude 8.8 earthquake struck Chile and a magnitude 7.2 earthquake struck
Mexico. Many of our locations in Chile and several locations in Mexico sustained damage in these earthquakes. Also in 2010, we experienced a fire in a dormitory at one of our institutions in
Switzerland. It is possible that one or more of our institutions would be unable to operate for an extended period of time in the event of a hurricane, earthquake or other disaster which does
substantial damage to the area in which an institution is located. The failure of one or more of our institutions to operate for a substantial period of time could have a material adverse effect on
our results of operations. In the event of a major natural or other disaster, we could also experience loss of life of students, faculty members and administrative staff, or liability for damages or
injuries. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If there is an outbreak of disease in one or more of our locations, our ability to recruit new
students or hold classes may be interrupted.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recent years, there have been numerous outbreaks of infectious diseases, such as Zika, SARS and the H1N1 virus, that have spread
quickly through populations in countries in which we operate, and have had serious impact on businesses that operate in those countries. Concentrated populations, such as students in upper secondary
schools and universities, may be particularly susceptible to these diseases, requiring local governments to take various measures, including suspension of business and quarantines, to control their
spread. If there is an outbreak of disease in a country in which we operate, our recruiters may be prevented from visiting local upper secondary schools during the student recruitment season, which
could have a material adverse effect on our new student enrollments during the following academic term. In addition, an outbreak during the academic year could result in a shutdown of one or more
campuses, or a quarantine that could prevent students and faculty from entering a campus or, in the case of a residential campus, a quarantine of students on campus without faculty access, resulting
in a material adverse effect on our results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We intend to increase the number of international students at many of our institutions, which
presents multiple risks.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant portion of students at several of our institutions come from other countries. We intend to increase international student
representation at our institutions, including increased dual degree programs between universities and increased study abroad programs. The ability of foreign students to register at our institutions
is subject to various obstacles over which we have no control, including their ability to obtain student visas, the financial stability of the countries from which they </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=61,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=205281,FOLIO='51',FILE='DISK112:[12ZBH3.12ZBH43513]CM43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cm43513_1_52"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>come,
their families' ability to afford our programs, and quarantines and other travel restrictions in the event of the outbreak of epidemics. For example, during the SARS epidemic in Asia in 2003,
Switzerland effectively prevented students from Asia, who made up a large proportion of the students at the hospitality institutions that we then owned in Switzerland, from traveling to Switzerland.
Any restrictions on the ability of international students to obtain visas to study at our institutions, or any restrictions on their ability to travel, could have a material adverse effect on our
results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We may be unable to recruit, train and retain qualified and experienced faculty and administrative
staff at our institutions.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our success and ability to grow depend on the ability to hire and retain large numbers of talented people. The process of hiring
employees with the combination of skills and attributes required to implement our business strategy can be difficult and time-consuming. Our faculty members in particular are key to the success of our
institutions. Our rapid global expansion has presented challenges for recruiting talented people with the right experience and skills for our needs. We face competition in attracting and retaining
faculty members who possess the necessary experience and accreditation to teach at our institutions. As we expand and add personnel, it may be difficult to maintain consistency in the quality of our
faculty and administrative staff. If we are unable to, or are perceived to be unable to, attract and retain experienced and qualified faculty, our business, financial condition and results of
operations may be materially adversely affected. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


High crime levels in certain countries and regions in which we operate institutions may have an
impact on our ability to attract and retain students and may increase our operating expenses.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of our institutions are located in countries and regions that have high rates of violent crime, drug trafficking and vandalism. If
we are unable to maintain adequate security levels on our campuses, and to work with local authorities to maintain adequate security in the areas adjacent to our campuses, we may not be able to
continue to attract and retain students, or we may have to close a campus either temporarily or permanently. For example, in 2014 we closed a small campus of one of our universities in Mexico because
of threats from a local drug cartel. In addition, high crime rates may require us to make additional investments in security infrastructure and personnel, which may cause us to increase our tuition
rates in order to maintain operating margins. Certain security measures may materially adversely affect the campus experience by making access by students more cumbersome, which may be viewed
negatively by some of our existing or prospective students. If we are not able to attract and retain students because of our inability to provide them with a safe environment, or if we are required to
make substantial additional investments in security, that could cause a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If we are unable to upgrade our campuses, they may become less attractive to parents and students
and we may fail to grow our business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of our institutions require periodic upgrades to remain attractive to parents and students. Upgrading the facilities at our
institutions could be difficult for a number of reasons, including the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our properties may not have the capacity or configuration to accommodate proposed renovations; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> construction and other costs may be prohibitive; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we may fail to obtain regulatory approvals; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> it may be difficult and expensive to comply with local building and fire codes, especially as to properties that we acquired as part
of past acquisitions; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=62,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=46824,FOLIO='52',FILE='DISK112:[12ZBH3.12ZBH43513]CM43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_co43513_1_53"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we may be unable to finance construction and other costs; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we may not be able to negotiate reasonable terms with our landlords or developers or complete the work within acceptable timeframes. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
failure to upgrade the facilities of our institutions could lead to lower enrollment and could cause a material adverse effect on our business, financial condition and results of
operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our planned growth will require occupying increasing amounts of real estate that can be difficult to
obtain and are subject to local regulation and control by landlords.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to continue to expand, we must continue to buy or lease additional real estate and construct new campus buildings.
Construction of new campus buildings requires us to obtain permits from local authorities and to manage complex construction projects, which may result in unanticipated delays or expenditures. In
2013, the opening of a new campus building at UNAB was delayed, resulting in the need to relocate students to temporary facilities while the building was completed. UNAB incurred expenses to rent
temporary facilities and provided tuition discounts to those students affected by the delay. The real estate that institutions in the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network occupy is subject to local regulations, some of which may affect their ability to expand their operations. For example, in some locations, institutions are
required by local regulations to provide a specific number of parking spaces per student enrolled or per area constructed. Even if there were adequate space in the academic facilities to expand the
number of programs offered or students enrolled, we may not be able to expand if we are not able to provide adequate parking at a reasonable cost. The majority of the real estate that institutions in
the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network occupy is leased and may be subject to lease provisions that give the landlord the ability to affect the
operation of the academic programs. For example, in certain jurisdictions, the landlord may be responsible for obtaining and maintaining occupancy permits or licenses, without which we cannot operate.
If the landlord does not maintain the required permits or licenses, the institution may be required to suspend operations, which could have a material adverse effect on our results of operations. In
Brazil, real estate laws provide that rent terms under certain types of leases are subject to periodic adjustments to reflect local economic conditions. These rent increases can be substantial, which
could have a material adverse effect on our results of operations. We currently have leases with various expiration dates, some of which have renewal options. Our ability to renegotiate favorable
terms on an expiring lease or to negotiate favorable terms for a suitable alternate location, and our ability to negotiate favorable lease terms for additional locations, will depend on conditions in
the real estate market, competition for desirable properties and our relationships with current and prospective landlords or may depend on other factors that are not within our control. Any or all of
these factors and conditions could negatively affect our growth. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our success depends on the skills of our executive officers, particularly our Chairman and Chief
Executive Officer. If we lose key personnel or are unable to hire additional qualified personnel, our business may be harmed.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our future success depends to a significant degree on the skills, experience and efforts of Douglas&nbsp;L. Becker, our Chairman,
Chief Executive Officer and founder, who has always played and continues to play an integral role in developing and executing our growth strategy. We cannot assure you that we will have an internal
candidate to take on the role of Chairman and Chief Executive Officer should Mr.&nbsp;Becker become unable or unwilling to serve. We also have other very experienced and valuable executives in
senior management roles who would be extremely difficult to replace, the loss of whose services could affect the growth or results of our company. As our competitors expand their operations, they may
have the resources to hire away members of our management team. There is no assurance that we will be able to retain our existing key personnel,
particularly in light of increased competition in the higher education industry, or that we will be able to attract, assimilate or retain the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=63,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=204902,FOLIO='53',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_54"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>additional
personnel needed to support our business. If we cannot, we may not be able to grow our business as planned, and we may not be able to operate our existing business effectively. In addition,
we may not have identified clear successors to our management team and other key employees, which could result in lost opportunities and disruptions to our operations in the event of an unexpected
departure. This could have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our status as a Certified B Corporation may not result in the benefits that we anticipate.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While not required by Delaware law or the terms of our certificate of incorporation, we have elected to have our social and
environmental performance, accountability and transparency assessed against the proprietary criteria established by an independent non-profit organization. As a result of this assessment, we have been
designated as a "Certified B Corporation<SUP>TM</SUP>," which refers to companies that are certified as meeting certain levels of social and environmental performance, accountability and
transparency. The standards for Certified B Corporation certification are set by an independent organization and may change over time. See "Business&#151;Certified B Corporation." Our
reputation could be harmed if we lose our status as a Certified B Corporation, whether by our choice or by our failure to continue to meet the certification requirements, if that failure or change
were to create a perception that we are more focused on financial performance and are no longer as committed to the values shared by Certified B Corporations. Likewise, our reputation could be harmed
if our publicly reported Certified B Corporation score declines. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The minority owners of our institutions may disagree with the way we operate the institutions or
plan to expand the institutions, which could materially adversely affect our business and results of operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we control all of our institutions, we share ownership or control of several of our institutions with minority stockholders.
We currently do not have the right to buy out all of these minority interests. The minority owners could assert that our business decisions at the institution adversely affected the value of their
investment. In certain of our institutions, minority owners continue to occupy key management positions and may have the ability to enter into
agreements with third parties or take other actions that are inconsistent with our corporate policies, which could create legal burdens and additional expense for us. In addition, disagreements with
the minority owners may distract management and may materially adversely affect our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Litigation may materially adversely affect our business, financial condition and results of
operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business is subject to the risk of litigation by employees, students, suppliers, competitors, minority partners, stockholders,
government agencies or others through private actions, class actions, administrative proceedings, regulatory actions or other litigation. The outcome of litigation, particularly class action lawsuits,
regulatory actions and intellectual property claims, is difficult to assess or quantify. Plaintiffs in these types of lawsuits may seek recovery of very large or indeterminate amounts, and the
magnitude of the potential loss relating to these lawsuits may remain unknown for substantial periods of time. In addition, certain of these lawsuits, if decided adversely to us or settled by us, may
result in liability material to our financial statements as a whole or may negatively affect our operating results if changes to our business operation are required. The cost to defend future
litigation may be significant. There also may be adverse publicity associated with litigation that could negatively affect customer perception of our business, regardless of whether the allegations
are valid or whether we are ultimately found liable. As a result, litigation may materially adversely affect our business, financial condition and results of operations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=64,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=695172,FOLIO='54',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_55"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We are subject to anti-corruption laws in the jurisdictions in which we operate, including the U.S.
Foreign Corrupt Practices Act (the "FCPA"), as well as trade compliance and economic sanctions laws and regulations. Our failure to comply with these laws and regulations could subject us to civil and
criminal penalties, harm our reputation and materially adversely affect our business, financial condition and results of operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doing business on a worldwide basis requires us to comply with the laws and regulations of numerous jurisdictions. These laws and
regulations place restrictions on our operations and business practices. In particular, we are subject to the FCPA, which generally prohibits companies and their intermediaries from providing anything
of value to foreign officials for the purpose of obtaining or retaining business or securing any improper business advantage, along with various other anti-corruption laws. As a result of doing
business in foreign countries and with foreign partners, we are exposed to a heightened risk of violating anti-corruption laws. Although we have implemented policies and procedures designed to ensure
that we, our employees and other intermediaries comply
with the FCPA and other anti-corruption laws to which we are subject, there is no assurance that such policies or procedures will work effectively all of the time or protect us against liability under
the FCPA or other laws for actions taken by our employees and other intermediaries with respect to our business or any businesses that we may acquire. We cannot assure you that all of our local
partners will comply with these laws, in which case we could be held liable for actions taken inside or outside of the United States, even though our partners may not be subject to these laws. Our
continued international expansion, and any development of new partnerships and joint venture relationships worldwide, increase the risk of FCPA violations in the future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Violations
of anti-corruption laws, export control laws and regulations, and economic sanctions laws and regulations are punishable by civil penalties, including fines, as well as
criminal fines and imprisonment. If we fail to comply with the FCPA or other laws governing the conduct of international operations, we may be subject to criminal and civil penalties and other
remedial measures, which could materially adversely affect our business, financial condition, results of operations and liquidity. Any investigation of any potential violations of the FCPA or other
anti-corruption laws, export control laws and regulations, and economic sanctions laws and regulations by the United States or foreign authorities could also materially adversely affect our business,
financial condition, results of operations and liquidity, regardless of the outcome of the investigation. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We may not generate anticipated savings from our EiP program or our SSOs.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate making an investment of approximately $180&nbsp;million in our EiP program from 2015 to 2017 to optimize and
standardize our processes with a goal of enabling sustained growth and margin expansion, and we have developed and begun to deploy SSOs around the world with the goal of processing most back-office
and non-student facing transactions for the institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network, such as accounting, finance and
procurement. While we expect these programs to generate approximately $100&nbsp;million in annual cost savings when fully realized in 2019, there can be no assurance that we will achieve these
savings goals or that we will not have to make additional investments in these programs to do so. In addition, our ability to implement these programs successfully and timely could be adversely
affected by many factors including, among others, lack of acceptance by local regulators and institutions, inability to identify and hire qualified personnel to staff SSOs and unanticipated technical
difficulties. If we are not able to implement the EiP program and the SSOs successfully and timely, at the costs that we currently anticipate, these initiatives may not generate their intended
operating efficiencies which could hamper our ability to grow in a scalable manner, and this could have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=65,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=860372,FOLIO='55',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_56"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We are conducting an internal investigation of one of our network institutions for violations of the
Company's policies, and possible violations of the U.S. Foreign Corrupt Practices Act and other applicable laws. A violation of these laws and regulations could subject us to penalties, harm our
reputation and materially adversely affect our business, financial condition and results of operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously disclosed, during the fourth quarter of 2014, we recorded an operating expense of $18.0&nbsp;million (the value of
40.0&nbsp;million Turkish Liras at the date of donation) for a donation by our network institution in Turkey to a charitable foundation. We believed the donation was encouraged by the Turkish
government to further a public project supported by the government and expected that it would enhance the position and ongoing operations of our institution in Turkey. The Company has learned that the
charitable foundation which received the donation disbursed the funds at the direction of a former senior executive at our network institution in Turkey and other external individuals to a third party
without our knowledge or approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2016, the Audit Committee of the Board of Directors initiated an internal investigation into this matter with the assistance of external counsel. The investigation concerns the
facts surrounding the donation, violations of the Company's policies, and possible violations of the FCPA and other applicable laws in what appears to be a fraud perpetrated by the former senior
executive at our network institution in Turkey and other external individuals. This includes an investigation to determine if the diversion was part of a scheme to misappropriate the funds and whether
any portion of the funds was paid to government officials. As of the date of this prospectus, we have not identified that any other officers or employees outside of Turkey were involved in the
diversion of the intended donation. Although we are pursuing efforts to recover the diverted funds, there is no assurance that we will be successful. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have been advised by Turkish counsel that, under Turkish law, a Foundation University may not make payments that cause a decrease in the university's wealth or do not otherwise
benefit the university. Given the uncertainty of recovery of the diverted donation and to mitigate any potential regulatory issues in Turkey relating to the donation, certain Laureate-owned entities
that are members of the foundation that controls our network institution in Turkey have contributed an amount of approximately $13.0&nbsp;million (the value of 40.0&nbsp;million Turkish Liras on
November&nbsp;4, 2016, the date of contribution) to our network institution in Turkey to reimburse it for the donation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the investigation, which is ongoing, we took steps to remove the former senior executive at our network institution in Turkey. Because of the complex organizational
structure in Turkey, this took approximately one month and during that period our access to certain aspects of the business including the financial and other records of the university was interrupted.
The former senior executive is now no longer affiliated with our network institution and we again have access to the financial and other records of the university. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
September 2016, we voluntarily disclosed the investigation to the U.S. Department of Justice (the "DOJ") and the SEC. The Company intends to fully cooperate with these agencies and
any other
applicable authorities in any investigation that may be conducted in this matter by them. The Company has internal controls and compliance policies and procedures that are designed to prevent
misconduct of this nature and support compliance with laws and best practices throughout its global operations. The Company is taking steps to enhance these internal controls and compliance policies
and procedures. The investigation is ongoing, and we cannot predict the outcome at this time, or the impact, if any, to the Company's consolidated financial statements or predict how the resulting
consequences, if any, may impact our internal controls and compliance policies and procedures, business, ability or right to operate in Turkey, results of operations or financial position. If we are
found to have violated the FCPA or other laws governing the conduct of our operations, we may be subject to criminal and civil penalties and other remedial measures, which could materially adversely
affect our business, financial condition, results of operations and liquidity. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=66,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=444431,FOLIO='56',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_57"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See "&#151;We currently have four material weaknesses in our internal control over financial reporting that, if not corrected, could result in material misstatements of our
financial statements" and "&#151;Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may
materially adversely affect our business, financial condition and result of operations."

 </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We currently have four material weaknesses in our internal control over financial reporting that, if
not corrected, could result in material misstatements of our financial statements.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the course of preparing our consolidated financial statements as of and for the year ended December&nbsp;31, 2013, we identified
certain material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis. The material
weaknesses related to (1)&nbsp;an inadequate contract management process, (2)&nbsp;inadequate accounting for tax matters, (3)&nbsp;inadequate knowledge of GAAP in the non-U.S. finance
organization, (4)&nbsp;inadequate journal entry review processes and (5)&nbsp;inadequate controls over key reports and spreadsheets. We have remediated four of the five material weaknesses;
however, material weaknesses related to inadequate controls over key reports and spreadsheets remained at December&nbsp;31, 2015 and September&nbsp;30, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, we identified a material weakness in our internal control over financial reporting related to inadequate controls over key reports and spreadsheets, as
discussed above. Specifically, we did not design adequate controls to address the completeness and accuracy of key reports and key spreadsheets. This material weakness, in combination with other prior
material
weaknesses, contributed to a revision to our audited financial statements for the year ended December&nbsp;31, 2013. This material weakness could result in additional misstatements to the accounts
and disclosures that would result in a material misstatement of our consolidated financial statements that would not be prevented or detected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016, we identified three additional material weaknesses, as follows:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We identified a material weakness in our risk assessment process, which we determined was not operating adequately to identify and
address the risks to our business and to establish appropriate control objectives given the environment in which we operate and the decentralized structure used to manage our operating activities.
This material weakness in our risk assessment process was a factor contributing to two additional material weaknesses which we have further described below: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We identified a material weakness in that we did not appropriately assess the risks relating to our contracting processes
and did not have controls that were properly designed or operating effectively to detect and prevent fraud. Specifically, our controls over contracting processes were not designed or operating
effectively to incorporate appropriate levels of due diligence, requisite management approvals, segregation of duties or ongoing monitoring. This material weakness allowed for the occurrence of the
incident in our network institution in Turkey as discussed in "Industry Regulation&#151;Turkish Regulation and Internal Investigation," as well as certain other contracting irregularities at
other network institutions that also necessitated an internal investigation. This control deficiency could result in material misstatements of the accounts and disclosures that would result in a
material misstatement of our consolidated financial statements that would not be prevented or detected.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We identified a material weakness in that we did not maintain effective controls over the operating effectiveness of
information technology ("IT") general controls for information </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>57</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=67,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=314513,FOLIO='57',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_58"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>systems
that are relevant to the preparation of our financial statements. Specifically we did not: </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>maintain
program change management controls to ensure that IT program and data changes affecting financial IT applications and underlying accounting records
are identified, tested, authorized and implemented appropriately;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>maintain
user access controls to ensure appropriate segregation of duties and that access to financial applications and data is adequately restricted to
appropriate personnel; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>maintain
computer operations controls to ensure that privileges are appropriately granted, and data backups are authorized and monitored. </FONT></DD></DL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
IT deficiencies did not result in a material misstatement to the financial statements, however, the deficiencies, when aggregated, could impact the effectiveness of IT-dependent
controls (such as automated controls that address the risk of material misstatement to one or more assertions, along with the IT controls and underlying data that support the effectiveness of
system-generated data and reports) that could result in misstatements potentially affecting all financial statement accounts and disclosures that would not be prevented or detected in a timely manner. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have commenced the remediation of these material weaknesses. Our efforts to remediate these material weaknesses may not be effective. If our efforts to remediate these material
weaknesses are not successful, the remediated material weaknesses may reoccur, the current material weaknesses may not be remediated in a timely manner, or other material weaknesses could occur in the
future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of these material weaknesses, we may be unable to report our financial results accurately on a timely basis, which could cause our reported financial results to be materially
misstated and result in the loss of investor confidence or delisting of our Class&nbsp;A common stock and could cause the market
price of our Class&nbsp;A common stock to decline. As a result of such failures, we could also become subject to investigations by the stock exchange on which our Class&nbsp;A common stock is
listed, the SEC or other regulatory authorities, and become subject to litigation from investors, which could harm our reputation, business, financial condition and results of operations, and divert
financial and management resources from our core business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
if as a result of these material weaknesses we are unable to provide the DOE with required financial statements by specified deadlines, the DOE could take action to materially
limit or terminate our U.S. Institutions' participation in the Title IV federal student aid programs, which could result in a material or adverse decline in revenues, financial condition or results of
operations. Furthermore, the U.S. Institutions would then be unable to continue their business as currently conducted, which could be expected to have a material adverse effect on our U.S.
Institutions' ability to continue as going concerns. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"&#151;We are conducting an internal investigation of one of our network institutions for violations of the Company's policies, and possible violations of the U.S. Foreign
Corrupt Practices Act and other applicable laws. A violation of these laws and regulations could subject us to penalties, harm our reputation and materially adversely affect our business, financial
condition and results of operations." </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If we fail to maintain proper and effective internal controls, our ability to produce accurate
financial statements on a timely basis could be materially adversely affected.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing with our fiscal year ending December&nbsp;31, 2017, we must perform system and process evaluation and testing of our
internal controls over financial reporting to allow management and our independent registered public accounting firm to report on the effectiveness of our internal controls over financial reporting in
our Form&nbsp;10-K filing for that year, as required by Section&nbsp;404 of the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=68,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=887383,FOLIO='58',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_59"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Sarbanes-Oxley
Act of 2002 (the "Sarbanes-Oxley Act"). This will require that we incur substantial additional professional fees and internal costs to expand our accounting and finance functions and
that we expend significant management efforts and we may need to make further investments in order to become compliant. Prior to this offering, we have not been required to test our internal controls
within a specified period and, as a result, we may experience difficulty in meeting these reporting requirements in a timely manner. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may in the future discover areas of our internal financial and accounting controls and procedures that need improvement. Our internal control over financial reporting will not prevent
or detect all errors and all fraud. A control system, regardless of how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be
met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control
issues and instances of fraud will be detected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we are not able to comply with the requirements of Section&nbsp;404 of the Sarbanes-Oxley Act in a timely manner, or if we are unable to maintain proper and effective internal
controls, we may not be able to produce timely and accurate financial statements, and we or our independent registered public accounting firm may conclude that our internal controls over financial
reporting are not effective or our independent registered public accounting firm may not be able to provide us with an unqualified opinion as required by Section&nbsp;404 of the Sarbanes-Oxley Act.
If that were to happen, investors could lose confidence in our reported financial information, which could lead to a decline in the market price of our Class&nbsp;A common stock and we could be
subject to sanctions or investigations by the stock exchange on which our Class&nbsp;A common stock is listed, the SEC or other regulatory authorities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
the existence of any material weakness could require management to devote significant time and incur significant expense to remediate any such material weakness and
management may not be able to remediate any such material weakness in a timely manner. The existence of any material weakness in our internal control over financial reporting could also result in
errors in our financial statements that could require us to restate our financial statements, cause us to fail to meet our reporting obligations and cause the holders of our Class&nbsp;A common
stock to lose confidence in our reported financial information, all of which could materially adversely affect our business and share price. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"&#151;We are conducting an internal investigation of one of our network institutions for violations of the Company's policies, and possible violations of the U.S. Foreign
Corrupt Practices Act and other applicable laws. A violation of these laws and regulations could subject us to penalties, harm our reputation and materially adversely affect our business, financial
condition and results of operations." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=69,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=613157,FOLIO='59',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_60"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="co43513_risks_relating_to_our_highly_r__ris02854"> </A>
<A NAME="toc_co43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Risks Relating to Our Highly Regulated Industry in the United States    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Failure of any of our U.S. Institutions to comply with extensive regulatory requirements could
result in significant monetary liabilities, fines and penalties, restrictions on our operations, limitations on our growth, or loss of access to federal student loans and grants for our students, on
which we are substantially dependent.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our U.S. Institutions are subject to extensive regulatory requirements, including at the federal, state, and accrediting agency levels.
Many students at our U.S. Institutions rely on the availability of federal student financial aid programs, known as Title IV programs, which are administered by the DOE, to finance their cost of
attending our institutions. For the fiscal year ended December&nbsp;31, 2015, Kendall College, NewSchool of Architecture and Design, St.&nbsp;Augustine and Walden University derived approximately
36%, 43%, 49% and 73%, respectively, of their revenues (calculated on a cash basis) from Title IV program funds. In the aggregate, our U.S. Institutions derived approximately $480&nbsp;million of
revenues (calculated on a cash basis) from Title IV programs during the year ended December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
participate in Title IV programs, our U.S. Institutions must be authorized by the appropriate state education agency or agencies, be accredited by an accrediting agency recognized by
the DOE, and be certified as an eligible institution by the DOE. As a result, our U.S. Institutions are subject to extensive regulation and review by these agencies and commissions which cover the
vast majority of our U.S. operations, including our educational programs, instructional and administrative staff, administrative procedures, marketing, student recruiting and admissions, and financial
operations. These regulations also affect our ability to acquire or open additional institutions, add new educational programs, substantially change existing programs or change our corporate or
ownership structure. The agencies and commissions that regulate our operations periodically revise their requirements and modify their interpretations of existing requirements. Regulatory requirements
are not always precise and clear, and regulatory agencies may sometimes disagree with the way we interpret or apply these requirements. If we misinterpret or are found to have not complied with any of
these regulatory requirements, our U.S. Institutions could suffer financial penalties, limitations on their operations, loss of accreditation, termination of or limitations on their ability to grant
degrees and certificates, or limitations on or termination of their eligibility to participate in Title IV programs, each of which could materially adversely affect our business, financial condition
and results of operations. In addition, if we are charged with regulatory violations, our reputation could be damaged, which could have a negative impact on our enrollments and materially adversely
affect our business, financial condition and results of operations. We cannot predict with certainty how all of these regulatory requirements will be applied, or whether we will be able to comply with
all of the applicable requirements in the future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of our U.S. Institutions were to lose its eligibility to participate in Title IV programs, we would experience a material and adverse decline in revenues, financial condition,
results of operations, and future growth prospects. Furthermore, the affected U.S. Institution would be unable to continue its business as it is currently conducted, which could have a material
adverse effect on the institution's ability to continue as a going concern. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If any of the U.S. education regulatory agencies or commissions that regulate us do not approve or
delay any required approvals of transactions involving a change of control, including our recent conversion to a Delaware public benefit corporation and this offering, our ability to operate or
participate in Title IV programs may be impaired.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we or one of our U.S. Institutions experiences a change of ownership or control under the standards of the DOE, any applicable
accrediting agency, any applicable state educational licensing agency, or any specialized accrediting agency, we must notify or seek approval of each such agency or commission. These agencies do not
have uniform criteria for what constitutes a change of ownership or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=70,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=301327,FOLIO='60',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_61"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>control.
Transactions or events that typically constitute a change of ownership or control include significant acquisitions or dispositions of shares of the voting stock of an institution or its
parent company, and significant changes in the composition of the board of directors of an institution or its parent company. The occurrence of some of these transactions or events may be beyond our
control. Our failure to obtain, or a delay in receiving, approval of any change of control from the DOE or any applicable accrediting agency or state educational licensing agency, could impair our
U.S. Institutions' ability to operate or participate in Title IV programs, which could have a material adverse effect on our business, financial condition and results of operations. Failure to obtain,
or a delay in receiving, approval of any change of control from any state in which our U.S. Institutions are currently licensed or authorized, or from any applicable accrediting agency, could require
us to suspend our activities in that state or suspend offering applicable programs until we receive the required approval, or could otherwise impair our operations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
DOE previously notified us that it considers this offering and our recent conversion to a Delaware public benefit corporation to be two separate changes of ownership resulting in
changes in control under the DOE's regulations. Under the DOE's regulations, an institution that undergoes a change in control loses its eligibility to participate in Title IV programs and must apply
to the DOE to reestablish such eligibility. If an institution files the required application and follows certain other procedures, the DOE may temporarily certify the institution on a provisional
basis following the change in control, such that the institution's students retain access to Title IV program funds until the DOE completes its full review of the change in control. In addition, the
DOE will extend such temporary provisional
certification if the institution timely files other required materials, including any required approvals of the change in control by its state authorizing agency and accrediting commission, and
certain financial information. If an institution fails to meet any of these deadlines, its certification will expire, and its students will not be eligible to receive Title IV program funds until the
DOE completes its full review, which commonly takes several months or longer. We applied to the DOE on behalf of Kendall College, NewSchool of Architecture and Design, St.&nbsp;Augustine and Walden
University for approval of these institutions' continued participation in Title IV programs in connection with both this offering and the recent conversion to a Delaware public benefit corporation.
The DOE completed its review of the conversion and issued provisional program participation agreements to the institutions with respect to the conversion. We have also filed pre-acquisition review
applications to the DOE on behalf of Kendall College, NewSchool of Architecture and Design, St.&nbsp;Augustine and Walden University in connection with this offering. After this offering is
completed, if the applications are deemed materially complete, the DOE will issue temporary program participation agreements to the institutions, which will expire on the last day of the month
following the month in which the offering occurred. If certain documents are submitted to DOE before the expiration of the temporary program participation agreements, the eligibility of the
institutions to participate in the Title IV programs will be continued. However, the DOE will only formally review and approve this offering after it has occurred. As a result, there can be no
assurance that the DOE will approve this offering and recertify our U.S. Institutions for continued Title IV program eligibility following this offering. If the DOE approves an application after a
change in control, it will typically certify an institution on a provisional basis for a period of up to approximately three years. If the DOE fails to recertify our U.S. Institutions following this
offering, students at the affected institutions would no longer be able to receive Title IV program funds. The DOE could also recertify our U.S. Institutions following this offering, but restrict or
delay students' receipt of Title IV program funds, limit the number of students to whom an institution could disburse such funds, require letters of credit, or impose other restrictions that could
materially adversely affect our U.S. business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are also seeking confirmation from the institutional and programmatic accrediting agencies for Kendall College, NewSchool of Architecture and Design, St.&nbsp;Augustine and Walden
University, as well as from the U.S. institutional accrediting agency for Universidad Andr&eacute;s Bello, whether this offering will constitute a change of control under their respective
standards. With respect to the institutional </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=71,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=348282,FOLIO='61',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_62"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>accrediting
agencies, the Higher Learning Commission, the Middle States Commission on Higher Education and the Commission on Senior Colleges of the Western Association of Schools and Colleges have
informed us that they do not consider this offering to constitute a change of control, but have required certain follow-up information regarding the offering. With respect to the conversion to a
Delaware public benefit corporation, among our institutional accreditors, the Middle States Commission on Higher Education has stated that it considers the conversion to a Delaware public benefit
corporation to constitute a substantive change under its standards, and has approved the conversion. The Commission on Senior Colleges of the Western Association of Schools and Colleges required the
NewSchool of Architecture and Design and St.&nbsp;Augustine to submit "Substantive Change: Change in Mission, Ownership, or Form of Control" proposals to the Structural Change committee. This
committee reviewed these proposals and determined that neither this offering nor the conversion to a Delaware public benefit corporation constituted structural changes requiring approval. Following
the conversion, the Florida Commission for Independent Education issued provisional licenses to Walden University and St.&nbsp;Augustine and required additional ongoing financial reporting. In
September 2016 it issued a full, non-provisional license to St. Augustine but continued the school on financial reporting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
states and programmatic accreditors have informed us that this offering will not constitute a change of control, but some agencies have determined that this offering will need to be
reviewed under their respective change of ownership standards. We have notified each agency regarding this offering and some have requested additional information in connection with this offering. To
the extent any agency requires approval of this offering the institutional accrediting agencies and some state educational agencies that authorize our U.S. Institutions also may not act to review or
approve this offering on an advance basis. Our failure to obtain any required approval of this offering from the DOE, the institutional accrediting agencies, or the pertinent state educational
agencies could result in one or more of our U.S. Institutions losing continued eligibility to participate in the Title IV programs, accreditation or state licensure, which could have a material
adverse effect on our U.S. business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, we increased our ownership of St.&nbsp;Augustine from 80% to 100% on June&nbsp;7, 2016. The 20% noncontrolling interest was previously held by Patris of
St.&nbsp;Augustine,&nbsp;Inc. and subject to a put right, which Patris of St.&nbsp;Augustine,&nbsp;Inc. elected to exercise. We have notified St.&nbsp;Augustine's applicable regulators
regarding the increase in the percentage of our ownership in St.&nbsp;Augustine. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Congress may revise the laws governing Title IV programs or reduce funding for those and other
student financial assistance programs, and the DOE may revise its regulations administering Title IV programs, any of which could reduce our enrollment and revenues and increase costs of operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The HEA is a federal law that governs Title IV programs. The U.S. Congress must authorize and appropriate funding for Title IV programs
under the HEA and can change the laws governing Title IV programs at any time. The HEA was most recently reauthorized in August 2008 through federal fiscal year 2014, although the U.S. Congress has
taken actions required to extend Title IV programs while an HEA reauthorization remains pending and the Title IV programs remain authorized and functioning. Congress continues to engage in HEA
reauthorization hearings, with such hearings examining various subjects to be potentially addressed through reauthorization, including, but not limited to, college affordability, the role of consumer
information in college choices by students and families, whether Title IV programs should include institutional risk-sharing, and the role of accrediting agencies in ensuring institutional quality,
among other items. We cannot predict the timing and terms of any eventual HEA reauthorization, including any potential changes to institutional participation or student eligibility requirements or
funding levels for particular Title IV programs, which terms may materially adversely affect our business, financial condition and results of operations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>62</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=72,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=438359,FOLIO='62',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_63"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apart
from Title IV programs, eligible veterans and military personnel may receive educational benefits for the pursuit of higher education. A reduction in federal funding levels for
Title IV programs, or for programs providing educational benefits to veterans and military personnel, could reduce the ability of some students to finance their education. We cannot predict with
certainty the future funding levels for Title IV programs, or for programs providing educational benefits to veterans and military personnel, or the nature of any future revisions to the law or
regulations related to these programs. Because a significant percentage of the revenues of our U.S. Institutions is and is expected to be derived from Title IV programs, any action by the U.S.
Congress that significantly reduces Title IV program funding or the ability of our U.S. students to participate in Title IV programs could have a material adverse effect on our U.S. Institutions'
enrollments, business, financial condition and results of operations. Congressional action also may require our U.S. Institutions to modify their practices in ways that could increase administrative
costs and reduce profit margins, which could have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
recent years, the DOE has promulgated a substantial number of new regulations that impact our U.S. Institutions, including, but not limited to, state authorization, standards
regarding the payment of incentive compensation, the definition of a credit hour for the purpose of determining program eligibility for Title IV student financial aid, and the scope of the prohibition
and potential sanctions for substantial misrepresentations. These regulations concerning Title IV program integrity generally became effective on July&nbsp;1, 2011. On October&nbsp;30, 2014, the
DOE published final regulations to define "gainful employment" for the purposes of the Title IV program requirement that educational programs offered by proprietary institutions prepare students for
gainful employment in recognized occupations, which became effective on July&nbsp;1, 2015. In November 2014, two organizations representing for-profit institutions filed separate lawsuits in federal
district courts against the DOE seeking to have the final gainful employment regulations invalidated. In both cases, the courts upheld the regulations and dismissed the lawsuits. In addition, several
of the program integrity regulations remain subject to further interpretation and specific application by the DOE. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
October 2014, the DOE published final regulations updating the standard for determining adverse credit history for the purposes of eligibility for a Direct PLUS loan. On
December&nbsp;3, 2014, the DOE published proposed regulations on the teacher preparation program accountability system under the HEA, and additionally proposed amendments on teacher preparation
program eligibility for TEACH Grant participation. In October 2016, the DOE published its final regulations regarding teacher preparation programs and TEACH Grant eligibility. We are currently
assessing the eligibility of Walden University to continue to access TEACH Grant funds under the new regulations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;30, 2015, the DOE published final regulations to establish a Pay as You Earn Repayment Plan and implement changes regarding cohort default rate appeals and the Federal
Family Education Loan and Direct Loan Programs. The Pay as You Earn Repayment Plan provisions took effect in December 2015 and a majority of the remaining provisions regulations took effect on
July&nbsp;1, 2016. Also,
as described in more detail below, on October&nbsp;30, 2015, the DOE published final regulations regarding cash management and debit card practices, retaking coursework and clock-to-credit hour
conversion. A majority of the provisions of the regulations took effect on July&nbsp;1, 2016, and others took effect on later dates in 2016. The final regulations concerning cash management require,
among other things, that institutions subject to heightened cash monitoring procedures for disbursements of Title&nbsp;IV funds must, effective July&nbsp;1, 2016, pay to students any applicable
Title&nbsp;IV credit balances before requesting such funds from the DOE. St. Augustine, Walden University, NewSchool of Architecture and Design and Kendall College are currently subject to
heightened cash monitoring procedures. We have reviewed the regulations and made appropriate adjustments in our business operations to meet those requirements effective July&nbsp;1, 2016. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>63</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=73,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=283132,FOLIO='63',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_64"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;19, 2016, the DOE published final regulations regarding state authorization for programs offered through distance education and state authorization for foreign
locations of institutions. Among other provisions, these final regulations require that an institution participating in the Title IV federal student aid programs and offering post secondary education
through distance education be authorized by each state in which the institution enrolls students, if such authorization is required by the state. The DOE would recognize authorization through
participation in a state authorization reciprocity agreement, if the agreement does not prevent a state from enforcing its own laws. The final regulations also require that foreign additional
locations and branch campuses be authorized by the appropriate foreign government agency and, if at least 50% of a program can be completed at the location/branch, be approved by the institution's
accrediting agency and be reported to the state where the main campus is located. The final regulations would also require institutions to: document the state process for resolving complaints from
students enrolled in programs offered through distance education or correspondence courses; and make certain public and individualized disclosures to enrolled and prospective students about their
distance education programs. These final regulations are effective July&nbsp;1, 2018. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also,
on November&nbsp;1, 2016, the DOE published a final rule to clarify how Direct Loan Program borrowers who believe they were defrauded by their institutions can seek relief, to
strengthen provisions to hold institutions accountable for their wrongdoing that results in loan discharges and to expand circumstances under which the DOE may request letters of credit. For
additional information regarding this final rule, see "&#151;The DOE may adopt regulations governing federal student loan debt forgiveness that could result in liability for amounts based on
borrower defenses or affect the DOE's assessment of our institutional capability." We cannot predict the outcome or related impact of any of these items. As described in more detail under "Industry
Regulation&#151;U.S. Regulation," our U.S. Institutions or certain of their educational programs may lose eligibility to participate in Title&nbsp;IV programs if they or certain of their
educational programs cannot maintain compliance with applicable regulations of the DOE. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The DOE may adopt regulations governing federal student loan debt forgiveness that could result in
liability for amounts based on borrower defenses or affect the DOE's assessment of our institutional capability.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;1, 2016, the DOE published a final rule that, among other provisions, establishes new standards and processes for
determining whether a Direct Loan Program borrower has a defense to repayment ("DTR") on a loan due to acts or omissions by the institution at which the loan was used by the borrower for educational
expenses. The final regulations will take effect on July&nbsp;1, 2017. Among other topics, this final rule establishes permissible borrower defense claims for discharge, procedural rules under which
claims will be adjudicated, time limits for borrowers' claims, and guidelines for recoupment by the DOE of discharged loan amounts from institutions of higher education. It also prohibits schools from
using any pre-dispute arbitration agreements, prohibits schools from prohibiting relief in the form of class actions by student borrowers, and invalidates clauses imposing requirements that students
pursue an internal dispute resolution process before contacting authorities regarding concerns about an institution. For proprietary institutions, the final rule describes the threshold for loan
repayment rates that will require specific disclosures to current and prospective students and the applicable loan repayment rate methodology. The final rule also establishes important new financial
responsibility and administrative capacity requirements for both not-for-profit and for-profit institutions participating in the Title IV programs. For example, certain events would automatically
trigger the need for a school to obtain a letter of credit, including for publicly traded institutions, if the SEC warns the school that it may suspend trading on the school's stock, the school failed
to timely file&nbsp;a required annual or quarterly report with the SEC, or the exchange on which the stock is traded notifies the school that it is not in compliance with exchange requirements or
the stock is delisted. Other events would will require a recalculation of a school's composite score of financial responsibility, including, for </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>64</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=74,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=382632,FOLIO='64',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_65"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>a
proprietary institution whose score is less than 1.5, any withdrawal of an owner's equity by any means, including by declaring a dividend, unless the equity is transferred within the affiliated
entity group on whose basis the composite score was calculated. The final rule also sets forth events that are discretionary triggers for letters of credit, meaning that if any of them occur, the DOE
may choose to require a letter of credit, increase an existing letter of credit requirement or demand some other form of surety from the institution. The final rule provides that if an institution
fails to meet the composite score requirement for longer than three years under provisional certification, the DOE may mandate additional financial protection from the institution or any party with
"substantial control" over the institution. Such parties with "substantial control" must agree to jointly and severally guarantee the Title IV liabilities of the institution at the end of the
three-year provisional certification period. Under current regulations, a party may be deemed to have "substantial control" over an institution if, among other factors, the party directly or
indirectly holds an ownership interest of 25% or more of an institution, or is a member of the board of directors, a general partner, the chief executive officer or other executive officer of the
institution. If we are required to repay the DOE for any successful DTR claims by students who attended our U.S. Institutions, or we are required to obtain additional letters of credit or increase our
current letter of credit, it could materially affect our business, financial
conditions and results of operations. We are currently assessing the impact of these final regulations on our U.S. Institutions. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Hearings and examinations of the for-profit educational industry could result in negative publicity,
additional legislation, rulemaking by the DOE and other federal regulatory agencies, and other restrictions on our business.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recent years, the U.S. House of Representatives Education and Workforce Committee (the "House Education and Workforce Committee")
and the U.S. Senate Health, Education, Labor and Pensions Committee (the "Senate HELP Committee") have increased the focus on the role of the for-profit post-secondary education industry. In the past,
hearings by these committees have focused, among other things, on the manner in which accrediting agencies review higher education institutions, student recruiting and admissions and outcomes of
students. In July 2012, the Democratic staff of the Senate HELP Committee released a report based on information requested from 30 companies operating proprietary institutions, including Walden
University. While stating that proprietary educational institutions such as Walden University play an important role in higher education and should be well-equipped to meet the needs of
non-traditional students who now constitute the majority of the post-secondary education population, the report was critical of the proprietary school sector. The report could be used for future
legislative proposals by members of Congress in connection with a reauthorization of the HEA or other proposed legislation. The report could also lead to further investigations of proprietary schools
by various federal and state governmental agencies, and to additional regulations promulgated by the DOE. Also, a subcommittee of the U.S. Senate Homeland Security and Government Affairs Committee has
conducted hearings covering the quality of education provided by proprietary institutions and treatment of educational benefits for military personnel for purposes of the 90/10 Rule on institutional
eligibility for Title IV programs. In April 2012, President Obama signed an executive order aimed at providing military personnel, veterans and their family members with the resources they need to
make an informed decision about their educational prospects and other protections (the "Executive Order"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
U.S. Congress and Department of Defense (the "DoD") have increased their focus on DoD tuition assistance that is used for distance education and programs at proprietary institutions.
In August 2013, the DoD began incorporating the principles of excellence outlined in the 2012 Executive Order into their current Memorandum of Understanding (the "MOU"), which increases oversight of
educational programs offered to active duty service members and conveys the commitments and agreements between educational institutions and the DoD prior to accepting funds under the tuition </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>65</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=75,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=37442,FOLIO='65',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_co43513_1_66"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>assistance
program. Institutions were required to sign the MOU by March&nbsp;30, 2012. After March&nbsp;1, 2013, institutions without a signed DoD MOU cannot enroll service members under the
tuition assistance
program. In May 2014, the DoD released a final version of its revised MOU, which included new provisions applicable to all higher educational institutions providing educational programs through the
DoD tuition assistance program. Among other things, the MOU requested that participating institutions provide meaningful information to students about the financial cost and attendance at an
institution so military students can make informed decisions on where to attend school, will not use unfair, deceptive, and abusive recruiting practices and will provide academic and student support
services to service members and their families. The revised MOU also implemented rules to strengthen existing procedures for access to DoD installations by educational institutions, a DoD
Postsecondary Education Complaint System for service members, spouses, and adult family members to register student complaints and established authorization for the military departments to establish
service-specific tuition assistance eligibility criteria and management controls. Our U.S. Institutions utilizing tuition assistance have signed DoD's standard MOU. The DoD has begun to increase its
enforcement activity in connection with the 2012 Executive Order. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
cannot predict whether, or the extent to which, this scrutiny will result in legislation or further rulemaking affecting our participation in Title IV programs, or in programs
providing educational benefits to veterans and military personnel. To the extent that any laws or regulations are adopted that limit our participation in Title IV programs, programs providing
educational benefits to veterans and military personnel, or the amount of student financial aid for which the students at our U.S. Institutions are eligible, those institutions' enrollments, revenues
and results of operations could be materially adversely affected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
September 2015, President Obama announced the DOE's launch of a revised "College Scorecard" website that provides access to national data on college costs, graduation rates, debt and
post-college earnings, including data regarding our U.S. Institutions. This data was updated in September 2016. In addition, in November&nbsp;2015, the DOE issued comparative data regarding
DOE-recognized accreditation agencies and the institutions they accredit, which include median debt, repayment rates, completion rates and median earnings. To the extent such data gives rise to
negative perceptions of our U.S. Institutions or of proprietary educational institutions generally, our reputation and business could be materially adversely affected. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our U.S. Institutions must periodically seek recertification to participate in Title IV programs
and, if the DOE does not recertify the institutions to continue participating in Title IV programs, our students would lose their access to Title IV program funds, or the institutions could be
recertified but required to accept significant limitations as a condition of continued participation in Title IV programs.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOE certification to participate in Title IV programs lasts a maximum of six years, and institutions are required to seek
recertification from the DOE on a regular basis to continue their participation in Title IV programs. An institution must also apply for recertification by the DOE if it undergoes a change in control,
as defined by DOE regulations, and may be subject to similar review if it expands its operations or educational programs in certain ways. Generally, the recertification process includes a review by
the DOE of the institution's educational programs and locations, administrative capability, financial responsibility and other oversight categories. The DOE could limit, suspend or terminate an
institution's participation in Title IV programs for violations of the
HEA or Title IV regulations. As discussed in more detail under "Industry Regulation&#151;U.S. Regulation," each of our U.S. Institutions currently participates in the Title IV programs pursuant
to the DOE's provisional form of certification. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>66</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=76,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=458025,FOLIO='66',FILE='DISK112:[12ZBH3.12ZBH43513]CO43513A.;33',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cq43513_1_67"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There can be no assurance that the DOE will recertify our U.S. Institutions after its review of the U.S. Institutions' applications for continued certification,
which were filed in connection with this offering. If the DOE does not renew or withdraws any of our U.S. Institutions' certifications to participate in Title IV programs at any time, students in the
affected institution(s) would no longer be able to receive Title IV program funds. Similarly, the DOE could renew our U.S. Institutions' certifications, but restrict or delay Title IV funding, limit
the number of students to whom it could disburse such funds or impose other restrictions. In addition, the DOE may take emergency action to suspend any of our U.S. Institutions' certifications without
advance notice if it receives reliable information that an institution is violating Title IV requirements and it determines that immediate action is necessary to prevent misuse of Title IV funds. Any
of these outcomes could have a material adverse effect on our U.S. Institutions' enrollments and our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our U.S. Institutions would lose their ability to participate in Title IV programs if they fail to
maintain their institutional accreditation, and our student enrollments could decline if we fail to maintain any of our accreditations or approvals.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An institution must be accredited by an accrediting agency recognized by the DOE to participate in Title IV programs. Each of our U.S.
Institutions is so accredited, and such accreditation is subject to renewal or review periodically or when necessary. If any of our U.S.
Institutions fails to satisfy any of its respective accrediting commissions' standards, that institution could lose its accreditation by its respective accrediting commission, which would cause the
institution to lose eligibility to participate in Title IV programs and experience a significant decline in total student enrollments. In addition, many of our U.S. Institutions' individual
educational programs are accredited by specialized accrediting commissions or approved by specialized state agencies. If any of our U.S. Institutions fails to satisfy the standards of any of those
specialized accrediting commissions or state agencies, that institution could lose the specialized accreditation or approval for the affected programs, which could result in materially reduced student
enrollments in those programs and have a material adverse effect on our business, financial condition and results of operations. In addition, if an accrediting body of one of our U.S. Institutions
loses recognition by the DOE, that institution could lose its ability to participate in Title IV programs. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If any of our U.S. Institutions fail to obtain or maintain any of its state authorizations in states
where such authorization is required, that institution may not be able to operate or enroll students in that state, and may not be able to award Title IV program funds to students.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DOE requires that an educational institution be authorized in each state where it physically operates in order to participate in
Title IV programs. The level of regulatory oversight varies substantially from state to state. Our campus-based U.S. Institutions are authorized by applicable state educational licensing agencies to
operate and to grant degrees or diplomas, which authorizations are required for students at these institutions to be eligible to receive funding under Title IV programs. If any of our U.S.
Institutions fail to continuously satisfy applicable standards for maintaining its state authorization in a state in which that institution is physically located, that institution could lose its
authorization from the applicable state educational agency to offer educational programs and could be forced to cease operations in that state. Such a loss of authorization would also cause that
institution's location in the state to lose eligibility to participate in Title IV programs, which could have a material adverse effect on our business, financial condition and results of operations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOE
regulations effective on July&nbsp;1, 2011 imposed new requirements regarding whether a state's authorization of an educational institution is sufficient for purposes of
participation in the Title IV programs. If any of the authorizations provided to one or more of our U.S. Institutions are determined not to comply with these regulations, or one or more of our U.S.
Institutions is unable to obtain or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>67</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=77,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=748839,FOLIO='67',FILE='DISK112:[12ZBH3.12ZBH43513]CQ43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cq43513_1_68"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>maintain
an authorization that satisfies the DOE requirements, students at the pertinent institution may be unable to access Title IV funds, which could have a material adverse effect on our business,
financial condition and results of operations in the United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
states also have sought to assert jurisdiction, whether through adoption of new laws and regulations or new interpretations of existing laws and regulations, over out-of-state
educational institutions offering online degree programs that have no physical location or other presence in the state but that have some activity in the state, such as enrolling or offering
educational services to students who reside in the state, employing faculty who reside in the state or advertising to or recruiting prospective students in the state. State regulatory requirements for
online education are inconsistent between states and not well developed in many jurisdictions. As such, these requirements change frequently and, in some instances, are not clear or are left to the
discretion of state employees or agents. State regulatory agencies may sometimes disagree with the way we have interpreted or applied these requirements. Any misinterpretation by us of these
regulatory requirements or adverse changes in regulations or interpretations of these regulations by state licensing agencies could have a material adverse effect on our business, financial condition
and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
online educational programs offered by our U.S. Institutions and the constantly changing regulatory environment require us to continually evaluate our state regulatory compliance
activities. We review the licensure requirements of other states when appropriate to determine whether our activities in those states constitute a presence or otherwise require licensure or
authorization by the respective state education agencies. Therefore, in addition to the states where we maintain physical facilities, we have obtained, or are in the process of obtaining, approvals or
exemptions that we believe are necessary in connection with our activities that may constitute a presence in such other states requiring licensure or authorization by the state educational agency
based on the laws, rules or regulations of that state. Some of our approvals are pending or are in the renewal process. St.&nbsp;Augustine does not have current approvals or exemptions from the
state educational agencies of 12 states in which St.&nbsp;Augustine does not maintain physical locations but has enrolled a small number of students. For each such state, St.&nbsp;Augustine is
either in the process of applying for such approval/exemption or has plans to submit such applications in 2017. In recent years, several states have voluntarily entered into State Authorization
Reciprocity Agreements ("SARA") that establish standards for interstate offering of post-secondary distance education courses and programs. If an institution's home state participates in SARA and
authorizes the institution to provide distance education in accordance with SARA standards, then the institution need not obtain additional authorizations for distance education from any other SARA
member state. The SARA participation requirements and process are administered by the four regional higher education compacts in the United States (the Midwestern Higher Education Compact (the
"MHEC"), the New England Board of Higher Education, the Southern Regional Education Board and the Western Interstate Commission for Higher Education) and is overseen by the National Council for State
Authorization Reciprocity Agreements. If any of our U.S. Institutions fail to comply with state licensure or authorization requirements, we could be subject to various sanctions, including
restrictions on recruiting students, providing educational programs and other activities in that state, and fines and penalties. Additionally, new laws, regulations or interpretations related to
providing online educational programs and services could increase our cost of doing business and affect our ability to recruit students in particular states, which could, in turn, negatively affect
enrollments and revenues and otherwise have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walden
University was approved to participate in SARA, effective through June&nbsp;2, 2016. On April&nbsp;8, 2016, the Minnesota Office of Higher Education ("MOHE") notified Walden
University that its renewal application to participate in SARA has been denied because Walden University does not have an institutional federal financial composite score computed by the DOE in
connection with Walden University's participation in federal Title IV financing programs of 1.5 or higher, although the institutional financial composite score calculation made by Walden University in
accordance with the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>68</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=78,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=314043,FOLIO='68',FILE='DISK112:[12ZBH3.12ZBH43513]CQ43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cq43513_1_69"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>DOE's
published formula and based on Walden University's 2014 audited financial statements is 3.0. In the absence of an institution-level financial composite score calculated by DOE, MOHE viewed
Laureate's financial composite score calculated based on its global operations, which did not exceed 1.5 for 2014, as attributable to Walden University. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;6, 2016, Walden University appealed the MOHE decision to MHEC. Walden University and MOHE participated in an appeal hearing before MHEC on June&nbsp;3, 2016. On
June&nbsp;14, 2016, MHEC informed Walden University that it affirmed MOHE's decision. Walden University had until September&nbsp;30, 2016 to regain its state authorization, exemption or other
required status in the SARA states in which it participates in order to seek to enroll new students who reside in those states. As of the date of this prospectus, Walden University has regained
authorization, exemption or other required status in all of the 31 SARA states in which it has been a SARA participant. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
failure to maintain any required state licensure or authorization for our distance education programs in the United States could prohibit us from recruiting prospective students or
offering educational services to current students in one or more states, which could significantly reduce enrollments and revenues and have a material adverse effect on our business, financial
condition and results of operations in the United States. Additionally, a DOE regulation that was to become effective on July&nbsp;1, 2011 required institutions to meet state authorization
requirements in states in which they enroll distance education students, but in which they are not physically located or otherwise subject to state jurisdiction, as a condition of awarding Title IV
funds to students in that state. In July 2011, a Federal District Court issued an order vacating the regulation, which was sustained in June 2012 by the United States Court of Appeals for the District
of Columbia Circuit. On December&nbsp;19, 2016, the DOE published final regulations regarding state authorization for programs offered through distance education and state authorization for foreign
locations of institutions. For additional information regarding this proposed rule, see "&#151;Congress may revise the laws governing Title IV programs or reduce funding for those and other
student financial assistance programs, and the DOE may revise its regulations administering Title IV programs, any of which could reduce our enrollment and revenues and increase costs of operations."
Any failure to comply with state requirements, or any new or modified regulations at the federal or state level, could result in our inability to enroll students or receive Title IV funds for students
in those states and could result in restrictions on our growth and enrollments. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Increased regulatory and enforcement effort aimed at proprietary education institutions could be a
catalyst for legislative or regulatory restrictions, investigations, enforcement actions and claims that could, individually or in the aggregate, materially adversely affect our business, financial
condition, results of operations and cash flows.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proprietary education industry is experiencing broad-based, intensifying scrutiny in the form of increased investigations and
enforcement actions. In October 2014, the DOE announced an interagency task force composed of the DOE, the U.S. Federal Trade Commission (the "FTC"), the U.S. Departments of Justice, Treasury and
Veterans Affairs, the Consumer Financial Protection Bureau ("CFPB"), the SEC, and numerous state attorneys general. The FTC has also recently issued civil investigative demands to several other U.S.
proprietary educational institutions, which require the institutions to provide documents and information related to the advertising, marketing, or sale of secondary or postsecondary educational
products or services, or educational accreditation products or services. The CFPB has also initiated a series of investigations against other U.S. proprietary educational institutions alleging that
certain institutions' lending practices violate various consumer finance laws. In addition, attorneys general in several states have become more active in enforcing consumer protection laws,
especially related to recruiting practices and the financing of education at proprietary educational institutions. In addition, several state attorneys general have recently partnered with the CFPB to
review industry practices. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>69</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=79,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=141951,FOLIO='69',FILE='DISK112:[12ZBH3.12ZBH43513]CQ43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cq43513_1_70"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any of our past or current business practices are found to violate applicable consumer protection laws, or if we are found to have made misrepresentations to our
current or prospective students about our educational programs, we could be subject to monetary fines or penalties and possible limitations on the manner in which we conduct our business, which could
materially adversely affect our business, financial condition, results of operations and cash flows. To the extent that more states or government agencies commence investigations, act in concert, or
direct their focus on our U.S. Institutions, the cost of responding to these inquiries and investigations could increase significantly, and the potential impact on our business would be substantially
greater. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our failure to comply with the laws and regulations of various states could result in actions that
would have a material adverse effect on our enrollments, revenues and results of operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to extensive laws and regulations by the states in which we are authorized or licensed to operate. State laws typically
establish standards for instruction, qualifications of faculty, administrative procedures, marketing, recruiting, financial operations and other operational matters. State laws and regulations may
limit our ability to offer educational programs and
to award degrees and may limit the ability of our students to sit for certification exams in their chosen fields of study. In addition, as mentioned above, attorneys general in several states have
become more active in enforcing consumer protection laws, and in some instances have partnered with the CFPB. In addition, we may be subject to litigation by private parties alleging that we violated
state laws regarding the educational programs provided by our U.S. Institutions and their operations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January 2015, two students filed suit against us and Walden University, seeking class action status and alleging claims for breach of contract and unjust enrichment and violations of
the Maryland and Illinois consumer protection laws and California unfair competition law related to the students' doctoral dissertation and master's thesis processes. A&nbsp;third student joined as
a plaintiff when the complaint was subsequently amended. The claims from all three students were resolved in December 2015 and dismissed with prejudice as of January&nbsp;5, 2016. The three
plaintiffs have re-enrolled at Walden University to complete their Ph.D. programs. In addition, several groups of current and former students filed five separate law suits against St.&nbsp;Augustine
relating to matters arising before we acquired the school in November&nbsp;2013. The allegations pertain to a program that was launched in May&nbsp;2011 and, at the time, offered a "Master of
Orthopaedic Physician's Assistant Program" degree. The plaintiffs in these matters allege that the university misrepresented their ability to practice as licensed Physician Assistants with a
heightened specialty in orthopaedics. One of the lawsuits was resolved in October 2015, another was resolved in March 2016, and another was resolved in June&nbsp;2016 and all three have been
dismissed. For more information on these lawsuits, see "Business&#151;Legal Proceedings." We believe the claims in the remaining two cases are without merit and intend to defend vigorously
against the allegations. Any adverse outcome in such litigation could result in monetary or injunctive relief, which could materially adversely affect our U.S. Institutions and their operations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;8, 2016, as part of a program review that MOHE is conducting of Walden University's doctoral programs, MOHE sent to Walden University an information request regarding
its doctoral programs and complaints filed by doctoral students. We have been informed by MOHE that in an effort to better understand the context, background and issues related to doctoral student
complaints in Minnesota, MOHE is initiating a full review of doctoral programs for institutions registered in Minnesota. We cannot predict the outcome of this matter. However, if MOHE makes an adverse
determination, it could have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>70</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=80,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=29420,FOLIO='70',FILE='DISK112:[12ZBH3.12ZBH43513]CQ43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cq43513_1_71"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The inability of our graduates to obtain licensure or other specialized outcomes in their chosen
professional fields of study could reduce our enrollments and revenues, and potentially lead to litigation that could be costly to us.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of our graduates seek professional licensure or other specialized outcomes in their chosen fields following graduation. Their
success in obtaining these outcomes depends on several factors, including the individual merits of the learner, but also may depend on whether the institution and the program were approved by the
state or by a professional association, whether the program from which the learner graduated meets all state requirements and whether the institution is accredited. In addition, professional
associations may refuse to certify specialized outcomes for our learners for similar reasons. The state requirements for licensure are subject to change, as are the professional certification
standards, and we may not immediately become aware of changes that may impact our learners in certain instances. Also, as described below, the final gainful employment regulations require an
institution to certify to the DOE that its educational programs subject to the gainful employment requirements, which include all programs offered by our U.S. Institutions, meet the applicable
requirements for graduates to be professionally or occupationally certified in the state in which the institution is located. In the event that one or more states refuses to recognize our learners for
professional licensure, and/or professional associations refuse to certify specialized outcomes for our learners, based on factors relating to our institution or programs, the potential growth of our
programs would be negatively impacted, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, we could be exposed to
litigation that would force us to incur legal and other expenses that could have a material adverse effect on our business, financial condition, results of operations and cash flows. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If any of our U.S. Institutions do not comply with the DOE's "administrative capability" standards,
we could suffer financial penalties, be required to accept other limitations to continue participating in Title IV programs or lose our eligibility to participate in Title IV programs.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOE regulations specify extensive criteria an institution must satisfy to establish that it has the requisite "administrative
capability" to participate in Title IV programs. These criteria require, among other things, that we comply with all applicable Title IV program regulations; have capable and sufficient personnel to
administer the federal student financial aid programs; not have student loan cohort default rates in excess of specified levels; have acceptable methods of defining and measuring the satisfactory
academic progress of our students; have various procedures in place for safeguarding federal funds; not be, and not have any principal or affiliate who is, debarred or suspended from federal
contracting or engaging in activity that is cause for debarment or suspension; provide financial aid counseling to our students; refer to the DOE's Office of Inspector General any credible information
indicating that any applicant, student, employee or agent of the institution has been engaged in any fraud or other illegal conduct involving Title IV programs; submit in a timely manner all reports
and financial statements required by Title IV regulations; and not otherwise appear to lack administrative capability. If an institution fails to satisfy any of these criteria or comply with any other
DOE regulations, the DOE may change the institution's method of receiving Title IV program funds, which in some cases may result in a significant delay in the institution's receipt of those funds;
place the institution on provisional certification status; or commence a proceeding to impose a fine or
to limit, suspend or terminate the participation of the institution in Title IV programs. Thus, if any of our U.S. Institutions were found not to have satisfied the DOE's "administrative capability"
requirements, we could be limited in our access to, or lose, Title IV program funding, which could significantly reduce our enrollments and have a material adverse effect on our business, financial
condition and results of operations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>71</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=81,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=640560,FOLIO='71',FILE='DISK112:[12ZBH3.12ZBH43513]CQ43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cq43513_1_72"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If any of our U.S. Institutions do not meet specific financial responsibility standards established
by the DOE, that institution may be required to post a letter of credit or accept other limitations to continue participating in Title IV programs, or that institution could lose its eligibility to
participate in Title IV programs.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To participate in Title IV programs, our U.S. Institutions must satisfy specific measures of financial responsibility prescribed by the
DOE, or post a letter of credit in favor of the DOE and possibly accept other conditions on its participation in Title IV programs. These financial responsibility tests are applied on an annual basis
based on an institution's audited financial statements, and may be applied at other times, such as if an institution undergoes a change in control. The DOE may also apply such measures of financial
responsibility to an eligible institution's operating company and ownership entities and, if such measures are not satisfied by the operating company or ownership entities, require the institution to
post a letter of credit in favor of the DOE and possibly accept other conditions on its participation in Title IV programs. The operating restrictions that may be placed on an institution that does
not meet the quantitative standards of financial responsibility include changes to the method of receiving Title IV program funds, which in some cases may result in a significant delay in the
institution's receipt of those funds. Limitations on, or termination of, our participation in Title IV programs as a result of our failure to demonstrate financial responsibility would limit our
students' access to Title IV program funds, which could significantly reduce enrollments and have a material adverse effect on our business, financial condition and results of operations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in more detail under "Industry Regulation&#151;U.S. Regulation," the DOE annually assesses our U.S. Institutions' financial responsibility through a composite score
determination based on our consolidated audited financial statements. The DOE has decided to assess certain of our institutions' financial responsibility on a consolidated level at the Laureate
Education,&nbsp;Inc. level. In October 2014, the DOE determined, based on Laureate's composite score for its fiscal year ended December&nbsp;31, 2013, that Laureate and, consequently, Walden
University, NewSchool of Architecture and Design and Kendall College failed to meet the standards of financial responsibility. As a result, the DOE required us to increase our required letter of
credit amount to approximately $85.6&nbsp;million for Walden University, NewSchool of Architecture and Design and Kendall College, which is equal to approximately 10% of Title IV program funds that
these institutions received during the fiscal year ended December&nbsp;31, 2013. In September&nbsp;2015, the DOE required us to increase our required letter of credit amount to
$85.8&nbsp;million for Walden University, NewSchool of Architecture and Design and Kendall College, which is approximately 10% of Title&nbsp;IV program funds that these institutions received
during the fiscal year ended December&nbsp;31, 2014. We renewed our letters of credit for this required amount. In March 2016, in connection with its review of our financial statements following our
conversion to a Delaware public benefit corporation, the DOE sent us a letter requiring us to increase our existing letter of credit by $4,682,990 to the amount of $90,508,766 for Kendall College,
St.&nbsp;Augustine, Walden University and NewSchool of Architecture and Design, which is equal to approximately 10% of the Title IV program funds that these schools received during the most recently
completed fiscal year. In the letter, DOE also has required us to continue to comply with additional notification and reporting requirements. We have provided the increased letter of credit and are
complying with the additional notification and reporting requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
received a letter dated October&nbsp;4, 2016 from the DOE (subsequently revised on November&nbsp;4, 2016) stating that, based on Laureate's failure to meet standards of financial
responsibility for the fiscal year ended December&nbsp;31, 2015, we are required to either: (1)&nbsp;increase our letter of credit to an amount equal to 50% (calculated by the DOE to be
$351,995,250) of the Title IV, HEA funds received by Laureate in the fiscal year ended December&nbsp;31, 2015) and qualify as a financial responsible institution; or (2)&nbsp;increase our letter
of credit to an amount equal to 15% (calculated by the DOE to be $105,598,575) of the Title&nbsp;IV, HEA funds received by Laureate in the fiscal year ended December&nbsp;31, 2015 and remain
provisionally certified for a period of up to three complete award years. In the letter, the DOE also has required us to continue to comply with additional notification and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>72</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=82,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=122953,FOLIO='72',FILE='DISK112:[12ZBH3.12ZBH43513]CQ43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cq43513_1_73"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>reporting
requirements. We chose to increase our letter of credit to $105,598,575 and to remain provisionally certified for a period of up to three complete award years and have obtained a replacement
letter of credit. St. Augustine, Walden University, NewSchool of Architecture and Design and Kendall College also currently receive Title IV program funds under the least restrictive form of
heightened cash monitoring and are subject to certain additional reporting and disclosure requirements. The increased letter of credit has been provided to the DOE. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
the DOE, as a condition to the provisional program participation agreement of the National Hispanic University, requested that we post an additional letter of credit in an
amount equal to $1.5&nbsp;million representing approximately 25% of the Title IV program funds received by the National Hispanic University during the fiscal year ended December&nbsp;31, 2013. In
October 2015, the DOE sent us a letter requiring us to renew our letter of credit in the amount of $772,931 for the National Hispanic University (25% of the total Title IV program funds the
institution received during the fiscal year ended December&nbsp;31, 2014). We renewed our letters of credit for this required amount. This requirement was initially due to the fact that the
subsidiary corporation used to acquire the institution's assets did not possess two years of audited financial statements at the time of the acquisition in April 2010, and the requirement has been
continued based on the DOE's review of the institution's audited financial statements. We received a letter dated September&nbsp;21, 2016 from the DOE confirming that this letter of credit for
National Hispanic University was no longer required and may be cancelled by our bank. We have cancelled this letter of credit and the funds have been released back to us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2015, the DOE sent us a letter requiring us to post a letter of credit in the amount of $14,967 for St.&nbsp;Augustine (25% of the total Title IV program refunds the
institution made or should have made during the fiscal year ended December&nbsp;31, 2014). This requirement was due to the fact that St.&nbsp;Augustine was found to have issued late refunds to
more than 5% of the students in its auditor's sample for the 2014 fiscal year. We have obtained this letter of credit. Any obligation to post, maintain or increase a letter of credit could materially
adversely affect our liquidity or increase our costs of regulatory compliance. The DOE has the discretion to increase our letter of credit requirements at any time. If we are unable to secure any
required letter of credit, our U.S. Institutions would lose their eligibility to participate in Title IV programs, which could have a material adverse effect on our business, financial condition and
results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;1, 2016, the DOE issued a final rule to revise its general standards of financial responsibility to include various actions and events that would require institutions
to provide the DOE with irrevocable letters of credit. For additional information regarding this final rule, see "&#151;The DOE may adopt regulations governing federal student loan debt
forgiveness that could result in liability for amounts based on borrower defenses or affect the DOE's assessment of our institutional capability." If we are required to repay the DOE for any
successful DTR claims by students who attended our U.S. Institutions, or we are required to obtain additional letters of credit or increase our current letter of credit, it could materially affect our
business, financial conditions and results of operations. We are currently assessing the impact of these final regulations on our U.S. Institutions. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The DOE may change our U.S. Institutions' method of receiving Title IV program funds, which could
materially adversely affect our liquidity.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DOE can impose sanctions for violating the statutory and regulatory requirements of Title&nbsp;IV programs, including
transferring one or more of our U.S. Institutions from the advance method or the heightened cash monitoring level one method of Title IV payment, each of which permits an institution to receive Title
IV funds before or concurrently with disbursing them to students, to the heightened cash monitoring level two method of payment or to the reimbursement method of payment, each of which may
significantly delay an institution's receipt of Title IV funds until student eligibility has been verified by the DOE. Any such delay in our U.S. Institutions' receipt of Title IV program funds may </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>73</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=83,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=288346,FOLIO='73',FILE='DISK112:[12ZBH3.12ZBH43513]CQ43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cq43513_1_74"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>materially
adversely affect our cash flows and we may require additional working capital or third-party funding to finance our operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our U.S. Institutions may lose eligibility to participate in Title IV programs if the percentage of
our U.S. Institutions revenues derived from Title IV programs is too high.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A provision of the HEA commonly referred to as the "90/10 Rule" provides that a for-profit educational institution loses its
eligibility to participate in Title IV programs if, under a complex regulatory formula that requires cash basis accounting and other adjustments to the calculation of revenues, the institution derives
more than 90% of its revenues from Title IV program funds for any two consecutive fiscal years. If any of our U.S. Institutions were to violate the 90/10 Rule, that institution would become ineligible
to participate in Title IV programs as of the first day of the fiscal year following the second consecutive fiscal year in which the institution exceeded the 90% threshold and would be unable to
regain eligibility for two fiscal years thereafter. In addition, an institution that derives more than 90% of its revenue (on a cash basis) from Title IV programs for any single fiscal year will be
placed on provisional certification for at least two fiscal years and may be subject to additional conditions or sanctions imposed by the DOE. Using the DOE's formula under the "90/10&nbsp;Rule,"
Kendall College, NewSchool of Architecture and Design, St.&nbsp;Augustine and Walden University derived approximately 36%, 43%, 49% and 73% of their revenues (calculated on a cash basis),
respectively, from Title IV program funds for the fiscal year ended December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
U.S. Institutions' ratios could increase in the future. Congressional increases in students' Title&nbsp;IV grant and loan limits may result in an increase in the revenues we
receive from Title IV programs. In recent years, legislation has been introduced in Congress that would revise the 90/10 Rule to consider educational benefits for veterans and military personnel from
the Department of Veteran Affairs and Department of Defense, respectively, in the same manner as Title IV funds for purposes of the rule, to prohibit institutions from participating in Title IV
programs for one year if they derive more than 90% of their total revenues (calculated on a cash basis) from the Title IV programs and these other federal programs in a single fiscal year rather than
the current rule of two consecutive fiscal years, and to revise the 90/10 Rule to an 85/15 rule. We cannot predict whether, or the extent to which, any of these proposed revisions could be enacted
into law or result in further rulemaking. In addition, reductions in state appropriations in a number of areas, including with respect to the amount of financial assistance provided to post-secondary
students, could further increase our U.S. Institutions' percentages of revenues derived from Title IV program funds. The employment circumstances of our students or their parents could also increase
reliance on Title IV program funds. If any of our U.S. Institutions become ineligible to participate in Title IV programs as a result of noncompliance with the 90/10 Rule, it could have a material
adverse effect on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Any of our U.S. Institutions may lose eligibility to participate in Title IV programs if their
respective student loan default rates are too high.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An educational institution may lose eligibility to participate in Title IV programs if, for three consecutive years, 30% or more of its
students who were required to begin repayment on their federal student loans in the relevant fiscal year default on their payment by the end
of the next federal fiscal year. In addition, an institution may lose its eligibility to participate in Title IV programs if the default rate as determined by the DOE of its students exceeds 40% for
any single year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kendall
College's official three-year cohort default rates for the 2013, 2012 and 2011 federal fiscal years were 10.0%, 7.9% and 11.3%, respectively. NewSchool of Architecture and
Design's official three-year cohort default rates for the 2013, 2012 and 2011 federal fiscal years were 5.1%, 10.2% and 11.2%, respectively. St.&nbsp;Augustine's official three-year cohort default
rates for the 2013, 2012 and 2011 federal fiscal years were 0.2%, 0.5%, and 0.0%, respectively. Walden University's official three-year </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>74</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=84,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=884190,FOLIO='74',FILE='DISK112:[12ZBH3.12ZBH43513]CQ43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cq43513_1_75"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>cohort
default rates for the 2013, 2012 and 2011 federal fiscal years were 6.7%, 6.8% and 7.8%, respectively. The average national student loan default rates published by the DOE for all institutions
that participated in the federal student aid programs for 2013, 2012 and 2011 were 11.3%, 11.8% and 13.7%, respectively, and for all proprietary institutions that participated in the federal student
aid programs for 2013, 2012 and 2011 were 15.0%, 15.8% and 19.1%, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
we believe our U.S. Institutions are not in danger of exceeding the regulatory default rate thresholds for other Title IV programs, we cannot provide any assurance that this will
continue to be the case. Any increase in interest rates or reliance on "self-pay" students, as well as declines in income or job losses for our students, could contribute to higher default rates on
student loans. Exceeding the student loan default rate thresholds and losing eligibility to participate in Title IV programs would have a material adverse effect on our business, financial condition
and results of operations. Any future changes in the formula for calculating student loan default rates, economic conditions or other factors that cause our default rates to increase, could place our
U.S. Institutions in danger of losing their eligibility to participate in Title IV programs, which would have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We could be subject to sanctions or other adverse legal actions if any of our U.S. Institutions were
to pay impermissible commissions, bonuses or other incentive payments to individuals involved in or with responsibility for certain recruiting, admission or financial aid activities.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the HEA, an educational institution that participates in Title IV programs may not make any commission, bonus or other incentive
payments to any persons or entities involved in recruitment or admissions activities or in the awarding of financial aid. The requirement only pertains to the recruitment of students who are U.S.
citizens, permanent residents and others temporarily residing in the United States with the intention of becoming a citizen or permanent resident. Under regulations that took effect on July&nbsp;1,
2011, the DOE effectively has taken the position
that any commission, bonus or other incentive compensation payment based in any part, directly or indirectly, or securing enrollment or awarding financial aid is inconsistent with the statutory
prohibition against incentive compensation. The DOE has maintained that institutions may make merit-based adjustments to employee compensation, provided that those adjustments are not based, in any
part, directly or indirectly, upon securing enrollments or awarding financial aid. In sub-regulatory correspondence to institutions, the DOE provided additional guidance regarding the scope of the
prohibition on incentive compensation and to what employees and types of activities the prohibition applies. Based on these regulatory changes, we modified some of our compensation practices, which
could make it more difficult to attract and retain key employees and executives, and affect our ability to grow and maintain our business and enrollments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in recent years, several for-profit education companies have been faced with whistleblower lawsuits under the Federal False Claims Act, known as "qui tam" cases, by current
or former employees alleging violations of the prohibition against incentive compensation. In such cases, the whistleblower's claims are reviewed under seal by the Department of Justice for potential
intervention. If the Department of Justice elects to intervene, it assumes primary control over the litigation. If the DOE were to determine that we or any of our U.S. Institutions violated this
requirement of Title IV programs, or if we were to be found liable in a False Claims action alleging a violation of this law, or if any third parties we have engaged were to violate this law, we could
be fined or sanctioned by the DOE, or subjected to other monetary liability or penalties that could be substantial, including the possibility of treble damages under a False Claims action, any of
which could harm our reputation, impose significant costs and have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>75</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=85,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=342418,FOLIO='75',FILE='DISK112:[12ZBH3.12ZBH43513]CQ43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cs43513_1_76"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We could be subject to sanctions if any of our U.S. Institutions fails to correctly calculate and
timely return Title IV program funds for students who withdraw before completing their educational program.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An institution participating in Title IV programs must calculate the amount of unearned Title IV program funds that it has disbursed to
students who withdraw from their educational programs before completing such programs and must return those unearned funds to the appropriate lender or the DOE in a timely manner, generally within
45&nbsp;days of the date the institution determines that the student has withdrawn. If any of our U.S. Institutions does not properly calculate and timely return the unearned funds for a sufficient
percentage of students, that institution may have to post a letter of credit in favor of the DOE equal to 25% of Title IV program funds that should have been returned for such students in the prior
fiscal year. Additionally, if any of our U.S. Institutions does not correctly calculate and timely return unearned Title IV program funds, that institution may be liable for repayment of Title IV
funds and related interest and may be fined, sanctioned, or otherwise subject to adverse actions by the DOE, including termination of that institution's participation in Title IV programs. Any of
these adverse actions could increase our cost of regulatory compliance and have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;3, 2015, the DOE issued a final program review determination letter to Walden University for a September 2012 review of the 2011-2012 and 2012-2013 Title IV award years.
The letter required
Walden University to return $34,281 in Title IV funds, and also found that Walden University failed to timely return Title IV program funds for more than 5% of the withdrawn students during its fiscal
year ended December&nbsp;31, 2012. The DOE noted that such a finding would usually require Walden to post a letter of credit to the DOE equal to 25% of the Title IV funds that the institution should
have returned for withdrawn students in its most recently completed fiscal year; however, such an additional letter of credit was not required in this instance because of the letter of credit that was
previously posted to the DOE based on our consolidated audited financial statements failing to meet the DOE's standards of financial responsibility. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
could also be subject to fines or penalties related to findings cited in our regulatory compliance reviews. For more information, see "&#151;Government, regulatory agencies,
accrediting bodies and third parties may conduct compliance reviews, bring claims or initiate litigation against us." </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We or certain of our educational programs at our U.S. Institutions may lose eligibility to
participate in Title IV programs if any of our U.S. Institutions or certain of their educational programs cannot satisfy the DOE's "gainful employment" requirements.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the HEA, proprietary schools generally are eligible to participate in Title IV programs in respect of educational programs that
lead to "gainful employment in a recognized occupation." Historically, the concept of "gainful employment" has not been defined in detail. On October&nbsp;30, 2014, the DOE published final
regulations to define "gainful employment," which became effective on July&nbsp;1, 2015. The final regulations define this concept using two ratios, one based on annual debt-to-annual earnings
("DTE") and another based on annual debt-to-discretionary income ("DTI") ratio. Under the final regulations, an educational program with a DTE ratio at or below 8% or a DTI ratio at or below 20% is
considered "passing." An educational program with a DTE ratio greater than 8% but less than or equal to 12% or a DTI ratio greater than 20% but less than or equal to 30% is considered to be "in the
zone." An educational program with a DTE ratio greater than 12% and a DTI ratio greater than 30% is considered "failing." An educational program will cease to be eligible for students to receive Title
IV program funds if its DTE and DTI ratios are failing in two out of any three consecutive award years or if both of those rates are failing or in the zone for four consecutive award years. In January
2017, the DOE issued to institutions final DTE rates. Among the Classification of Instructional Programs reported within NewSchool of Architecture and Design, Kendall College and Walden University,
the DOE has indicated that we had one that failed and five in the zone. This represents a total of one educational program that failed and ten in the zone. St.&nbsp;Augustine had no programs that </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>76</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=86,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=381851,FOLIO='76',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_77"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>failed
or were in the zone. The percentage of students enrolled in the educational program that failed represents approximately 1% of the students currently enrolled in our U.S. Institutions. The
percentage
of students enrolled in the educational programs that were in the zone represents approximately 5.3%. We are currently examining and implementing options for each of these programs and their students.
Additionally, the final regulations require an institution to certify to the DOE that its educational programs subject to the gainful employment requirements, which include all programs offered by our
U.S. Institutions, meet the applicable requirements for graduates to be professionally or occupationally licensed or certified in the state in which the institution is located. If we are unable to
certify that our programs meet the applicable state requirements for graduates to be professionally or occupationally certified in that state, then we may need to cease offering certain programs in
certain states or to students who are residents in certain states. The final regulations further include requirements for the reporting of student and program data by institutions to the DOE and
expand the disclosure requirements that have been in effect since July&nbsp;1, 2011. In November 2014, two organizations representing for-profit institutions filed separate lawsuits in federal
district courts against the DOE seeking to have the final regulations invalidated. Both lawsuits alleged that the DOE exceeded its statutory authority in promulgating the regulation, that the
regulation&nbsp;violates an institution's constitutional rights and that the regulation is arbitrary and capricious. In both cases, the courts upheld the regulations and dismissed the lawsuits. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
failure of any program or programs offered by any of our U.S. Institutions to satisfy any gainful employment regulations could render that program or programs ineligible for Title IV
program funds. Additionally, any gainful employment data released by the DOE about our U.S. Institutions or warnings provided under the final regulations could influence current students not to
continue their studies, discourage prospective students from enrolling in our programs or negatively impact our reputation. If a particular educational program ceased to become eligible for Title IV
program funds, either because it fails to prepare students for gainful employment in a recognized occupation or due to other factors, we may choose to cease offering the program. It is possible that
several programs offered by our schools may be adversely impacted by the regulations due to lack of specialized program accreditation or certification or in the states in which such institutions are
based. We also could be required to make changes to certain programs in the future in order to comply with the rule or to avoid the uncertainty associated with such compliance. Any of these factors
could reduce enrollments, impact tuition prices, and have a material adverse effect on our U.S. Institutions' business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If we fail to maintain adequate systems and processes to detect and prevent fraudulent activity in
student enrollment and financial aid, our business could be materially adversely impacted.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higher educational institutions are susceptible to an increased risk of fraudulent activity by outside parties with respect to student
enrollment and student financial aid programs. The DOE's regulations require institutions that participate in Title IV programs to refer to the Office of Inspector General credible information
indicating that any applicant, employee, third-party servicer or agent of the institution that acts in a capacity that involves administration of the Title IV programs has been engaged in any fraud or
other illegal conduct involving Title IV programs. We cannot be certain that our systems and processes will always be adequate in the face of increasingly sophisticated and ever-changing fraud
schemes. The potential for outside parties to perpetrate fraud in connection with the award and disbursement of Title IV program funds, including as a result of identity theft, may be heightened due
to our U.S. Institutions offering various educational programs via distance education. Any significant failure by one or more of our U.S. Institutions to adequately detect
fraudulent activity related to student enrollment and financial aid could result in loss of accreditation at the discretion of the institutions' accrediting agency, which would result in the
institution losing eligibility for Title IV programs, or in direct action by the DOE to limit or terminate the institution's Title IV program </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>77</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=87,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=892713,FOLIO='77',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_78"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>participation.
Any of these outcomes could have a material adverse effect on our business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Any substantial misrepresentation regarding our U.S. Institutions could have a material adverse
effect on our business, financial condition and results of operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DOE's regulation regarding substantial misrepresentations includes statements about the nature of its educational programs, its
financial charges or the employability of its graduates. Under the regulation as promulgated by the DOE, any false, erroneous, or misleading statement, or statement that has the likelihood or tendency
to deceive, that an institution, one of its representatives, or person or entity with whom the institution has an agreement to provide educational programs, marketing, advertising, recruiting or
admissions services, makes directly or indirectly to a student, prospective student, any member of the public, an accrediting agency, a state licensing agency or the DOE could be deemed a
misrepresentation by the institution. In the event that the DOE determines that an institution engaged in a substantial misrepresentation, it can revoke the institution's program participation
agreement, impose limitations on the institution's participation in Title IV programs, deny participation applications on behalf of the institution, or seek to fine, suspend or terminate the
institution's participation in Title IV programs. These regulations create broad grounds for the DOE to monitor and enforce violations of the regulations on substantial misrepresentation, and the DOE
has recently taken actions to terminate the Title IV Program participation of, and impose significant financial penalties on other institutions based on its determination of such violations. These
regulations also provide grounds for private litigants to seek to enforce the expanded regulations through False Claims Act litigation, which could have a material adverse effect on our business,
financial condition and results of operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The requirement to notify the DOE in advance of introducing new programs, and to obtain approvals
for new programs, could delay the introduction of such programs and negatively impact growth.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of our U.S. Institutions are currently provisionally certified by the DOE and remain subject to certain program approval
requirements otherwise applicable to provisionally certified institutions. Any delay in obtaining a required DOE approval could delay the introduction of the program, which could negatively impact our
enrollment growth. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


A bankruptcy filing by us, or by any of our subsidiaries that operate our U.S. Institutions or a
closure of one of our U.S. Institutions or their affiliates, would lead to an immediate loss of the institution's eligibility to participate in Title IV programs.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a bankruptcy filing by us, or by any of our subsidiaries that operate our U.S. Institutions, the U.S. Institutions
owned by us or the bankrupt subsidiary would lose its eligibility to participate in Title IV programs, pursuant to statutory provisions of the HEA and notwithstanding the automatic stay provisions of
federal bankruptcy law, which would make any reorganization difficult to implement. Additionally, in the event of any bankruptcy affecting one or more of our U.S. Institutions, the DOE could hold our
other U.S. Institutions jointly liable for any Title IV program liabilities, whether asserted or unasserted at the time of such bankruptcy, of our U.S. Institutions whose Title IV program eligibility
was terminated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
in the event that an institution closes and fails to pay liabilities or other amounts owed to the DOE, the DOE can attribute the liabilities of that institution to other
institutions under common ownership. If any one of our U.S. Institutions or affiliates were to close or have unpaid DOE liabilities, the DOE could seek to have those liabilities repaid by one of our
other U.S. Institutions. In addition, the ultimate controlling owner of SFUAD is Wengen, which is also the ultimate controlling owner of Laureate. As a result, it is possible that the DOE could
attempt to attribute any unpaid Title IV related liabilities of SFUAD to our other U.S. Institutions due to their common ownership. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>78</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=88,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=668278,FOLIO='78',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_79"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Government, regulatory agencies, accrediting bodies and third parties may conduct compliance
reviews, bring claims or initiate litigation against us.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because we operate in a highly regulated industry, we may be subject to compliance reviews and claims of noncompliance and lawsuits by
government agencies, regulatory agencies and third parties, including claims brought by third parties on behalf of the federal government. On February&nbsp;3, 2015, the DOE issued a final program
review determination letter to National Hispanic University regarding a December 2013 review covering the 2012-2013 and 2013-2014 Title IV award years. The letter determined that National Hispanic
University has taken corrective actions necessary to resolve all findings noted in the preliminary report, except for certain findings related to drug and alcohol abuse prevention program
requirements. With respect to those findings, the DOE did not require any further action due to the fact that the National Hispanic University closed on August&nbsp;23, 2015. On September&nbsp;11,
2015, the DOE issued an expedited final program review determination letter to Kendall College regarding a March-April 2015 program review. The letter determined that Kendall College has taken
corrective actions necessary to resolve all findings noted in the preliminary report. In addition, on September&nbsp;21, 2015, the Higher Learning Commission notified Kendall College that the Higher
Learning Commission placed the school on ongoing financial monitoring over the next 24&nbsp;months. Such action was primarily due to concerns over the school's continued reliance upon Laureate to
provide financial support to sustain its operations. See also "&#151;We could be subject to sanctions if any of our U.S. Institutions fails to correctly calculate and timely return
Title&nbsp;IV program funds for students who withdraw before completing their educational program." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;8, 2016, as part of a program review that MOHE is conducting of Walden University's doctoral programs, MOHE sent to Walden University an information request regarding
its doctoral programs and complaints filed by doctoral students. We have been informed by MOHE that in an effort to better understand the context, background and issues related to doctoral student
complaints in Minnesota, MOHE is initiating a full review of doctoral programs for institutions registered in Minnesota. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2017, Kendall College and Walden University are scheduled to host interim site visits from their institutional accreditor, Higher Learning Commission, as a condition of their
ongoing accreditation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the results of these or other reviews or proceedings are unfavorable to us, or if we are unable to defend successfully against lawsuits or claims, we may be required to pay money
damages or be subject to fines, limitations, loss of eligibility for Title IV program funding at our U.S. Institutions, injunctions or other penalties. We may also lose or have limitations imposed on
our accreditations, licensing or Title IV program participation, be required to pay monetary damages or be limited in our ability to open new institutions or add new program offerings. Even if we
adequately address issues raised by an agency review or successfully defend a lawsuit or claim, we may have to divert significant financial and management resources from our ongoing business
operations to address issues raised by those reviews or to defend against those lawsuits or claims. Additionally, we may experience adverse collateral consequences, including declines in the number of
students enrolling at our institutions and the
willingness of third parties to deal with us or our institutions, as a result of any negative publicity associated with such reviews, claims or litigation. Claims and lawsuits brought against us may
damage our reputation or cause us to incur expenses, even if such claims and lawsuits are without merit, which could have a material adverse effect on our business, financial condition, results of
operations and cash flows. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>79</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=89,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=91244,FOLIO='79',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_80"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cs43513_risks_relating_to_our_indebtedness"> </A>
<A NAME="toc_cs43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Risks Relating to Our Indebtedness    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The fact that we have substantial debt could materially adversely affect our ability to raise
additional capital to fund our operations and limit our ability to pursue our growth strategy or to react to changes in the economy or our industry.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have, and will continue to have, substantial debt following the consummation of this offering. As of September&nbsp;30, 2016 we
had (a)&nbsp;a $1.66&nbsp;billion senior secured credit facility (the "Senior Secured Credit Facilities") of which (1)&nbsp;$325.0&nbsp;million is a multi-currency revolving credit facility
scheduled to mature in June 2019, of which $160.0&nbsp;million was outstanding at September&nbsp;30, 2016, (2)&nbsp;$282.6&nbsp;million is a senior secured term loan facility scheduled to
mature in June 2018 and (3)&nbsp;$1.22&nbsp;billion is a senior secured term loan facility scheduled to mature in March 2021, (b)&nbsp;$1.38&nbsp;billion aggregate principal amount of senior
notes and (c)&nbsp;$1.25&nbsp;billion of other long-term indebtedness, consisting of capital lease obligations, notes payable, seller notes and borrowings against certain lines of credit.
During&nbsp;2015, our total cash interest payments on our debt were approximately 67% of our net cash provided by operating activities of continuing operations (excluding such cash interest
expense). Our debt could have important negative consequences to our business, including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> increasing the difficulty of our ability to make payments on our outstanding debt; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> increasing our vulnerability to general economic and industry conditions because our debt payment obligations may limit our ability to
use our cash to respond to or defend against changes in the industry or the economy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> requiring a substantial portion of our cash flow from operations to be dedicated to the payment of principal and interest on our
indebtedness, therefore reducing our ability to use our cash flow to fund our operations, capital expenditures and future business opportunities or to pay dividends; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limiting our ability to obtain additional financing for working capital, capital expenditures, debt service requirements, acquisitions
and general corporate or other purposes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limiting our ability to pursue our growth strategy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limiting our ability to adjust to changing market conditions; and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> placing us at a competitive disadvantage compared to our competitors who are less highly leveraged. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and our subsidiaries may be able to incur substantial additional indebtedness in the future, subject to the restrictions contained in the senior secured credit agreement governing our
Senior Secured Credit Facilities and the indenture governing our outstanding notes. If new indebtedness is added to our current debt levels, the related risks that we now face could intensify. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We may not be able to generate sufficient cash to service all of our indebtedness and may be forced
to take other actions to satisfy our obligations under our indebtedness, which may not be successful.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to make scheduled payments on or to refinance our debt obligations depends on our financial condition and operating
performance, which is subject to prevailing economic and competitive conditions and to certain financial, business and other factors beyond our control. We may be unable to maintain a level of cash
flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay investments and capital expenditures, or to sell
assets, seek additional capital or restructure or refinance our indebtedness. These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations. In
the absence of such operating </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>80</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=90,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=438191,FOLIO='80',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_81"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>results
and resources, we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations. Our senior secured
credit agreement governing our Senior Secured Credit Facilities and the indenture governing our outstanding Senior Notes restrict our ability to dispose of assets and use the proceeds from the
disposition. We may not be able to consummate those dispositions or to obtain the proceeds that we could realize from them and these proceeds may not be adequate to meet any debt service obligations
then due. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Repayment of our debt is dependent on cash flow generated by our subsidiaries and their ability to
make distributions to us or return cash via other repatriation strategies.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our subsidiaries own a significant portion of our assets and conduct a significant portion of our operations. Accordingly, repayment of
our indebtedness is dependent, to a significant extent, on the generation of cash flow by our subsidiaries and their ability to make such cash available to us, by dividend, debt repayment or
otherwise. Because the majority of our indebtedness is denominated in U.S. dollars, the strengthening of the U.S. dollar against the local currencies in countries where we have significant operations
has an adverse impact on our cash flows when translated into U.S. dollars and, accordingly, could have a material adverse impact on our ability to repay the obligations under our outstanding
indebtedness. Unless they are guarantors of our Senior Secured Credit Facilities or our outstanding notes, our subsidiaries do not have any obligation to pay amounts due on our indebtedness or to make
funds available for that purpose. Our subsidiaries may
not be able to, or may not be permitted to, make distributions to enable us to make payments in respect of our indebtedness. Each subsidiary is a distinct legal entity and, under certain
circumstances, legal and contractual restrictions may limit our ability to obtain cash from our subsidiaries. Our non-guarantor subsidiaries include foreign subsidiaries and they may be prohibited by
law or other regulations from distributing funds to us and/or we may be subject to payment of repatriation taxes and withholdings. Our non-guarantor subsidiaries account for substantially all of our
total revenue, our total Adjusted EBITDA, and our total assets and our total liabilities (other than our Senior Secured Credit Facilities and our outstanding notes). While the senior secured credit
agreement governing our Senior Secured Credit Facilities and the indenture governing our outstanding Senior Notes limit the ability of our subsidiaries to incur consensual restrictions on their
ability to pay dividends or make other intercompany payments to us, these limitations are subject to certain qualifications and exceptions. In the event that we do not receive distributions from our
subsidiaries or receive cash via other cash repatriation strategies for services rendered and intellectual property, or if the strengthening of the U.S. dollar against local currencies significantly
reduces the amount of such distributions when translated into U.S. dollars, we may be unable to make required principal and interest payments on our indebtedness. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our debt agreements contain, and future debt agreements may contain, restrictions that may limit our
flexibility in operating our business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The senior secured credit agreement governing our Senior Secured Credit Facilities and the indenture governing our outstanding Senior
Notes contain various covenants that may limit our ability to engage in specified types of transactions. These covenants limit our and our restricted subsidiaries' ability to, among other
things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> pay dividends and make certain distributions, investments and other restricted payments; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> incur additional indebtedness, issue disqualified stock or issue certain preferred shares; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> sell assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enter into transactions with affiliates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> create certain liens or encumbrances; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> preserve our corporate existence; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>81</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=91,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=668466,FOLIO='81',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_82"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> merge, consolidate, sell or otherwise dispose of all or substantially all of our assets; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> designate our subsidiaries as unrestricted subsidiaries. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the senior secured credit agreement governing our Senior Secured Credit Facilities provides for compliance with the Consolidated Senior Secured Debt to Consolidated EBITDA
Ratio, as defined in the senior secured credit agreement, solely with respect to the revolving line of credit facility, which is tested quarterly. The maximum ratio, as defined, is 5.3x, 4.5x and 3.5x
at December&nbsp;31, 2015, 2016 and 2017, respectively. The ratio as of September&nbsp;30, 2016 was 3.44x. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
senior secured credit agreement governing our Senior Secured Credit Facilities and the indenture governing our outstanding Senior Notes also include cross-default provisions
applicable to other agreements. A breach of any of these covenants could result in a default under the agreement governing such indebtedness, including as a result of cross-default provisions. In
addition, failure to make payments or observe certain covenants on the indebtedness of our subsidiaries may cause a cross default on our Senior Secured Credit Facilities and our outstanding Senior
Notes. Upon our failure to
maintain compliance with these covenants, the lenders could elect to declare all amounts outstanding to be immediately due and payable and terminate all commitments to extend further credit. If the
lenders under such indebtedness accelerate the repayment of borrowings, we cannot assure you that we will have sufficient assets to repay those borrowings, as well as our other indebtedness. We have
pledged a significant portion of our assets as collateral under our Senior Secured Credit Facilities. If we were unable to repay those amounts, the lenders under our Senior Secured Credit Facilities
could proceed against the collateral granted to them to secure that indebtedness. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We rely on contractual arrangements and other payments, advances and transfers of funds from our
operating subsidiaries to meet our debt service and other obligations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conduct all of our operations through certain of our subsidiaries, and we have no significant assets other than cash of
$42.8&nbsp;million as of September&nbsp;30, 2016 held domestically at corporate entities and the capital stock or other control rights of our subsidiaries. As a result, we rely on payments from
contractual arrangements, such as intellectual property royalty, network fee and management services agreements. In addition, we also rely upon intercompany loan repayments and other payments from our
operating subsidiaries to meet any existing or future debt service and other obligations, a substantial portion of which are denominated in U.S. dollars. The ability of our operating subsidiaries to
pay dividends or to make distributions or other payments to their parent companies or directly to us will depend on their respective operating results and may be restricted by, among other things, the
laws of their respective jurisdictions of organization, regulatory requirements, agreements entered into by those operating subsidiaries and the covenants of any existing or future outstanding
indebtedness that we or our subsidiaries may incur. For example, our VIE institutions generally are not permitted to pay dividends. Further, because most of our income is generated by our operating
subsidiaries in non-U.S. dollar denominated currencies, our ability to service our U.S. dollar denominated debt obligations may be impacted by any strengthening of the U.S. dollar compared to the
functional currencies of our operating subsidiaries. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Disruptions of the credit and equity markets worldwide may impede or prevent our access to the
capital markets for additional funding to expand our business and may affect the availability or cost of borrowing under our existing senior secured credit facilities.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The credit and equity markets of both mature and developing economies have historically experienced extraordinary volatility, asset
erosion and uncertainty, leading to governmental intervention in the banking sector in the United States and abroad. If these market disruptions occur in the future, we may not be able to access the
capital markets to obtain funding needed to refinance our existing indebtedness or expand our business. In addition, changes in the capital or other legal requirements </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>82</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=92,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=813133,FOLIO='82',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_83"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>applicable
to commercial lenders may affect the availability or increase the cost of borrowing under our Senior Secured Credit Facilities. If we are unable to obtain needed capital on terms acceptable
to us, we may need to limit our growth initiatives or take other actions that materially adversely affect our business, financial condition, results of operations and cash flows. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Failure to obtain additional capital in the future could materially adversely affect our ability to
grow.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that our cash flows from operations, cash, investments and borrowings under our multi-currency revolving credit facility
will be adequate to fund our current operating plans for the foreseeable future. However, we may need additional debt or equity financing in order to finance our continued growth and to fund the
put/call arrangements with certain minority stockholders. In addition, we may be required to buy additional interests in certain higher education institutions and redeem the shares of our
Series&nbsp;A Preferred Stock at specified times in the future. The amount and timing of such additional financing will vary principally depending on the timing and size of acquisitions and new
institution openings, the willingness of sellers to provide financing for future acquisitions and the cash flows from our operations. Given current global macro conditions, companies with emerging
market exposure have been more affected by recent market volatility, and during the past year this has been reflected in the trading level of our Senior Notes, which have at various times traded at a
significant discount to par. During the second quarter of 2015, one of the leading U.S. credit rating agencies downgraded our credit rating one notch and during the second quarter of 2016, another of
the leading U.S. credit rating agencies downgraded our credit rating one notch. A significantly discounted trading price for our notes, as well as the reduced credit rating, could materially and
adversely affect our ability to obtain additional debt financing in the future. To the extent that we require additional financing in the future and are unable to obtain such additional financing, we
may not be able to fully implement our growth strategy. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our variable rate debt exposes us to interest rate risk which could materially adversely affect our
cash flow.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under our Senior Secured Credit Facilities and certain local credit facilities bear interest at variable rates and other
debt we incur also could be variable-rate debt. If market interest rates increase, variable-rate debt will create higher debt service requirements, which could materially adversely affect our cash
flow. If these rates were to increase significantly, the risks related to our substantial debt would intensify. While we have and may in the future enter into agreements limiting our exposure to
higher interest rates, any such agreements may not offer complete protection from this risk. Based on our outstanding variable-rate debt as of September&nbsp;30, 2016, after factoring in the
interest rate floor in our Senior Secured Credit Facilities, an increase of 1% in interest rates would result in an increase in interest expense of approximately $21.9&nbsp;million on an annual
basis. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cs43513_risks_relating_to_inve__cs402330"> </A>
<A NAME="toc_cs43513_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Risks Relating to Investing in Our Class&nbsp;A Common Stock    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our status as a public benefit corporation may not result in the benefits that we anticipate.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a public benefit corporation under Delaware law. As a public benefit corporation we are required to balance the financial
interests of our stockholders with the best interests of those stakeholders materially affected by our conduct, including particularly those impacted by the specific benefit purpose relating to
education set forth in our certificate of incorporation. In addition, there is no assurance that the expected positive impact from being a public benefit corporation will be realized. Accordingly,
being a public benefit corporation and complying with our related obligations could negatively impact our ability to provide the highest possible return to our stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a public benefit corporation, we are required to publicly disclose a report at least biennially on our overall public benefit performance and on our assessment of our success in
achieving our specific public benefit purpose. If we are not timely or are unable to provide this report, or if the report is not </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>83</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=93,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=129396,FOLIO='83',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_84"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>viewed
favorably by parties doing business with us or regulators or others reviewing our credentials, our reputation and status as a public benefit corporation may be harmed. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


As a public benefit corporation, our focus on a specific public benefit purpose and producing a
positive effect for society may negatively influence our financial performance.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a public benefit corporation, since we do not have a fiduciary duty solely to our stockholders, we may take actions that we believe
will benefit our students and the
surrounding communities, even if those actions do not maximize our short- or medium-term financial results. While we believe that this designation and obligation will benefit the Company given the
importance to our long-term success of our commitment to education, it could cause our board of directors to make decisions and take actions not in keeping with the short-term or more narrow interests
of our stockholders. Any longer-term benefits may not materialize within the timeframe we expect or at all and may have an immediate negative effect. For
example:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we may choose to revise our policies in ways that we believe will be beneficial to our students and their communities in the long
term, even though the changes may be costly in the short- or medium-term; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we may take actions, such as modernizing campuses to provide students with the latest technology, even though these actions may be
more costly than other alternatives; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we may be influenced to pursue programs and services to demonstrate our commitment to our students and communities even though there
is no immediate return to our stockholders; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in responding to a possible proposal to acquire the Company, our board of directors may be influenced by the interests of our
employees, students, teachers and others whose interests may be different from the interests of our stockholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may be unable or slow to realize the long-term benefits we expect from actions taken to benefit our students and communities in which we operate, which could materially adversely
affect our business, financial condition and results of operations, which in turn could cause our stock price to decline. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


An active, liquid trading market for our Class&nbsp;A common stock may not develop or be
sustained.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No public trading market currently exists for our Class&nbsp;A common stock. We cannot predict the extent to which investor interest
in our company will lead to the development of a trading market on Nasdaq or elsewhere, or how active and liquid that market may become. If an active and liquid trading market does not develop or is
not maintained, you may have difficulty selling any of our Class&nbsp;A common stock that you purchase. The initial public offering price for the shares will be determined by negotiations between us
and the underwriters and may not be indicative of prices that will prevail in the open market following this offering. The market price of our Class&nbsp;A common stock may decline below the initial
offering price, and you may be unable to sell your shares of our Class&nbsp;A common stock at or above the price you paid in this offering, or at all. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


You will suffer immediate and substantial dilution in the net tangible book value of the shares of
Class&nbsp;A common stock you purchase in this offering.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial public offering price of our Class&nbsp;A common stock is substantially higher than the net tangible book value per share
of outstanding common stock prior to the completion of this offering. Based on our net tangible book value as of September&nbsp;30, 2016 and upon the issuance and sale of 29,000,000 shares of
Class&nbsp;A common stock by us at an initial public offering price of $18.50 per share, the midpoint of the range set forth on the cover page of this prospectus, after deducting estimated
underwriting discounts and commissions and estimated offering expenses payable by us, if you purchase </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>84</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=94,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=613802,FOLIO='84',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_85"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>our
Class&nbsp;A common stock in this offering, you will pay more for your shares than the amounts paid by our existing stockholders for their shares and you will suffer immediate dilution of
approximately $(31.98) per share in net tangible book value after giving effect to the sale of 29,000,000 shares of our Class&nbsp;A common stock in this offering at an initial public offering price
of $18.50 per share, the midpoint of the range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable
by us. We also have a large number of outstanding options to purchase Class&nbsp;B common stock with exercise prices that are below the estimated initial public offering price of our Class&nbsp;A
common stock. In addition, shares of our Series&nbsp;A Preferred Stock are convertible, in certain circumstances, into shares of our Class&nbsp;A common stock. To the extent that these options are
exercised or the shares of Series&nbsp;A Preferred Stock are converted, you will experience further dilution. See "Dilution." </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The price of our Class&nbsp;A common stock may be volatile, and you could lose all or part of your
investment.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trading price of our Class&nbsp;A common stock following this offering may fluctuate substantially and may be higher or lower
than the initial public offering price. The trading price of our Class&nbsp;A common stock following this offering will depend on a number of factors, including those described in this "Risk
Factors" section, many of which are beyond our control and may not be related to our operating performance. These fluctuations could cause you to lose all or part of your investment in our
Class&nbsp;A common stock as you may be unable to sell your shares at or above the price you paid in this offering, or at all. Factors that could cause fluctuations in the trading price of our
Class&nbsp;A common stock include the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> quarterly variations in our results of operations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> results of operations that vary from the expectations of securities analysts and investors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> results of operations that vary from those of our competitors; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in expectations as to our future financial performance, including financial estimates by securities analysts and investors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our or our competitors' introduction of new institutions, new programs, concepts or pricing policies; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> announcements by us, our competitors or our vendors of significant acquisitions, joint marketing relationships, joint ventures or
capital commitments; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in conditions in the education industry, the financial markets or the economy as a whole; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> failure of any of our institutions to secure or maintain accreditation or licensure; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> announcements of regulatory or other investigations, adverse regulatory action by any regulatory body including those overseas or the
DOE, state agencies or accrediting agencies, regulatory scrutiny of our operations or operations of our competitors or lawsuits filed against us or our competitors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> announcements by third parties of significant claims or proceedings against us; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the size of our public float; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in senior management or key personnel; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in our dividend policy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> adverse resolution of new or pending litigation against us; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>85</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=95,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=405463,FOLIO='85',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_86"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> issuances, exchanges or sales, or expected issuances, exchanges or sales of our capital stock;
and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> general domestic and international economic conditions. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the past, following periods of market volatility, stockholders have instituted securities class action litigation. We may be the target of this type of litigation in the future. If we
were to become involved in securities litigation, it could have a substantial cost and divert resources and the attention of our management team from our business regardless of the outcome of such
litigation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, price volatility may be greater if the public float and trading volume of our Class&nbsp;A common stock is low. As a result, you may suffer a loss on your investment. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If we or our existing investors sell additional shares of our Class&nbsp;A common stock or shares
of our Series&nbsp;A Preferred Stock are converted into shares of our Class&nbsp;A common stock after this offering, the market price of our Class&nbsp;A common stock could decline.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market price of our Class&nbsp;A common stock could decline as a result of sales of a large number of shares of Class&nbsp;A
common stock in the market after this offering, or the perception that such sales could occur. These sales, or the possibility that these sales may occur, also might make it more difficult for us to
raise capital through future sales of equity securities at a time and at a price that we deem appropriate, or at all. After the completion of this offering, we will have 29,000,000 shares of
Class&nbsp;A common stock outstanding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We,
our directors and executive officers and holders of substantially all of our outstanding common stock (including Wengen and the IFC Investors (other than the Korean Investment
Corporation, which holds 1,390,902 shares of our common stock)) have agreed not to (i)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any shares of Class&nbsp;A common stock or any securities
convertible into or exercisable or exchangeable for shares of Class&nbsp;A common stock; (ii)&nbsp;file any registration statement with the SEC relating to the offering of any shares of
Class&nbsp;A common stock or any securities convertible into or exercisable or exchangeable for Class&nbsp;A common stock or (iii)&nbsp;enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of Class&nbsp;A common stock, without the consent of the representatives of the underwriters for a period of 180 days from
the date of this prospectus, subject to certain exceptions. On an as converted basis, these shares will represent approximately 81.1% of our outstanding Class&nbsp;A common stock after this
offering. Our Class&nbsp;A common stock that is issued upon conversion of our Class&nbsp;B common stock also may be sold pursuant to Rule&nbsp;144 under the Securities Act, depending on their
holding period and subject to restrictions in the case of shares held by persons deemed to be our affiliates. As restrictions on resale end or if these stockholders exercise their registration rights,
the market price of our stock could decline if the holders of restricted shares sell them or are perceived by the market as intending to sell them. See "Certain Relationships and Related Party
Transactions&#151;Registration Rights Agreement" and "Shares Eligible for Future Sale." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, pursuant to the Note Exchange Agreements, we will exchange $250.0&nbsp;million in aggregate principal amount of Senior Notes for shares of our Class&nbsp;A common stock.
We expect the exchange to be completed within one year and one day after the consummation of this offering, subject to certain exceptions that could result in the exchange being completed prior to
that time. The number of shares of Class&nbsp;A common stock issuable will equal 104.625% of the aggregate principal amount of Senior Notes to be exchanged, or $261.6&nbsp;million, divided by
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the initial public offering price per share of Class&nbsp;A common stock in this offering. Assuming an initial public offering price of $18.50 per share, which is the midpoint of
the range set forth on the cover page of this prospectus, and assuming the completion of the exchange transaction on the one-year anniversary of this offering, we expect to issue an aggregate of
14,138,514&nbsp;shares of Class&nbsp;A common stock. The shares of Class&nbsp;A common stock </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>86</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=96,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=603389,FOLIO='86',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_87"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>issued
upon completion of the exchange will not be subject to any lock up agreements and may be sold pursuant to Rule&nbsp;144 under the Securities Act, depending on their holding period and subject
to restrictions in the case of shares held by persons deemed to be our affiliates. As restrictions on resale end, the market price of our Class&nbsp;A common stock could decline if the holders of
restricted shares sell them or are perceived by the market as intending to sell them. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the holders of the shares of Series&nbsp;A Preferred Stock may convert their shares of Series&nbsp;A Preferred Stock into shares of our Class&nbsp;A common stock
within one year and one day after the consummation of this offering, subject to certain exceptions that could result in the holders being able to convert their shares of Series&nbsp;A Preferred
Stock prior to that time. The number of shares of Class&nbsp;A common stock issuable upon conversion will depend upon, among other things, the number of shares of Class&nbsp;A common stock sold
and the initial public offering price per share of Class&nbsp;A common stock in this offering. Assuming an initial public offering price of $18.50&nbsp;per share, which is the midpoint of the
range set forth on the cover page of this prospectus, and assuming all interest is paid in cash through the conversion date and the completion of the exchange transaction on the one-year anniversary
of this offering, we expect to issue an aggregate of 25,437,202&nbsp;shares of Class&nbsp;A common stock. Depending on when and in what manner the shares of Series&nbsp;A Preferred Stock are
converted, the shares of Class&nbsp;A common stock issued upon conversion may or may not be subject to any lock up agreements and may be sold pursuant to Rule&nbsp;144 under the Securities Act,
depending on their holding period and subject to restrictions in the case of shares held by persons deemed to be our affiliates. As restrictions on resale end, the market price of our Class&nbsp;A
common stock could decline if the holders of restricted shares sell them or are perceived by the market as intending to sell them. For more information on our Series&nbsp;A Preferred Stock, see
"Description of Capital Stock&#151;Preferred Stock&#151;Series&nbsp;A Preferred Stock." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016, after giving effect to the recapitalization of our existing common stock into an equivalent number of shares of our Class&nbsp;B common stock and the
authorization of our Class&nbsp;A common stock, 133,300,971 shares of our Class&nbsp;B common stock were outstanding, in addition to 31,905&nbsp;shares of Class&nbsp;B common stock that are
subject to forfeiture and substantial restrictions on transfer (the "restricted shares"). Such amount excludes 5,432,438 shares of Class&nbsp;B common stock issuable upon the exercise of outstanding
vested stock options under the 2007 Stock Incentive Plan (the "2007 Plan"), 91,874 shares of Class&nbsp;B common stock subject to outstanding unvested stock options under the 2007 Plan, 2,469,551
shares of Class&nbsp;B common stock issuable upon the exercise of outstanding vested stock options under the 2013 Long-Term Incentive Plan (the "2013 Plan"), 2,866,662 shares of Class&nbsp;B
common stock subject to outstanding unvested stock options under the 2013 Plan, 1,296,621&nbsp;shares of Class&nbsp;A common stock and/or Class&nbsp;B common stock reserved for future issuance
under the 2013 Plan, 7,431 shares of Class&nbsp;B common stock reserved for future issuance under the Post-2004 DCP, 2,773,098&nbsp;shares of Class&nbsp;B common stock issuable upon exercise of
options to be granted to Mr.&nbsp;Becker at the consummation of this offering in exchange for the liquidation of certain of his Executive Profits Interests, in both cases assuming an initial public
offering price of $18.50&nbsp;per share, which is the midpoint of the range set forth on the cover page of this prospectus and all shares of Class&nbsp;A common stock issuable upon conversion of
the Series&nbsp;A Preferred Stock. See "Executive Compensation" for information relating to the terms of the restricted shares, the Post-2004 DCP, Mr.&nbsp;Becker's Executive DCP and
Mr.&nbsp;Becker's Executive Profits Interests. All of our outstanding shares of Class&nbsp;B common stock (other than the restricted shares) will first become eligible for resale 180 days
after the date of this prospectus. Sales of a substantial number of shares of our Class&nbsp;B common stock, which will automatically convert into Class&nbsp;A common stock upon sale, could cause
the market price of our Class&nbsp;A common stock to decline. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>87</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=97,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=654469,FOLIO='87',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_88"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Because we have no current plans to pay cash dividends on our common stock for the foreseeable
future, and our debt arrangements and the Series&nbsp;A Preferred Stock place certain restrictions on our ability to do so, you may not receive any return on investment unless you sell your
Class&nbsp;A common stock for a price greater than that which you paid for it.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may retain future earnings, if any, for future operation, expansion, debt repayment and the possible mandatory redemption of the
shares of Series&nbsp;A Preferred Stock pursuant to the terms of the certificate of designations governing our Series&nbsp;A Preferred Stock (the "Certificate of Designations") and have no current
plans to pay any cash dividends for the foreseeable future. Any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on, among
other things, our results of operations, financial condition, cash requirements, contractual restrictions, restrictions on dividends imposed by the Certificate of Designations and other factors that
our board of directors may deem relevant. In addition, our ability to pay dividends may be limited by covenants of any existing and future outstanding indebtedness we or our subsidiaries incur,
including our Senior Secured Credit Facilities and the indenture governing our outstanding notes, and the terms of our Series&nbsp;A Preferred Stock. See "Description of Certain Indebtedness" For
more information on our Series&nbsp;A Preferred Stock, see "Description of Capital Stock&#151;Preferred Stock&#151;Series&nbsp;A Preferred Stock." In addition, we are permitted under
the terms of our debt instruments to incur additional indebtedness, which may restrict or prevent us from paying dividends on our common stock. Furthermore, our ability to declare and pay dividends
may be limited by instruments governing future outstanding indebtedness we may incur. As a result, you may not receive any return on an investment in our Class&nbsp;A common stock unless you sell
your Class&nbsp;A common stock for a price greater than that which you paid for it. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The dual class structure of our common stock as contained in our certificate of incorporation has
the effect of concentrating voting control with those stockholders who held our stock prior to this offering, including Wengen and our executive officers, employees and directors and their affiliates,
and limiting your ability to influence corporate matters.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share of our Class&nbsp;B common stock will be entitled to ten votes per share, and each share of our Class&nbsp;A common
stock, which is the class of stock we are offering, has one
vote per share. Stockholders who hold shares of Class&nbsp;B common stock, including Wengen, and our executive officers, employees and directors and their affiliates, will together hold
approximately 97.9% of the voting power of our outstanding capital stock following this offering, and therefore will have significant influence over the management and affairs of the Company and
control over all matters requiring stockholder approval, including election of directors and significant corporate transactions, such as a merger or other sale of our company or its assets, for the
foreseeable future. Because of the 10-to-1 voting ratio between our Class&nbsp;B and Class&nbsp;A common stock, the holders of our Class&nbsp;B common stock collectively will continue to control
a majority of the combined voting power of our common stock even when the shares of Class&nbsp;B common stock represent less than a majority of the outstanding shares of our Class&nbsp;A and
Class&nbsp;B common stock. See "Description of Capital Stock." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Wengen Investors will have control over our decisions to enter into any corporate transaction and the ability to prevent any transaction that requires stockholder approval regardless
of whether others believe that the transaction is in our best interests. So long as the Wengen Investors continue to have an indirect interest in a majority of our outstanding Class&nbsp;B common
stock, they will have the ability to control the vote in any election of directors. This concentrated control will limit your ability to influence corporate matters for the foreseeable future and, as
a result, the market price of our Class&nbsp;A common stock could be materially adversely affected. In addition, upon the consummation of this offering we expect to enter into an amendment and
restatement of the Wengen Securityholders' Agreement dated as of July&nbsp;11, 2007, by and among Wengen and the other parties thereto (as amended and restated from time to time, the "Wengen
Securityholders' Agreement"), pursuant to which certain </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>88</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=98,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=857994,FOLIO='88',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_89"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>of
the Wengen Investors will have certain rights to appoint directors to our board of directors and its committees. See "Certain Relationships and Related Party Transactions&#151;Agreements
with Wengen." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Wengen Investors are in the business of making or advising on investments in companies and may hold, and may from time to time in the future acquire, interests in or
provide advice to businesses that directly or indirectly compete with certain portions of our business or are suppliers or customers of ours. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The Certificate of Designations governing the terms of our Series&nbsp;A Preferred Stock contains
rights and privileges that may adversely affect the holders of our Class&nbsp;A common stock, and, if we are unable to redeem the shares of Series&nbsp;A Preferred Stock when required, the holders
of the shares of Series&nbsp;A Preferred Stock could take control of our board of directors and force a sale of the Company.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as there are shares of Series&nbsp;A Preferred Stock outstanding, the holders of such security are entitled to annual
dividends and have seniority upon any distribution of the Company's cash and other assets. The holders of Series&nbsp;A Preferred Stock also have veto power over certain corporate matters, such as
(i)&nbsp;amending or repealing any provision of our certificate of incorporation or bylaws that would adversely affect the rights, preferences, privileges or voting powers of the Series&nbsp;A
Preferred Stock, including any amendment that would increase or decrease the authorized number of shares of Series&nbsp;A Preferred Stock, (ii)&nbsp;if it is not a follow-on public offering after
this offering in which the holders of the Series&nbsp;A Preferred Stock receive net proceeds not less than the Priority Amount, the first public offering of our common stock following a QPO (as
defined below) or an initial public offering that is not a QPO, and (iii)&nbsp;any proposed initial public offering that is not a QPO. The holders of shares of the Series&nbsp;A Preferred Stock
may have interests adverse to holders of our Class&nbsp;A common stock and the exercise of such rights may have a negative impact on the value of Class&nbsp;A common stock or the amount of cash or
other assets the holders of our common stock may receive in connection with a distribution or merger, consolidation or share exchange. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, if we fail to redeem the shares of Series&nbsp;A Preferred Stock when required after the fifth anniversary of the issue date, the holders of the Series&nbsp;A Preferred
Stock are entitled to appoint two members to our board of directors and the dividend rate increases to 18.0% per annum. For a period of 120&nbsp;days following the appointment of such directors, we
must work in good faith with the holders of the Series&nbsp;A Preferred Stock to structure a mutually agreeable capital fundraising transaction to redeem the then outstanding shares of
Series&nbsp;A Preferred Stock. If, after such 120&nbsp;day period, any shares of Series&nbsp;A Preferred Stock remain outstanding, the holders of the Series&nbsp;A Preferred Stock may nominate
a number of individuals to our board of directors such that after such nomination the holders of the Series&nbsp;A Preferred Stock control a majority of our board of directors and, after which, the
holders of Series&nbsp;A Preferred Stock may cause a sale of the Company and/or cause the Company to raise debt or equity capital in an amount sufficient to redeem the remaining outstanding shares
of Series&nbsp;A Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
Closing, and so long as the shares of Series A Preferred Stock are outstanding, we will be subject to certain financial covenants relating to total net leverage and trailing
12&nbsp;months revenue and Adjusted EBITDA (as defined in the Stockholders Agreement). Failure by the Company to satisfy these covenants would result in the holders of the Series&nbsp;A Preferred
Stock obtaining certain remedies, including (i)&nbsp;the ability to appoint an individual to advise the board of directors on improving the Company's growth and profitability and (ii)&nbsp;consent
to (A)&nbsp;the incurrence of additional indebtedness and acquisitions of assets and (B)&nbsp;the establishment of new schools by the Company. In addition, we would be required to implement a
one-time cost reduction program. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
more information on our Series&nbsp;A Preferred Stock, see "Description of Capital Stock&#151;Preferred Stock&#151;Series&nbsp;A Preferred Stock." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>89</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=99,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=584545,FOLIO='89',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_90"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We will incur increased costs as a result of being a public company, and the requirements of being a
public company may divert management's attention from our business and materially adversely affect our financial results.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a public company, we will be subject to a number of additional requirements, including the reporting requirements of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the Nasdaq listing standards. These
requirements will cause us to incur increased costs and might place a strain on our systems and resources. The Exchange Act requires, among other things, that we file annual, quarterly and current
reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control
over financial reporting. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, significant resources and
management oversight will be required. As a result, our management's attention might be diverted from other business concerns, which could have a material adverse effect on our business, results of
operations and financial condition. We may not be successful in implementing these requirements and implementing them could materially adversely affect our business, results of operations and
financial condition. Furthermore, we might not be able to retain our independent directors or attract new independent directors for our committees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the need to establish the corporate infrastructure demanded of a public company may direct management's attention, from implementing our business strategy, which could
prevent us from improving our business, financial condition and results of operations. We have made, and will continue to make, changes to our internal controls, including information technology
controls, and procedures for financial reporting and accounting systems to meet our reporting obligations as a public company. However, the measures we take may not be sufficient to satisfy our
obligations as a public company. If we do not continue to develop and implement the right processes and tools to manage our changing enterprise and maintain our culture, our ability to compete
successfully and achieve our business objectives could be impaired, which could materially adversely affect our business, financial condition and results of operations. In addition, we cannot predict
or estimate the amount of additional costs we may incur to comply with these requirements. We anticipate that these costs will materially increase our general and administrative expenses. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We are a "controlled company" within the meaning of the Nasdaq rules and, as a result, will qualify
for, and intend to rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such
requirements.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After completion of this offering, Wengen will continue to control a majority of the voting power of our outstanding common stock. As a
result, we are a "controlled company" within the meaning of the Nasdaq corporate governance standards. Under these rules, a company of which more than 50% of the voting power is held by an individual,
group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the requirement that a majority of the board of directors consist of independent directors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the requirement that we have a nominating/corporate governance committee that is composed entirely of independent directors with a
written charter addressing the committee's purpose and responsibilities; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>90</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=15,SEQ=100,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=397565,FOLIO='90',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_91"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the requirement that we have a compensation committee that is composed entirely of independent directors with a written charter
addressing the committee's purpose and responsibilities; and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the requirement for an annual performance evaluation of the nominating/corporate governance and compensation committees. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
this offering, we intend to utilize these exemptions. As a result, we will not have a majority of independent directors, our nominating/corporate governance committee and
compensation committee will not consist entirely of independent directors and such committees will not be subject to annual performance evaluations. See "Management." Accordingly, for so long as we
are a "controlled company," you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of Nasdaq. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Provisions in our certificate of incorporation, Certificate of Designations and bylaws and the
Delaware General Corporation Law could make it more difficult for a third party to acquire us and could discourage a takeover and adversely affect the holders of our Class&nbsp;A common stock.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions of our amended and restated certificate of incorporation and amended and restated bylaws, as well as provisions of Delaware
law could discourage, delay or prevent a merger, acquisition or other change in control of the Company, even if such change in control would be beneficial to the holders of our Class&nbsp;A common
stock. These provisions include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the dual class structure of our common stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> authorizing the issuance of "blank check" preferred stock that could be issued by our board of directors to increase the number of
outstanding shares and thwart a takeover attempt; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> prohibiting the use of cumulative voting for the election of directors; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> as a public benefit corporation, requiring a two-thirds majority vote of the outstanding stock to effect a non-cash merger with an
entity that is not a public benefit corporation with an identical public benefit; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limiting the ability of stockholders to call special meetings or amend our bylaws; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> following the conversion of all of our Class&nbsp;B common stock into Class&nbsp;A common stock, requiring all stockholder actions
to be taken at a meeting of our stockholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> establishing advance notice and duration of ownership requirements for nominations for election to the board of directors or for
proposing matters that can be acted upon by stockholders at stockholder meetings; and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain protective provisions in favor of the holders of Series&nbsp;A Preferred Stock. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
provisions could also discourage proxy contests and make it more difficult for you and other stockholders to elect directors of your choosing and cause us to take other corporate
actions you desire. In addition, because our board of directors is responsible for appointing the members of our management team, these provisions could in turn affect any attempt by our stockholders
to replace current members of our management team. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We may issue additional shares of preferred stock in the future, which could make it difficult for
another company to acquire us or could otherwise adversely affect holders of our Class&nbsp;A common stock, which could depress the price of our Class&nbsp;A common stock.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation will authorize us to issue one or more additional series of preferred stock. Our
board of directors will have the authority to determine the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>91</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=16,SEQ=101,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=672221,FOLIO='91',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cs43513_1_92"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>preferences,
limitations and relative rights of any additional shares of preferred stock and to fix the number of shares constituting any series and the designation of such series, without any further
vote or action by our stockholders. Our additional series of preferred stock could be issued with voting, liquidation, dividend and other rights superior to the rights of our Class&nbsp;A common
stock. The potential issuance of an additional series of preferred stock may delay or prevent a change in control of us, discourage bids for our Class&nbsp;A common stock at a premium to the market
price, and materially adversely affect the market price and the voting and other rights of the holders of our Class&nbsp;A common stock. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The provision of our certificate of incorporation requiring exclusive venue in the Court of Chancery
in the State of Delaware for certain types of lawsuits may have the effect of discouraging lawsuits against our directors and officers.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation will require, to the fullest extent permitted by law, that (a)&nbsp;any
derivative action or proceeding brought on our behalf, (b)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our
stockholders, (c)&nbsp;any action asserting a claim against us arising pursuant to any provision of the Delaware General Corporation Law (the "DGCL") or our amended and restated certificate of
incorporation or the bylaws or (d)&nbsp;any action asserting a claim against us governed by the internal affairs doctrine will have to be brought only in the Court of Chancery in the State of
Delaware. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock is deemed to have notice of and to have consented to the provisions of our amended and
restated certificate of incorporation described above. This choice of forum provision many limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with
us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims. Alternatively, if a court were to find the choice of forum provision
contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could
materially adversely affect our business, financial condition, results of operations and cash flows. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


If securities analysts do not publish research or reports about our business or if they publish
unfavorable commentary about us or our industry or downgrade our Class&nbsp;A common stock, the trading price of our Class&nbsp;A common stock could decline.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that the trading price for our Class&nbsp;A common stock will be affected by any research or reports that securities
analysts publish about us or our business. If one or more of the analysts who may elect to cover us or our business downgrade their evaluations of our
Class&nbsp;A common stock, the price of our Class&nbsp;A common stock would likely decline. We may be unable or slow to attract research coverage and if one or more analysts cease coverage of our
company, we could lose visibility in the market for our Class&nbsp;A common stock, which in turn could cause our stock price to decline. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>92</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=17,SEQ=102,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=437277,FOLIO='92',FILE='DISK112:[12ZBH3.12ZBH43513]CS43513A.;55',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cu43513_1_93"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cu43513_special_note_regarding_forward-looking_statements"> </A>
<A NAME="toc_cu43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus contains "forward-looking statements" within the meaning of the federal securities laws, which involve risks and
uncertainties. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates"
or "anticipates" or similar expressions that concern our strategy, plans or intentions. All statements we make relating to estimated and projected earnings, costs, expenditures, cash flows, growth
rates and financial results are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future
operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may
differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe
that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect
our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed under "Risk Factors" and elsewhere in this prospectus, including, without
limitation, in conjunction with the forward-looking statements included in this prospectus. All subsequent written and oral forward-looking statements attributable to us, or persons
acting on our behalf, are expressly qualified in their entirety by the factors discussed in this prospectus. Some of the factors that we believe could affect our results
include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risks associated with our operation of an increasingly global business, including complex management, foreign currency, legal, tax
and economic risks; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to effectively manage the growth of our business; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to continue to make acquisitions and to successfully integrate and operate acquired businesses; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the development and expansion of our global education network and the effect of new technology applications in the educational
services industry; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the effect of existing laws governing our business or changes in those laws; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in the political, economic and business climate in the international or the U.S. markets where we operate; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> risks of downturns in general economic conditions and in the educational services and education technology industries; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> possible increased competition from other educational service providers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> market acceptance of new service offerings by us or our competitors and our ability to predict and respond to changes in the markets
for our educational services; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the effect on our business and results of operations from fluctuations in the value of foreign currencies; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to attract and retain key personnel; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the fluctuations in revenues due to seasonality; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to generate anticipated savings from our EiP program or our SSOs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to maintain proper and effective internal controls or remediate any of our current material weaknesses necessary to
produce accurate financial statements on a timely basis; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>93</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=103,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=83416,FOLIO='93',FILE='DISK112:[12ZBH3.12ZBH43513]CU43513A.;25',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cu43513_1_94"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our focus on a specific public benefit purpose and producing a positive effect for society may negatively influence our financial
performance; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the future trading prices of our Class&nbsp;A common stock and the impact of any securities analysts' reports on these prices. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties,
the matters referred to in the forward-looking statements contained in this prospectus may not in fact occur. We undertake no obligation to publicly update or revise any forward-looking statement as a
result of new information, future events or otherwise, except as otherwise required by law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>94</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=104,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=948816,FOLIO='94',FILE='DISK112:[12ZBH3.12ZBH43513]CU43513A.;25',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cu43513_1_95"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cu43513_use_of_proceeds"> </A>
<A NAME="toc_cu43513_2"> </A>
<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate that our net proceeds from the sale of 29,000,000 shares (or 33,350,000 shares if the underwriters exercise in full their
option to purchase additional shares of Class&nbsp;A common stock) of our Class&nbsp;A common stock being offered by us pursuant to this prospectus at an assumed initial public offering price of
$18.50 per share, which is the midpoint of the range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and estimated offering expenses
payable by us, will be approximately $496.7&nbsp;million (or $572.5&nbsp;million if
the underwriters exercise in full their option to purchase additional shares of Class&nbsp;A common stock). A $1.00 increase or decrease in the assumed initial public offering price of $18.50 per
share would increase or decrease the net proceeds to us from the offering by approximately $27.3&nbsp;million, assuming the number of shares offered by us, as set forth on the cover page of this
prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, an increase or decrease of one million
shares in the number of shares of Class&nbsp;A common stock offered by us would increase or decrease the net proceeds to us from this offering by approximately $17.4&nbsp;million, assuming the
assumed initial public offering price remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
intend to use the net proceeds from this offering to repay, redeem or repurchase our outstanding Senior Notes, our term loans under our Senior Secured Credit Facilities and/or the
seller notes used to partially finance the acquisition of FMU Group. We have not yet determined whether we will repay the Senior Notes through tender offers, open market repurchases or redemption. If
the underwriters exercise in full their option to purchase additional shares of Class&nbsp;A common stock, we intend to use such proceeds for general corporate purposes, including the further
repayment, redemption or repurchase of certain of our indebtedness. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2016, there was approximately $1.4&nbsp;billion aggregate principal amount of Senior Notes outstanding, which bear interest at a rate of 9.250% per annum and
mature on September&nbsp;1, 2019. As of the date of this prospectus, we have not caused a registration statement to be declared effective to complete the registration requirement for an exchange
offer for our Senior Notes. Accordingly, special interest is accruing on such indebtedness at a rate equal to 0.75% per annum. There is approximately $1.5&nbsp;billion of term loans outstanding
under our Senior Secured Credit Facilities with approximately $282.6&nbsp;million outstanding that have a maturity date of June&nbsp;16, 2018, which as of September&nbsp;30, 2016, bears interest
at a rate of 5.0% per annum. Upon the closing and funding of the purchase price of the Series&nbsp;A Preferred Stock offering in full, which was a qualified equity issuance under our Senior Secured
Credit Facilities, the applicable LIBOR margin for the 2021 Extended Term Loan under our Senior Secured Credit Facilities was reduced to 7.5% and the applicable ABR margin was reduced to 6.5%. The
applicable LIBOR margin for the revolving credit line under our Senior Secured Credit Facilities was reduced to 3.75% and the applicable ABR margin was reduced to 2.75%. In addition, the additional
scheduled payment on such 2021 Extended Term Loan in the amount of $62.5&nbsp;million will not be required under our Senior Secured Credit Facilities. The FMU seller notes have an outstanding
balance of $97.6&nbsp;million, mature on September&nbsp;12, 2017, and bear interest of approximately 14% based on the Certificados de Depositos Interbancarios ("CDI") rate, a published index, as
of September&nbsp;30, 2016.

 </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates
of certain of the underwriters hold a portion of the Senior Notes and/or the term loans under our Senior Secured Credit Facilities, and as a result, may receive a portion of
the proceeds from this offering. See "Underwriting." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>95</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=105,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=404252,FOLIO='95',FILE='DISK112:[12ZBH3.12ZBH43513]CU43513A.;25',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cu43513_1_96"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cu43513_dividend_policy"> </A>
<A NAME="toc_cu43513_3"> </A>
<BR></FONT><FONT SIZE=2><B>  DIVIDEND POLICY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently do not anticipate paying any cash dividends on our Class&nbsp;A common stock or Class&nbsp;B common stock in the
foreseeable future. We expect to retain our future earnings, if any, for use in the operation and expansion of our business. The terms of our senior secured credit agreement governing our Senior
Secured Credit Facilities, the indenture governing our outstanding Senior Notes and the Certificate of Designations governing our Series&nbsp;A Preferred Stock limit our ability to pay cash
dividends in certain circumstances. Furthermore, if we are in default under the senior secured credit agreement governing our Senior Secured Credit Facilities or the indenture governing our
outstanding Senior Notes, our ability to pay cash dividends will be limited in the absence of a waiver of that default or an amendment to such agreement or such indenture. In addition, our ability to
pay cash dividends on shares of our Class&nbsp;A common stock may be limited by restrictions on our ability to obtain sufficient funds through dividends from our subsidiaries. For more information
on our senior secured credit agreement governing our Senior Secured Credit Facilities and the indenture governing our outstanding Senior Notes, see "Description of Certain Indebtedness" and for more
information on our Series&nbsp;A Preferred Stock, see "Description of Capital Stock&#151;Preferred Stock&#151;Series&nbsp;A Preferred Stock." Subject to the foregoing, the payment of
cash dividends in the future, if any, will be at the discretion of our board of directors and will depend upon such factors as earnings levels, capital requirements, our overall financial condition
and any other factors deemed relevant by our board of directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
made cash distributions on our common stock in an aggregate amount of $19.0&nbsp;million, $5.3&nbsp;million and $22.9&nbsp;million in 2015, 2014 and 2013, respectively. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>96</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=106,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=679899,FOLIO='96',FILE='DISK112:[12ZBH3.12ZBH43513]CU43513A.;25',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cw43513_1_97"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cw43513_capitalization"> </A>
<A NAME="toc_cw43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CAPITALIZATION    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows our cash and cash equivalents and our capitalization as of September&nbsp;30, 2016
on:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an actual basis; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an adjusted basis giving effect to the issuance of the Series&nbsp;A Preferred Stock and the application of the net proceeds
therefrom; and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an as further adjusted basis giving effect to the issuance of Class&nbsp;A common stock in this offering and the application of the
net proceeds from this offering as described under "Use of Proceeds." Does not reflect the anticipated exchange of $250.0&nbsp;million in aggregate principal amount of Senior Notes for shares of
Class&nbsp;A common stock within one year and one day following completion of this offering pursuant to the Note Exchange Agreements. See "Summary&#151;Recent Developments&#151;Senior
Note Exchange Transaction." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should read this table together with "Use of Proceeds," "Selected Historical Consolidated Financial and Other Data," "Management's Discussion and Analysis of Financial Condition and
Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As of September&nbsp;30, 2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Actual </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As Adjusted </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As Further<BR>
Adjusted(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(Dollar amounts in millions)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash and cash equivalents (includes VIE amounts of $164.9&nbsp;million)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>481.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>704.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,201.1 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Indebtedness</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Senior Secured Credit Facilities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Multi-currency revolving credit facility(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>160.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Term loan facilities(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,501.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,501.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,501.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Senior Notes due 2019(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,376.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,376.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,376.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other debt, including seller notes(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,251.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,251.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,251.7 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:32pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total debt(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,290.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,130.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,130.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Convertible Redeemable Preferred Stock, Series&nbsp;A, $0.001 par value; no shares authorized, issued and outstanding, actual; 512,000 shares authorized,
400,000 shares issued and outstanding, as adjusted and as further adjusted(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>400.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>400.0 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total Convertible Redeemable Preferred Stock(8)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>400.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>400.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Preferred stock, $0.001 par value; 50,000,000 shares authorized, no shares issued and outstanding, actual, 49,488,000&nbsp;shares authorized,
no&nbsp;shares issued and outstanding, as adjusted and as further adjusted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Class&nbsp;A common stock, $0.004 par value: no shares authorized, issued and outstanding, actual; no&nbsp;shares authorized, issued and outstanding, as
adjusted and 700,000,000&nbsp;shares authorized, 29,000,000&nbsp;shares issued and outstanding, as further adjusted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Class&nbsp;B common stock, $0.004 par value: no shares authorized, issued and outstanding, actual; no&nbsp;shares authorized, issued and outstanding, as
adjusted and 175,000,000&nbsp;shares authorized, 133,300,971&nbsp;shares issued and outstanding, as further adjusted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Common stock, $0.004 par value: 175,000,000&nbsp;shares authorized, 133,300,971&nbsp;shares issued and outstanding, actual and as adjusted and
700,000,000&nbsp;shares authorized, no&nbsp;shares issued or outstanding, as further adjusted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Additional paid-in capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,714.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,714.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,210.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Accumulated other comprehensive loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(984.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(984.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(984.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Accumulated deficit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,079.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,079.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,079.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:32pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total Laureate Education,&nbsp;Inc. stockholders' equity(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>651.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>651.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,148.2 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total capitalization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,941.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,181.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,678.3 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>A
$1.00 increase or decrease in the assumed initial public offering price of $18.50 per share, which is the midpoint of the range set forth on the cover
page of this prospectus, would increase or decrease the amount of as adjusted cash and cash </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>97</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=107,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=615476,FOLIO='97',FILE='DISK112:[12ZBH3.12ZBH43513]CW43513A.;52',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cw43513_1_98"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=1>equivalents,
additional paid-in capital, total Laureate Education,&nbsp;Inc. stockholders' equity and total capitalization by approximately $27.3&nbsp;million, assuming the number of shares
offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by
us. Similarly, an increase or decrease of one million shares in the number of shares of Class&nbsp;A common stock offered by us would increase or decrease cash and cash equivalents, additional
paid-in capital, total Laureate Education,&nbsp;Inc. stockholders' equity and total capitalization by approximately $17.4&nbsp;million, assuming the assumed initial public offering price remains
the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Consists
of a $325.0&nbsp;million senior secured multi-currency revolving credit facility with a maturity date of June 2019. As of September&nbsp;30,
2016, we had borrowed $160.0&nbsp;million and had $0.9&nbsp;million of outstanding letters of credit which decrease availability, and as such, we had $164.1&nbsp;million of availability under
this facility. See "Description of Certain Indebtedness."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=1>We
intend to use the net proceeds from this offering to repay, redeem or repurchase our outstanding Senior Notes, our term loans under our
Senior Secured Credit Facilities and/or the seller notes used to partially finance the acquisition of FMU Group. See "Use of Proceeds."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>As
of September&nbsp;30, 2016, consists of a $282.6&nbsp;million term loan with a maturity date of June 2018 and a $1,219.1&nbsp;million term loan
with a maturity date of March 2021. See "Description of Certain Indebtedness."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Pursuant
to the Note Exchange Agreements, within 60&nbsp;days after the consummation of this offering, the Existing Holders may require us to repurchase
up to an additional $62.5&nbsp;million aggregate principal amount of Senior Notes at the redemption price set forth in the indenture governing the Senior Notes that is applicable as of the date of
pricing of this offering, plus accrued and unpaid interest and special interest. See "Prospectus Summary&#151;Recent Developments&#151;Senior Note Exchange Agreement." In accordance with
an agreement we entered into with Mr.&nbsp;Becker on December&nbsp;30, 2016, on the 2016 Executive DCP Closing Date (as defined below), we satisfied the 2016 Executive DCP Obligation (as defined
below) to Mr.&nbsp;Becker by paying him $11.1&nbsp;million, including $0.5&nbsp;million in interest from September&nbsp;17, 2015 to the 2016 Executive DCP Closing Date. The payment consisted
of $4.6&nbsp;million in cash and $6.4&nbsp;million aggregate principal amount of Senior Notes. See "Executive Compensation&#151;Arrangements with Certain Named Executive
Officers&#151;Chairman and Chief Executive Officer Compensation&#151;Executive DCP."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Consists
of $259.7&nbsp;million in capital lease obligations (including sale-leaseback financings), $706.6&nbsp;million in notes payable,
$220.7&nbsp;million in seller notes and $64.7&nbsp;million in borrowings against lines of credit. See "Description of Certain Indebtedness&#151;Other Debt."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Presented
gross of $47.9&nbsp;million of unamortized deferred financing costs.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>On
December&nbsp;20, 2016, we issued the initial tranche of $343&nbsp;million of Series&nbsp;A Preferred Stock. We issued a second tranche of an
aggregate of $57&nbsp;million of Series&nbsp;A Preferred Stock on January&nbsp;18, 2017 and January&nbsp;23, 2017. See "Prospectus Summary&#151;Recent
Developments&#151;Series&nbsp;A Preferred Stock Offering." The amount presented in the table above includes the gross proceeds from the issuance of both tranches of the Series&nbsp;A
Preferred Stock, but does not reflect the impact of offering expenses and arranging and structuring fees of approximately $17&nbsp;million, which will reduce the carrying amount of the
Series&nbsp;A Preferred Stock on our balance sheet. We are currently assessing certain provisions of the Series&nbsp;A Preferred Stock, including certain contingent redemption and conversion
provisions, which may result in the identification of embedded derivatives and/or beneficial conversion features. If embedded derivatives in the Series&nbsp;A Preferred Stock are required to be
bifurcated on our balance sheet, the embedded derivatives will be reported as liabilities in our consolidated balance sheets as of December&nbsp;31, 2016 and/or as of the date of the consummation of
this offering. Additionally, if a beneficial conversion feature is required to be recorded, this amount would also be bifurcated and recorded in additional paid-in capital at the time of the offering.
This bifurcation would also result in a reduction of the carrying value of Series&nbsp;A Preferred Stock recorded in temporary equity. The value of any liabilities identified may be material.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=1>In
our financial statements issued after the consummation of this offering, any items recorded as a liability will be required to be remeasured
to their then-current fair value, with the changes to the measured fair value, which changes may also be material, reported in our current earnings. In addition, the accretion of the discounted value
of the preferred stock will also affect the Company's earnings per share. These items would result in changes to our reported net income (loss) as well as to the related earnings (loss) per share in
future periods.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Except
for the Convertible Redeemable Preferred Stock, excludes redeemable noncontrolling interests and equity of $21.4&nbsp;million, which are located
between liabilities and equity on the September&nbsp;30, 2016 consolidated balance sheet included elsewhere in this prospectus. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>98</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=108,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=829057,FOLIO='98',FILE='DISK112:[12ZBH3.12ZBH43513]CW43513A.;52',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cw43513_1_99"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cw43513_dilution"> </A>
<A NAME="toc_cw43513_2"> </A>
<BR></FONT><FONT SIZE=2><B>  DILUTION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you invest in our Class&nbsp;A common stock, your investment will be diluted immediately to the extent of the difference between
the public offering price per share of our Class&nbsp;A common stock and the net tangible book value per share of our Class&nbsp;A and Class&nbsp;B common stock after this offering. Our net
tangible book value as of September&nbsp;30, 2016 was a deficit of approximately $2.7&nbsp;billion, or $(20.14)&nbsp;per share of Class&nbsp;A and Class&nbsp;B common stock. Net tangible
book value per share represents the amount of our total tangible assets, less our total liabilities, divided by the number of shares of Class&nbsp;A and Class&nbsp;B common stock outstanding as of
September&nbsp;30, 2016. Total tangible assets represents total assets reduced by goodwill, tradenames, and other intangible assets, net. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
tangible book value dilution per share to new investors represents the difference between the amount per share paid by purchasers of shares of Class&nbsp;A common stock in this
offering and the net tangible book value per share of Class&nbsp;A and Class&nbsp;B common stock immediately after the completion of this offering. After giving effect to our sale of shares of
Class&nbsp;A common stock in this offering at an assumed initial public offering price of $18.50 per share, which is the midpoint of the range set forth on the cover page of this prospectus, and
after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our net tangible book value as of September&nbsp;30, 2016 would have been a deficit of
approximately $2.2&nbsp;billion, or $(13.48) per share. This represents an immediate increase in net tangible book value of $6.66 per share to existing stockholders and an immediate dilution in net
tangible book value of $(31.98) per share to investors purchasing Class&nbsp;A common stock in this offering, as illustrated in the following table: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Assumed initial public offering price per share of Class&nbsp;A common stock</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net tangible book value per share as of September&nbsp;30, 2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(20.14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase per share attributable to this offering</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.66</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net tangible book value per share, as adjusted to give effect to this offering</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13.48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dilution per share to new investors</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(31.98</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
$1.00 increase or decrease in the assumed initial public offering price of $18.50 per share, which is the midpoint of the range set forth on the cover page of this prospectus, would
increase or decrease our as adjusted net tangible book value per share by $0.17, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and
after deducting the
estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, an increase or decrease of one million shares in the number of shares of Class&nbsp;A
common stock offered by us would increase or decrease our as adjusted net tangible book value per share by $0.19, assuming the assumed initial public offering price remains the same and after
deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the underwriters exercise their option to purchase additional shares of our Class&nbsp;A common stock in full, the as adjusted net tangible book value per share would be
$(12.67)&nbsp;per share, the increase in net tangible book value per share to existing stockholders would be $7.47&nbsp;per share and the dilution per share to new investors purchasing shares in
this offering would be $(31.17)&nbsp;per share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents, on a pro forma basis as of September&nbsp;30, 2016, after giving effect to the sale of 29,000,000 shares of Class&nbsp;A common stock and the
recapitalization of all of our common stock into 133,300,971 shares of Class&nbsp;B common stock immediately prior to the effectiveness of the registration statement of which this prospectus is a
part, the differences between the existing </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>99</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=109,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=225726,FOLIO='99',FILE='DISK112:[12ZBH3.12ZBH43513]CW43513A.;52',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cw43513_1_100"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>stockholders
and the purchasers of shares in this offering with respect to the number of shares purchased from us, the total consideration paid and the average price paid per share: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=3 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=3 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total<BR>
Consideration </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares Purchased </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Average<BR>
Price Per<BR>
Share </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Existing stockholders</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>133,300,971</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>82.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,714,764,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>84.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.37</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New investors</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>496,651,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
162,300,971</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
100.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
3,211,415,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
100.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
19.79</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
$1.00 increase or decrease in the assumed initial public offering price of $18.50 per share, which is the midpoint of the range set forth on the cover page of this prospectus, would
increase or decrease total consideration paid by new investors by $27,332,500, total consideration paid by all stockholders by $27,332,500 and the average price per share paid by all stockholders by
$0.17, in each case assuming
the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering
expenses payable by us. Similarly, an increase or decrease of one million shares in the number of shares of Class&nbsp;A common stock offered by us would increase or decrease total consideration
paid by new investors by $17,436,250, total consideration paid by all stockholders by $17,436,250 and the average price per share paid by all stockholders by $0.01, in each case assuming the assumed
initial public offering price remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that any outstanding options are exercised, new investors will experience further dilution. If all of these options were exercised, then our existing stockholders,
including the holders of these options, would own 80.0% and our new investors would own 20.0% of the total number of shares of our Class&nbsp;A and Class&nbsp;B common stock outstanding upon the
closing of this offering. The net tangible book value per share after this offering would be $(12.67), causing dilution to new investors of $(31.17)&nbsp;per share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
above tables reflect a 4 to 1 reverse stock split of our common stock that we intend to effect prior to the effectiveness of the registration statement of which this prospectus is a
part. The tables do not reflect any shares of our Class&nbsp;A Common Stock issued upon exchange for the Senior Notes or upon conversion of shares of our Series&nbsp;A Preferred Stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=110,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=295009,FOLIO='100',FILE='DISK112:[12ZBH3.12ZBH43513]CW43513A.;52',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_cy43513_1_101"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cy43513_selected_historical_co__cy402300"> </A>
<A NAME="toc_cy43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SELECTED HISTORICAL CONSOLIDATED FINANCIAL AND OTHER DATA    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are selected consolidated financial data of Laureate Education,&nbsp;Inc., at the dates and for the periods
indicated. The selected historical statements of operations data and statements of cash flows data for the fiscal years ended December&nbsp;31, 2015, 2014 and 2013 and balance sheet data as of
December&nbsp;31, 2015 and 2014 have been derived from our historical audited consolidated financial statements included elsewhere in this prospectus. The selected historical statements of
operations data and statements of cash flows data for the fiscal years ended December&nbsp;31, 2012 and 2011 and balance sheet data as of December&nbsp;31, 2013, 2012 and 2011 have been derived
from our historical audited consolidated financial statements not included in this prospectus. The unaudited historical consolidated statement of operations data and statement of cash flows data for
the nine months ended September&nbsp;30, 2016 and 2015 and the unaudited consolidated balance sheet data as of September&nbsp;30, 2016 have been derived from our historical unaudited consolidated
financial statements included elsewhere in this prospectus. We have prepared the unaudited financial information on the same basis as the audited consolidated financial statements and have included,
in our opinion, all adjustments that we consider necessary for a fair presentation of the financial information set forth in those statements. The segment data reflects the operating segment change
discussed in the section entitled "Presentation of Financial Information." Our historical results are not
necessarily indicative of our future results. The data should be read in conjunction with the consolidated financial statements, related notes, and other financial information included therein. See
accompanying historical financial statements of FMU Group and Sociedade Educacional Sul-Rio-Grandense&nbsp;Ltda., which are included because these two acquisitions met the significance thresholds of
Rule&nbsp;3-05 of Regulation&nbsp;S-X. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selected historical consolidated financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our
consolidated financial statements and related notes included elsewhere in this prospectus. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nine Months<BR>
Ended September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fiscal Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>(Dollar amounts in thousands)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Consolidated Statements of Operations:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Revenues</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
3,068,299</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
3,141,156</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
4,291,659</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
4,414,682</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
3,913,881</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
3,567,117</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
3,370,350</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Costs and expenses:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Direct costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,697,820</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,795,027</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,760,016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,838,179</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,418,449</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,148,530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,943,732</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>General and administrative expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>158,566</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>134,103</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>194,686</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>151,215</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>141,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>110,078</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>101,383</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Loss on impairment of assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>125,788</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>58,329</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>108,467 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Operating income</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>211,913</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>212,026</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>336,957</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>299,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>320,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>250,180</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>216,768</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13,305</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9,924</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,822</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,805</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>19,467</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>20,020</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(314,383</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(300,145</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(398,042</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(385,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(350,196</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(307,728</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(276,943</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(17,363</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(22,984</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,361</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4,421</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,755</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>(Loss) gain on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(8,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,618</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,607</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6,631</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(63,234</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Settlement of stockholders litigation(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(10,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Loss from regulatory changes(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(43,716</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other (expense) income, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(964</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,268</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>195</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,499</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(5,533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,194</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Foreign currency exchange gain (loss), net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>80,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(139,416</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(149,178</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(109,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,102</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>14,401</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(32,424</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Gain on sale of subisidaries, net(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>398,412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income (loss) from continuing operations before income taxes and equity in net income (loss) of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>362,948</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(220,224</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(200,610</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(201,671</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(140,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(65,898</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income tax (expense) benefit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(35,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(81,587</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(117,730</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>39,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(91,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(68,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(50,230</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Equity in net income (loss) of affiliates, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,106</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(905</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(8,702</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,392</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Income (loss) from continuing operations</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(299,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(90,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(217,347</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(117,520</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income from discontinued operations, net of tax of&nbsp;$0,&nbsp;$0, $0, $0, $0, $787 and $1,089, respectively</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>796</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,384</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,215</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Gain on sales of discontinued operations, net of tax of $0, $0, $0, $0, $1,864, $179 and $0, respectively</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,350</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,308</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Net income (loss)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(299,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(85,076</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(209,655</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(114,305</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net (income) loss attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,817</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>124</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(403</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,162</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15,398</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,597</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9,120 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Net income (loss) attributable to Laureate Education,&nbsp;Inc.</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>330,539</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(299,581</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(316,248</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(158,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(69,678</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(201,058</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(105,185</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>101</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=111,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=4844,FOLIO='101',FILE='DISK112:[12ZBH3.12ZBH43513]CY43513A.;23',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cy43513_1_102"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nine Months<BR>
Ended<BR>
September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fiscal Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>(Dollar amounts in thousands)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Consolidated Statements of Cash Flows:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net cash provided by operating activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
195,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
220,295</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
170,486</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
269,156</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
277,202</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
245,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
341,069</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net cash provided by (used in) investing activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>392,330</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(41,324</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(173,642</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(489,181</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(899,083</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(453,747</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(405,585</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net cash (used in) provided by financing activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(572,684</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12,056</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>34,424</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>172,586</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>756,663</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>124,825</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>155,483</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net cash provided by (used in) operating activities of discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,861</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net cash used in investing activities of discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(149</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,321</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net cash provided by (used in) discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,339</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,540</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Effects of exchange rate changes on cash</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,182</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(34,221</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(34,179</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(50,877</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(12,531</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,712</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(21,619</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Business acquisitions, net of cash acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(287,945</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(177,550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>203</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(22,301</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Payments of contingent consideration for acquisitions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,275</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(5,674</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Segment Data(4):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Revenues:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,738,315</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,775,287</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,415,641</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,532,451</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,340,867</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,135,176</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,009,151</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>331,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>321,081</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>486,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>533,862</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>501,398</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>461,322</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>440,362</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>309,874</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>312,928</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>422,134</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>405,555</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>202,251</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>165,245</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>144,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>GPS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>697,872</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>737,914</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>979,920</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>954,494</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>872,426</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>820,270</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>782,786</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Corporate</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(9,516</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,054</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(12,271</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(11,680</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(14,896</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,919</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:21pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,068,299</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,141,156</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,291,659</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,414,682</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,913,881</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,567,117</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,370,350 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Adjusted EBITDA(5):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>329,440</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>323,143</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>463,691</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>541,975</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>466,664</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>380,254</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>413,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>25,735</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23,630</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>78,439</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>72,777</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>72,745</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>71,960</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>57,596</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>36,346</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>37,823</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>49,869</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>30,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4,843</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(5,990</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(13,389</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>GPS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>189,496</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>175,150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>226,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>222,998</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>205,581</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>192,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>204,367</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Corporate</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(100,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(83,881</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(115,395</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(94,355</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(93,675</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(92,135</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(86,277</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:21pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total Adjusted EBITDA(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>480,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>475,865</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>703,408</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>773,525</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>646,472</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>547,033</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>576,019 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Other Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total enrollments (rounded to the nearest thousand):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>834,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>809,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>794,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>752,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>617,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>559,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>509,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>54,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>53,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>62,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>53,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>49,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>42,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>86,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>83,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>84,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>77,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>61,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>45,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>42,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>GPS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>73,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>81,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>81,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>77,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>76,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>74,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>69,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:21pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,047,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,026,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,021,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>959,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>803,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>721,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>662,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>New enrollments (rounded to the nearest hundred):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>389,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>384,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>393,200</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>344,700</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>315,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>300,700</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>266,200</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>25,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>19,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>17,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>16,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>38,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>39,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>42,800</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>42,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>18,100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:14pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>GPS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33,200</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33,800</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,200</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>41,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>39,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>40,100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>38,700 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:21pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>469,800</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>467,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>504,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>449,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>395,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>376,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>336,900 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>102</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=112,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=655126,FOLIO='102',FILE='DISK112:[12ZBH3.12ZBH43513]CY43513A.;23',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cy43513_1_103"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As of December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As of<BR>
September&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>(Dollar amounts in thousands)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Consolidated Balance Sheets:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
481,471</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
458,673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
461,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
559,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
427,305</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
511,049</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash and investments(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>176,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>160,585</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>149,438</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>361,832</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>130,953</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>101,173</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net working capital (deficit) (including cash and cash equivalents)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(422,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(412,499</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(515,877</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(205,692</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(363,050</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(308,696</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,177,596</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,290,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,514,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,656,726</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,353,014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,108,438</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,009,278</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,115,897</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,469,795</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,376,678</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,301,138</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,229,485</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,325,613</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,361,125</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,461,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,519,737</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,526,339</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,553,984</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51,084</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93,064</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29,973</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,915</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,164</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,508,457</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,439,116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,358,124</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,356,675</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,680,047</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,330,706</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total debt, including due to shareholders of acquired companies(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,242,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,698,007</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,734,834</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,401,461</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,608,509</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,391,271</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,343</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>115,575</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>188,394</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>182,119</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>173,175</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities, excluding debt, due to shareholders of acquired companies and derivative instruments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,548,387</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,313,923</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,498,611</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,350,067</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,284,464</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,086,055</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51,746</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>43,876</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>42,165</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,225</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>70,518</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Laureate Education,&nbsp;Inc. stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>651,530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>324,759</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,017,068</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,465,755</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,596,097</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,701,965</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
a $10.0&nbsp;million expense in connection with the settlement of stockholder litigation in 2011 related to our leveraged buyout in 2007.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
a loss of $43.7&nbsp;million from regulatory changes resulting from the deconsolidation of UDLA Ecuador at the end of the third quarter of
2012.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
a gain of approximately $249.1&nbsp;million, subject to certain adjustments, resulting from the Swiss Institution Sale that closed on
June&nbsp;14, 2016, and a gain of approximately $149.0&nbsp;million, subject to certain adjustments, resulting from the French Institution Sale that closed on July&nbsp;20, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>On
January&nbsp;10, 2017, we announced that we plan to combine our Europe and AMEA operations, effective March&nbsp;31, 2017. The Company is currently
evaluating the impact of this combination on its operating segments. See "Presentation of Financial Information."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>We
define Adjusted EBITDA as net loss, </FONT><FONT SIZE=2><I>before</I></FONT><FONT SIZE=2> gain on sales of discontinued operations, net of tax, income
from discontinued operations, net of tax, equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), gain on sale of subsidiaries, net, foreign currency exchange loss
(income), net, other (income) expense, net, settlement of stockholders litigation (for 2011), loss from regulatory changes (for 2012), loss (gain) on derivatives, loss on debt extinguishment, interest
expense and interest income, </FONT><FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2> depreciation and amortization, stock-based compensation expense, loss on impairment of assets and expenses related to
implementation of our EiP initiative. When we review Adjusted EBITDA on a segment basis, we exclude inter-segment revenues and expenses that eliminate in consolidation. Adjusted EBITDA is used in
addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=2>We
have included Adjusted EBITDA in this prospectus because it is a key measure used by our management and board of directors to understand and
evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in
calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input used by the compensation committee of our
board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe
that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>103</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=113,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=24226,FOLIO='103',FILE='DISK112:[12ZBH3.12ZBH43513]CY43513A.;23',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cy43513_1_104"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=2>Our
use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of
our results as reported under GAAP. Some of these limitations are: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be
replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Adjusted EBITDA does not include impairment charges on long-lived assets;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Adjusted EBITDA does not consider the potentially dilutive impact of equity-based compensation; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Adjusted EBITDA does not reflect expenses related to implementation of our EiP program to optimize and standardize our
processes; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us.
<BR><BR></FONT></DD></DL>
</UL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=2>Other
companies may calculate Adjusted EBITDA differently than the way we do, limiting the usefulness of these items as comparative measures. We
believe that the inclusion of Adjusted EBITDA in this prospectus is appropriate to provide additional information to investors about our business. While management believes that these measures provide
useful information to investors, the SEC may require that Adjusted EBITDA be presented differently or not at all in filings made with the SEC. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>104</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=114,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=59897,FOLIO='104',FILE='DISK112:[12ZBH3.12ZBH43513]CY43513A.;23',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cy43513_1_105"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><BR></DT><DD style="font-family:times;"><FONT SIZE=2>Because
of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow
metrics, net loss and our other GAAP results. The following unaudited table sets forth a reconciliation of Adjusted EBITDA to net loss for the periods indicated: </FONT></DD></DL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:75%;margin-left:12%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nine Months<BR>
Ended<BR>
September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fiscal Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>(Dollar amounts in thousands)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income (loss)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(85,076</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(209,655</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(114,305</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sales of discontinued operations, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,350</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,308</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from discontinued operations, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(796</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,384</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,215</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(90,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(217,347</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(117,520</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in net (income) loss of affiliates, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,106</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>905</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,702</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,392</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax expense (benefit)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>35,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>81,587</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>117,730</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(39,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>91,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>68,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,230 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations before income taxes and equity in net (income) loss of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>362,948</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(220,224</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(200,610</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(201,671</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(140,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(65,898</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Settlement of stockholders litigation(a)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from regulatory changes(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>43,716</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of subsidiaries, net(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(398,412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange (income) loss, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(80,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>139,416</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>149,178</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>109,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,102</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(14,401</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,424</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other expense (income), net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>964</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,268</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(195</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7,499</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,194</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss (gain) on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,618</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,607</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,631</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>63,234</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(15,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,363</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,984</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,361</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,421</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,755</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>314,383</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>300,145</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>398,042</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>385,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>350,196</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>307,728</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>276,943</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,305</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9,924</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(21,822</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(21,805</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(19,467</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(20,020</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>211,913</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>212,026</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>336,957</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>299,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>320,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>250,180</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>216,768</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>202,735</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>209,390</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>282,946</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>288,331</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>242,725</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>221,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>228,678 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EBITDA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>414,648</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>421,416</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>619,903</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>587,831</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>563,378</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>471,415</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>445,446</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock-based compensation expense(d)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,939</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,021</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49,512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,289</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,106</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on impairment of assets(e)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>125,788</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58,329</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>108,467</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EiP expenses(f)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,175</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,227</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44,484</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,716</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Adjusted EBITDA</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>480,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>475,865</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>703,408</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>773,525</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>646,472</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>547,033</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>576,019 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:12%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>See
footnote&nbsp;(1) above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>See
footnote&nbsp;(2) above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>See
footnote&nbsp;(3) above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
non-cash, stock-based compensation expense pursuant to the provisions of ASC Topic 718.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
non-cash charges related to impairments of long-lived assets. For further details on certain impairment items, see "Management's Discussion and
Analysis of Financial Condition and Results of Operations."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>EiP
implementation expenses are related to our enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of
procurement, information technology, finance, accounting and human resources, which began in 2014 and is expected to be substantially completed by the end of 2017. EiP includes </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>105</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=115,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=157935,FOLIO='105',FILE='DISK112:[12ZBH3.12ZBH43513]CY43513A.;23',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_cy43513_1_106"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:12%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=2>the
establishment of regional SSOs around the world, as well as improvements to our system of internal controls over financial reporting. </FONT></P>

</UL>
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Restricted
cash and investments includes cash equivalents held to collateralize standby letters of credit in favor of the DOE in order to allow our U.S.
Institutions to participate in the Title IV program. In addition, we may have restricted cash in escrow pending potential acquisition transactions, or otherwise have cash that is not immediately
available for use in current operations.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
current portion of long-term debt and current portion of due to shareholders of acquired companies. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on Incremental Invested Capital ("ROIIC") is not a recognized measure under GAAP. We believe ROIIC is a relevant metric for investors
because it measures how effectively we deploy capital to generate operating profit. We define ROIIC as the change in operating income (as adjusted) for the four-year period ended December&nbsp;31,
2015 divided by the change in net invested capital for the four-year period ended December&nbsp;31, 2014. We believe comparing the change in operating income (as adjusted) for the four-year period
ended December&nbsp;31, 2015 versus the change in net invested capital for the four-year period ended December&nbsp;31, 2014 is a representative reflection of the returns our incremental capital
investments generate because it only includes capital deployed for more than 12&nbsp;months, resulting in a full-year impact on operating income (as adjusted). We believe a four-year measurement
period is more representative of the returns we expect to generate on our investments. Our method of calculating ROIIC may differ from the methods other companies use to calculate ROIIC and may be
calculated over different time periods. We encourage you to understand the methods other companies use to calculate ROIIC before comparing their ROIIC to ours. The following table presents the
calculation of ROIIC: </FONT></P>
 </DIV>
<DIV style="padding:0pt;position:relative;width:75%;margin-left:12%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="148pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="148pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fiscal Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:83pt;"><FONT SIZE=1><B>(Dollars in thousands):

<!-- COMMAND=ADD_SCROPPEDRULE,83pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>NUMERATOR:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>216,768</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>336,957</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Loss on impairment of assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>108,467</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>EiP implementation expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>44,484</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash taxes(a)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(76,603</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(93,505</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Foreign currency exchange impact on operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>101,200</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating income (as adjusted)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>248,632</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>389,136</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=7 style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B> Change in operating income (as adjusted) </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B>140,504</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">


<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>
 </DIV>
<DIV style="padding:0pt;position:relative;width:75%;margin-left:12%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="148pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="148pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As of December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>DENOMINATOR:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,454,657</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,358,124</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(442,196</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(461,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total liabilities, excluding debt, due to shareholders of acquired companies and derivative instruments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,926,174</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,498,611</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Sale-leaseback transaction(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(137,878</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Impairment of assets(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>195,543</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>521,709</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net invested capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,281,830</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,781,760</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=7 style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B> Change in net invested capital </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B>499,930</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=7 style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1><BR>
 </FONT><FONT SIZE=1><B>ROIIC for the period from 2011 to 2015 </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=1><B>28.1</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><B><BR>%</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:12%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>In
2014, includes an adjustment of $14.8&nbsp;million due to timing of tax payments in Mexico resulting from tax reform changes that became effective in
January 2014.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents
assets classified as held for sale as of December&nbsp;31, 2014, related to a sale-leaseback agreement for portions of the campuses of two of
our institutions in Switzerland. The asset sale was completed in 2015.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>In
2010, represents the impairment of assets incurred for January&nbsp;1, 2010 to December&nbsp;31, 2010. In 2014, represents the cumulative impairment
of assets incurred from January&nbsp;1, 2010 through December&nbsp;31, 2014. </FONT></DD></DL>
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">

 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>106</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=116,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=749363,FOLIO='106',FILE='DISK112:[12ZBH3.12ZBH43513]CY43513A.;23',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_da43513_1_107"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da43513_management_s_discussion_and_an__man03466"> </A>
<A NAME="toc_da43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  MANAGEMENT'S DISCUSSION AND ANALYSIS OF<BR>  FINANCIAL CONDITION AND RESULTS OF OPERATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>You should read the following discussion of our results of operations and financial condition with the
"Selected Historical Consolidated Financial and Other Data" and the audited and unaudited historical consolidated financial statements and related notes included elsewhere in this prospectus. This
discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the "Risk Factors" section of this prospectus. Actual
results may differ materially from those contained in any forward-looking statements. See "Special Note Regarding Forward-Looking Statements."</I></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Introduction  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Management's Discussion and Analysis of Financial Condition and Results of Operations (the "MD&amp;A") is provided to assist readers
of the financial statements in
understanding the results of operations, financial condition and cash flows of Laureate Education,&nbsp;Inc. This MD&amp;A should be read in conjunction with the consolidated financial statements and
related notes included elsewhere in this prospectus. Our MD&amp;A is presented in the following sections:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Overview </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Internal Control over Financial Reporting </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Results of Operations </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Liquidity and Capital Resources </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Contractual Obligations </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Off-Balance Sheet Arrangements </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Critical Accounting Policies and Estimates </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Recently Issued Accounting Pronouncements </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Quantitative and Qualitative Disclosures About Market Risk </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Other Matters </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Overview  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the largest global network of degree-granting higher education institutions, with more than one million students enrolled at our
71 institutions in 25 countries on more than 200 campuses, which we collectively refer to as the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. We
participate in the global higher education market, which was estimated to account for revenues of approximately $1.5 trillion in 2015, according to GSV. We believe the global higher education market
presents an attractive long-term opportunity, primarily because of the large and growing imbalance between the supply and demand for quality higher education around the world. Advanced education
opportunities drive higher earnings potential, and we believe the projected growth in the middle class population worldwide and limited government resources dedicated to higher education create
substantial opportunities for high-quality private institutions to meet this growing and unmet demand. Our outcomes-driven strategy is focused on enabling millions of students globally to prosper and
thrive in the dynamic and evolving knowledge economy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
1999, we made our first investment in higher education and, since that time, we have developed into the global leader in higher education, based on the number of students,
institutions and countries </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>107</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=117,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1046592,FOLIO='107',FILE='DISK112:[12ZBH3.12ZBH43513]DA43513A.;48',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_da43513_1_108"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>making
up our network. Our global network of 71 institutions comprises 59&nbsp;institutions we own or control, and an additional 12 institutions that we manage or with which we have other
relationships. We have four reporting segments as described below. We group our institutions by geography in Latin
America ("LatAm"), Europe ("Europe") and Asia, Middle East and Africa ("AMEA") for reporting purposes. Our Global Products and Services segment ("GPS") includes our fully online institutions and our
campus-based institutions in the United States. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Segments  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;2, 2016, we announced a change to our operating segments in order to align our structure more geographically. Our
institution in Italy, NABA, including Domus Academy, moved from our&nbsp;GPS segment into our Europe segment. MDS, located in New Zealand, moved from our&nbsp;GPS segment into our AMEA segment.
Our&nbsp;GPS segment now focuses on Laureate's fully online global operations and on its campus-based institutions in the United States. Our segment information for all periods presented has been
revised to reflect this change. We determine our operating segments based on information utilized by our chief operating decision maker to allocate resources and assess performance. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
LatAm segment includes institutions in Brazil, Chile, Costa Rica, Honduras, Mexico, Panama and Peru and has contractual relationships with a licensed institution in Ecuador. The
institutions generate revenues by providing an education that emphasizes professional-oriented fields of study with undergraduate and graduate degree programs in a wide range of disciplines. The
programs at these institutions are mainly campus-based and are primarily focused on local students. In addition, the institutions in our LatAm segment have begun introducing online and hybrid (a
combination of online and in-classroom) courses and programs to their curriculum. Brazil and Chile have government-supported financing programs, while in other countries students generally finance
their own education. Tuition and expenses per student are less than in the Europe and&nbsp;GPS segments, but the volume of enrollments is higher. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Europe segment includes institutions in Cyprus, Germany, Italy, Morocco, Portugal, Spain and Turkey. The institutions generate revenues by providing professional-oriented fields of
study with undergraduate and graduate degree programs in a wide variety of disciplines. The programs at these institutions are mainly campus-based, but several institutions have begun to introduce
online and hybrid programs. While a higher percentage of the eligible population in Europe participates in higher education than in LatAm, Europe's population is older and growing more slowly than in
the countries in our LatAm and AMEA segments. The greater availability in these locations of established, and in some instances nearly free, public universities results in a more competitive market
for increased and sustained enrollments. The institutions in this segment enroll local and international students. As most countries in the Europe segment do not have government financing for private
education, most students finance their own education. Tuition and expenses per student are higher, with lower enrollment than in our LatAm and AMEA segments. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AMEA segment consists of campus-based institutions with operations in Australia, China, India, Malaysia, New Zealand, South Africa and Thailand. AMEA also manages nine licensed
institutions in
the Kingdom of Saudi Arabia and manages one additional institution in China through a joint venture arrangement. The programs at these institutions generate revenues by providing an education that
emphasizes professional-oriented fields of study with undergraduate and graduate degree programs in a wide range of disciplines. The programs at these institutions are mainly campus-based and are
primarily focused on local students. In certain markets in the AMEA segment there are various forms of government-supported student financing programs; however, most students finance their own
education. The AMEA segment has a combination of fast growing economies, such as China and Malaysia. Tuition and expenses per student are less than in our Europe and&nbsp;GPS segments. In the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>108</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=118,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=126658,FOLIO='108',FILE='DISK112:[12ZBH3.12ZBH43513]DA43513A.;48',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_da43513_1_109"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kingdom
of Saudi Arabia, the government awarded us contracts with 11 licensed institutions, including eight under the Colleges of Excellence program. The contracts are each five years in length, and
we may apply for renewal with the government upon expiration of each contract. The first contract, under which we provide services to approximately 300 students, expired in October 2015; however, it
was renewed on a temporary basis. The board of directors of Riyadh Polytechnic Institute recently decided to end operations at that institution by July 2017. Two of the remaining contracts ended
during the second quarter of 2016 and will not be renewed. Four of the contracts for the Colleges of Excellence will expire in August 2018 and four will expire in August 2019. Accordingly, as of
September&nbsp;30, 2016, we manage nine licensed institutions under these contracts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The&nbsp;GPS
segment includes our fully online institutions operating globally and our U.S. campus-based institutions. The&nbsp;GPS segment provides professional-oriented fully
online degree programs in the United States offered through Walden University, a U.S.-based accredited institution, and through the University of Liverpool and the University of Roehampton in the
United Kingdom. Additionally, within the&nbsp;GPS segment we have smaller campus-based institutions in the United States. The online institutions primarily serve working adults with undergraduate
and graduate degree programs, while the campus-based institutions primarily serve traditional students seeking undergraduate and graduate degrees. Students in the United States finance their education
in a variety of ways, including Title IV programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
is a non-operating business unit whose purpose is to support operations. Its departments are responsible for establishing operational policies and internal control standards;
implementing strategic initiatives; and monitoring compliance with policies and controls throughout our operations. Our Corporate segment is an internal source of capital and provides financial, human
resource, information technology, insurance, legal and tax compliance services. The Corporate segment also contains the eliminations of inter-segment revenues and expenses. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following information for our operating segments is presented as of September&nbsp;30, 2016, except where otherwise indicated: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>LatAm </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Europe </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMEA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>GPS </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Countries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Institutions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>71</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enrollments (rounded to nearest thousand)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>834,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>86,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>73,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,047,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LTM ended September&nbsp;30, 2016 Revenues ($&nbsp;in&nbsp;millions)&#135;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,378.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>496.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>419.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>939.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,218.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>% Contribution to LTM ended September&nbsp;30, 2016 Revenues&#135;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#135;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
elimination of inter-segment revenues and amounts related to Corporate, which total $15.7&nbsp;million, is not separately presented. </FONT></DD></DL>
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Challenges  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our global operations are subject to complex business, economic, legal, political, tax and foreign currency risks, which may be
difficult to adequately address. The majority of our operations are outside the United States. As a result, we face risks that are inherent in international operations, including:&nbsp;fluctuations
in exchange rates, possible currency devaluations, inflation and hyperinflation; price controls and foreign currency exchange restrictions; potential economic and political instability in the
countries in which we operate; expropriation of assets by local governments; key political elections and changes in government policies; multiple and possibly overlapping and conflicting tax laws; and
compliance with a wide variety of foreign laws. We plan to continue to grow our business globally by </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>109</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=119,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=649510,FOLIO='109',FILE='DISK112:[12ZBH3.12ZBH43513]DA43513A.;48',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_da43513_1_110"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>acquiring
or establishing private higher education institutions. Our success in growing our business will depend on the ability to anticipate and effectively manage these and other risks related to
operating in various countries. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Regulatory Environment  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business is subject to regulation by various agencies based on the requirements of local jurisdictions. These agencies continue to
review and update regulations as they deem necessary. We cannot predict the form of the rules that ultimately may be adopted in the future or what effects they might have on our business, financial
condition, results of operations and cash flows. We will continue to develop and implement necessary changes that enable us to comply with such regulations. See "Risk Factors&#151;Risks
Relating to Our Highly Regulated Industry in the United States," "Risk Factors&#151;Risks Relating to Our Business&#151;Our institutions are subject to uncertain and varying laws and
regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations," "Risk
Factors&#151;Risks Relating to Our Business&#151;Political and regulatory developments in Chile may materially adversely affect our operations" and "Industry Regulation" for a detailed
discussion of our different regulatory environments and Note&nbsp;19, Legal and Regulatory Matters, in our consolidated financial statements included elsewhere in this prospectus. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Key Business Metrics  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Enrollment  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enrollment is our lead revenue indicator and represents our most important non-financial metric. We define "enrollment" as the number
of students registered in a course on the last day of the enrollment reporting period. New enrollments provide an indication of
future revenue trends. Total enrollment is a function of continuing student enrollments, new student enrollments and enrollments from acquisitions, offset by graduations, attrition and enrollments
related to dispositions. Attrition is defined as a student leaving the institution before completion of the program. To minimize attrition, we have implemented programs that involve assisting students
in remedial education, mentoring, counseling and student financing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of our institutions has an enrollment cycle that varies by geographic region and academic program. During each academic year, each institution has a "Primary Intake" period in which
the majority of the enrollment occurs. Most institutions also have one or more smaller "Secondary Intake" periods. The first calendar quarter generally coincides with the Primary Intakes for our
institutions in Central America, the Andean Region, Brazil, Australia, New Zealand, South Africa and Saudi Arabia. The third calendar quarter generally coincides with the Primary Intakes for our
institutions in Mexico, Europe, China, India, Malaysia, Thailand and the&nbsp;GPS segment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following chart shows our enrollment cycles. Shaded areas in the chart represent periods when classes are generally in session and revenues are recognized. Areas that are not shaded
represent summer breaks during which revenues are not typically recognized. The large circles indicate the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>110</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=120,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=408465,FOLIO='110',FILE='DISK112:[12ZBH3.12ZBH43513]DA43513A.;48',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_da43513_1_111"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Primary
Intake start dates of our institutions, and the small circles represent Secondary Intake start dates. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g429324.jpg" ALT="GRAPHIC" WIDTH="652" HEIGHT="421">
  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Pricing  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continually monitor market conditions and carefully adjust our tuition rates to meet local demand levels. We proactively seek the
best price and content combinations to ensure that we remain competitive in all the markets in which we operate. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Principal Components of Income Statement  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Revenues  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tuition is the largest component of our revenues and we recognize tuition revenues on a weekly basis, as classes are being taught. The
amount of tuition generated in a given period depends on the price per credit hour and the total credit hours or price per program taken by the enrolled student population. Deferred revenue and
student deposits on our consolidated balance sheets consist of tuition paid prior to the start of academic sessions and unearned tuition amounts recorded as accounts receivable after an academic
session begins. The price per credit hour varies by program, by market, and by degree level. Additionally, varying levels of discounts and scholarships are offered depending on market-specific
dynamics and individual achievements of our students. Revenues are reported net of scholarships, other discounts, refunds, waivers and the fair value of any guarantees made by Laureate related to
student financing programs. In addition to tuition revenues, we generate other revenues from ancillary product sales, dormitory/residency fees, student fees and other education-related services. These
other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. The main drivers of changes in revenues between periods are student enrollment and
price. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>111</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=121,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=910633,FOLIO='111',FILE='DISK112:[12ZBH3.12ZBH43513]DA43513A.;48',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_da43513_1_112"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Direct Costs  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our direct costs include instructional and services expenses as well as marketing and promotional expenses. Our instructional and
services costs consist primarily of labor and operating costs associated with the delivery of services to our students, including the cost of wages, payroll taxes, and benefits for institution
employees, depreciation and amortization, rent, utilities and bad debt expenses. Marketing and promotional costs consist primarily of advertising expenses and labor
costs for marketing personnel at the institutions. In general, a significant portion of our direct costs tend to be variable in nature and trend with enrollment, and management continues to monitor
and improve the efficiency of instructional delivery. Conversely, as campuses expand, direct costs may grow faster than enrollment growth as infrastructure investments are made in anticipation of
future enrollment growth. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General and Administrative Expenses  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our general and administrative expenses primarily consist of costs associated with corporate departments, including executive
management, accounting, legal, business development and other departments that do not provide direct operational services. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Factors Affecting Comparability  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Acquisitions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our past experiences provide us with the expertise to further our mission of providing high-quality, accessible and affordable higher
education to students by expanding into new markets, primarily through acquisitions. Acquisitions affect the comparability of our financial statements from period to period. Acquisitions completed
during one period impact comparability to a prior period in which we did not own the acquired entity. Therefore, changes related to such entities are considered "incremental impact of acquisitions"
for the first 12&nbsp;months of our ownership. See Note&nbsp;4, Acquisitions, in our consolidated financial statements included elsewhere in this prospectus for details of our acquisitions and
other transactions. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dispositions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain strategic initiatives may include the sale of institutions such as the French Institution Sale and the Swiss Institution Sale.
Such dispositions affect the comparability of our financial statements from period to period. Dispositions completed during one period impact comparability to a prior period in which we owned the
divested entity. Therefore, changes related to such entities are considered "incremental impact of dispositions" for the first 12&nbsp;months subsequent to the disposition. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Foreign Exchange  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The majority of our institutions are located outside the United States. These institutions enter into transactions in currencies other
than the U.S. dollar ("USD") and keep their local financial records in a functional currency other than the USD. We monitor the impact of foreign currency movements and the correlation between the
local currency and the USD. Our revenues and expenses are generally denominated in local currency. The USD is our reporting currency and our subsidiaries operate in various other functional
currencies, including: Australian Dollar, Brazilian Real, Chilean Peso, Chinese Renminbi, Costa Rican Colon, Euro, Honduran Lempira, Indian Rupee, Malaysian Ringgit, Mexican Peso, Moroccan Dirham, New
Zealand Dollar, Peruvian Nuevo Sol, Polish Z&#322;oty, Saudi Riyal, South African Rand, Thai Baht and Turkish Lira. The principal foreign exchange exposure is the risk related to the
translation of revenues and expenses incurred in each country from the local currency into USD. For the years ended December&nbsp;31, 2013, December&nbsp;31, 2014, December&nbsp;31, 2015 and the
nine months and LTM ended September&nbsp;30, 2016, the impact of changing foreign currency exchange rates reduced </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>112</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=122,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=896700,FOLIO='112',FILE='DISK112:[12ZBH3.12ZBH43513]DA43513A.;48',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_da43513_1_113"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>consolidated
revenues by approximately $54&nbsp;million, $225&nbsp;million, $689&nbsp;million, $181&nbsp;million and $397&nbsp;million, respectively, as compared to the comparable preceding
period. For the years ended December&nbsp;31, 2013, December&nbsp;31, 2014, December&nbsp;31, 2015 and the nine months and LTM ended September&nbsp;30, 2016, the impact of changing foreign
currency exchange rates reduced consolidated Adjusted EBITDA by approximately $8&nbsp;million, $46&nbsp;million, $142&nbsp;million, $6&nbsp;million and $61&nbsp;million, respectively, as
compared to the comparable preceding period. We experienced a proportionally greater negative impact related to the years ended December&nbsp;31, 2014 and December&nbsp;31, 2015 and the first half
of 2016, which resulted from the significant weakening against the U.S. dollar experienced by most currencies where we have significant operations, which began in the second half of 2014. See "Risk
Factors&#151;Risks Relating to Our Business&#151;Our reported revenues and
earnings may be negatively affected by the strengthening of the U.S. dollar and currency exchange rates." </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Seasonality  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most of the institutions in our network have a summer break during which classes are generally not in session and minimal revenues are
recognized. In addition to the timing of summer breaks, holidays such as Easter also have an impact on our academic calendar. Operating expenses, however, do not fully correlate to the enrollment and
revenue cycles, as the institutions continue to incur expenses during summer breaks. Given the geographic diversity of our institutions and differences in timing of summer breaks, our second and
fourth quarters are stronger revenue quarters as the majority of our institutions are in session for most of these respective quarters. Our first and third fiscal quarters are weaker revenue quarters
because the majority of our institutions have summer breaks for some portion of one of these two quarters. Due to this seasonality, revenues and profits in any one quarter are not necessarily
indicative of results in subsequent quarters and may not be correlated to new enrollment in any one quarter. For a discussion of our revenue recognition accounting policy, see Note&nbsp;2,
Significant Accounting Policies, in our consolidated financial statements included elsewhere in this prospectus. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Income Tax Expense  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our consolidated income tax provision is derived based on the combined impact of federal, state and foreign income taxes. The tax
provisions for the nine months ended September&nbsp;30, 2016 and 2015 were based on estimated full-year effective tax rates that incorporate the forecasted earnings for the various jurisdictions and
tax-paying and tax-exempt entities within our organizational structure, as well as significant discrete items related to the interim periods. Laureate has operations in multiple countries, many of
which have statutory tax rates lower than the United States. Generally, lower tax rates in these foreign jurisdictions, along with Laureate's intent and ability to indefinitely reinvest foreign
earnings outside of the United States, results in an effective tax rate lower than the statutory rate in the United States. Further, discrete items can arise in the course of our operations that can
further impact the Company's effective tax rate for the period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
tax rate fluctuates from period to period due to changes in the forecasted mix of earnings between our tax-paying entities, our tax-exempt entities and our loss-making entities for
which it is not more likely than not that a tax benefit will be realized on the loss. Before the impact of discrete items, the estimated annual tax expense for the nine months ended
September&nbsp;30, 2016 was $82.7&nbsp;million. The pre-tax result from our profitable entities for the nine months ended September&nbsp;30, 2016 was $452.0&nbsp;million. For comparison,
before the impact of discrete items, the estimated annual tax expense for the nine months ended September&nbsp;30, 2015 was $75.1&nbsp;million. The pre-tax result from our profitable
entities for the nine months ended September&nbsp;30, 2015 was $229.0&nbsp;million. A significant driver of the lower tax expense as compared to pre-tax income is the non-taxable gain on the sale
of certain operations in Europe that is included in pre-tax income. After consideration of year-to-date discrete events, of which the material events are discussed below in "&#151;Results of
Operations," our year-to-date tax expense was $35.2&nbsp;million. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>113</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=123,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=647133,FOLIO='113',FILE='DISK112:[12ZBH3.12ZBH43513]DA43513A.;48',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_da43513_1_114"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Internal Control over Financial Reporting  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have identified material weaknesses that existed as of December&nbsp;31, 2015 and/or September&nbsp;30, 2016. A material
weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or
interim consolidated financial statements will not be prevented or detected on a timely basis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, we identified a material weakness in our internal control over financial reporting related to inadequate controls over key reports and spreadsheets.
Specifically, we did not design adequate controls to address the completeness and accuracy of key reports and key spreadsheets. This material weakness, in combination with other prior material
weaknesses, contributed to a revision to our audited financial statements for the year ended December&nbsp;31, 2013. This material weakness could result in additional misstatements to the accounts
and disclosures that would result in a material misstatement of our consolidated financial statements that would not be prevented or detected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016, we identified three additional material weaknesses, as follows:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We identified a material weakness in our risk assessment process, which we determined was not operating adequately to identify and
address the risks to our business and to establish appropriate control objectives given the environment in which we operate and the decentralized structure used to manage our operating activities.
This material weakness in our risk assessment process was a factor contributing to two additional material weaknesses which we have further described below: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We identified a material weakness in that we did not appropriately assess the risks relating to our contracting processes
and did not have controls that were properly designed or operating effectively to detect and prevent fraud. Specifically, our controls over contracting processes were not designed or operating
effectively to incorporate appropriate levels of due diligence, requisite management approvals, segregation of duties or ongoing monitoring. This material weakness allowed for the occurrence of the
incident in our network institution in Turkey as discussed in "Industry Regulation&#151;Turkish Regulation and Internal Investigation," as well as certain other contracting irregularities at
other network institutions that also necessitated an internal investigation. This control deficiency could result in material misstatements of the accounts and disclosures that would result in a
material misstatement of our consolidated financial statements that would not be prevented or detected.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We identified a material weakness in that we did not maintain effective controls over the operating effectiveness of
information technology ("IT") general controls for information systems that are relevant to the preparation of our financial statements. Specifically we did not:
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>maintain
program change management controls to ensure that IT program and data changes affecting financial IT applications and underlying accounting records
are identified, tested, authorized and implemented appropriately;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>maintain
user access controls to ensure appropriate segregation of duties and that access to financial applications and data is adequately restricted to
appropriate personnel; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>maintain
computer operations controls to ensure that privileges are appropriately granted, and data backups are authorized and monitored. </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>114</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=124,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=858956,FOLIO='114',FILE='DISK112:[12ZBH3.12ZBH43513]DA43513A.;48',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_da43513_1_115"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>
</UL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>These
IT deficiencies did not result in a material misstatement to the financial statements, however, the deficiencies, when aggregated, could impact the effectiveness of IT-dependent controls (such
as automated controls that address the risk of material misstatement to one or more assertions, along with the IT controls and underlying data that support the effectiveness of system-generated data
and reports) that could result in misstatements potentially affecting all financial statement accounts and disclosures that would not be prevented or detected in a timely manner. </FONT></P>

</UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have commenced the remediation of each of these material weaknesses, including making significant investments to develop training programs for our global organization, changing the
organizational design and upgrading the qualifications of personnel where necessary, and designing and implementing improved processes and internal controls, some of which are manual. We have begun an
enterprise-wide risk assessment whereby risks throughout the organization will be identified, assessed and prioritized. This enterprise-wide risk assessment will be periodically updated and leveraged
as an ongoing mechanism to manage the broad set of risks the Company faces. We will leverage the results of this entity-wide risk assessment as input for the determination of future initiatives and to
tailor our future activities around the implementation assessment, and monitoring of internal controls for all entities, including VIEs. We have also commenced a remediation process that includes,
among other things, enhancement of our contract management policy, communication and training on the enhanced policy, and increased oversight. We are in the process of ensuring that the design of our
policies and procedures have been fully implemented and are operational, including monitoring of access, change management and segregation of duties relating to IT development and production roles. We
are in the process of designing and implementing procedures to address the design deficiencies relating to the completeness and accuracy of our key reports and spreadsheets. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the remediation actions discussed above, we are continuing with our ongoing EiP initiative, which is anticipated to be completed by the end of 2017 and includes
implementing a global enterprise resource planning system and completing the vertical integration of our finance organization through the establishment of regional SSOs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
efforts to remediate these material weaknesses may not be effective or prevent any future material weakness in our internal control over financial reporting. See "Risk
Factors&#151;Risks Relating to Our Business&#151;We currently have four material weaknesses in our internal control over financial reporting that, if not corrected, could result in
material misstatements of our financial statements," and "Risk Factors&#151;Risks Relating to Our
Business&#151;If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be materially adversely affected." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a public company, we will be required to devote significant resources to complete the assessment and documentation of our internal control over financial reporting under
Section&nbsp;404 of the Sarbanes-Oxley Act, including an assessment of the design, implementation and operating effectiveness of our information systems associated with our internal control over
financial reporting. We will incur material costs to remediate the material weaknesses described above, as well as ensuring compliance with Section&nbsp;404 of the Sarbanes-Oxley Act. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Results of Operations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion of the results of our operations is organized as follows:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Summary Comparison of Consolidated Results </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Non-GAAP Financial Measure</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Segment Results </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>115</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=125,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=273086,FOLIO='115',FILE='DISK112:[12ZBH3.12ZBH43513]DA43513A.;48',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_da43513_1_116"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Summary Comparison of Consolidated Results for the Nine Months Ended September&nbsp;30, 2016
and 2015  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Discussion of Significant Items Affecting the Consolidated Results for the Nine Months Ended
September&nbsp;30, 2016 and 2015  </I></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Nine Months Ended September&nbsp;30, 2016  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;14, 2016, we sold the operations of Glion in Switzerland and the United Kingdom, and the operations of Les Roches in
Switzerland and the United States, as well as Haute &eacute;cole sp&eacute;cialis&eacute;e Les Roches-Gruy&egrave;re&nbsp;SA ("LRG") in Switzerland, Les Roches Jin
Jiang in China, Royal Academy of Culinary Arts ("RACA") in Jordan and Les Roches Marbella in Spain, which resulted in a gain on sale of approximately $249.1&nbsp;million. This gain is included in
other non-operating income in the tables below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;20, 2016, we sold the operations of &Eacute;cole Sup&eacute;rieure du Commerce Ext&eacute;rieur ("ESCE"), Institut Fran&ccedil;ais de
Gestion ("IFG"), European Business School ("EBS"), &Eacute;cole Centrale d'Electronique ("ECE"), and Centre d'&Eacute;tudes Politiques et de la Communication ("CEPC"), which resulted
in a gain on sale of approximately $149.0&nbsp;million. This gain is included in other non-operating income in the tables below. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Nine Months Ended September&nbsp;30, 2015  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;5, 2015, we completed the sale of our interest in HSM Group Management Focus Europe Global S.L. ("HSM"). We recognized
a net gain of $2.0&nbsp;million in equity in net income of affiliates, net of tax, for the nine months ended September&nbsp;30, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the nine months ended September&nbsp;30, 2015, we reassessed our position regarding certain ongoing Spanish tax audits and, as a result of recent adverse decisions from the
Spanish Supreme Court and Spanish National Court on cases for taxpayers with similar facts, it was determined that we could no longer support a more-likely-than-not position and thus recorded a
provision of $42.1&nbsp;million relating to these tax audits. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Consolidated Results for the Nine Months Ended September&nbsp;30, 2016 and
2015  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents our operating results for the nine months ended September&nbsp;30, 2016 and 2015: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change<BR>
Better/(Worse)<BR>
2016 vs. 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,068.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,141.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,697.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,795.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General and administrative expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>158.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>134.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>211.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>212.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense, net of interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(301.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(290.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other non-operating income (expense)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>452.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(142.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations before income taxes and equity in net income of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>362.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(220.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(35.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(81.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in net income of affiliates, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>330.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
nm&#151;percentage changes not meaningful </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>116</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=126,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=69067,FOLIO='116',FILE='DISK112:[12ZBH3.12ZBH43513]DA43513A.;48',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dc43513_1_117"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Consolidated Results for the Nine Months Ended September&nbsp;30, 2016 to the
Nine Months Ended September&nbsp;30, 2015  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Revenues</I></FONT><FONT SIZE=2> decreased by $72.9&nbsp;million to $3,068.3&nbsp;million for the nine
months ended September&nbsp;30, 2016 (the "2016 fiscal period") from $3,141.2&nbsp;million for the nine months ended September&nbsp;30, 2015 (the "2015 fiscal period"). This revenue decrease was
driven by the effect of a net change in foreign currency exchange rates, which decreased revenues by $181.0&nbsp;million and the incremental impact of dispositions which reduced revenue by
$57.3&nbsp;million. Partially offsetting this decrease in revenues was the incremental impact of acquisitions, which increased revenues by $3.4&nbsp;million, and increased average total enrollment
at a majority of our institutions, which increased revenues by $87.5&nbsp;million. The effect of changes in tuition rates and enrollments in programs at varying price points ("product mix"), pricing
and timing resulted in a $77.9&nbsp;million increase in revenues compared to the 2015 fiscal period; this increase was net of a negative impact to revenues of approximately $18.0&nbsp;million that
occurred as a result of class disruptions at two of our institutions in Chile during a nationwide student protest that lasted several weeks. The protest began in the second quarter of 2016 and ended
in July 2016. The disrupted classes are anticipated to be fully complete before the end of the year. Other Corporate changes accounted for a decrease in revenues of $3.4&nbsp;million. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Direct costs and general and administrative expenses combined</I></FONT><FONT SIZE=2> decreased by $72.7&nbsp;million to $2,856.4&nbsp;million for the 2016
fiscal period from $2,929.1&nbsp;million for the 2015 fiscal period. The direct costs decrease was due to the effect of a net change in foreign currency exchange rates, which decreased costs by
$188.4&nbsp;million for the 2016 fiscal period compared to the 2015 fiscal period. In the 2016 fiscal period, the incremental impact of dispositions decreased costs by $62.5&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offsetting
these direct cost decreases was the incremental impact of acquisitions, which increased costs by $2.2&nbsp;million, and overall higher enrollments and expanded operations
which increased costs by $156.5&nbsp;million. Acquisition-contingent liabilities for taxes other than income tax, net of changes in recorded indemnification assets increased direct costs by
$8.8&nbsp;million in the 2016 fiscal period and increased direct costs by $2.3&nbsp;million in the 2015 fiscal period, increasing expenses by $6.5&nbsp;million in the 2016 fiscal period compared
to the 2015 fiscal period. Other Corporate expenses accounted for an increase in costs of $13.0&nbsp;million in the 2016 fiscal period compared to the 2015 fiscal period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Operating income</I></FONT><FONT SIZE=2> decreased by $0.1&nbsp;million to $211.9&nbsp;million for the 2016 fiscal period from $212.0&nbsp;million for the
2015 fiscal period. The increase in operating income was the result of increased operating income in our&nbsp;GPS, Europe and LatAm segments, partially offset by decreased operating income in our
AMEA and Corporate segments. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Interest expense, net of interest income</I></FONT><FONT SIZE=2> increased by $10.9&nbsp;million to $301.1&nbsp;million for the 2016 fiscal period from
$290.2&nbsp;million for the 2015 fiscal period. The increase in interest expense was primarily attributable to higher interest rates on our outstanding debt balances, partially offset by lower
average balances outstanding during the 2016 fiscal period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Other non-operating income (expense)</I></FONT><FONT SIZE=2> increased by $594.1&nbsp;million to income of $452.1&nbsp;million for the 2016 fiscal period from
expense of $142.0&nbsp;million for the 2015 fiscal period. This increase was primarily attributable to a gain on sales of subsidiaries in the 2016 fiscal period of $398.4&nbsp;million and a gain
on foreign currency exchange in the 2016 fiscal period compared to a loss in the 2015 fiscal period for a change of $219.7&nbsp;million. This change was partially offset by an increase in the loss
on debt extinguishment recognized in the 2016 fiscal period compared to the 2015 fiscal period of $16.1&nbsp;million, increased loss on derivative instruments of $5.6&nbsp;million in the 2016
fiscal period compared to the 2015 fiscal period and a change in other non-operating income (expense) of $2.3&nbsp;million in the 2016 fiscal period compared to the 2015 fiscal period. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Income tax expense</I></FONT><FONT SIZE=2> decreased by $46.4&nbsp;million to $35.2&nbsp;million for the 2016 fiscal period from $81.6&nbsp;million for the
2015 fiscal period. The year-over-year decrease in expense was primarily the result of recognizing a contingent liability in 2015 of $42.1&nbsp;million related to the Spanish tax audits. In </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>117</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=127,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=688343,FOLIO='117',FILE='DISK112:[12ZBH3.12ZBH43513]DC43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dc43513_1_118"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>addition,
the 2016 fiscal period had a discrete benefit of $7.9&nbsp;million related to the deferred taxes included within the accounting for the sale of the hospitality management schools, and a
release of an income tax contingency related to Peru of $21.2&nbsp;million. There was also a change in the mix of pre-tax book income attributable to taxable entities, tax-exempt entities, and
loss-making entities for which no tax benefit can be derived among various taxing jurisdictions, partially offsetting the decreases above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Equity in net income of affiliates, net of tax</I></FONT><FONT SIZE=2> decreased by $2.1&nbsp;million to $0.0&nbsp;million for the 2016 fiscal period from
$2.1&nbsp;million for the 2015 fiscal period. We recognized a net gain on the sale of HSM for $2.0&nbsp;million in the 2015 fiscal period. Other equity-method investments resulted in a change of
$0.1&nbsp;million for the 2016 fiscal period compared to the 2015 fiscal period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Net loss attributable to noncontrolling interests</I></FONT><FONT SIZE=2> increased by $2.7&nbsp;million to $2.8&nbsp;million for the 2016 fiscal period from
$0.1&nbsp;million for the 2015 fiscal period. The increase primarily related to increased net loss at Obeikan, decreased net income at St.&nbsp;Augustine as a result of acquiring the remaining
noncontrolling interest in 2016, and a change from net income to net loss at Pearl Academy. These increases were partially offset by changes from net loss to net income at HIEU and the closure of
National Hispanic University ("NHU") in August 2015, which had losses in the 2015 fiscal period. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Summary Comparison of Consolidated Results for the Years Ended December&nbsp;31, 2015, 2014
and 2013  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Discussion of Significant Items Affecting the Consolidated Results for the Years Ended
December&nbsp;31, 2015, 2014 and 2013  </I></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Year Ended December&nbsp;31, 2015  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;5, 2015, we completed the sale of our interest in HSM. We recognized a net gain of $2.0&nbsp;million in equity in net
income (loss) of affiliates, net of tax, for the year ended December&nbsp;31, 2015. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the quarter ended June&nbsp;30, 2015, we reassessed our position regarding certain ongoing Spanish tax audits and, as a result of recent adverse decisions from the Spanish
Supreme Court and Spanish National Court on cases for taxpayers with similar facts, it was determined that we could no longer support a more-likely-than-not position and thus recorded a provision of
$42.1&nbsp;million relating to these tax audits. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fiscal reform that was enacted in Mexico in December 2013 subjects our Mexico entities to corporate income tax and also requires them to comply with profit-sharing legislation,
whereby 10% of the taxable income of our Mexican entities will be set aside as employee compensation. In 2013, we established an asset for a deferred benefit related to this matter. During 2014, we
revised our estimate regarding the realizability of this asset and, accordingly, recorded a net decrease in operating expense for the year ended December&nbsp;31, 2014 of $22.8&nbsp;million.
During 2015, we revised our estimate regarding the realizability of this asset and, accordingly, recorded a net increase in operating expense for the year ended December&nbsp;31, 2015 of
$0.9&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fourth quarter of 2015, we approved a plan of restructuring, which primarily included workforce reductions in order to reduce operating costs in response to overcapacity at
certain locations. We incurred employee termination costs of $15.5&nbsp;million resulting from a reduction in force at certain locations, including $5.4&nbsp;million in our LatAm segment,
$4.1&nbsp;million in our Europe segment, $2.5&nbsp;million in our AMEA segment, $3.2&nbsp;million in our&nbsp;GPS segment and $0.3&nbsp;million incurred at Corporate. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Year Ended December&nbsp;31, 2014  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the first quarter of 2014, we announced the beginning of a teach-out process at NHU, an institution in our&nbsp;GPS segment that
closed in August 2015, and will no longer enroll new students. In </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>118</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=128,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=20011,FOLIO='118',FILE='DISK112:[12ZBH3.12ZBH43513]DC43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dc43513_1_119"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>connection
with this teach-out, we recorded direct costs of $6.6&nbsp;million for 2014 to ensure an orderly and successful transition for our students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the second quarter of 2014, corporate expenses were reduced by $3.4&nbsp;million related to proceeds received from the settlement of earthquake-related insurance claims. In the
fourth quarter of 2014, corporate expenses were further reduced by $1.4&nbsp;million related to additional proceeds received from the settlement of earthquake-related insurance claims. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
recorded a loss on disposal of property of $4.4&nbsp;million at HIEU, an institution in our AMEA segment, to write off the carrying value of several parcels of land for which it no
longer has land use rights. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the second quarter of 2014, we recorded a benefit to direct costs of $11.3&nbsp;million in our LatAm segment related to the settlement of a pre-acquisition loss contingency after
receiving a favorable court ruling with respect to the use of grant funds by the prior owners of Universidade Anhembi Morumbi ("UAM Brazil"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the second quarter of 2014, we determined it was probable that performance targets would be achieved for contingent consideration payable under the terms of the 2013 purchase
agreement for THINK: Education Group Pty.&nbsp;Ltd. ("THINK"), an institution in our AMEA segment, therefore we accrued this contingent consideration at its estimated fair value of
$3.8&nbsp;million, which we charged to operating expenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the third quarter of 2014, an entity in the Kingdom of Saudi Arabia in our AMEA segment recorded a benefit to direct costs of $2.8&nbsp;million, primarily related to cash payments
received for fully reserved receivables. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2014, we incurred employee termination costs of $18.0&nbsp;million resulting from a reduction in force at certain locations, including $11.5&nbsp;million in our LatAm segment,
$4.7&nbsp;million in our Europe segment and $1.8&nbsp;million in our&nbsp;GPS segment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2014, we reached an arbitration settlement related to certain indemnification claims with the former owners of an institution in Brazil and recorded a gain of $6.7&nbsp;million in
our LatAm segment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fourth quarter of 2014, we recorded an operating expense of $18.0&nbsp;million for a donation to a foundation for an initiative supported by the Turkish government. This
donation was made by our network institution in Turkey to support our ongoing operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2013, we recorded a liability of $11.8&nbsp;million for a social security tax matter in our Europe segment for the years 2009 through 2012. In 2014, we reversed
$2.1&nbsp;million of the social security tax liability due to statute of limitations expirations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fiscal reform that was enacted in Mexico in December 2013 subjects our Mexico entities to corporate income tax and also requires them to comply with profit-sharing legislation,
whereby 10% of the taxable income of our Mexican entities will be set aside as employee compensation. In 2013, we had established an asset for a deferred benefit related to this matter. During 2014,
we revised our estimate regarding the realizability of this asset and, accordingly, recorded a net decrease in operating expense for the year ended December&nbsp;31, 2014 of $22.8&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Impairment  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2014, we recorded a total impairment loss of $125.8&nbsp;million. Tradenames were impaired in the aggregate amount of
$47.7&nbsp;million related to two Chilean institutions in our LatAm segment. Also in our LatAm segment, goodwill was impaired in the amount of $77.1&nbsp;million, which related to our institutions
in Costa Rica, Honduras, and Panama. Our LatAm and&nbsp;GPS segments recorded impairments of long-lived assets of $0.7&nbsp;million and $0.1&nbsp;million, respectively. Our Europe segment
recorded impairments of deferred costs of $0.3&nbsp;million. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>119</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=129,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=754500,FOLIO='119',FILE='DISK112:[12ZBH3.12ZBH43513]DC43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dc43513_1_120"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDLA
Chile recorded impairment of $16.4&nbsp;million for tradenames. This is an additional impairment to the charge taken in 2013. The primary driver for this additional charge was the
secondary intake of enrollment that occurred during the third quarter of 2014, which provided us with additional information regarding the projected financial performance of UDLA Chile and that
indicated that the financial impact of the loss of accreditation was larger than initially estimated. UNAB recorded an impairment charge for tradenames of $31.3&nbsp;million that resulted from our
expectation of reduced margins and lower pricing. The lower projections reflect weaker operating performance compared to the prior long-range plan, combined with reduced expectations as a result of a
regulatory environment that favors public rather than private supply in higher education. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
goodwill impairment of $77.1&nbsp;million in LatAm at our institutions in Costa Rica, Honduras, and Panama can be attributed to a weaker long-range outlook as compared to the
assumptions contained in the models previously used to value the intangible assets. The primary driver of this weaker outlook is a shortfall in 2014 enrollments which has caused us to decrease our
long-term enrollment projections. The softened enrollment outlook has also resulted in pricing pressure on revenue. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Year Ended December&nbsp;31, 2013  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second half of 2010, Ecuador adopted a new higher education law that, upon its implementation, required us to modify the
governance structure of our institution in that country. While the constitutionality of certain provisions of the higher education law is currently being challenged in Ecuador's court system, the law
has been implemented. In the fourth quarter of 2012, the CES, the relevant regulatory body, commenced reviewing and issuing comments on bylaws submitted by other Ecuadorian higher education
institutions, implementing and enforcing the co-governance provisions of the new law. In accordance with ASC 810-10-15-10, we believed that control no longer resided with Laureate given the
governmentally imposed uncertainties. As a result, UDLA Ecuador was deconsolidated in the fourth quarter of 2012. As a result of the deconsolidation, the net reduction in consolidated revenues for
2013 was $20.8&nbsp;million, consisting of a decrease in the LatAm segment of $28.7&nbsp;million, partially offset by an increase of $7.9&nbsp;million in corporate and eliminations from royalty
revenues and other support charges recognized for 2013. Additionally, direct costs in the LatAm segment decreased by $16.2&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;18, 2013, we borrowed an additional $250.0&nbsp;million in term loans under our Senior Secured Credit Facilities. This additional amount was issued at an original
debt discount of $1.3&nbsp;million, and we paid debt issuance costs of $2.9&nbsp;million, all of which was amortized to interest expense over the term of the loan. On December&nbsp;16, 2013, we
borrowed an additional $200.0&nbsp;million in term loans under our Senior Secured Credit Facilities. This additional loan was issued at a discount of $0.5&nbsp;million, and we paid debt issuance
costs of $2.2&nbsp;million, all of which was amortized to interest expense over the term of the loan. Additionally, third-party costs of $1.5&nbsp;million were charged to general and
administrative expenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;23, 2013, we sold Universidad Del Desarrollo Professional, SC ("UNIDEP") for approximately $40.6&nbsp;million and recognized a gain on the sale of
$4.4&nbsp;million, net of income tax expense of $1.9&nbsp;million in the consolidated statement of operations. UNIDEP was classified as a discontinued operation in the consolidated financial
statements included elsewhere in this prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the first quarter of 2013, a university in our Europe segment sold non-operating assets for $4.1&nbsp;million and recognized a gain on the sale of $3.9&nbsp;million in other
(expense) income, net in the consolidated statement of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
planned March 2013 opening of a new campus building at UNAB in our LatAm segment was delayed, resulting in the need to relocate students to temporary facilities until the building
was completed. During 2013, we incurred $6.2&nbsp;million of expenses to rent the temporary facilities and operate them as classrooms. This also caused a delay to the start of the 2013 academic
calendar year </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>120</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=130,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1041278,FOLIO='120',FILE='DISK112:[12ZBH3.12ZBH43513]DC43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dc43513_1_121"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>for
these students. As a concession for the inconvenience experienced by the students who were affected, we agreed to a one-time settlement in the form of discounts on those students' tuition. This
settlement was recognized as a reduction of revenues and totaled $10.1&nbsp;million for the year ended December&nbsp;31, 2013. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2013, we recorded an accrual of $11.8&nbsp;million for a social security tax matter for the years 2009 through 2012 in our Europe segment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;23, 2013, we borrowed an additional $310.0&nbsp;million in term loans under our Senior Secured Credit Facilities. This additional amount was issued at a premium of
$1.6&nbsp;million, and we paid debt issuance costs of $3.9&nbsp;million, both of which will be amortized to interest expense over the term of the loan. Additionally, third-party costs of
$0.4&nbsp;million were charged to general and administrative expenses. The proceeds from this borrowing were used to repay all of the outstanding senior subordinated notes (the "Senior Subordinated
Notes"). We paid a total of $17.1&nbsp;million of tender premiums and fees and call premiums which were capitalized as debt issuance costs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2013, we exited a leased facility at one institution in our Europe segment and as a result received an early termination settlement of $4.8&nbsp;million, which decreased direct
costs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2012, we recorded an accrual for a tax contingency in Brazil, as discussed further below. During 2013, we settled this Brazil tax contingency and recorded additional expense of
$3.8&nbsp;million in direct costs in our LatAm segment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the third quarter of 2013, we wrote down our investment in HSM of $3.1&nbsp;million to a carrying value of zero, which resulted in a charge to equity in net income (loss) of
affiliates, net of tax for the year ended December&nbsp;31, 2013. We concluded that the impairment in the value of its investment in HSM was other than temporary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;20, 2013, we acquired the remaining 80% interest of THINK and remeasured our equity method investment in THINK to a fair value of approximately $18.5&nbsp;million,
recording a non-operating gain of $5.9&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the fiscal reform enacted in Mexico in December 2013, we recorded a net increase in operating expense for the year ended December&nbsp;31, 2013 of $8.4&nbsp;million in
our LatAm segment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2013, we recorded a $2.5&nbsp;million gain on the termination of a sale-leaseback arrangement in our Europe segment. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Impairment  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2013, we recorded a total impairment loss of $33.6&nbsp;million. Tradenames were impaired in the aggregate amount of
$25.7&nbsp;million related to institutions in our LatAm, Europe and&nbsp;GPS segments, which recorded impairments of $22.0&nbsp;million, $1.1&nbsp;million and $2.6&nbsp;million,
respectively. Our AMEA segment recorded impairments of long-lived assets of $2.0&nbsp;million for certain buildings that were impaired in 2013. Our&nbsp;GPS segment also recorded impairments of
long-lived assets of $1.4&nbsp;million and impairments of other intangible assets of $4.5&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
impairment of tradenames in LatAm related to UDLA Chile. The primary driver for this charge was a reduction in this institution's projected revenue and income following UDLA Chile's
loss of accreditation, as discussed in Note&nbsp;2, Significant Accounting Policies, in our consolidated financial statements included elsewhere in this prospectus. The impairment charge was based
on management's best estimates using available and knowable information about the short and long term implications to the UDLA Chile financial forecast. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tradenames impairment of $1.1&nbsp;million in our&nbsp;Europe segment related to one institution in Italy. The impairment at the Italian institution resulted from our expectation
of reduced margins, as compared to the assumptions contained in the models previously used to value the intangible assets. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>121</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=131,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=87388,FOLIO='121',FILE='DISK112:[12ZBH3.12ZBH43513]DC43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dc43513_1_122"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>The
reduced margin expectations result primarily from the ongoing weakness in the European economies, which has caused pricing decreases at certain of the institutions included in this segment, as
well as enrollment declines as compared to the projections used to value the intangible assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tradenames impairment of $2.6&nbsp;million in our GPS segment related to two institutions in the United States. One of the institutions recorded a tradenames impairment of
$1.3&nbsp;million, which primarily resulted from our expectation of further reduced margins and cash flows as compared to our initial projections contained in the previous model used to value the
intangible assets at this institution during our 2012 impairment testing. These expectations of further reduced margins and cash flows were largely due to the poor economic conditions in the United
States, continued media focus on the cost of education as compared to earnings potential, as well as the regulatory environment, which are discussed in Note&nbsp;19, Legal and Regulatory Matters, in
our consolidated financial statements included elsewhere in this prospectus. All of these factors have caused us to reduce our expectation of future performance for this institution. In the first
quarter of 2014, one of our U.S. Institutions, NHU, decided to stop enrolling new students and teach out the existing cohort of students. This decision was driven in part by certain regulatory
changes. As a result, we have written off the entire tradenames value of $1.3&nbsp;million related to this institution. In addition, NHU, also wrote down capitalized curriculum, which is recorded in
deferred costs, net by $4.5&nbsp;million and software, which is recorded in property and equipment, by $1.3&nbsp;million, as it was determined that the curriculum and software cannot be
redeployed. There was also an impairment of other long-lived assets in the&nbsp;GPS segment of $0.1&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Consolidated Results for the Years Ended December&nbsp;31, 2015, 2014 and 2013  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents our operating results for the fiscal years ended December&nbsp;31, 2015, 2014 and 2013: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change Better/(Worse) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 vs. 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 vs. 2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,291.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,414.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,913.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,760.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,838.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,418.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General and administrative expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>194.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>151.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>141.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (29</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on impairment of assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>125.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>337.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>299.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>320.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense, net of interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(384.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(363.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(328.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other non-operating (expense) income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(152.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(137.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Loss) income from continuing operations before income taxes and equity in net income (loss) of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(200.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(201.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax (expense) benefit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(117.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(91.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>143</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in net income (loss) of affiliates, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>122</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from discontinued operations, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sales of discontinued operations, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(85.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (94</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (91</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net (income) loss attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (110</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (73</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(316.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(158.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(69.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (127</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:times;"><FONT SIZE=2>nm&#151;percentage
changes not meaningful  </FONT></P>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>122</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=132,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=212777,FOLIO='122',FILE='DISK112:[12ZBH3.12ZBH43513]DC43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dc43513_1_123"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Consolidated Results for the Year Ended December&nbsp;31, 2015 to the Year
Ended December&nbsp;31, 2014  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Revenues</I></FONT><FONT SIZE=2> decreased by $123.0&nbsp;million to $4,291.7&nbsp;million for the year
ended December&nbsp;31, 2015 from $4,414.7&nbsp;million for the year ended December&nbsp;31, 2014. This revenue decrease was driven by the effect of a net change in foreign currency exchange
rates, which decreased revenues by $688.9&nbsp;million. Partially offsetting this decrease in revenues was the overall increased average total enrollment at a majority of our institutions, which
increased revenues by $299.8&nbsp;million; the incremental impact of acquisitions, which increased revenues by $114.8&nbsp;million; and the effect of changes in product mix, pricing and timing,
which increased revenues by $151.9&nbsp;million. Other Corporate changes accounted for a decrease in revenues of $0.6&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Direct costs and general and administrative expenses combined</I></FONT><FONT SIZE=2> decreased by $34.7&nbsp;million to $3,954.7&nbsp;million for 2015 from
$3,989.4&nbsp;million for 2014. The direct costs decrease was due to the effect of a net change in foreign currency exchange rates, which decreased costs by $587.9&nbsp;million for 2015 compared
to 2014. During the fourth quarter of 2014, we recorded an operating expense of $18.0&nbsp;million for a donation to a foundation for an initiative supported by the Turkish government in our Europe
segment. Employee termination costs increased direct costs by $15.5&nbsp;million in 2015 and $18.0&nbsp;million in 2014, decreasing costs year-over-year by $2.5&nbsp;million. In connection with
a teach out at NHU, an institution in our&nbsp;GPS segment that closed in August 2015, we recorded costs of $6.6&nbsp;million in 2014 to ensure an orderly and successful transition for our
students. Additionally, in 2014, HIEU, an institution in our AMEA segment, recorded a $4.4&nbsp;million loss on disposal of property to write off the carrying value of several parcels of land for
which it no longer has land use rights. In 2014, we determined it was probable that THINK, an institution in our AMEA segment, would meet performance targets that were part of a share purchase
agreement and accrued for a contingent earn-out of $3.8&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offsetting
these direct cost decreases was the incremental impact of acquisitions, which increased costs by $110.4&nbsp;million and overall higher enrollments and expanded operations
which increased costs by $403.3&nbsp;million. Acquisition contingent liabilities for taxes other than income tax, net of changes in
recorded indemnification assets increased direct costs by $5.6&nbsp;million in 2015 and decreased direct costs by $4.6&nbsp;million in 2014, increasing expenses by $10.2&nbsp;million in 2015
compared to 2014. We recorded an increase in direct costs for a profit-sharing plan in Mexico of $0.9&nbsp;million in 2015 and a decrease in direct costs of $22.8&nbsp;million in 2014, increasing
costs by $23.7&nbsp;million in 2015 compared to 2014. Additionally during 2014, we recorded a benefit in our LatAm segment of $11.3&nbsp;million related to the settlement of a pre-acquisition loss
contingency after receiving a favorable court ruling. In 2014, we reached an arbitration settlement related to indemnification claims with the former owners of a university in Brazil in our LatAm
segment and recorded a gain of $6.7&nbsp;million. In 2014, an entity in the Kingdom of Saudi Arabia in our AMEA segment recorded a benefit of $2.8&nbsp;million, primarily related to cash payments
received for fully reserved receivables. In 2014, corporate expenses were reduced by $4.8&nbsp;million related to proceeds received from the settlement of earthquake-related insurance claims. Other
Corporate expenses accounted for an increase in costs of $15.3&nbsp;million in 2015 compared to 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Operating income</I></FONT><FONT SIZE=2> increased by $37.5&nbsp;million to $337.0&nbsp;million for 2015 from $299.5&nbsp;million for 2014. The increase in
operating income was related to a decrease in the loss on impairment of $125.8&nbsp;million between 2015 and 2014 and increased operating income from our&nbsp;GPS segment combined with less
operating loss in our AMEA and Europe segments. The increase in operating income was partially offset by a decrease in our operating income for our LatAm segment, which was significantly impacted by
the weakening of foreign currency against the USD, and increased Corporate expenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Interest expense, net of interest income</I></FONT><FONT SIZE=2> increased by $20.8&nbsp;million to $384.7&nbsp;million for 2015 from $363.9&nbsp;million
for 2014. The increase in interest expense was primarily attributable to higher debt balances and increased special interest expense since our registration statement was not declared effective by
July&nbsp;25, 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>123</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=133,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=787644,FOLIO='123',FILE='DISK112:[12ZBH3.12ZBH43513]DC43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_de43513_1_124"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Other non-operating (expense) income</I></FONT><FONT SIZE=2> increased by $15.7&nbsp;million to expense of $152.9&nbsp;million for
2015 from expense of $137.2&nbsp;million for 2014. This increase was primarily attributable to a larger loss on foreign currency exchange in 2015 compared to 2014 for an increase in expense of
$39.2&nbsp;million. This increase was offset by a decrease in the loss on debt extinguishment of $21.7&nbsp;million combined with a decreased loss on derivative instruments in 2015 compared to
2014 of $0.5&nbsp;million and an change in other non-operating (expense) income of $1.3&nbsp;million in 2015 compared to 2014. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Income tax (expense) benefit</I></FONT><FONT SIZE=2> increased by $156.8&nbsp;million to expense of $117.7&nbsp;million for 2015 from a benefit of
$39.1&nbsp;million for 2014. We have operations in multiple countries, many of which have statutory tax rates lower than the United States. The main reasons for this year-over-year increase in
expense were releases of valuation allowances in 2014, the recording of the tax contingency related to the ICE audit matters in 2015, as discussed in Note&nbsp;15, Income Taxes, in our consolidated
financial statements included elsewhere in this prospectus, and significant tax rate changes in multiple jurisdictions on deferred tax balances, partially offset by a change in the mix of taxable and
non-taxable entities in various taxing jurisdictions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Equity in net income (loss) of affiliates, net of tax</I></FONT><FONT SIZE=2> increased by $2.3&nbsp;million to income of $2.5&nbsp;million for 2015 from
income of $0.2&nbsp;million for 2014. We recognized a net gain on the sale of HSM for
$2.0&nbsp;million in 2015. Other equity-method investments resulted in a change of $0.3&nbsp;million for 2015 compared to 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Net (income) loss attributable to noncontrolling interests</I></FONT><FONT SIZE=2> increased by $4.6&nbsp;million to net income of $0.4&nbsp;million for 2015
from a net loss of $4.2&nbsp;million for 2014. The increase in net (income) loss attributable to noncontrolling interests primarily related to changes from net loss to net income at Obeikan and HIEU
combined with increased net income at St.&nbsp;Augustine and less net loss at NHU, which closed in August 2015. These increases were offset by a higher net loss at Monash and less net income at
INTI. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Consolidated Results for the Year Ended December&nbsp;31, 2014 to the Year
Ended December&nbsp;31, 2013  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Revenues</I></FONT><FONT SIZE=2> increased by $500.8&nbsp;million to $4,414.7&nbsp;million for the year
ended December&nbsp;31, 2014 from $3,913.9&nbsp;million for the year ended December&nbsp;31, 2013. This revenue growth was driven by overall increased average total enrollment at a majority of
our institutions, which increased revenues by $315.3&nbsp;million; the incremental impact of acquisitions, which increased revenues by $275.9&nbsp;million; the effect of changes in product mix,
pricing and timing, which increased revenues by $132.9&nbsp;million; and a 2013 settlement in the form of tuition discounts, which decreased revenues by $10.1&nbsp;million in 2013 in our LatAm
segment. Partially offsetting this revenue growth was the effect of a net change in foreign currency exchange rates, which decreased revenues by $224.8&nbsp;million. Other Corporate changes
accounted for a decrease in revenues of $8.6&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Direct costs and general and administrative expenses combined</I></FONT><FONT SIZE=2> increased by $429.8&nbsp;million to $3,989.4&nbsp;million for 2014 from
$3,559.6&nbsp;million for 2013. The direct cost increase was due to the incremental impact of acquisitions increasing costs by $242.5&nbsp;million and overall higher enrollments and expanded
operations increasing costs by $403.7&nbsp;million. During the fourth quarter of 2014, we recorded an operating expense of $18.0&nbsp;million for a donation to a foundation for an initiative
supported by the Turkish government in our Europe segment. In 2014, employee termination costs related to a reduction in force increased direct costs by $18.0&nbsp;million. In connection with a
teach out at NHU, an institution in our&nbsp;GPS segment that closed in August 2015, we recorded costs of $6.6&nbsp;million in 2014 to ensure an orderly and successful transition for our students.
Additionally, in 2014, HIEU, an institution in our AMEA segment, recorded a $4.4&nbsp;million loss on disposal of property to write off the carrying value of several parcels of land for which it no
longer has land use rights. In 2014, we determined it was probable that THINK, an institution in our AMEA segment, would meet performance targets that were part of a share purchase agreement and
accrued for a contingent earn-out of $3.8&nbsp;million. In our </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>124</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=134,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=556328,FOLIO='124',FILE='DISK112:[12ZBH3.12ZBH43513]DE43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_de43513_1_125"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Europe
segment, we exited a leased facility at one institution and as a result, received an early termination settlement of $4.8&nbsp;million, decreasing expense in 2013, and we recorded a
$2.5&nbsp;million gain on the termination of a sale leaseback arrangement in 2013. Acquisition contingent liabilities for taxes other than income tax, net of changes in recorded indemnification
assets decreased direct costs by $4.6&nbsp;million in 2014 and $7.2&nbsp;million in 2013, increasing expenses by $2.6&nbsp;million in 2014 compared to 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offsetting
these direct cost increases was a net change in foreign currency exchange rates, which decreased costs by $193.3&nbsp;million for 2014 compared to 2013. In 2013, we recorded
the initial establishment of a profit-sharing plan related to the fiscal reform in Mexico, increasing expense by $8.4&nbsp;million in our LatAm segment. During 2014, we recorded a decrease in direct
costs of $22.8&nbsp;million for this profit-sharing plan. Additionally, during 2014, we recorded a benefit in our LatAm segment of $11.3&nbsp;million related to the settlement of a pre-acquisition
loss contingency after receiving a favorable court ruling. In 2014, we reached an arbitration settlement related to indemnification claims with the former owners of a university in Brazil in our LatAm
segment and recorded a gain of $6.7&nbsp;million. In 2014, an entity in the Kingdom of Saudi Arabia in our AMEA segment recorded a benefit of $2.8&nbsp;million, primarily related to cash payments
received for fully reserved receivables. The planned March 2013 opening of a new campus building for UNAB in Chile was delayed and additional expenses of $6.2&nbsp;million were incurred in our LatAm
segment in 2013 to rent temporary facilities and operate them as classrooms. In 2013, we revised an estimate for a Brazil tax matter, resulting in additional expense of $3.8&nbsp;million in our
LatAm segment. Additionally, during 2013, we recorded $11.8&nbsp;million for a social security tax matter for the years 2009 through 2012 in our Europe segment. In 2014, we reversed
$2.1&nbsp;million of this social security tax liability due to statute of limitations expirations. In 2014, corporate expenses were reduced by $4.8&nbsp;million related to proceeds received from
the settlement of earthquake-related insurance claims and $1.9&nbsp;million for debt modification costs incurred in 2013. Other changes in Corporate expenses accounted for a decrease in costs of
$1.2&nbsp;million in 2014 compared to 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Operating income</I></FONT><FONT SIZE=2> decreased by $21.2&nbsp;million to $299.5&nbsp;million for 2014 from $320.7&nbsp;million for 2013. The decrease in
operating income was primarily the result of a loss on impairment of $125.8&nbsp;million for 2014 compared to a loss on impairment of $33.6&nbsp;million for 2013. The decrease in operating income
was also affected by the changes in the recorded values of certain tax contingent liabilities and indemnification assets from 2013 to 2014, which increased expenses by $2.6&nbsp;million. The
decrease in operating income was partially offset by increased operating income primarily due to increased revenues greater than increased direct costs in our LatAm and&nbsp;GPS segments. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2014, our balance sheet included liabilities of $121.9&nbsp;million in other long-term liabilities for taxes other than income tax, principally payroll
tax-related uncertainties due to acquisitions of companies primarily in Latin America. As of December&nbsp;31, 2013, we recorded $53.7&nbsp;million for this liability. The changes in this
liability from 2013 to 2014 were related to acquisitions, interest and penalty accruals, changes in tax laws, expirations of statutes of limitations, settlements and changes in foreign currency
exchange rates. The terms of the statutes of limitations on these contingencies vary but can be up to ten years. In most cases, we have received indemnification
from the former owners and/or noncontrolling interest holders of the acquired businesses for these contingencies and therefore, we do not believe we will sustain an economic loss even if we are
required to pay these additional amounts. If these contingencies expire unchallenged, the reversal of the related liabilities would increase operating income and reduce interest expense. For
acquisitions made prior to 2009, an indemnified contingency would result in a reduction of recorded goodwill to the extent of recoveries made under the indemnification agreement. For acquisitions
completed from and after January&nbsp;1, 2009, indemnification assets are recorded as of the acquisition date on the same measurement basis as the indemnified contingency. To the extent these
contingencies expire unchallenged, the reversal of the related liabilities would increase operating income and reduce interest expense and the corresponding indemnification asset reversal would reduce
operating income. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>125</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=135,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=391955,FOLIO='125',FILE='DISK112:[12ZBH3.12ZBH43513]DE43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_de43513_1_126"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Interest expense, net of interest income</I></FONT><FONT SIZE=2> increased by $35.5&nbsp;million to $363.9&nbsp;million for 2014 from $328.4&nbsp;million
for 2013. The increase in interest expense was primarily attributable to higher debt balances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Other non-operating (expense) income</I></FONT><FONT SIZE=2> increased by $146.9&nbsp;million to expense of $137.2&nbsp;million for 2014 from income of
$9.7&nbsp;million for 2013. This increase was primarily attributable to a larger loss on foreign currency exchange in 2014 compared to 2013 for an increase in expense of $106.9&nbsp;million
combined with a loss on derivative instruments in 2014 compared to a gain in 2013 for an increase in expense of $9.7&nbsp;million and an increase in the loss on debt extinguishment of
$21.6&nbsp;million in 2014 compared to 2013. Other items of $8.7&nbsp;million accounted for an additional increase in other non-operating expense for 2014 as compared to 2013; 2013 included a gain
related to the acquisition of the remaining 80% interest of THINK of $5.9&nbsp;million and a gain on the sale of non-operating assets of $3.9&nbsp;million. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have operations in multiple countries, many of which have statutory tax rates lower than the United
States. Our tax
provision decreased by $130.3&nbsp;million to a benefit of $39.1&nbsp;million for 2014, from expense of $91.2&nbsp;million for 2013. The main reasons for this decrease in expense were the
release of valuation allowances on deferred tax assets and the impact of the fiscal reform in Mexico. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Equity in net income (loss) of affiliates, net of tax</I></FONT><FONT SIZE=2> increased by $1.1&nbsp;million to income of $0.2&nbsp;million for 2014 from a
loss of $0.9&nbsp;million for 2013. In 2013, we wrote down our investment in HSM by $3.1&nbsp;million and recorded $0.9&nbsp;million in equity in net income of affiliate for THINK. We acquired
the remaining ownership interest in THINK in December 2013. Other equity-method investments resulted in changes of $1.1&nbsp;million for 2014 compared to 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Income from discontinued operations, net of tax</I></FONT><FONT SIZE=2> decreased by $0.8&nbsp;million for 2014 compared to 2013. UNIDEP was classified as a
discontinued operation in the accompanying consolidated financial statements. The decrease in income from discontinued operations was related to the sale of UNIDEP in January 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Gain on sales of discontinued operations, net of tax</I></FONT><FONT SIZE=2> decreased by $4.4&nbsp;million for 2014 compared to 2013. During 2013, we
recognized a gain on the sale of UNIDEP of $4.4&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Net loss attributable to noncontrolling interests</I></FONT><FONT SIZE=2> decreased by $11.2&nbsp;million to $4.2&nbsp;million for 2014, from
$15.4&nbsp;million for 2013. The decrease in net loss attributable to noncontrolling interests primarily related to our noncontrolling interest in UAM Brazil. In 2013, we recognized
$6.6&nbsp;million of net loss attributable to UAM Brazil. We acquired the remaining interest of UAM Brazil in April 2013. We acquired 80% of St.&nbsp;Augustine in November 2013 and in 2014, we
recognized $1.0&nbsp;million of net income attributable to St.&nbsp;Augustine. Additionally, we recognized $1.5&nbsp;million net loss attributable to Obeikan in the Kingdom of Saudi Arabia for
2014 compared to $2.5&nbsp;million net loss attributable to Obeikan for 2013. Other noncontrolling interests resulted in changes of $2.6&nbsp;million for 2014 compared to 2013. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Non-GAAP Financial Measure  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We define Adjusted EBITDA as net income (loss), </FONT><FONT SIZE=2><I>before</I></FONT><FONT SIZE=2> gain on sales of discontinued
operations, net of tax (for 2013), and income from discontinued operations, net of tax (for 2013), equity in net (income) loss of affiliates, net of tax, income tax expense (benefit), gain on sale of
subsidiaries, net, foreign currency exchange loss (income), net, other (income) expense, net, loss (gain) on derivatives, loss on debt extinguishment, interest expense and interest income, </FONT> <FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2>
depreciation and amortization, stock-based compensation expense, loss on impairment of assets and expenses related to implementation of our EiP
initiative. When we review Adjusted EBITDA on a segment basis, we exclude inter-segment revenues and expenses that eliminate in consolidation. Adjusted EBITDA is used in addition to and in conjunction
with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>126</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=136,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=701358,FOLIO='126',FILE='DISK112:[12ZBH3.12ZBH43513]DE43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_de43513_1_127"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have included Adjusted EBITDA in this prospectus because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance
and trends, to prepare and approve our annual budget and to develop short- and long-term operational
plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA
is a key input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive
officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating
results in the same manner as our management and board of directors. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Adjusted EBITDA for the Nine Months Ended September&nbsp;30, 2016 and 2015  </I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents Adjusted EBITDA and reconciles net income (loss) to Adjusted EBITDA for the nine months ended
September&nbsp;30, 2016 and 2015: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change<BR>
Better/(Worse)<BR>
2016 v 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income (loss)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in net income of affiliates, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>35.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>81.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations before income taxes and equity in net income of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>362.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(220.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of subsidiaries, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(398.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange (gain) loss, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(80.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>139.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other expense (income), net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (177</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>314.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>300.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>211.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>212.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>202.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>209.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EBITDA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>414.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>421.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock-based compensation expense(a)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EiP implementation expenses(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (37</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>480.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>475.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:times;"><FONT SIZE=2>nm&#151;percentage
changes not meaningful </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
non-cash, stock-based compensation expense pursuant to the provisions of ASC Topic&nbsp;718.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>EiP
implementation expenses are related to our enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of
procurement, information technology, finance, accounting and human resources, which began in 2014 and is expected to be substantially completed by the end of 2017. EiP includes the establishment of
regional SSOs around the world, as well as improvements to our system of internal controls over financial reporting.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>127</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=137,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=624423,FOLIO='127',FILE='DISK112:[12ZBH3.12ZBH43513]DE43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_de43513_1_128"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Depreciation and Amortization, Stock-based Compensation and EiP Implementation
Expenses for the Nine Months Ended September&nbsp;30, 2016 and 2015  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Depreciation and amortization</I></FONT><FONT SIZE=2> decreased by $6.7&nbsp;million to $202.7&nbsp;million
for the 2016 fiscal period from $209.4&nbsp;million for the 2015 fiscal period. The incremental impact of dispositions decreased depreciation and amortization expense by $3.8&nbsp;million. The
effects of foreign currency exchange decreased depreciation and amortization expense by $13.4&nbsp;million for the 2016 fiscal period compared to the 2015 fiscal period. Other items accounted for a
decrease in amortization expense of $5.8&nbsp;million, primarily related to intangibles that were fully amortized in 2015. The incremental impact from acquisitions resulted in a $0.2&nbsp;million
increase in depreciation expense and amortization expense for the 2016 fiscal period compared to the 2015 fiscal period. Other items accounted for an increase in depreciation expense of
$16.1&nbsp;million, primarily related to capital expenditures. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Stock-based compensation expense</I></FONT><FONT SIZE=2> increased by $1.7&nbsp;million to $28.9&nbsp;million for the 2016 fiscal period from
$27.2&nbsp;million for the 2015 fiscal period. This increase was primarily due to an increase in stock option expense related to an equity award modification in the 2016 fiscal period; this was
partially offset by a decrease in expense recorded for the deferred compensation arrangement as $87.1&nbsp;million was paid in December 2015 with $37.1&nbsp;million in cash and
$50.0&nbsp;million in notes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>EiP implementation expenses</I></FONT><FONT SIZE=2> increased by $10.0&nbsp;million to $37.2&nbsp;million for the 2016 fiscal period from $27.2&nbsp;million
for the 2015 fiscal period. These increased expenses represent increased spending related to an enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of
procurement, information technology, finance, accounting and human resources. It includes the establishment of regional SSOs around the world, as well as improvements to our system of internal
controls over financial reporting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>128</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=138,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=840239,FOLIO='128',FILE='DISK112:[12ZBH3.12ZBH43513]DE43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_de43513_1_129"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Adjusted EBITDA for the Years Ended December&nbsp;31, 2015, 2014 and 2013  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents Adjusted EBITDA and reconciles net loss to Adjusted EBITDA for the years ended December&nbsp;31, 2015,
2014, and 2013: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change Better/(Worse) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 vs. 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 vs. 2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net loss</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(85.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (94</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (91</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sales of discontinued operations, net of&nbsp;tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from discontinued operations, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(90.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (94</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in net (income) loss of affiliates, net of&nbsp;tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>122</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax expense (benefit)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>117.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(39.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>91.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>143</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Loss) income from continuing operations before income taxes and equity in net (income) loss of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(200.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(201.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange loss, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>149.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>110.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (36</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other (income) expense, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>117</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss (gain) on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (147</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>94</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>398.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>385.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>350.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(21.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(21.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>337.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>299.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>320.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>282.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>288.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>242.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (19</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EBITDA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>619.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>587.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>563.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock-based compensation expense(a)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on impairment of assets(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>125.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EiP implementation expenses(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>nm </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>703.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>773.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>646.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:times;"><FONT SIZE=2>nm&#151;percentage changes not meaningful </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
non-cash, stock-based compensation expense pursuant to the provisions of ASC Topic&nbsp;718.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
non-cash charges related to impairments of long-lived assets. For further details on certain impairment items, see "&#151;Discussion of
Significant Items Affecting the Consolidated Results&#151;Impairments."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>EiP
implementation expenses are related to our enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of
procurement, information technology, finance, accounting and human resources, which began in 2014 and is expected to be substantially completed by the end of 2017. EiP includes the establishment of
regional SSOs around the world, as well as improvements to our system of internal controls over financial reporting. </FONT></DD></DL>
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Depreciation and Amortization, Stock-based Compensation and EiP Implementation
Expenses for the Years Ended December&nbsp;31, 2015 and 2014  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Depreciation and amortization</I></FONT><FONT SIZE=2> decreased by $5.4&nbsp;million to $282.9&nbsp;million
for 2015 from $288.3&nbsp;million for 2014. The effects of foreign currency exchange decreased depreciation and amortization expense by $40.7&nbsp;million for 2015 compared to 2014. The
incremental impact from acquisitions resulted in a $5.5&nbsp;million increase in depreciation expense and amortization expense for 2015 compared to 2014. New capital expenditures primarily accounted
for an increase in depreciation </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>129</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=139,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=75780,FOLIO='129',FILE='DISK112:[12ZBH3.12ZBH43513]DE43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_de43513_1_130"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>expense
of $25.5&nbsp;million. Other items accounted for the remaining change in amortization expense of $4.3&nbsp;million. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Stock-based compensation expense</I></FONT><FONT SIZE=2> decreased by $10.2&nbsp;million to $39.0&nbsp;million for 2015 from $49.2&nbsp;million for 2014.
This decrease was primarily due to the following: (1)&nbsp;a decrease in restricted stock awards expense in 2015 as compared to 2014 due to accelerated expense recognition under graded vesting,
primarily related to a large tranche of performance-based restricted stock awards that vested on December&nbsp;31, 2014; (2)&nbsp;a decrease in expense recorded for the deferred compensation
arrangement as $81.0&nbsp;million was paid in September 2014; and (3)&nbsp;a decrease in stock option expense resulting from a modification charge recorded for a 30% special vesting tranche in
2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>EiP implementation expenses</I></FONT><FONT SIZE=2> increased by $33.8&nbsp;million to $44.5&nbsp;million for 2015 from $10.7&nbsp;million for 2014. These
increased expenses represent increased spending related to an enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of procurement, information
technology, financing, accounting and human resources. It includes the establishment of regional SSOs around the world, as well as improvements to our system of internal controls over financial
reporting. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Depreciation and Amortization and Stock-based Compensation Expense for the Years
Ended December&nbsp;31, 2014 and 2013  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><I>Depreciation and amortization</I></FONT><FONT SIZE=2> increased by $45.6&nbsp;million to $288.3&nbsp;million for 2014 from $242.7&nbsp;million for 2013. The incremental
impact from acquisitions resulted in a $14.7&nbsp;million increase in depreciation expense for 2014 compared to 2013. Other items accounted for an increase in depreciation expense of
$34.8&nbsp;million, primarily related to new capital expenditures. The incremental impact from acquisitions resulted in a $10.9&nbsp;million increase in amortization expense for 2014 compared to
2013. The effects of foreign currency exchange decreased depreciation and amortization expense by $14.3&nbsp;million for 2014 compared to 2013. Other items accounted for the remaining decrease in
amortization expense of $0.5&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Stock-based compensation expense</I></FONT><FONT SIZE=2> decreased by $0.3&nbsp;million to $49.2&nbsp;million for 2014 from $49.5&nbsp;million for 2013.
This decrease was primarily due to a decrease in stock options expense of $9.7&nbsp;million due to:
$4.0&nbsp;million recorded for an equity restructuring modification in the fourth quarter of 2013; $4.9&nbsp;million recorded for a special 30% performance option tranche becoming probable to vest
during 2013; and $0.8&nbsp;million recorded for options modified in 2013 as a result of 2007 Plan performance target modification. Other items accounted for a decrease in expense of
$0.8&nbsp;million for 2014 compared to 2013. This decrease was offset by an increase in expense related to restricted stock unit awards of $10.2&nbsp;million for 2014 compared to 2013 due to an
equity grant in October 2013. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Segment Results  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have four operating segments, LatAm, Europe, AMEA and GPS. On May&nbsp;2, 2016, we announced a change to our operating segments in order to align our structure more geographically.
Our institution in Italy, NABA, including Domus Academy, moved from our&nbsp;GPS segment into our Europe segment. MDS, located in New Zealand, moved from our&nbsp;GPS segment into our AMEA
segment. Our&nbsp;GPS segment now focuses on Laureate's fully online global operations and on its campus-based institutions in the United States. Our segment information for all periods presented
has been revised to reflect this change. We determine our operating segments based on information utilized by our chief operating decision maker to allocate resources and assess performance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;10, 2017, we announced that we plan to combine our Europe and AMEA operations, effective March&nbsp;31, 2017, in order to reflect our belief that we will be able to
operate the institutions in those operations more successfully and efficiently under common management. The Company is currently evaluating the impact of this combination on its operating segments.
All information in this prospectus is presented consistently with our operating segments as in effect on September&nbsp;30, 2016, and on the date of this prospectus, and does not reflect any
possible segment realignment. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>130</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=140,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=60001,FOLIO='130',FILE='DISK112:[12ZBH3.12ZBH43513]DE43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dg43513_1_131"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the following comparison of results discussion, "</FONT><FONT SIZE=2><I>segment direct costs</I></FONT><FONT SIZE=2>" represent direct costs by
segment as they are included in Adjusted EBITDA, such that depreciation and amortization expense, impairment charges on long-lived assets, stock-based compensation expense and our EiP implementation
expenses have been excluded. In the segment tables presented below, total segment direct costs are segregated into instructional and services and marketing and promotional expenses. For a further
description of our segments, see "&#151;Overview." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Summary Comparison of Segment Results for the Nine Months Ended September&nbsp;30, 2016 and
2015  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table, derived from our consolidated financial statements, presents selected financial information of our segments for
the nine months ended September&nbsp;30, 2016 and 2015: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change<BR>
Better/(Worse)<BR>
2016<BR>
vs. 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,738.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,775.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>331.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>321.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>309.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>312.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>697.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>737.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(9.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (56</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Total Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,068.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,141.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>329.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>323.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>189.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>175.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(100.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(83.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Total Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>480.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>475.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


LatAm  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results for our LatAm segment for the nine months ended September&nbsp;30, 2016 and 2015 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change<BR>
Better/(Worse)<BR>
2016 vs. 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,738.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,775.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment direct costs:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Instructional and services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,330.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,368.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Marketing and promotional</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>78.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>83.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>329.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>323.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of LatAm Results for the Nine Months Ended September&nbsp;30, 2016 to the Nine
Months Ended September&nbsp;30, 2015  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>LatAm segment revenues</I></FONT><FONT SIZE=2> for the 2016 fiscal period decreased by $37.0&nbsp;million to
$1,738.3&nbsp;million, compared to the 2015 fiscal period. Our LatAm segment operates in several countries and is subject to the effects of foreign currency exchange rates in each of those
countries. For the 2016 fiscal period, the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>131</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=141,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=476500,FOLIO='131',FILE='DISK112:[12ZBH3.12ZBH43513]DG43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dg43513_1_132"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>effects
of currency translations decreased revenues by $156.5&nbsp;million, primarily due to the weakening of the Mexican Peso, Brazilian Real, Chilean Peso and Peruvian Nuevo Sol relative to the
USD. On average, organic enrollment excluding acquisitions increased during the 2016 fiscal period by 3% for this segment, increasing revenues by $50.1&nbsp;million compared to the 2015 fiscal
period. Each institution in the segment offers tuition at various prices based upon degree program. The effects of product mix, pricing and timing resulted in a $69.4&nbsp;million increase in
revenues compared to the 2015 fiscal period; this increase was net of a negative impact to revenues of approximately $18.0&nbsp;million that occurred as a result of class disruptions at two of our
institutions in Chile during a nationwide student protest that lasted several weeks. The protest began in the second quarter of 2016 and ended in July 2016. The disrupted classes are anticipated to be
fully complete before the end of the year. LatAm revenues represented 56% of our total revenues for the 2016 fiscal period compared to 57% for the 2015 fiscal period. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>LatAm segment direct costs</I></FONT><FONT SIZE=2> decreased by $43.3&nbsp;million to $1,408.9&nbsp;million, or 81% of LatAm revenues for the 2016 fiscal
period, compared to $1,452.2&nbsp;million, or 82% of LatAm revenues for the 2015 fiscal period. The effects of currency translations decreased expenses by $153.6&nbsp;million, primarily due to the
weakening of the Mexican Peso, Brazilian Real, Chilean Peso and Peruvian Nuevo Sol relative to the USD. Offsetting these direct costs decreases, higher enrollments and expanded operations at our LatAm
institutions increased direct costs by $103.7&nbsp;million in the 2016 fiscal period compared to the 2015 fiscal period due to increased labor costs to service the enrollment growth, increased
compliance costs to address regulatory changes and increased direct costs associated with the growth in the LatAm segment during 2016. Acquisition-contingent liabilities for taxes other than income
tax, net of changes in recorded indemnification assets, increased expenses by $6.6&nbsp;million for the 2016 fiscal period compared to the 2015 fiscal period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>LatAm segment Adjusted EBITDA</I></FONT><FONT SIZE=2> increased by $6.3&nbsp;million to $329.4&nbsp;million in the 2016 fiscal period from
$323.1&nbsp;million in the 2015 fiscal period, as described above. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Europe  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results for our Europe segment for the nine months ended September&nbsp;30, 2016 and 2015 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change<BR>
Better/(Worse)<BR>
2016 vs. 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>331.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>321.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment direct costs:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Instructional and services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>279.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>271.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Marketing and promotional</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Europe Results for the Nine Months Ended September&nbsp;30, 2016 to the Nine
Months Ended September&nbsp;30, 2015  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Europe segment revenues</I></FONT><FONT SIZE=2> for the 2016 fiscal period increased by $10.7&nbsp;million to
$331.8&nbsp;million, compared to the 2015 fiscal period. The incremental impact of acquisitions resulted in a $3.4&nbsp;million increase in revenues in the 2016 fiscal period. On average, organic
enrollment excluding acquisitions increased during the 2016 fiscal period by 12% for this segment, increasing revenues by $27.7&nbsp;million compared to the 2015 fiscal period. The incremental
impact of dispositions decreased revenues by $11.3&nbsp;million in the 2016 fiscal period. For the 2016 fiscal period, the effects of product mix, pricing and timing resulted in a
$1.9&nbsp;million decrease in revenues compared to the 2015 fiscal period. The segment operates in several countries and is subject to the effects of foreign currency exchange rates in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>132</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=142,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=851958,FOLIO='132',FILE='DISK112:[12ZBH3.12ZBH43513]DG43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dg43513_1_133"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>each
of those countries. For the 2016 fiscal period, the effects of currency translations decreased revenues by $7.2&nbsp;million due to the weakening of the Turkish Lira relative to the USD. Europe
revenues represented 11% of our total revenues for the 2016 fiscal period compared to 10% for the 2015 fiscal period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Europe segment direct costs</I></FONT><FONT SIZE=2> increased by $8.6&nbsp;million to $306.1&nbsp;million, or 92% of Europe revenues for the 2016 fiscal
period, compared to $297.5&nbsp;million, or 93% of Europe revenues for the 2015 fiscal period. The incremental impact of acquisitions increased segment direct costs by $2.0&nbsp;million in the
2016 fiscal period compared to the 2015 fiscal period. Higher enrollments and expanded operations at our institutions in the Europe segment increased direct costs by $25.3&nbsp;million in the 2016
fiscal period compared to the 2015 fiscal period, driven primarily by increased labor costs and student support activities to service the enrollment growth experienced during the 2016 fiscal period.
In the 2016 fiscal period, the incremental impact of dispositions decreased direct costs by $12.7&nbsp;million. The effects of currency translations decreased expenses by $5.8&nbsp;million due to
the weakening of the Turkish Lira relative to the USD. Acquisition-contingent liabilities for taxes other than income tax, net of changes in recorded indemnification assets, decreased expenses by
$0.2&nbsp;million for the 2016 fiscal period compared to the 2015 fiscal period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Europe segment Adjusted EBITDA</I></FONT><FONT SIZE=2> increased by $2.1&nbsp;million to $25.7&nbsp;million in the 2016 fiscal period, from
$23.6&nbsp;million in the 2015 fiscal period, as described above. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


AMEA  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results for our AMEA segment for the nine months ended September&nbsp;30, 2016 and 2015 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change<BR>
Better/(Worse)<BR>
2016 vs. 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>309.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>312.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment direct costs:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Instructional and services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>244.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>250.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Marketing and promotional</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of AMEA Results for the Nine Months Ended September&nbsp;30, 2016 to the Nine
Months Ended September&nbsp;30, 2015  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>AMEA segment revenues</I></FONT><FONT SIZE=2> for the 2016 fiscal period decreased by $3.0&nbsp;million to
$309.9&nbsp;million, compared to the 2015 fiscal period. The segment operates in several countries and is subject to the effects of foreign currency exchange rates in each of those countries. For
the 2016 fiscal period, the effects of currency translations decreased revenues by $14.7&nbsp;million, primarily due to the weakening of the Malaysian Ringgit, South African Rand, Indian Rupee,
Chinese Renminbi and Australian Dollar relative to the USD. On average, organic enrollment excluding acquisitions increased during the 2016 fiscal period by 5% for this segment, increasing revenues by
$2.8&nbsp;million compared to the 2015 fiscal period. For the 2016 fiscal period, the effects of product mix, pricing and timing resulted in an $8.9&nbsp;million increase in revenues compared to
the 2015 fiscal period. AMEA revenues represented 10% of our total revenues for the 2016 and 2015 fiscal periods. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>AMEA segment direct costs</I></FONT><FONT SIZE=2> decreased by $1.5&nbsp;million to $273.6&nbsp;million, or 88% of AMEA revenues for the 2016 fiscal period,
compared to $275.1&nbsp;million, or 88% of AMEA revenues for the 2015 fiscal period. For the 2016 fiscal period, the effects of currency translations decreased expenses by $13.2&nbsp;million,
primarily due to the weakening of the Malaysian Ringgit, South African Rand, Indian </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>133</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=143,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=952113,FOLIO='133',FILE='DISK112:[12ZBH3.12ZBH43513]DG43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dg43513_1_134"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Rupee,
Chinese Renminbi and Australian Dollar relative to the USD. Increased costs to support the growth in our operations increased costs by $11.7&nbsp;million in the 2016 fiscal period compared to
the 2015 fiscal period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>AMEA segment Adjusted EBITDA</I></FONT><FONT SIZE=2> decreased by $1.5&nbsp;million to $36.3&nbsp;million in the 2016 fiscal period, from $37.8&nbsp;million
in the 2015 fiscal period, as described above. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


GPS  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results for our&nbsp;GPS segment for the nine months ended September&nbsp;30, 2016 and 2015 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change<BR>
Better/(Worse)<BR>
2016 vs. 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>697.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>737.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment direct costs:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Instructional and services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>404.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>470.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Marketing and promotional</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>104.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>91.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>189.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>175.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of&nbsp;GPS Results for the Nine Months Ended September&nbsp;30, 2016 to the
Nine Months Ended September&nbsp;30, 2015  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>GPS segment revenues</I></FONT><FONT SIZE=2> for the 2016 fiscal period decreased by $40.0&nbsp;million to
$697.9&nbsp;million, compared to the 2015 fiscal period. The incremental impact of dispositions decreased revenues by $46.0&nbsp;million in the 2016 fiscal period. The effects of currency
translations decreased revenues by $2.6&nbsp;million in the 2016 fiscal period, compared to the 2015 fiscal period, primarily due to the weakening of the Swiss Franc relative to the USD. On average,
organic enrollment excluding acquisitions increased during the 2016 fiscal period by 2%, increasing revenues by $6.9&nbsp;million compared to the 2015 fiscal period. For the 2016 fiscal period, the
effects of product mix, pricing and timing resulted in a $1.7&nbsp;million increase in revenues compared to the 2015 fiscal period.&nbsp;GPS segment revenues represented 23% of our total revenues
for the 2016 and 2015 fiscal periods. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>GPS segment direct costs</I></FONT><FONT SIZE=2> decreased by $54.3&nbsp;million to $508.4&nbsp;million, or 73% of total&nbsp;GPS segment revenues for the
2016 fiscal period, compared to $562.7&nbsp;million, or 76% of total&nbsp;GPS segment revenues for the 2015 fiscal period. In the 2016 fiscal period, the incremental impact of dispositions
decreased direct costs by $46.0&nbsp;million. The effects of currency translations decreased segment direct costs by $2.4&nbsp;million in the 2016 fiscal period compared to the 2015 fiscal period,
due to the weakening of the Swiss Franc relative to the USD.&nbsp;GPS direct costs decreased by $7.0&nbsp;million for the 2016 fiscal period compared to the 2015 fiscal period, primarily a result
of cost reductions at the shared service center. Higher enrollments and expanded operations, partially offset by decreased expenses from the closure of NHU in August 2015, increased expenses by
$1.1&nbsp;million during the 2016 fiscal period compared to the 2015 fiscal period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>GPS segment Adjusted EBITDA</I></FONT><FONT SIZE=2> increased by $14.3&nbsp;million to $189.5&nbsp;million for the 2016 fiscal period, from
$175.2&nbsp;million for the 2015 fiscal period, as described above. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Corporate  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Corporate revenues</I></FONT><FONT SIZE=2> represent amounts from contractual arrangements with UDLA Ecuador,
our consolidated joint venture with the University of Liverpool and Corporate billings for centralized IT costs billed to various segments, offset by the elimination of inter-segment revenues. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>134</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=144,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=258967,FOLIO='134',FILE='DISK112:[12ZBH3.12ZBH43513]DG43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dg43513_1_135"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
results for Corporate for the nine months ended September&nbsp;30, 2016 and 2015 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change<BR>
Better/(Worse)<BR>
2016 vs. 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(9.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (56</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>90.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>77.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (17</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(100.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(83.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Corporate Results for the Nine Months Ended September&nbsp;30, 2016 to the
Nine Months Ended September&nbsp;30, 2015  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Corporate Adjusted EBITDA</I></FONT><FONT SIZE=2> decreased by $16.4&nbsp;million to $(100.3) million for the
2016 fiscal period, compared to $(83.9) million for the 2015 fiscal period. This decrease in Adjusted EBITDA primarily resulted from increases in consulting and labor costs of $17.8&nbsp;million,
partially offset by other items of $1.4&nbsp;million. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Summary Comparison of Segment Results for the Years Ended December&nbsp;31, 2015, 2014 and
2013  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table, derived from our consolidated financial statements, presents selected financial information of our segments for
the years ended December&nbsp;31, 2015, 2014, and 2013: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change Better/(Worse) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 vs. 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 vs. 2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,415.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,532.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,340.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>486.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>533.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>501.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>422.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>405.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>202.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>979.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>954.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>872.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(12.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>nm </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Total Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,291.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,414.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,913.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>463.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>542.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>466.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>78.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>72.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>72.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>226.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>223.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>205.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(115.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(94.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(93.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Total Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>703.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>773.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>646.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:times;"><FONT SIZE=2>nm&#151;percentage
changes not meaningful </FONT></P>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>135</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=145,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=396891,FOLIO='135',FILE='DISK112:[12ZBH3.12ZBH43513]DG43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dg43513_1_136"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


LatAm  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results for our LatAm segment for the years ended December&nbsp;31, 2015, 2014, and 2013 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change Better/(Worse) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 vs. 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 vs. 2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,415.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,532.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,340.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment direct costs:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Instructional and services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,837.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,868.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,755.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Marketing and promotional</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>114.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>122.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>118.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>463.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>542.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>466.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of LatAm Results for the Year Ended December&nbsp;31, 2015 to the Year Ended
December&nbsp;31, 2014  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>LatAm segment revenues</I></FONT><FONT SIZE=2> for 2015 decreased by $116.9&nbsp;million to
$2,415.6&nbsp;million, compared to 2014. Our LatAm segment operates in several countries and is subject to the effects of foreign currency exchange rates in each of those countries. For 2015, the
effects of currency translations decreased revenues by $512.1&nbsp;million, primarily due to the weakening of the Brazilian Real, Mexican Peso, Chilean Peso, Peruvian Nuevo Sol and Honduran Lempira
relative to the USD. The incremental impact of acquisitions resulted in a $106.1&nbsp;million increase in revenues in 2015. On average, organic enrollment excluding acquisitions increased during
2015 by 7% for this segment, increasing revenues by $169.0&nbsp;million compared to 2014. Each institution in the segment offers tuition at various prices based upon degree program. For 2015, the
effects of product mix, pricing and timing resulted in a $120.1&nbsp;million increase in revenues compared to 2014. LatAm revenues represented 56% of our total revenues for 2015 compared to 57% for
2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>LatAm segment direct costs</I></FONT><FONT SIZE=2> decreased by $38.6&nbsp;million to $1,951.9&nbsp;million, or 81% of LatAm revenues for 2015, compared to
$1,990.5&nbsp;million, or 79% of LatAm revenues for 2014. The effects of currency translations decreased expenses by $394.9&nbsp;million, primarily due to the weakening of the Brazilian Real,
Mexican Peso, Chilean Peso, Peruvian Nuevo Sol and Honduran Lempira relative to the USD. Employee termination costs were $5.4&nbsp;million in 2015 and $11.5&nbsp;million in 2014, which resulted in
a decrease year-over-year of $6.1&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offsetting
these direct costs decreases, the incremental impact of acquisitions increased segment direct costs by $97.1&nbsp;million in 2015 compared to 2014. Higher enrollments and
expanded operations at our LatAm institutions increased direct costs by $213.5&nbsp;million in 2015 compared to 2014 due to increased labor costs to service the enrollment growth, increased
compliance costs to address regulatory changes and increased direct costs associated with the growth in the LatAm segment during 2015. Acquisition contingent liabilities for taxes other than income
tax, net of changes in recorded indemnification assets, increased expenses by $10.1&nbsp;million for 2015 compared to 2014. We recorded an increase in direct costs for a profit-sharing plan in
Mexico of $0.9&nbsp;million in 2015 and a decrease in direct costs of $22.8&nbsp;million in 2014, thereby increasing costs by $23.7&nbsp;million in 2015 compared to 2014. Additionally during
2014, we recorded a benefit of $11.3&nbsp;million related to the settlement of a pre-acquisition loss contingency after receiving a favorable court ruling. In 2014, we reached an arbitration
settlement related to indemnification claims with the former owners in Brazil and recorded a gain of $6.7&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>LatAm segment Adjusted EBITDA</I></FONT><FONT SIZE=2> decreased by $78.3&nbsp;million to $463.7&nbsp;million in 2015 from $542.0&nbsp;million in 2014, as
described above. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>136</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=146,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=604437,FOLIO='136',FILE='DISK112:[12ZBH3.12ZBH43513]DG43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dg43513_1_137"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of LatAm Results for the Year Ended December&nbsp;31, 2014 to the Year Ended
December&nbsp;31, 2013  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>LatAm segment revenues</I></FONT><FONT SIZE=2> for 2014 increased by $191.6&nbsp;million to
$2,532.5&nbsp;million, compared to 2013. The incremental impact of acquisitions resulted in a $77.2&nbsp;million increase in revenues in 2014. On average, organic enrollment excluding acquisitions
increased during 2014 by 10% for this segment, increasing revenues by $201.7&nbsp;million compared to 2013. Each institution in the segment offers tuition at various prices based upon the degree
program. For 2014, the effects of product mix, pricing and timing resulted in a $105.5&nbsp;million increase in revenues compared to 2013. Additionally, a settlement in the form of tuition discounts
decreased revenues in our LatAm segment by $10.1&nbsp;million in 2013. Our LatAm segment operates in several countries and is subject to the effects of foreign currency exchange rates in each of
those countries. For 2014, the effects of currency translations decreased revenues by $202.9&nbsp;million, primarily due to the weakening of the Chilean Peso, Brazilian Real, Mexican Peso, Peruvian
Nuevo Sol and Costa Rican Col&oacute;n relative to the USD. LatAm revenues represented 57% of our total revenues for 2014 compared to 60% for 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>LatAm segment direct costs</I></FONT><FONT SIZE=2> increased by $116.3&nbsp;million to $1,990.5&nbsp;million, or 79% of LatAm revenues for 2014, compared to
$1,874.2&nbsp;million, or 80% of LatAm revenues for 2013. The incremental impact of acquisitions increased segment direct costs by $66.8&nbsp;million in 2014 compared to 2013. Higher enrollments
and expanded operations at our LatAm institutions contributed to $254.1&nbsp;million of the increased expenses during 2014 compared to 2013 due to: increased labor costs to service the enrollment
growth, increased compliance costs to address regulatory changes and increased direct costs associated with the growth in the LatAm segment during 2014. Acquisition contingent liabilities for taxes
other than income tax, net of changes in recorded indemnification assets, increased expenses by $3.2&nbsp;million for 2014 compared to 2013. Employee termination costs related to a reduction in
force increased direct costs by $11.5&nbsp;million for 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offsetting
these direct costs increases, the effects of currency translations decreased expenses by $160.1&nbsp;million, primarily due to the weakening of the Chilean Peso, Brazilian
Real, Mexican Peso, Peruvian Nuevo Sol and Costa Rican Col&oacute;n relative to the USD. In 2013, we recorded the initial establishment of a profit-sharing plan in Mexico, increasing expense
by $8.4&nbsp;million. During 2014, we recorded a decrease in direct costs of $22.8&nbsp;million for this profit-sharing plan. Additionally during 2014, we recorded a benefit of
$11.3&nbsp;million related to the settlement of a pre-acquisition loss contingency after receiving a favorable court ruling. In 2014, we reached an arbitration settlement related to indemnification
claims with the former owners in Brazil and recorded a gain of $6.7&nbsp;million. In 2013, we revised an estimate for a Brazil tax matter, resulting in additional expense of $3.8&nbsp;million. The
planned March 2013 opening of a new campus building for UNAB in Chile was delayed and additional expenses of $6.2&nbsp;million were incurred in 2013 to rent temporary facilities and operate them as
classrooms. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>LatAm segment Adjusted EBITDA</I></FONT><FONT SIZE=2> increased by $75.3&nbsp;million to $542.0&nbsp;million in 2014 from $466.7&nbsp;million in 2013, as
described above. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>137</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=147,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=326479,FOLIO='137',FILE='DISK112:[12ZBH3.12ZBH43513]DG43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dg43513_1_138"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Europe  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results for our Europe segment for the years ended December&nbsp;31, 2015, 2014 and 2013 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change Better/(Worse) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 vs. 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 vs. 2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>486.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>533.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>501.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment direct costs:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Instructional and services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>374.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>426.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>392.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Marketing and promotional</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>78.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>72.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>72.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Europe Results for the Year Ended December&nbsp;31, 2015 to the Year Ended
December&nbsp;31, 2014  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Europe segment revenues</I></FONT><FONT SIZE=2> for 2015 decreased by $47.7&nbsp;million to
$486.2&nbsp;million, compared to 2014. The segment operates in several countries and is subject to the effects of foreign currency exchange rates in each of those countries. For 2015, the effects of
currency translations decreased revenues by $97.0&nbsp;million due to the weakening of the Euro and Turkish Lira relative to the USD. The incremental impact of acquisitions resulted in an
$8.2&nbsp;million increase in revenues in 2015. On average, organic enrollment excluding acquisitions increased during 2015 by 10% for this segment, increasing revenues by $35.5&nbsp;million
compared to 2014. For 2015, the effects of product mix, pricing and timing resulted in a $5.6&nbsp;million increase in revenues compared to 2014. Europe revenues represented 11% of our total
revenues for 2015 compared to 12% for 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Europe segment direct costs</I></FONT><FONT SIZE=2> decreased by $53.3&nbsp;million to $407.8&nbsp;million, or 84% of Europe revenues for 2015, compared to
$461.1&nbsp;million, or 86% of Europe revenues for 2014. The effects of currency translations decreased expenses by $82.1&nbsp;million due to the weakening of the Euro and Turkish Lira relative to
the USD. During the fourth quarter of 2014, we recorded an operating expense of $18.0&nbsp;million for a donation to a foundation for an initiative supported by the Turkish government. Employee
termination costs were $4.1&nbsp;million in 2015 and $4.7&nbsp;million in 2014, which resulted in a decrease year-over-year of $0.6&nbsp;million in 2015 compared to 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offsetting
these direct cost decreases, the incremental impact of acquisitions increased segment direct costs by $6.5&nbsp;million in 2015 compared to 2014. Higher enrollments and
expanded operations at our institutions in the Europe segment increased direct costs by $40.9&nbsp;million in 2015 compared to 2014, driven primarily by increased labor costs and student support
activities to service the enrollment growth experienced during 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Europe segment Adjusted EBITDA</I></FONT><FONT SIZE=2> increased by $5.6&nbsp;million to $78.4&nbsp;million in 2015, from $72.8&nbsp;million in 2014, as
described above. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Europe Results for the Year Ended December&nbsp;31, 2014 to the Year Ended
December&nbsp;31, 2013  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Europe segment revenues</I></FONT><FONT SIZE=2> for 2014 increased by $32.5&nbsp;million to
$533.9&nbsp;million, compared to 2013. The incremental impact of acquisitions resulted in a $9.9&nbsp;million increase in revenues in 2014. On average, organic enrollment excluding acquisitions
increased during 2014 by 9% for this segment, increasing revenues by $32.8&nbsp;million compared to 2013. For 2014, the effects of product mix, pricing and timing resulted in a $6.9&nbsp;million
increase in revenues compared to
2013. The segment operates in several countries and is subject to the effects of foreign currency exchange rates in each of those countries. For 2014, the effects of currency translations decreased
revenues by $17.1&nbsp;million due to the weakening of the Turkish Lira and the Euro relative to the USD. Europe revenues represented 12% of our total revenues for 2014 compared to 13% for 2013. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>138</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=148,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=596585,FOLIO='138',FILE='DISK112:[12ZBH3.12ZBH43513]DG43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_di43513_1_139"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Europe segment direct costs</I></FONT><FONT SIZE=2> increased by $32.4&nbsp;million to $461.1&nbsp;million, or 86% of Europe revenues
for 2014, compared to $428.7&nbsp;million, or 86% of Europe revenues for 2013. The incremental impact of acquisitions increased segment direct costs by $8.8&nbsp;million in 2014 compared to 2013.
Higher enrollments and expanded operations at our institutions in the Europe segment contributed to $21.4&nbsp;million of the increased expenses during 2014 compared to 2013, driven primarily by
increased labor costs and student support activities to service the enrollment growth experienced during 2014. During the fourth quarter of 2014, we recorded an operating expense of
$18.0&nbsp;million for a donation to a foundation for an initiative supported by the Turkish government. Employee termination costs related to a reduction in force increased direct costs by
$4.7&nbsp;million for 2014. We also exited a leased facility at one institution in Europe and as a result received an early termination settlement of $4.8&nbsp;million, which decreased direct
costs in 2013, and recorded a $2.5&nbsp;million gain on the termination of a sale leaseback arrangement in 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
2014, the effects of currency translations decreased expenses by $13.4&nbsp;million due to the weakening of the Turkish Lira and the Euro relative to the USD. Changes in contingent
liabilities for taxes other than income tax, net of changes in recorded indemnification assets, decreased expenses by $0.5&nbsp;million for 2014 compared to 2013. During 2013, we recorded
$11.8&nbsp;million for a social security tax matter for the years 2009 through 2012, which increased direct costs for 2013. In 2014, we reversed $2.1&nbsp;million of the social security tax
liability due to statute of limitations expirations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Europe segment Adjusted EBITDA</I></FONT><FONT SIZE=2> increased by $0.1&nbsp;million to $72.8&nbsp;million in 2014, from $72.7&nbsp;million in 2013, as
described above. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


AMEA  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results for our AMEA segment for the years ended December&nbsp;31, 2015, 2014, and 2013 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change Better/(Worse) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 vs. 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 vs. 2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>422.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>405.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>202.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment direct costs:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Instructional and services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>337.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>343.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>191.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (79</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Marketing and promotional</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (104</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>nm </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:times;"><FONT SIZE=2>nm&#151;percentage
changes not meaningful </FONT></P>
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of AMEA Results for the Year Ended December&nbsp;31, 2015 to the Year Ended
December&nbsp;31, 2014  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>AMEA segment revenues</I></FONT><FONT SIZE=2> for 2015 increased by $16.5&nbsp;million to
$422.1&nbsp;million, compared to 2014. The incremental impact of acquisitions resulted in a $0.5&nbsp;million increase in revenues in 2015. On average, organic enrollment excluding acquisitions
increased during 2015 by 9% for this segment, increasing revenues by $65.7&nbsp;million compared to 2014. For 2015, the effects of product mix, pricing and timing resulted in a $4.0&nbsp;million
increase in revenues compared to 2014. The segment operates in several countries and is subject to the effects of foreign currency exchange rates in each of those countries. For 2015, the effects of
currency translations decreased revenues by $53.7&nbsp;million, primarily due to the weakening of the Australian Dollar, Malaysian Ringgit, South African Rand and Indian Rupee relative to the USD.
AMEA revenues represented 10% of our total revenues for 2015 compared to 9% for 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>139</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=149,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=460038,FOLIO='139',FILE='DISK112:[12ZBH3.12ZBH43513]DI43513A.;29',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_di43513_1_140"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>AMEA segment direct costs</I></FONT><FONT SIZE=2> decreased by $3.3&nbsp;million to $372.2&nbsp;million, or 88% of AMEA revenues for 2015, compared to
$375.5&nbsp;million, or 93% of AMEA revenues for 2014. For 2015, the effects of currency translations decreased expenses by $46.0&nbsp;million, primarily due to the weakening of the Australian
Dollar, Malaysian Ringgit, South African Rand, and Indian Rupee relative to the USD. In 2014, we determined it was probable that THINK would meet performance targets that were part of a share purchase
agreement and accrued for a contingent earn-out of $3.8&nbsp;million. Additionally, during 2014, HIEU recorded a $4.4&nbsp;million loss on disposal of property to write off the carrying value of
several parcels of land for which it no longer has land use rights. The incremental impact of acquisitions increased segment direct costs by $1.3&nbsp;million in 2015 compared to 2014. Increased
costs to support the growth in our operations increased costs by $44.2&nbsp;million in 2015 compared to 2014. In 2014, an entity in Saudi Arabia received a benefit of $2.8&nbsp;million, primarily
related to cash payments
received for fully reserved receivables. Employee termination costs increased direct costs by $2.5&nbsp;million in 2015. Changes in contingent liabilities for taxes other than income tax, net of
changes in recorded indemnification assets, increased expenses by $0.1&nbsp;million for 2015 compared to 2014. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>AMEA segment Adjusted EBITDA</I></FONT><FONT SIZE=2> increased by $19.8&nbsp;million to $49.9&nbsp;million in 2015, from $30.1&nbsp;million in 2014, as
described above. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of AMEA Results for the Year Ended December&nbsp;31, 2014 to the Year Ended
December&nbsp;31, 2013  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>AMEA segment revenues</I></FONT><FONT SIZE=2> for 2014 increased by $203.3&nbsp;million to
$405.6&nbsp;million, compared to 2013. The incremental impact of acquisitions resulted in a $137.9&nbsp;million increase in revenues in 2014. On average, organic enrollment excluding acquisitions
increased during 2014 by 19% for this segment, increasing revenues by $71.5&nbsp;million compared to 2013. For 2014, the effects of product mix, pricing and timing resulted in a $0.5&nbsp;million
increase in revenues compared to 2013. The segment operates in several countries and is subject to the effects of foreign currency exchange rates in each of those countries. For 2014, the effects of
currency translations decreased revenues by $6.6&nbsp;million due to the weakening of the Malaysian Ringgit, Australian Dollar, Indian Rupee and Thai Baht relative to the USD. AMEA revenues
represented 9% of our total revenues for 2014 compared to 5% for 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>AMEA segment direct costs</I></FONT><FONT SIZE=2> increased by $168.4&nbsp;million to $375.5&nbsp;million, or 93% of AMEA revenues for 2014, compared to
$207.1&nbsp;million, or 102% of AMEA revenues for 2013. The incremental impact of acquisitions increased segment direct costs by $115.1&nbsp;million in 2014 compared to 2013. Increased costs to
support the growth in our operations contributed to $55.0&nbsp;million of the increased expenses during 2014 compared to 2013. In 2014, we determined it was probable that THINK would meet
performance targets that were part of a share purchase agreement and accrued for a contingent earn-out of $3.8&nbsp;million. Additionally, HIEU recorded a $4.4&nbsp;million loss on disposal of
property to write off the carrying value of several parcels of land for which it no longer has land use rights. In 2014, an entity in the Kingdom of Saudi Arabia received a benefit of
$2.8&nbsp;million, primarily related to cash payments received for fully reserved receivables. For 2014, the effects of currency translations decreased expenses by $7.0&nbsp;million, primarily due
to the weakening of the Malaysian Ringgit, Australian Dollar, Indian Rupee and Thai Baht relative to the USD. Changes in contingent liabilities for taxes other than income tax, net of changes in
recorded indemnification assets, decreased expenses by $0.1&nbsp;million for 2014 compared to 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>AMEA segment Adjusted EBITDA</I></FONT><FONT SIZE=2> increased by $34.9&nbsp;million to $30.1&nbsp;million in 2014, from $(4.8) million in 2013, as described
above. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>140</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=150,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=237771,FOLIO='140',FILE='DISK112:[12ZBH3.12ZBH43513]DI43513A.;29',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_di43513_1_141"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


GPS  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results for our&nbsp;GPS segment for the years ended December&nbsp;31, 2015, 2014 and 2013 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change Better/(Worse) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 vs. 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 vs. 2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>979.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>954.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>872.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Segment direct costs:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Instructional and services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>627.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>602.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>521.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Marketing and promotional</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>125.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>129.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>145.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>226.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>223.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>205.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of GPS Results for the Year Ended December&nbsp;31, 2015 to the Year Ended
December&nbsp;31, 2014  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>GPS segment revenues</I></FONT><FONT SIZE=2> for 2015 increased by $25.4&nbsp;million to
$979.9&nbsp;million, compared to 2014.&nbsp;On average, organic enrollment excluding acquisitions increased during 2015 by 3%, increasing revenues by $29.6&nbsp;million compared to 2014. For
2015, the effects of product mix, pricing and timing resulted in an $21.1&nbsp;million increase in revenues compared to 2014. For 2015, the effects of currency translations decreased revenues by
$26.1&nbsp;million, primarily due to the weakening of the Euro and Swiss&nbsp;Franc relative to the USD.&nbsp;GPS Shared Service and Eliminations revenue increased by $0.8&nbsp;million for
2015 compared to 2014 due to increases in inter-segment revenues related to a management service arrangement. GPS segment revenues represented 23% of our total revenues for 2015 compared to 22% for
2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>GPS segment direct costs</I></FONT><FONT SIZE=2> increased by $21.6&nbsp;million to $753.1&nbsp;million, or 77% of total GPS segment revenues for 2015,
compared to $731.5&nbsp;million, or 77% of total GPS segment revenues for 2014. Higher enrollments and expanded operations contributed to $53.2&nbsp;million of the increased expenses during 2015
compared to 2014. Direct costs included employee termination costs of $3.2&nbsp;million in 2015 and $1.8&nbsp;million in 2014, resulting in a year-over-year direct cost increase of
$1.4&nbsp;million. The effects of currency translations decreased segment direct costs by $24.2&nbsp;million in 2015, compared to 2014, due to the weakening of the Euro and Swiss Franc relative to
the USD. In connection with a teach out at NHU, we recorded costs of $6.6&nbsp;million for 2014 to ensure an orderly and successful transition for our students. GPS direct costs decreased by
$2.2&nbsp;million for 2015 compared to 2014 related to the operation of the shared service center. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>GPS segment Adjusted EBITDA</I></FONT><FONT SIZE=2> increased by $3.8&nbsp;million to $226.8&nbsp;million for 2015, from $223.0&nbsp;million for 2014, as
described above. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of&nbsp;GPS Results for the Year Ended December&nbsp;31, 2014 to the Year Ended
December&nbsp;31, 2013  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>GPS segment revenues</I></FONT><FONT SIZE=2> for 2014 increased by $82.1&nbsp;million to
$954.5&nbsp;million, compared to 2013.&nbsp;The incremental impact of acquisitions resulted in a $50.9&nbsp;million increase in revenues for 2014. On average, organic enrollment excluding
acquisitions increased during 2014 by 1%, increasing revenues by $9.3&nbsp;million compared to 2013. For 2014, the effects of product mix, pricing and timing resulted in a $20.8&nbsp;million
increase in revenues compared to 2013. For 2014, the effects of currency translations increased revenues by $1.8&nbsp;million, primarily due to the strengthening of the Swiss Franc relative to the
USD.&nbsp;GPS Shared Service and Eliminations revenue decreased $0.7&nbsp;million for 2014 compared to 2013 due to decreases in inter-segment revenues related to a management service arrangement.
GPS segment revenues represented 22% of our total revenues for 2014 and 2013. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>141</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=151,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=468852,FOLIO='141',FILE='DISK112:[12ZBH3.12ZBH43513]DI43513A.;29',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_di43513_1_142"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>GPS segment direct costs</I></FONT><FONT SIZE=2> increased by $64.7&nbsp;million to $731.5&nbsp;million, or 77% of total&nbsp;GPS segment revenues for 2014,
compared to $666.8&nbsp;million, or 76% of total&nbsp;GPS segment revenues for 2013. The incremental impact of acquisitions increased segment direct costs by $26.2&nbsp;million for 2014 compared
to 2013. Higher enrollments and expanded operations contributed to $27.3&nbsp;million of the increased expenses during 2014 compared to 2013. The effects of currency translations increased segment
direct costs by $1.5&nbsp;million for 2014, compared to 2013, due to the strengthening of the Swiss Franc relative to the USD. In connection with a teach out at NHU, we recorded costs of
$6.6&nbsp;million for 2014 to ensure an orderly and successful transition for our students. Employee termination costs related to a reduction in force increased direct costs by $1.8&nbsp;million
for 2014.&nbsp;GPS direct costs increased by $1.3&nbsp;million for 2014 compared to 2013 related to the operation of the shared service center. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>GPS segment Adjusted EBITDA</I></FONT><FONT SIZE=2> increased by $17.4&nbsp;million to $223.0&nbsp;million for 2014, from $205.6&nbsp;million for 2013, as
described above. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Corporate  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Corporate revenues</I></FONT><FONT SIZE=2> represent amounts from contractual arrangements with UDLA Ecuador,
our consolidated joint venture with the University of Liverpool and Corporate billings for centralized IT costs billed to various segments, offset by the elimination of inter-segment revenues. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
results for Corporate for the years ended December&nbsp;31, 2015, 2014 and 2013 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>% Change Better/(Worse) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 vs. 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 vs. 2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(12.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>nm</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>103.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>82.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>90.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (25</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(115.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(94.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(93.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <P style="font-family:times;"><FONT SIZE=2>nm&#151;percentage
changes not meaningful </FONT></P>
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Corporate Results for the Year Ended December&nbsp;31, 2015 to the Year Ended
December&nbsp;31, 2014  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Corporate Adjusted EBITDA</I></FONT><FONT SIZE=2> decreased by $21.0&nbsp;million to $(115.4) million for
2015, compared to $(94.4) million for 2014. This decrease in Adjusted EBITDA results primarily from an increase in labor costs of $14.5&nbsp;million combined with $4.8&nbsp;million of proceeds in
2014 for the settlement of earthquake-related insurance claims. Additionally, in 2015, we recognized employee termination costs of $0.3&nbsp;million. Other items accounted for a change of
$1.4&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Corporate Results for the Year Ended December&nbsp;31, 2014 to the Year Ended
December&nbsp;31, 2013  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Corporate Adjusted EBITDA</I></FONT><FONT SIZE=2> decreased by $0.7&nbsp;million to $(94.4) million for 2014,
compared to $(93.7) million for 2013. This decrease in Adjusted EBITDA results from an increase in labor costs of $9.5&nbsp;million. This decrease was partially offset by a $4.8&nbsp;million gain
recorded for the settlement of earthquake-related insurance claims and $1.9&nbsp;million for debt modification costs incurred for 2013. Other items accounted for a change of $2.1&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Quarterly Results of Operations Data  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table represents data from our unaudited statements of operations for our most recent eleven&nbsp;quarters. You should
read the following table in conjunction with our consolidated </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>142</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=152,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=806639,FOLIO='142',FILE='DISK112:[12ZBH3.12ZBH43513]DI43513A.;29',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_di43513_1_143"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>financial
statements and related notes appearing elsewhere in this prospectus. The results of operations of any quarter are not necessarily indicative of the results that may be expected for any
future period. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=32 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three Months Ended </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:33pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,33pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>June&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>March&nbsp;31,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>June&nbsp;30,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>March&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>June&nbsp;30,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>March&nbsp;31,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>929.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,231.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>906.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,150.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>985.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,270.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>885.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,329.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>968.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,238.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>878.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating costs and expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>917.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,021.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>917.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,025.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>952.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,037.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>939.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,208.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,004.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,001.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>901.4 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>210.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(11.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>124.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>232.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(53.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>120.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(35.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>237.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(23.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income (loss) from continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>80.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>349.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(102.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(16.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(130.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>56.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(226.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>47.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(195.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>109.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(123.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Less: Net loss (income) attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3.4 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss) attributable to Laureate Education, Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>86.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>347.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(103.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(16.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(128.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>55.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(226.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>47.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(193.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>108.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(120.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents Adjusted EBITDA and reconciles net income (loss) to Adjusted EBITDA for our most recent eleven quarters. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=32 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three Months Ended </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:33pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,33pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>June&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>March&nbsp;31,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>June&nbsp;30,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>March&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>June&nbsp;30,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>March&nbsp;31,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>80.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>349.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(102.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(16.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(130.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>56.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(226.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>47.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(195.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>109.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(123.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Equity in net (income) loss of affiliates, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income tax (benefit) expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>28.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>36.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>84.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(8.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(93.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>46.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6.5 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income (loss) from continuing operations before income taxes and equity in net (income) loss of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>77.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>377.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(92.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>19.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(124.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>140.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(236.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(46.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(194.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>155.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(116.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Gain on sale of subsidiaries, net(a)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(155.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(243.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Foreign currency exchange (gain) loss, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(26.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(26.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(27.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>57.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>86.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>37.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>67.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other (income) expense, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>(Gain) loss on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(0.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>104.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>105.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>103.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>97.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>102.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>99.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>98.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>106.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>97.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>92.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>89.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(5.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(5.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(7.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Operating income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>210.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(11.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>124.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>232.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(53.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>120.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(35.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>237.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(23.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>66.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>69.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>66.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>73.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>70.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>69.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>69.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>77.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>73.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>71.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>66.6 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>EBITDA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>79.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>280.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>55.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>198.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>103.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>302.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>198.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>37.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>308.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Plus:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Stock-based compensation expense(b)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Loss on impairment of assets(c)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>109.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>16.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>EiP implementation expenses(d)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>14.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>17.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>6.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>0.2 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Adjusted EBITDA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>98.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>308.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>74.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>227.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>118.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>322.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>34.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>328.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>68.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>322.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>54.5 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents
a gain of approximately $249.1&nbsp;million, subject to certain adjustments, resulting from the Swiss Institution Sale that closed on
June&nbsp;14, 2016, and a gain of approximately $149.0&nbsp;million, subject to certain adjustments, resulting from the French Institution Sale that closed on July&nbsp;20, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents
non-cash, stock-based compensation expense pursuant to the provisions of ASC Topic 718.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents
non-cash charges related to impairments of long-lived assets. For further details on certain impairment items, see "&#151;Discussion of
Significant Items Affecting the Consolidated Results&#151;Impairments."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>EiP
implementation expenses are related to our enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of
procurement, information technology, finance, accounting and human resources, which began in 2014 and is expected to be substantially completed by the end of 2017. EiP includes the establishment of
regional SSOs around the world, as well as improvements to our system of internal controls over financial reporting. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>143</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=153,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=719694,FOLIO='143',FILE='DISK112:[12ZBH3.12ZBH43513]DI43513A.;29',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_di43513_1_144"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Liquidity and Capital Resources  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Liquidity Sources  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that cash flow from operations and available cash on hand will be sufficient to meet our operating requirements through
January&nbsp;31, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
primary source of cash is revenue from tuition charged to students in connection with our various education program offerings. The majority of our students finance the costs of their
own education and/or seek third-party financing programs. We anticipate generating sufficient cash flow from operations in the majority of countries where we operate to satisfy the working capital and
financing needs of our organic growth plans for each country. If our educational institutions within one country were unable to maintain sufficient liquidity, we would consider using internal cash
resources or reasonable short-term working capital facilities to accommodate any short- to medium-term shortfalls. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016, our secondary source of cash was cash and cash equivalents of $481.5&nbsp;million. Our cash accounts are maintained with high-quality financial
institutions with no significant concentration in any one institution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company also maintains a revolving credit facility with a syndicate of financial institutions as a third source of liquidity. The revolving credit facility provides for borrowings of
$325.0&nbsp;million if certain financial covenants are maintained, and a maturity date of June 2019, subject to certain acceleration provisions as further discussed below. The Company was in
compliance with these covenants at September&nbsp;30, 2016. The Company continues to maintain a substantial unencumbered asset pool that it believes can be used for additional secured and unsecured
borrowings, and for sale and sale-leaseback transactions. Additionally, a significant portion of the Company's capital expenditures in any given year are for growth initiatives and are therefore
discretionary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
the beginning of 2016, the Company has taken numerous actions to reduce leverage, improve liquidity and increase cash flow. The sale of our Swiss and French operations, as further
discussed below, resulted in net proceeds to the Company of approximately $546&nbsp;million. These proceeds were used to repay approximately $380&nbsp;million of long-term indebtedness, with the
remaining proceeds used to repay a portion of our revolving credit facility, thus increasing our liquidity. In addition, during June
and July 2016 the Company entered into amendments to our Senior Secured Credit Facilities which addressed a significant portion of the near-term debt maturities of the Company by extending 84% of the
term loan maturities originally scheduled to mature in 2018 to 2021, and all of the revolving credit facility to 2019, both subject to certain acceleration rights as further discussed below. The
Company continually evaluates its debt maturities and, based on management's current assessment, believes it has viable financing and refinancing alternatives. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;4, 2016, the Company signed the Subscription Agreement pursuant to which we agreed to issue and sell to certain investors an aggregate of 400,000 shares of
Series&nbsp;A Preferred Stock in a private offering for total expected net proceeds of approximately $383&nbsp;million, as further discussed in Note&nbsp;19, Subsequent Events, in our interim
consolidated financial statements included elsewhere in this prospectus. For more information on our Series&nbsp;A Preferred Stock see "Description of Capital Stock&#151;Preferred
Stock&#151;Series&nbsp;A Preferred Stock." Closing of the first tranche of funding for this transaction occurred on December&nbsp;20, 2016 and we received net proceeds, after issuance
costs, of approximately $328&nbsp;million. One investor funded a portion of its purchase price equal to $57&nbsp;million (approximately $55&nbsp;million net of issuance costs) on
January&nbsp;18, 2017 and the remainder on January&nbsp;23, 2017.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proceeds from the Series&nbsp;A Preferred Stock offering have and will be used primarily to, among other things, repay a portion of our outstanding debt, including our revolving
credit facility, which will improve our liquidity. See "Description of Capital Stock" and "Certain Relationships and Related Party Transactions" for a detailed description of the Series&nbsp;A
Preferred Stock and the documents related to the Series&nbsp;A Preferred Stock offering, which include the Subscription Agreement, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>144</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=154,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=438844,FOLIO='144',FILE='DISK112:[12ZBH3.12ZBH43513]DI43513A.;29',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_di43513_1_145"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
Stockholders Agreement and the Series&nbsp;A Registration Rights Agreement (as defined below) that were executed by the Company at the Closing. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;14, 2016, we sold the operations of Glion in Switzerland and the United Kingdom, the operations of Les Roches in Switzerland and the United States, Haute
&eacute;cole sp&eacute;cialis&eacute;e Les Roches-Gruy&egrave;re&nbsp;SA ("LRG") in Switzerland, Les Roches Jin Jiang in China, Royal Academy of Culinary Arts
("RACA") in Jordan and Les Roches Marbella in Spain. As a result of this sale, we received net proceeds of approximately $332.8&nbsp;million, net of cash sold of $14.5&nbsp;million, and after
adjustments for liabilities assumed by the buyer and transaction-related costs. In September 2016, we received additional proceeds from the buyer of approximately $5.8&nbsp;million after
finalization of the working capital adjustment required by the purchase agreement. In addition, on the June&nbsp;14, 2016 closing date, we settled the deal-contingent forward exchange swap agreement
for a payment of $10.3&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;20, 2016, we sold the operations of LIUF which comprised five institutions with a total student population of approximately
7,500:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> &Eacute;cole Sup&eacute;rieure du Commerce Ext&eacute;rieur ("ESCE"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Institut Fran&ccedil;ais de Gestion ("IFG"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> European Business School ("EBS"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> &Eacute;cole Centrale d'Electronique ("ECE"); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Centre d'&Eacute;tudes Politiques et de la Communication ("CEPC"). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of the transaction was EUR 201.0&nbsp;million (approximately $228.0&nbsp;million at the signing date), subject to certain adjustments. At closing on July&nbsp;20, 2016,
we received total net proceeds of approximately $207.0&nbsp;million, net of cash sold of $3.4&nbsp;million, and adjustments for liabilities assumed by the buyer and transaction-related costs. In
addition, in July we settled the forward exchange swap agreements related to this sale, resulting in total proceeds of $4.6&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2014 and 2015 the U.S. dollar has strengthened significantly against most of the local currencies in countries where we have significant operations, which has negatively affected
our cash flows from operations. Though currency movements can unfavorably impact our cash flows, we have the ability to increase cash flow and liquidity, if needed, through reductions in certain
discretionary spending
including, but not limited to, growth capital expenditures, investments in our EiP initiative and other discretionary investments. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FIES Payment Plan  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Brazilian government implemented changes to the FIES program in 2015 which included extending the payment period from the
government to the participating institutions. Our total FIES receivable balance at December&nbsp;31, 2015 was approximately $78.3&nbsp;million, compared to a balance of approximately
$24.0&nbsp;million at December&nbsp;31, 2014. The increase in total FIES receivables was caused by a delay in the receipt of funds from the Brazilian government. The government has implemented a
payment plan for all outstanding 2015 FIES amounts. We received payment for 25 percent of the outstanding 2015 FIES balances in June&nbsp;2016. We expect to receive payments on the remaining
outstanding 2015 FIES balances of 25&nbsp;percent by June&nbsp;30, 2017 and 50&nbsp;percent by June&nbsp;30, 2018. Each payment will include an adjustment based on the Brazilian inflation
index. If the payments are not received by the due dates, it will have a negative impact on our operating cash flows. See also Note&nbsp;19, Legal and Regulatory Matters in our consolidated
financial statements included elsewhere in this prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>145</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=155,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=30069,FOLIO='145',FILE='DISK112:[12ZBH3.12ZBH43513]DI43513A.;29',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_di43513_1_146"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Liquidity Restrictions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our liquidity is affected by restricted cash and investments balances, which totaled $176.2&nbsp;million and $160.6&nbsp;million as
of September&nbsp;30, 2016 and December&nbsp;31, 2015, respectively. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
cash and investments also consists of cash equivalents and short-term investments held to collateralize standby letters of credit in favor of the DOE. These letters of credit
are required by the DOE in order to allow our U.S. Institutions to participate in the Title IV program and totaled $90.5&nbsp;million and $86.6&nbsp;million as of September&nbsp;30, 2016 and
December&nbsp;31, 2015, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016 and December&nbsp;31, 2015, we had $37.3&nbsp;million and $36.5&nbsp;million, respectively, posted as a cash-collateralized letter of credit in
order to continue the appeals process with the STA who challenged the holding company structure in Spain and issued a final assessment against ICE, our Spanish holding company, of
EUR&nbsp;11.1&nbsp;million ($12.4&nbsp;million at September&nbsp;30, 2016), including interest, for the periods 2006 and 2007. In July 2013, we were notified by the STA that an audit of the
Spanish subsidiaries was being initiated for 2008 through 2010. In October 2015, the STA issued a final assessment to ICE for approximately EUR&nbsp;17.2 million ($19.3&nbsp;million at
September&nbsp;30, 2016), including interest, for those three years. We have appealed the assessments and, in order to suspend the payment of the tax assessments until the court decision, we issued
cash-collateralized letters of credit for the assessment amounts plus interest and surcharges. We believe the assessments in this case are without merit and intend to defend vigorously against them.
During the second quarter of 2016, we were notified by the STA that tax audits of the Spanish subsidiaries were also being initiated for 2011 and 2012; no assessments have yet been issued for these
years. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Indefinite Reinvestment of Foreign Earnings  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We earn a significant portion of our income from subsidiaries located in countries outside the United States. As part of our business
strategies, we have determined that all earnings from our foreign operations will be deemed indefinitely reinvested outside the United States. As of December&nbsp;31, 2015, our undistributed
earnings from non-U.S. subsidiaries totaled approximately $1,154.0&nbsp;million. As of September&nbsp;30, 2016, $447.8&nbsp;million of our total $481.5&nbsp;million of cash and cash
equivalents were held by foreign subsidiaries, including $164.9&nbsp;million held by VIEs. As of December&nbsp;31, 2015, $342.8&nbsp;million of our total $458.7&nbsp;million of cash and cash
equivalents were held by foreign subsidiaries, including $120.9&nbsp;million held by VIEs. The VIEs' cash and cash equivalents balances are generally required to be used only for the benefit of the
operations of these VIEs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
plans to indefinitely reinvest certain earnings are supported by projected working capital and long-term capital requirements in each foreign subsidiary location in which the
earnings are generated. We have analyzed our domestic operation's cash repatriation strategies, projected cash flows, projected working capital and liquidity, and the expected availability within the
debt or equity markets to provide funds for our domestic needs. As a result, we rely on payments from contractual arrangements, such as intellectual property royalty, network fee and management
services agreements, as well as repayments of intercompany loans to meet any of our existing or future debt service and other obligations, a substantial portion of which are denominated in U.S.
dollars. Based on our analysis, we believe we have the ability to indefinitely reinvest these foreign earnings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
our expectations change based on future developments such that some or all of the undistributed earnings of our foreign subsidiaries may be remitted to the United States in the
foreseeable future, we will be required to recognize deferred tax expense and liabilities on those amounts and pay additional taxes. In addition, if applicable U.S. tax rules are modified to cause
U.S. corporations to pay taxes on foreign earnings, even if the earnings are not remitted to the United States, we may incur additional taxes in the United States. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>146</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=156,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=375139,FOLIO='146',FILE='DISK112:[12ZBH3.12ZBH43513]DI43513A.;29',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dk43513_1_147"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Liquidity Requirements  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our short-term liquidity requirements include: funding for debt service (including capital leases); operating lease obligations;
payments of deferred compensation; payments due to shareholders of acquired companies; working capital; operating expenses; payments of third-party obligations; capital expenditures; and business
development activities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term
liquidity requirements include: principal payments of long-term debt; operating lease obligations; payments of long-term amounts due to shareholders of acquired companies;
payments of deferred compensation; settlements of derivatives and business development activities. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Debt  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2016, senior long-term borrowings totaled $3,038.4&nbsp;million and consisted of the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $1,661.7&nbsp;million under the Senior Secured Credit Facility that, as of September&nbsp;30, 2016, matures in June 2018, June
2019 and March 2021; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $1,376.7&nbsp;million in Senior Notes that mature in September 2019. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016, other debt balances totaled $771.3&nbsp;million, and our capital lease obligations and sale-leaseback financings were $259.7&nbsp;million. Other debt
includes lines of credit and short-term borrowing arrangements of subsidiaries, mortgages payable, and notes payable. As discussed further below, the Company has undertaken several initiatives to
reduce its leverage and extend the maturities of its obligations. Following the completion of this offering, in addition to the repayment, redemption or repurchase of certain of our indebtedness as
described in "Use of Proceeds," we may take one or more actions to refinance certain of our existing indebtedness. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Secured Credit Facilities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into the Senior Secured Credit Facilities with a syndicate of lenders on August&nbsp;17, 2007 to fund the leveraged buyout
merger between Laureate and Wengen. On June&nbsp;16, 2011, we amended and restated our credit agreement (the "Amended and Restated Credit Agreement") in order to, among other things, extend maturity
dates. On December&nbsp;22, 2011, we increased the borrowing capacity under our senior secured multi-currency revolving credit facility to $350.0&nbsp;million and borrowed an additional
$25.0&nbsp;million in term loans. On January&nbsp;18, 2013, we borrowed an additional $250.0&nbsp;million in term loans. On April&nbsp;23, 2013, we borrowed an additional $310.0&nbsp;million
in term loans to repay all of the outstanding Senior Subordinated Notes, as noted below. On October&nbsp;3, 2013, we amended our credit agreement to, among other things, reduce the interest rate on
the term loans. On December&nbsp;16, 2013, we borrowed an additional $200.0&nbsp;million in term loans. On July&nbsp;7, 2015,
we entered into a Fourth Amendment to Amended and Restated Credit Agreement and Amendment to the U.S. Obligations Security Agreement and U.S. Pledge Agreement (the "Fourth Amendment"). Pursuant to the
Fourth Amendment, the maturity date of the senior secured multi-currency revolving credit facility was extended from June 2016 to March 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in further detail in Note&nbsp;7, Debt, in our interim consolidated financial statements included elsewhere in this prospectus, on June&nbsp;3, 2016, we entered into the
Fifth Amendment to the Amended and Restated Credit Agreement to, among other things, obtain the commitment of the term loan lenders holding approximately $1,526.0&nbsp;million of the approximately
$1,810.1&nbsp;million of the then outstanding term loans to extend the maturity dates of the term loans held by such term loan lenders from June 2018 to March&nbsp;17, 2021. Effectiveness of such
term loan extensions was subject to the satisfaction of certain conditions including, (i)&nbsp;the closing of the sale of the Glion and Les Roches hospitality management schools and our operations
in France, (ii)&nbsp;the prepayment of $300.0&nbsp;million of the 2021 Extended Term Loan, and (iii)&nbsp;the further amendment of the Amended and Restated Credit Agreement pursuant to which
certain of the lenders thereunder holding revolving credit commitments </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>147</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=157,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=152385,FOLIO='147',FILE='DISK112:[12ZBH3.12ZBH43513]DK43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dk43513_1_148"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>would
have agreed to extend the maturity date of the revolving line of credit facility to a date on or after March&nbsp;8, 2019. These conditions have been satisfied and the Fifth Amendment became
effective on July&nbsp;29, 2016. The extended term loans with a maturity date of March&nbsp;17, 2021 are referred to as the 2021 Extended Term Loan, and the non-extended term loans with a maturity
date of June 2018 continue to be referred to as the 2018 Extended Term Loan. The Fifth Amendment also provides that if a qualified equity offering or a qualified public offering or combination
thereof, of the Company does not occur on or before August&nbsp;15, 2017, the Company will be required to make, on August&nbsp;16, 2017, an additional scheduled payment of principal on the 2021
Extended Term Loan in the amount of $62.5&nbsp;million. Further, if on the date that is 91&nbsp;days prior to September&nbsp;1, 2019 more than $250.0&nbsp;million of the principal amount of
the Senior Notes due 2019 is outstanding, then the 2021 Extended Term Loan maturity date shall be the date that is 91&nbsp;days prior to September&nbsp;1, 2019. See also "Description of Certain
Indebtedness&#151;Senior Secured Credit Facilities." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in further detail in Note&nbsp;7, Debt, in our interim consolidated financial statements included elsewhere in this prospectus, on July&nbsp;7, 2016, we entered into a
Sixth Amendment to the Amended and Restated Credit Agreement (the "Sixth Amendment") to extend the maturity date of the revolving credit facility to June&nbsp;7, 2019, subject to the closing of the
Fifth Amendment and other conditions needing to be satisfied. The Sixth Amendment also reduced the borrowing capacity of the revolving line of credit facility from $350.0&nbsp;million to
$325.0&nbsp;million. The conditions for the effectiveness of the Sixth Amendment were satisfied and the Sixth Amendment became effective on July&nbsp;29, 2016. If, on the date that is
91&nbsp;days prior to September&nbsp;1, 2019, more than $250.0&nbsp;million of the principal amount of the Senior Notes due 2019 is outstanding, then the maturity date of the revolving line of
credit facility shall be the date that is 91&nbsp;days prior to September&nbsp;1, 2019. Further, if, on the date that is 91&nbsp;days prior to the maturity date of the 2018 Extended Term Loan,
more than $250.0&nbsp;million of the principal amount of the 2018 Extended Term Loan is outstanding, then the maturity date of the revolving line of credit facility shall be the date that is
91&nbsp;days prior to the 2018 Extended Term Loan maturity date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016, the outstanding balance under our Senior Secured Credit Facilities was $1,661.7&nbsp;million, which consisted of $160.0&nbsp;million outstanding
under our senior secured multi-currency revolving credit facility and an aggregate outstanding balance of $1,501.7&nbsp;million, net of a debt discount, under the term loans. As of
September&nbsp;30, 2016, we had $0.9&nbsp;million of outstanding letters of credit, which decrease availability on our revolving credit facility. Accordingly, as of September&nbsp;30, 2016, the
available borrowing capacity on our $325.0&nbsp;million senior secured multi-currency revolving credit facility was approximately $164.1&nbsp;million. As of December&nbsp;31, 2015, the
outstanding balance under our Senior Secured Credit Facilities was $2,084.1&nbsp;million, which consisted of $269.3&nbsp;million outstanding under our senior secured multi-currency revolving
credit facility and an aggregate outstanding balance of $1,814.8&nbsp;million, net of a debt discount, under the term loans. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Notes due 2019  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;25, 2012, we completed an offering of $350.0&nbsp;million of 9.250% Senior Notes due 2019. The net proceeds received
from the debt offering were used to repay a portion of our senior secured multi-currency revolving credit facility. On November&nbsp;13, 2012, we completed an offering of $1,050.0&nbsp;million of
additional Senior Notes. These proceeds were used to fully repay the outstanding balances of certain term loans outstanding under our Senior Secured Credit Facilities, which totaled
$164.5&nbsp;million as of December&nbsp;31, 2011, and to purchase all of the outstanding Senior Toggle Notes and the Senior Cash Pay Notes. On December&nbsp;29, 2015, we issued $50.0 million of
Senior Notes pursuant to the indenture to the participants in the Executive DCP in partial settlement of deferred payment obligations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016 and December&nbsp;31, 2015, our outstanding balance under our Senior Notes was $1,376.7&nbsp;million and $1,436.2&nbsp;million, respectively, net of
a debt discount. The Senior Notes mature on September&nbsp;1, 2019. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>148</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=158,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=377015,FOLIO='148',FILE='DISK112:[12ZBH3.12ZBH43513]DK43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dk43513_1_149"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;15, 2016, we entered into Note Exchange Agreements with certain Existing Holders of the Senior Notes pursuant to which we will exchange $250.0&nbsp;million in aggregate
principal amount of Senior Notes for shares of our Class&nbsp;A common stock. We expect the exchange to be completed within one year and one day after the consummation of this offering. The number
of shares of Class&nbsp;A common stock issuable will equal 104.625% of the aggregate principal amount of Senior Notes to be exchanged, or $261.6&nbsp;million, divided by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the
initial public offering price per share of Class&nbsp;A common stock in this offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Note Exchange Agreements, on June&nbsp;15, 2016, we also repurchased from the Existing Holders $62.5&nbsp;million aggregate principal amount of Senior Notes at par
value, plus accrued and unpaid interest and special interest. Within 60&nbsp;days after the consummation of this offering, at the option of the Existing Holders or their transferees, we will
repurchase up to an additional $62.5&nbsp;million aggregate principal amount of Senior Notes at the redemption price set forth in the indenture governing the Senior Notes that is applicable as of
the date of pricing of this offering, plus accrued and unpaid interest and special interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
or our affiliates from time to time may purchase our outstanding Senior Notes, term loans under our Senior Secured Credit Facilities and/or other of our indebtedness. Any such future
purchases may be made through open market or privately negotiated transactions with third parties or pursuant to one or more tender or exchange offers or otherwise, upon such terms and at such prices
as well as with such consideration as we or any such affiliates may determine. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Covenants  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior long-term debt contains certain negative covenants including, among others: (1)&nbsp;limitations on additional
indebtedness; (2)&nbsp;limitations on dividends; (3)&nbsp;limitations on asset sales, including the sale of ownership interests in subsidiaries and sale-leaseback transactions; and
(4)&nbsp;limitations on liens, guarantees, loans or investments. In connection with the extension of our revolving credit facility in July&nbsp;2015, we are now subject to a Consolidated Senior
Secured Debt to Consolidated EBITDA, as defined in the Amended and Restated Credit Agreement, financial maintenance covenant beginning in the third quarter of 2015. The maximum ratio, as defined, is
5.30x, 4.50x and 3.50x at December&nbsp;31, 2015, 2016 and 2017, respectively. The ratios as of September&nbsp;30, 2016 and December&nbsp;31, 2015 were 3.44x and 3.91x, respectively. In
addition, notes payable at some of our locations contain financial maintenance covenants. We are in compliance with our debt covenants and expect to be in compliance for the next 12 months. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Registration of Senior Notes due 2019  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and our guarantors agreed to (1)&nbsp;file&nbsp;a registration statement with the SEC with respect to a registered offer to
exchange the Senior Notes for new notes having terms substantially identical in all material respects to the outstanding notes (except that the new notes will not contain transfer restrictions or
provide for special interest); or (2)&nbsp;file&nbsp;a shelf registration for the resale of the Senior Notes. We were required to use all commercially reasonable efforts to cause the registration
statement to be declared effective on or before July&nbsp;25, 2014. Since the registration statement was not declared effective by July&nbsp;25, 2014, we have incurred special interest at a rate
equal
to 0.25% per annum for the first 90-day period of the outstanding indenture indebtedness on the outstanding notes, 0.50% per annum for the next 90-day period, and 0.75% thereafter, as liquidated
damages until the registration statement is declared effective and the exchange offer is completed. Accordingly, we have recorded a liability for the amount of special interest on the Senior Notes
that we have determined to be probable and estimable based on our expected timing of registration as of each balance sheet date. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, we had a
total contingent liability for special interest on the Senior Notes of approximately $7.0&nbsp;million and $8.1&nbsp;million, respectively recorded in accrued expenses in our consolidated balance
sheets. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>149</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=159,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=583938,FOLIO='149',FILE='DISK112:[12ZBH3.12ZBH43513]DK43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dk43513_1_150"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Debt  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other debt includes lines of credit and short-term borrowing arrangements of subsidiaries, mortgages payable, and notes payable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016 and December&nbsp;31, 2015, the aggregate outstanding balances on our lines of credit were $64.7&nbsp;million and $74.3&nbsp;million, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;21, 2007, we entered into a note payable to acquire Universidad Tecnol&oacute;gica de M&eacute;xico ("UNITEC Mexico"). The loan was originally
scheduled to mature on July&nbsp;1, 2015. In order to align the payments with the new loan described below, in May 2014, the loan maturity was extended to May&nbsp;15, 2021, and the repayments
were suspended until May&nbsp;16, 2016. As of December&nbsp;31, 2015, the balance outstanding on this note payable was $76.7&nbsp;million. In May 2016, this loan was combined with the loan from
May 2012, as further described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
entered into a note payable in May 2012 to acquire the remaining 10% interest in Planeaci&oacute;n de Sistemas,&nbsp;S.A. de C.V. ("Plansi"). The loan was originally
scheduled to mature on May&nbsp;15, 2019. In May 2014, the loan maturity date was extended to May&nbsp;15, 2021, and the repayments were suspended until May&nbsp;16, 2016. As of
December&nbsp;31, 2015, the balance outstanding on this note payable was $52.1&nbsp;million. In May 2016, this loan was combined with the loan from 2007, as further described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;12, 2016, the outstanding loans from 2007 and 2012 were refinanced and combined into one loan. The maturity date of the combined loan was extended to May&nbsp;15, 2023.
The repayments of the
principal, which were originally suspended until May&nbsp;16, 2016, were further suspended until May&nbsp;15, 2018. The new refinanced loan carries a variable interest rate based on the 28-day
Mexican Interbanking Offer Rate ("TIIE"), plus the applicable margin. The applicable margin for the interest calculation is established based on the ratio of debt to EBITDA, as defined in the
agreement. Interest is paid monthly commencing on May&nbsp;15, 2016. As of September&nbsp;30, 2016, the interest rate on the loan was 7.71%, and the outstanding balance on the loan was
$114.1&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the loans above, in August&nbsp;2015, UVM Mexico entered into an agreement with a bank for a loan of MXN&nbsp;1,300&nbsp;million. The loan carries a variable
interest rate (6.86% at September&nbsp;30, 2016) and matures in August&nbsp;2020. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also obtained financing to fund the construction of two new campuses at one of our institutions in Peru, Universidad Peruana de Ciencias Aplicadas ("UPC"). As of September&nbsp;30,
2016 and December&nbsp;31, 2015, the outstanding balance on the loans was $51.9&nbsp;million and $60.6&nbsp;million, respectively. These loans have varying maturity dates with the final payment
due in October 2022. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2014, we obtained $7.5&nbsp;million of financing to fund the construction of a new campus at one of our institutions in Panama. In December 2014, we borrowed an additional
$5.0&nbsp;million. In June 2015, we borrowed an additional $12.5&nbsp;million. As of both September&nbsp;30, 2016 and December&nbsp;31, 2015, the outstanding balance of this loan was
$25.0&nbsp;million. It has a fixed interest rate of 8.11% and matures in 2024. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
had outstanding notes payable at HIEU in China. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, the outstanding balance on the loans was $83.9&nbsp;million and
$90.4&nbsp;million, respectively. These notes are repayable in installments with the final installment due in November 2019. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
had outstanding notes payable at a real estate subsidiary in Chile. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, the outstanding balance on the loans was
$65.2&nbsp;million and $55.0&nbsp;million, respectively. These notes are repayable in installments with the final installment due in August 2028. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
financed a portion of the purchase price for THINK by borrowing AUD 45.0&nbsp;million ($34.5&nbsp;million at September&nbsp;30, 2016) under a syndicated facility agreement in
the form of two term loans of AUD 22.5&nbsp;million each. The syndicated facility agreement also provides for additional borrowings of up to AUD 20.0&nbsp;million ($15.3&nbsp;million at
September&nbsp;30, 2016) under a capital </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>150</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=160,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=606581,FOLIO='150',FILE='DISK112:[12ZBH3.12ZBH43513]DK43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dk43513_1_151"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>expenditure
facility and a working capital facility. The first term loan has a term of five years and principal is payable in quarterly installments beginning on March&nbsp;31, 2014. The second term
loan has a term of five years and the total principal balance is payable at its maturity date of December&nbsp;20, 2018. In June 2016, these loan facilities were amended and restated. As a result of
this amendment and a repayment of AUD&nbsp;11.0&nbsp;million ($8.1&nbsp;million at the date of payment):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Facility A has been amended to be a term loan of AUD 10.0&nbsp;million ($7.7&nbsp;million at September&nbsp;30, 2016), and
principal is repayable in quarterly installments of AUD 0.8&nbsp;million ($0.6&nbsp;million at September&nbsp;30, 2016) beginning on September&nbsp;30, 2016. The final balance is repayable at
its maturity date of December&nbsp;20, 2018; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Facility B has been amended to be a revolving facility of up to AUD 15.0&nbsp;million ($11.5&nbsp;million at September&nbsp;30,
2016) and any balance outstanding is repayable at its maturity date of December&nbsp;20, 2018. This facility bears interest at a variable rate plus a margin of 2.75%. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016 and December&nbsp;31, 2015, $14.7&nbsp;million and $25.7&nbsp;million, respectively, was outstanding under these loan facilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
acquired FMU on September&nbsp;12, 2014 and financed a portion of the purchase price by borrowing amounts under two loans that totaled BRL 259.1&nbsp;million
($110.3&nbsp;million at the borrowing date). The loans require semi-annual principal payments beginning at BRL 6.5&nbsp;million in October 2014 and increasing to a maximum of BRL
22.0&nbsp;million beginning in October 2017 and continuing through their maturity dates in April 2021. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, the outstanding balance of these
loans was $66.5&nbsp;million and $58.9&nbsp;million, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;18, 2015, the Company entered into an agreement with two banks to borrow a total of EUR 100&nbsp;million ($106.5&nbsp;million at the borrowing date) as described
in Note&nbsp;9, Debt, in our consolidated financial statements included elsewhere in this prospectus. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Leases  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conduct a significant portion of our operations from leased facilities. These facilities include our corporate headquarters, other
office locations, and many of our higher education facilities. See "&#151;Contractual Obligations" for a summary of our capital and operating lease obligations. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Due to Shareholders of Acquired Companies  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One method of payment for acquisitions is the use of promissory notes payable to the sellers of acquired companies. As of
September&nbsp;30, 2016 and December&nbsp;31, 2015, we recorded $220.7&nbsp;million and $186.7&nbsp;million, respectively, for these liabilities. See Note&nbsp;5, Due to Shareholders of
Acquired Companies, in our consolidated financial statements included elsewhere in this prospectus for further details. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Capital Expenditures  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures consist of purchases of property and equipment, purchases of land use rights and expenditures for deferred costs.
Our capital expenditure program is a component of our liquidity and capital management strategy. This program includes discretionary spending, which we can adjust in response to economic and other
changes in our business environment, to grow our network through the following: (1)&nbsp;capacity expansion at institutions to support enrollment growth; (2)&nbsp;new campuses for institutions
entering new geographic markets; (3)&nbsp;information technology to increase efficiency and controls; and (4)&nbsp;online content development. Our non-discretionary spending includes the
maintenance of existing facilities. We typically fund our capital expenditures through cash flow from operations and external financing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
capital expenditures were $146.9 million and $232.3&nbsp;million during the nine months ended September&nbsp;30, 2016 and 2015, respectively, and $366.9&nbsp;million,
$436.4&nbsp;million and $519.5&nbsp;million during </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>151</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=161,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=299785,FOLIO='151',FILE='DISK112:[12ZBH3.12ZBH43513]DK43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dk43513_1_152"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>2015,
2014 and 2013, respectively. The 37% decrease in capital expenditures for the 2016 fiscal period compared to the 2015 fiscal period related to decreases in capital expenditures in Brazil, Chile,
Peru, Europe, GPS and AMEA related in part to an ongoing online initiative to reduce capital expenditures. We also increased information technology spending in Corporate. Our online initiative is
designed to not only provide our students with access to the technology platforms and innovative programs they expect, but also to increase our enrollment in a more capital efficient manner,
leveraging current infrastructure and improving classroom utilization. The 16% decrease in capital expenditures for 2015 compared to 2014 primarily related to significant decreases in capital
expenditures in Chile, Europe and AMEA, partially offset by the continued construction of new campuses and capacity expansion projects throughout the rest of LatAm and increased information technology
spending in Corporate and Brazil. The 16% decrease in capital expenditures for 2014 compared to 2013 primarily related to significant decreases in capital expenditures in Chile, Mexico, Central
America and Corporate, partially offset by the continued construction of new campuses and capacity expansion projects throughout the rest of Latin America and AMEA. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Derivatives  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the normal course of business, our operations are exposed to fluctuations in foreign currency values and interest rate changes. We
mitigate a portion of these risks through a risk-management program that includes the use of derivatives. We were required to make periodic net cash payments on our derivatives totaling
$14.7&nbsp;million and $8.5&nbsp;million for the nine months ended September&nbsp;30, 2016 and 2015, respectively, and $11.3&nbsp;million, $38.5&nbsp;million and $38.2&nbsp;million for the
years ended December&nbsp;31, 2015, 2014 and 2013, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Note&nbsp;14, Derivative Instruments, in our consolidated financial statements and Note 12, Derivative Instruments, in our interim consolidated financial statements included
elsewhere in this prospectus for further information on our derivatives. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Redeemable Noncontrolling Interests and Equity  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with certain acquisitions, we have entered into put/call arrangements with certain minority shareholders, and we may be
required or elect to purchase additional ownership interests in the associated entities within a specified timeframe. Certain of our call rights contain minimum payment provisions. If we exercise such
call rights, the consideration required
could be significantly higher than the estimated put values. Upon exercise of these puts or calls, our ownership interests in these subsidiaries would increase. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Business Development Activities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our growth plans have historically included and may include future acquisition activity. Our acquisitions have historically been funded
primarily through existing liquidity and seller financing. We evaluate various alternatives to raise additional capital to fund potential acquisitions and other investing activities. These
alternatives may include issuing additional equity or debt and entering into operating or other leases relating to facilities that we use, including sale-leaseback transactions involving new or
existing facilities. Our incurrence covenants in our debt agreements impose limitations on our ability to engage in additional debt and sale-leaseback transactions, as well as on investments that may
be made. In the event that we are unable to obtain the necessary funding or capital for potential acquisitions or other business initiatives, it could have a significant impact on our long-term growth
strategy. We believe that our internal sources of cash and our ability to incur seller financing and additional third-party financing, subject to market conditions, will be sufficient to fund our
investing activities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;27, 2015, we acquired four higher education institutions in Portugal, a not-for-profit association and a for-profit services company that conducts market research. The
total purchase price for this group of entities was $10.4&nbsp;million. The purchase price included an initial cash payment of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>152</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=162,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=540172,FOLIO='152',FILE='DISK112:[12ZBH3.12ZBH43513]DK43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dk43513_1_153"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>$6.5&nbsp;million,
a seller note of $3.2&nbsp;million and a deferred payment of $0.7 million related to a working capital settlement. The seller note carries an annual interest rate of 3% and will
be paid in three equal installments of EUR 1.0&nbsp;million at 18&nbsp;months after the closing date, 36&nbsp;months after the closing date, and 60&nbsp;months after the closing date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2013, we made an investment of $2.2&nbsp;million for a 25% ownership interest in a for-profit entity that controls Monash South Africa ("MSA"), a not-for-profit institution
in South Africa. In February 2014, we assumed control of MSA for a total ownership interest in the for-profit entity of 75% and acquired 100% of an entity that owns the real estate used by MSA, for a
total purchase price of $44.4&nbsp;million. The purchase price consisted of the initial investment of $2.2&nbsp;million made in 2013, a cash payment of $6.7&nbsp;million, and deferred payments
totaling $35.4&nbsp;million. MSA was converted to a for-profit institution during the first quarter of 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;12, 2014, we acquired Faculdade Porto-Alegrense ("FAPA"), an institution in Porto Alegre, Brazil. The total purchase price was $4.1&nbsp;million, and was paid in the
form of two seller notes with a total discounted present value of approximately $3.0&nbsp;million, plus an additional deferred payment of approximately $1.1&nbsp;million. The deferred payment of
$1.1&nbsp;million was paid in September 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;12, 2014, we acquired FMU, an affiliated group of higher educational institutions in Brazil. The total purchase price was $387.6&nbsp;million, which was paid with
seller notes totaling $96.8&nbsp;million and cash paid at closing of $290.6&nbsp;million, net of cash acquired of $0.1&nbsp;million. The cash paid at acquisition included approximately
$231.0&nbsp;million of cash, including accrued interest, that had been held by us in an escrow bank account prior to the acquisition date and was recorded as restricted cash on our consolidated
balance sheets as of December&nbsp;31, 2013. The remainder of the cash paid at closing was financed through borrowings from third-party lenders. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock-based Deferred Compensation Arrangements  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to the leveraged buyout merger in 2007, our Chief Executive Officer and another then-member of the board of directors
held vested equity-based awards which they exchanged on the date of the merger for unfunded, nonqualified stock-based deferred compensation arrangements ("stock-based DCPs") having an aggregate fair
value at that time of $126.7&nbsp;million. Prior to the occurrence of an initial public offering, each of the stock-based DCPs allows the participant the potential to earn an amount (at any time, a
"Plan Balance") equal to the product of (A)&nbsp;the number of "phantom shares" credited to the participant's account, and (B)&nbsp;the lesser of (i)&nbsp;the fair market value per "phantom
share" on the date of the merger plus a 5% compounded annual return thereon, and (ii)&nbsp;the fair market value per "phantom share" on the earlier of September&nbsp;17, 2014 (the "Distribution
Date") or a change of control. On and after the occurrence of an initial public offering, each of the stock-based DCPs allows the participant the potential to earn a Plan Balance equal to the product
of (A)&nbsp;the number of "phantom shares" credited to the participant's account as of the initial public offering and (B)&nbsp;the fair market value per "phantom share" on the Distribution Date
or a change of control, as applicable. If we have not consummated an initial public offering prior to the first or second anniversary of the Distribution Date, as applicable, the scheduled
distribution will be made in cash. Distributions made after Laureate has consummated an initial public offering would generally be made in shares of our common stock, the number of which will depend
on the value of the shares on the date of distribution. Notwithstanding the foregoing, immediately upon a change of control, the stock-based DCPs will be terminated and liquidated and the Plan
Balances will be distributed in a lump sum. A change of control would generally occur if all or substantially all of our assets or more than 50% of our equity interests are sold. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>153</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=163,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=65888,FOLIO='153',FILE='DISK112:[12ZBH3.12ZBH43513]DK43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dm43513_1_154"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under these stock-based DCPs, a cash payment of $81.0&nbsp;million was made in September 2014. As of December&nbsp;31, 2014, the total liability recorded for
the stock-based DCPs was $99.7&nbsp;million, of which $82.2&nbsp;million was recorded as a current liability in deferred compensation on the consolidated balance sheet and the remaining balance
was noncurrent. Under the terms of the arrangement, $85.9&nbsp;million was payable on September&nbsp;17, 2015, and the remainder was payable on September&nbsp;17, 2016. The participants agreed
to extend the payment due on September&nbsp;17, 2015 (the "2015 Obligation"), the first anniversary of the Distribution Date, until December&nbsp;31, 2015, in order to agree with the Company on a
form of payment that we believe more closely aligns with the long-term interests of the Company and our securityholders. On December&nbsp;29, 2015 (the "2015 Executive DCP Closing Date"), we
satisfied the 2015 Obligation by paying the participants a total amount of $87.1&nbsp;million, including $6.1&nbsp;million in interest from the Distribution Date to the 2015 Executive DCP Closing
Date. The payment consisted of $37.1&nbsp;million in cash and $50.0&nbsp;million aggregate principal amount of Senior Notes. The participants agreed not to offer or sell their Senior Notes, other
than to the Company, until 12&nbsp;months after the 2015 Executive DCP Closing Date. The participants also agreed to extend the payment that was due on September&nbsp;17, 2016 (the "2016 Executive
DCP Obligation") until December&nbsp;30, 2016. As of September&nbsp;30, 2016, the total liability recorded for the stock-based DCPs was $18.0&nbsp;million, which is recorded as a current
liability in deferred compensation on the consolidated balance sheet. On December&nbsp;30, 2016 (the "2016 Executive DCP Closing Date"), we satisfied the 2016 Executive DCP Obligation by paying the
participants a total amount of $18.2&nbsp;million, including $0.2&nbsp;million in interest from September&nbsp;17, 2016 to the 2016 Executive DCP Closing Date. The payment consisted of
$7.7&nbsp;million in cash and $10.5&nbsp;million aggregate principal amount of Senior Notes. Following the satisfaction of the 2016 Executive DCP Obligation, the Company's obligations under the
DCPs were satisfied in full. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Contribution to Network Institution in Turkey  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;4, 2016, we made a contribution to our network institution in Turkey, a VIE, of approximately $13.0 million (the
value of 40.0&nbsp;million Turkish Liras at the date of the contribution). This amount eliminates in consolidation in our financial statements. See "Risk Factors&#151;Risks Relating to Our
Business&#151;We are conducting an internal investigation of one of our network institutions for violations of the Company's policies, and possible violations of the U.S. Foreign Corrupt
Practices Act and other applicable laws. A violation of these laws and regulations could subject us to penalties, harm our reputation and materially adversely affect our business, financial condition
and results of operations." </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Cash Flows  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the consolidated statements of cash flows, the changes in operating assets and liabilities are presented excluding the effects of
exchange rate changes, acquisitions, and reclassifications, as these effects do not represent operating cash flows. Accordingly, the amounts in the consolidated statements of cash flows do not agree
with the changes of the operating assets and liabilities as presented in the consolidated balance sheets. The effects of exchange rate changes on cash are presented separately in the consolidated
statements of cash flows. Cash paid for acquisitions, net of cash acquired, is reported in investing activities in the consolidated statements of cash flows. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>154</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=164,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=335345,FOLIO='154',FILE='DISK112:[12ZBH3.12ZBH43513]DM43513A.;37',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dm43513_1_155"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes our cash flows from operating, investing, and financing activities for each of the nine months ended September&nbsp;30, 2016 and 2015: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash provided by (used in):</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating activities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>196.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>220.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investing activities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>392.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(41.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financing activities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(572.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effects of exchange rate changes on cash</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(34.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net change in cash and cash equivalents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>156.8 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Cash Flows for the Nine Months Ended September&nbsp;30, 2016 to the Nine
Months Ended September&nbsp;30, 2015  </I></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Operating Activities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operating activities decreased by $24.3&nbsp;million to $196.0&nbsp;million for the 2016 fiscal period, compared
to $220.3&nbsp;million for the 2015 fiscal period. The decrease in operating cash flows primarily was due to an increase in cash paid for interest of $16.3&nbsp;million, from $289.8&nbsp;million
for the 2015 fiscal period to $306.1&nbsp;million for the 2016 fiscal period. This was partially offset by a decrease in cash paid for taxes of $13.6&nbsp;million, from $88.4&nbsp;million for
the 2015 fiscal period to $74.8&nbsp;million for the 2016 fiscal period. Other working capital changes, including changes in accounts receivable and deferred revenue, accounted for the remaining
change of $21.6&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Investing Activities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by investing activities increased by $433.6&nbsp;million for the 2016 fiscal period to $392.3&nbsp;million, from an
investing cash usage of $(41.3) million in the 2015 fiscal period. Cash provided by investing activities was higher in 2016 than in 2015 due to the following: (1)&nbsp;proceeds from the sale of
property and equipment were $364.9&nbsp;million higher in 2016 than in 2015, due to proceeds received in 2016 fiscal period from the sale of the Glion and Les Roches Hospitality Management schools
and the French institutions, partially offset by the proceeds from the Switzerland sale-leaseback arrangements received in the 2015 fiscal period; (2)&nbsp;$85.4&nbsp;million of lower capital
expenditures during the 2016 fiscal period than in the 2015 fiscal period; and (3)&nbsp;in 2015, we used cash for business acquisitions of $6.7&nbsp;million related to the 2015 Portugal
acquisition. These changes were partially offset by: (1)&nbsp;in 2016, we settled derivatives related to the sale of our subsidiaries for net cash payments of $5.7&nbsp;million; and (2)&nbsp;in
2015, we received proceeds of $5.0&nbsp;million related to the sale of HSM. Other items accounted for the remaining change of $12.7&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Financing Activities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used in financing activities increased by $(584.8) million for the 2016 fiscal period to $(572.7) million, compared to a financing
cash inflow of $12.1&nbsp;million for the 2015 fiscal period. This change in financing activities was due to higher net payments of long-term debt during 2016 versus 2015 of $578.0&nbsp;million,
which included the prepayment of $300.0&nbsp;million related to the Fifth Amendment, a partial pay down of our revolving credit facility, and a $62.5&nbsp;million payment on our Senior Notes. In
addition, payments to purchase noncontrolling interests were higher in 2016 versus 2015 by $20.3&nbsp;million, primarily related to the 2016 purchase of the remaining noncontrolling interest of
St.&nbsp;Augustine. These changes were partially offset by a $10.9&nbsp;million reduction in seller note payments during the 2016 fiscal period as compared to the 2015 fiscal period. Other items
accounted for the remaining change of $2.6&nbsp;million. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>155</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=165,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=330225,FOLIO='155',FILE='DISK112:[12ZBH3.12ZBH43513]DM43513A.;37',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dm43513_1_156"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes our cash flows from operating, investing, and financing activities for each of the past three fiscal years: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the Years Ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash provided by (used in):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>170.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>269.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>277.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investing activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(173.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(489.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(889.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financing activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>172.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>756.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by (used in) discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effects of exchange rate changes on cash</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(34.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(50.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(12.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net change in cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(98.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132.6 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Cash Flows for the Year Ended December&nbsp;31, 2015 to the Year Ended
December&nbsp;31, 2014  </I></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Operating Activities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operating activities decreased by $98.7&nbsp;million to $170.5&nbsp;million for 2015, compared to
$269.2&nbsp;million for 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decrease in operating cash flows primarily included the following: (1)&nbsp;Adjusted EBITDA in 2015 was $703.4&nbsp;million, a decrease from 2014 of $70.1&nbsp;million;
(2)&nbsp;cash paid for interest increased by $30.4&nbsp;million to $351.4&nbsp;million for 2015 compared to $321.0&nbsp;million for 2014, primarily due to higher average debt balances; and
(3)&nbsp;cash paid for taxes increased by $39.6&nbsp;million to $108.3&nbsp;million for 2015, compared to $68.7&nbsp;million for 2014, due primarily to timing of tax payments in Mexico
resulting from the tax reform changes that became effective in January 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
net decrease in operating cash flows was partially offset by the following: (1)&nbsp;during 2014, we made a cash payment of $81.0&nbsp;million for the deferred compensation
arrangement, while the 2015 payment for the deferred compensation arrangement was made through a combination of $37.1&nbsp;million of cash and the issuance of $50.0&nbsp;million of Senior Notes,
resulting in year-over-year decreased cash usage of $43.9&nbsp;million; and (2)&nbsp;other working capital changes accounted for the remaining change of $2.5&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Investing Activities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used in investing activities decreased by $315.6&nbsp;million for 2015 to $173.6&nbsp;million, compared to
$489.2&nbsp;million for 2014. Cash usage for investing activities was lower during 2015 than during 2014 due to the following: (1)&nbsp;proceeds from the sale of property and equipment were
$199.5&nbsp;million higher in 2015, which was the result of the sale-leaseback arrangements at certain campuses in Switzerland; (2)&nbsp;our capital expenditures were $69.6&nbsp;million lower in
2015 than in 2014; (3)&nbsp;in 2015, our proceeds from investments in affiliates were $5.0&nbsp;million, related to the sale of HSM; and (4)&nbsp;in 2015, our cash used for business acquisitions
was $281.2&nbsp;million less than in 2014, due principally to the FMU acquisition in September 2014. This was partially offset by a change in restricted cash of $239.9&nbsp;million, primarily
related to the release of the escrow deposit for the FMU acquisition. Other items accounted for the remaining change of $0.2&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Financing Activities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by financing activities was $34.4&nbsp;million for 2015, compared to $172.6&nbsp;million for 2014, a net decrease of
$138.2&nbsp;million. This decrease in cash provided by financing activities was due to the following: (1)&nbsp;net proceeds from issuance of long-term debt were $130.9&nbsp;million less for 2015
compared to 2014, primarily related to the loans that were issued during 2014 to partially finance the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>156</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=166,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=542985,FOLIO='156',FILE='DISK112:[12ZBH3.12ZBH43513]DM43513A.;37',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dm43513_1_157"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>FMU
acquisition; (2)&nbsp;debt issuance costs increased by $9.7&nbsp;million in 2015 as compared to 2014, related to the extension of the revolving line of credit facility in the 2015 fiscal
period; and (3)&nbsp;cash dividends to our shareholders increased by $13.9&nbsp;million, which is primarily related to a 2015 cash dividend of $19.0&nbsp;million. These changes were partially
offset by a $15.5&nbsp;million reduction in seller note payments during 2015 compared to 2014. Other items accounted for the remaining difference of $0.8&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Comparison of Cash Flows for the Year Ended December&nbsp;31, 2014 to the Year Ended
December&nbsp;31, 2013  </I></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Operating Activities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operating activities decreased by $8.0&nbsp;million to $269.2&nbsp;million for 2014, compared to
$277.2&nbsp;million for 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decrease in operating cash flows included the following: (1)&nbsp;cash paid for interest increased by $28.2&nbsp;million to $321.0&nbsp;million for 2014 compared to
$292.8&nbsp;million for 2013, primarily due to higher average debt balances; and (2)&nbsp;during 2014, we made a payment of $81.0&nbsp;million for the deferred compensation arrangement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
net decrease in operating cash flows was partially offset by an increase in Adjusted EBITDA of $127.0&nbsp;million to $773.5&nbsp;million for 2014 from $646.5&nbsp;million for
2013. However, $12.7&nbsp;million of the period-over-period increase in Adjusted EBITDA related to non-cash reversals of liabilities for taxes other than income tax. In addition,
$31.2&nbsp;million of the year-over-year increase related to the Adjusted EBITDA impact of the fiscal reform in Mexico, as noted in "&#151;Discussion of Significant Items Affecting the
Consolidated Results" and Note&nbsp;18, Benefit Plans, in our consolidated financial statements included elsewhere in this prospectus. Also, $11.3&nbsp;million of the Adjusted EBITDA increase
related to a non-cash reversal of a pre-acquisition loss contingency at an institution in our LatAm segment during 2014, and $6.7&nbsp;million of the Adjusted EBITDA increase was from a non-cash
settlement that was reached with the former owners of one of our institutions in Brazil related to a tax contingency matter. In addition to this net increase of $65.1&nbsp;million were the
following: (1)&nbsp;cash paid for income taxes decreased by $27.1&nbsp;million to $68.7&nbsp;million for 2014, compared to $95.8&nbsp;million for 2013, of
which $14.8&nbsp;million was due to tax reform changes in Mexico that became effective in January 2014 and provide educational institutions relief from making estimated monthly tax payments for one
year; (2)&nbsp;as noted in "&#151;Results of Operations&#151;Summary Comparison of Consolidated Results for the Years Ended December&nbsp;31, 2014, 2013 and
2012&#151;Discussion of Significant Items Affecting the Consolidated Results," during 2013 we made a payment of approximately $21.5&nbsp;million to settle a tax contingency in Brazil;
(3)&nbsp;during 2013, we made cash payments of approximately $5.7&nbsp;million for compensation to the former owners of UPN, as discussed in Note&nbsp;5, Due to Shareholders of Acquired
Companies, in our consolidated financial statements included elsewhere in this prospectus; and (4)&nbsp;2014 included $3.4&nbsp;million of operating cash flows that were not included in 2013,
related to settlement proceeds from an insurance carrier. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
working capital changes accounted for the remaining change of $21.6&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Investing Activities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used in investing activities decreased by $399.9&nbsp;million for 2014 to $489.2&nbsp;million, compared to
$889.1&nbsp;million for 2013. Cash usage for investing activities was higher during 2013 than during 2014 for the following: (1)&nbsp;in 2013, we used $235.8&nbsp;million of restricted cash in
investing activities, which included the deposit of approximately $231.0&nbsp;million that was made in connection with the commitment to acquire FMU; (2)&nbsp;in 2013, our net cash used for
business acquisitions was $114.0&nbsp;million higher, which represents a $110.4&nbsp;million increase in cash paid for acquisitions, less a $224.4&nbsp;million change in restricted cash due to
the release of the escrow for the FMU acquisition; (3)&nbsp;our capital expenditures were $84.1&nbsp;million higher in 2013 than in 2014, related to higher campus construction and capacity
expansion during 2013 in Chile, Peru and China; (4)&nbsp;in 2013, we made investments in affiliates of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>157</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=167,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=277025,FOLIO='157',FILE='DISK112:[12ZBH3.12ZBH43513]DM43513A.;37',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dm43513_1_158"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>$8.8&nbsp;million,
which included our investments in Coursera, MSA, and HSM; (5)&nbsp;in 2013 we made payments of contingent consideration for acquisitions of $5.7&nbsp;million related to UPN;
and (6)&nbsp;in 2013 our net payments to related parties were $11.5&nbsp;million higher. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
higher cash uses for investing activities during 2013 were partially offset by $62.4&nbsp;million of less cash received in 2014 than in 2013 from the sale of property, equipment
and subsidiaries, due to the sale of UNIDEP in 2013. Other items accounted for the remaining change of $2.4&nbsp;million. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Financing Activities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by financing activities was $172.6&nbsp;million for 2014, compared to $756.7&nbsp;million for 2013, a net decrease of
$584.1&nbsp;million. This decrease in cash provided by financing activities was due to the following: (1)&nbsp;net proceeds from long-term debt were $429.0&nbsp;million less for 2014 compared to
2013, as a result of the new debt issuances during 2013 (as discussed in Note&nbsp;9, Debt, in our consolidated financial statements included elsewhere in this prospectus); (2)&nbsp;payments of
deferred purchase price for acquisitions were $10.5&nbsp;million higher in 2014 than in 2013; (3)&nbsp;in 2013, we received net proceeds of $199.7&nbsp;million from the sale of common stock to
institutional investors; (4)&nbsp;in 2013, capital contributions from our parent to Laureate Asia were $13.6&nbsp;million; and (5)&nbsp;net capital contributions from noncontrolling interest
holders of subsidiaries were $13.5&nbsp;million higher in 2013 than in 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partially
offsetting this decrease in cash provided by financing activities in 2014 compared to 2013 were the following: (1)&nbsp;payments to purchase noncontolling interests were
$6.4&nbsp;million less in 2014 than in 2013, when we acquired the remaining noncontrolling interest of UAM Brazil and CH Holding; (2)&nbsp;payment of dividends were $16.3&nbsp;million less in
2014 than in 2013, primarily related to less dividends to common shareholders; (3)&nbsp;payment of debt issuance costs were $27.3&nbsp;million higher in 2013 than in 2014, due to debt issuance
costs paid in connection with the issuance of the Series&nbsp;B New Term Loans (the "Series&nbsp;B New Term Loans"), the Series&nbsp;B Additional Term Loans (the "Series&nbsp;B Additional Term
Loans"), and the Additional New Series&nbsp;2018 Extended Term Loans (the "Additional New Series&nbsp;2018 Extended Term Loans") during 2013, as well the redemption of the Senior Subordinated
Notes; and (4)&nbsp;in 2013, we disbursed $29.1&nbsp;million to the lenders of the Senior Notes. Other items accounted for the remaining difference of $3.1&nbsp;million. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Contractual Obligations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table reflects a summary of our contractual obligations as of December&nbsp;31, 2015: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Payments due by period(a) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>less than<BR>
1&nbsp;year </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>1-3&nbsp;years </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>3-5&nbsp;years </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>More than<BR>
5&nbsp;years </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt(b)(c)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,347.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>180.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,311.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,668.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>186.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating lease obligations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,021.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>206.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>370.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>318.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,126.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest payments(d)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,294.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>351.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>574.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>202.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>165.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital lease obligations(e)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>247.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>174.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Due to shareholders of acquired companies(f)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>194.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>125.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other obligations(g)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>88.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18.1 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,193.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>810.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,438.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,263.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,680.0 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our
contractual obligations have not changed materially since December&nbsp;31, 2015, except that on July&nbsp;29, 2016, we extended the maturity date
of $1,526.0&nbsp;million of our term loans from our Senior Secured Credit Facility from June 2018 to March&nbsp;17, 2021 and we also extended the maturity date of our revolving line of credit
facility to June&nbsp;7, 2019. Both of these contractual obligations are included in long-term debt in the table above. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>158</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=168,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=820231,FOLIO='158',FILE='DISK112:[12ZBH3.12ZBH43513]DM43513A.;37',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dm43513_1_159"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As
described under "Use of Proceeds," we intend to use the net proceeds from this offering to repay, redeem or repurchase our outstanding Senior Notes, our
term loans under our Senior Secured Credit Facilities and/or the seller notes used to partially finance the acquisition of FMU Group.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
$250.0&nbsp;million in aggregate principal amount of the outstanding 9.250% Senior Notes due 2019 that could be exchanged for shares of our
common stock within one year after the consummation of this offering of our common stock, if this offering occurs on or before August&nbsp;15, 2017. See Note&nbsp;7, Debt, in our interim
consolidated financial statements included elsewhere in this prospectus for more information.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Interest
payments relate to long-term debt, capital lease obligations and amounts due to shareholders of acquired companies. Interest payments for
variable-rate long-term debt were calculated using the variable interest rate in effect at December&nbsp;31, 2015.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
failed sale-leasebacks.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Due
to shareholders of acquired companies represent promissory notes payable to the sellers of companies acquired by us. These notes payable are generally
interest-bearing and have therefore been recorded on the consolidated balance sheets at their discounted present value of $186.7&nbsp;million.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Other
obligations consists primarily of contractually-owed service-related compensation, foreign tax settlement payments, purchase commitments, the
remaining restructuring liabilities which we expect to be paid in 2016, and other contractual obligations. Contractually-owed service-related compensation includes $17.5&nbsp;million related to
stock-based deferred compensation agreements, as described further in Note&nbsp;13, Share-based Compensation, in our consolidated financial statements included elsewhere in this prospectus for more
information.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preceding table does not reflect unrecognized income tax benefits, including interest and penalties, as of December&nbsp;31, 2015 of approximately $142.7&nbsp;million. We are
unable to make a reasonably reliable estimate of the period of any cash settlements. It is reasonably possible that our liability for unrecognized tax benefits could change during the time period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, FMU recorded a prepaid asset of $4.9&nbsp;million and a liability of $15.0&nbsp;million related to Brazilian federal tax-related debt that will be
paid based on an installment program, Programa de Recuperac&atilde;o Fiscal ("REFIS"). This program provides for reductions in fines, penalties and interest associated with outstanding tax
debt. These outstanding liabilities relate to pre-acquisition taxes for which the Company has received indemnification from the prior owners. We are unable to make a reasonably reliable estimate of
the period for the cash settlements as the REFIS installment payments have not yet been approved for this liability. As a result, we have not presented this $15.0&nbsp;million REFIS liability in the
table above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, we recorded a total liability of $15.0&nbsp;million for a deferred compensation plan for certain executive employees and members of our board of
directors. This amount is not included in the table above as the payout dates cannot be estimated. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Off-Balance Sheet Arrangements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2015, we had the following off-balance sheet arrangements: </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Noncontrolling Interest Call Options  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hold various call options that give us the right to purchase the remaining shares owned by noncontrolling interest holders of
certain acquired subsidiaries. These call options had no impact on our consolidated financial statements as of December&nbsp;31, 2015. For further discussion regarding call </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>159</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=169,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=676009,FOLIO='159',FILE='DISK112:[12ZBH3.12ZBH43513]DM43513A.;37',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dm43513_1_160"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>options,
see Note&nbsp;11, Commitments and Contingencies, and Note&nbsp;2, Significant Accounting Policies, in our consolidated financial statements included elsewhere in this prospectus. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Student Loan Guarantees  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accredited Chilean institutions in our network also participate in the CAE Program, a government-sponsored student financing
program. As part of the CAE Program, these institutions provide guarantees which result in contingent liabilities to third-party financing institutions,
beginning at 90% of the tuition loans made directly to qualified students enrolled through the CAE Program and declining to 60% over time. The guarantees by these institutions are in effect during the
period in which the student is enrolled. The maximum potential amount of payments our institutions could be required to make under the CAE Program was approximately $428.0&nbsp;million and
$432.0&nbsp;million at December&nbsp;31, 2015 and 2014, respectively. This maximum potential amount assumes that all students in the CAE Program do not graduate, so that our guarantee would not be
assigned to the government, and that all students default on the full amount of the CAE-qualified loan balances. As of December&nbsp;31, 2015 and 2014, we recorded $18.8&nbsp;million and
$19.9&nbsp;million, respectively, as estimated long-term guarantee liabilities for these obligations. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Subsidiary Shares as Collateral  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In conjunction with the purchase of Universidade Potiguar ("UnP"), we pledged all of the acquired shares as a guarantee of our payments
of rents as they become due. In the event that we default on any payment, the pledge agreement provides for a forfeiture of the relevant pledged shares. In the event of forfeiture, we may be required
to transfer the books and management of UnP to the former owners. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
acquired the remaining 49% ownership interest in UAM Brazil in April 2013. As part of the agreement to purchase the 49% ownership interest, we pledged 49% of our total shares in UAM
Brazil as a guarantee of our payment obligations under the purchase agreement. In the event that we default on any payment, the agreement provides for a forfeiture of the pledged shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the purchase of FMU on September&nbsp;12, 2014, we pledged 75% of the acquired shares to third-party lenders as a guarantee of our payment obligations under the
loans that financed a portion of the purchase price. We pledged the remaining 25% of the acquired shares to the sellers as a guarantee of our payment obligations under the purchase agreement for the
seller notes. In the event that we default on any payment of the loans or the seller notes, the purchase agreement provides for a forfeiture of the relevant pledged shares. Upon maturity and payment
of the seller notes in September 2017, the shares pledged to the sellers will be pledged to the third-party lenders until full payment of the loans, which mature in April 2021. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Standby Letters of Credit  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2015, we had outstanding letters of credit ("LOC") of $126.7&nbsp;million, which primarily consisted of the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Fully cash-collateralized LOCs of $86.6&nbsp;million in favor of the DOE, which are included in restricted cash. These LOCs were
required to allow Walden, Kendall, NewSchool, St.&nbsp;Augustine and NHU&nbsp;LLC to continue participating in the DOE Title IV program. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Fully cash-collateralized LOCs totaling $36.5&nbsp;million, which are included in restricted cash, issued in 2012 and 2015 to
continue the appeals process with the Spain Tax Authorities who challenged the holding company structure in Spain. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>160</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=170,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=833187,FOLIO='160',FILE='DISK112:[12ZBH3.12ZBH43513]DM43513A.;37',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dm43513_1_161"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Surety Bonds  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our normal operations, our insurers issue surety bonds on our behalf, as required by various state education authorities in
the United States. We are obligated to reimburse our insurers for any payments made by the insurers under the surety bonds. As of December&nbsp;31, 2015, the total face amount of these fully
cash-collateralized surety bonds was $3.4&nbsp;million. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Critical Accounting Policies and Estimates  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of the consolidated financial statements in conformity with GAAP requires our management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these
estimates. Our significant accounting policies are discussed in Note&nbsp;2, Significant Accounting Policies, in our consolidated financial statements included elsewhere in this prospectus. We
believe the following critical accounting policies require the most significant judgments and estimates about the effect of matters that are inherently uncertain. As a result, these accounting
policies and estimates could materially affect our financial statements and are critical to the understanding of our results of operations and financial condition. Management has discussed the
selection of these critical accounting policies and estimates with the audit committee of the board of directors. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Variable Interest Entities  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate consolidates in its financial statements certain internationally based educational organizations that do not have shares or
other equity ownership interests. Although these educational organizations may be considered not-for-profit entities in their home countries, and they are operated in compliance with their respective
not-for-profit legal regimes, we believe they do not meet the definition of a not-for-profit entity under GAAP, and we treat them as "for-profit" entities for accounting purposes. These entities
generally cannot declare dividends or distribute their net assets to the entities that control them. Under ASC Topic 810-10, "Consolidation," we have determined that these institutions are VIEs and
that Laureate is the primary beneficiary of these VIEs because we have, as further described below: (1)&nbsp;the power to direct the activities of the VIEs that most significantly affect their
educational and economic performance, and (2)&nbsp;the right to receive economic benefits from contractual and other arrangements with the VIEs that could potentially be significant to the VIEs. We
account for the acquisition of the right to control a VIE in accordance with ASC 805, "Business Combinations." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
with all of our educational institutions, the VIE institutions' primary source of income is tuition fees paid by students, for which the students receive educational services and
goods that are proportionate to the prices charged. We maintain control of these VIEs through our rights to designate a majority of the governing entities' board members, through which we have the
legal ability to direct the activities of the entities. Laureate maintains a variable interest in these VIEs through mutual contractual arrangements at market rates and terms that provide them with
necessary products and services, and/or intellectual property, and has the ability to enter into additional such contractual arrangements at market rates and terms. We also have the ability to
transfer our rights to govern these VIEs, or the entities that possess those rights, to other parties, which could yield a return if and when these rights are transferred. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generally do not have legal entitlement to distribute the net assets of the VIEs. Generally, in the event of liquidation or the sale of the net assets of the VIEs, the net proceeds
can only be transferred either to another VIE institution with similar purposes or to the government. In the unlikely case of liquidation or a sale of the net assets of the VIE, we may be able to
retain the residual value by naming another Laureate-controlled VIE resident in the same jurisdiction as the recipient, if one exists; however we generally cannot name a for-profit entity as the
recipient. Moreover, because </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>161</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=171,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=917618,FOLIO='161',FILE='DISK112:[12ZBH3.12ZBH43513]DM43513A.;37',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dm43513_1_162"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
institution generally would be required to provide for the continued education of its students, liquidation would not be a likely course of action and would be unlikely to result in significant
residual assets available for distribution. However, we operate our VIEs as going concern enterprises, maintain control in perpetuity, and have the ability to provide additional contractual
arrangements for educational and other services priced at up to market rates with Laureate-controlled service companies. Typically, we are not legally obligated to make additional investments in the
VIE institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
for-profit entities provide necessary products and services, and/or intellectual property, to all institutions in the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network, including the VIE institutions, through contractual arrangements at market rates and terms, which are accretive to Laureate. We periodically modify the
rates we charge under these arrangements to ensure that they are priced at or below fair market value and to add additional services. If it is determined that contractual arrangements with any
institution are not on market terms, it could have an adverse regulatory impact on such institution. We believe these arrangements improve the quality of the academic curriculum and the students'
educational experience. There are currently four types of contractual arrangements: (i)&nbsp;intellectual property ("IP") royalty arrangements; (ii)&nbsp;network fee arrangements;
(iii)&nbsp;management services arrangements; and (iv)&nbsp;lease arrangements.  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under
the IP royalty arrangements, institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network pay to
Laureate royalty payments for the use of Laureate's tradename and best practices policies and procedures.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Institutions
in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network gain access to other network resources,
including academic content, support with curriculum design, online programs, professional development, student exchange and access to dual degree programs, through network fee arrangements whereby the
institutions pay stipulated fees to Laureate for such access.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Institutions
in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network contract with Laureate and pay fees under
management services agreements for the provision of support and managerial services including access to management, legal, tax, finance, accounting, treasury and other services, which in some cases
Laureate provides through shared service arrangements in certain jurisdictions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Laureate
for-profit entities, including for-profit entities in which the VIEs are investors, own various campus real estate properties and have entered
into long-term lease contracts with the respective institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network, whereby they pay market-based rents
for the use of the properties in the conduct of their educational operations. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues
recognized by our for-profit entities from these contractual arrangements with our consolidated VIEs were approximately $106.0&nbsp;million, $113.5&nbsp;million and
$111.6&nbsp;million for the years ended December&nbsp;31, 2015, 2014 and 2013, respectively. These revenues are eliminated in consolidation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
our accounting policy, we allocate all of the income or losses of these VIEs to Laureate unless there is a noncontrolling interest where the economics of the VIE are shared with a
third party. The income or losses of these VIEs allocated to Laureate represent the earnings after deducting charges related to contractual arrangements with our for-profit entities as described
above. We believe that the income remaining at the VIEs after these charges accretes value to our rights to control these entities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
VIEs are generally exempt from income taxes. As a result, the VIEs generally do not record deferred tax assets or liabilities or recognize any income tax expense in our
consolidated financial statements included elsewhere in this prospectus. No deferred taxes are recognized by the for-profit service companies for the remaining income in these VIEs as the legal status
of these entities generally prevents them from declaring dividends or making distributions to their sponsors. However, these for-profit service companies record income taxes related to revenues from
their contractual arrangements with these VIEs. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>162</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=172,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=345286,FOLIO='162',FILE='DISK112:[12ZBH3.12ZBH43513]DM43513A.;37',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_do43513_1_163"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Risks in Relation to the VIEs  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that all of the VIE institutions in the Laureate network are operated in full compliance with local law and that the
contractual arrangements with the VIEs are legally enforceable; however, these VIEs are subject to regulation by various agencies based on the requirements of local jurisdictions. These agencies, as
well as local legislative bodies, review and update laws and regulations as they deem necessary or appropriate. We cannot predict the form of any laws that may be enacted, or regulations that
ultimately may be adopted in the future, or what effects they might have on our business, financial condition, results of operations and cash flows. If local laws or regulations were to change, if the
VIEs were found to be in violation of existing local laws or regulations, or if the regulators were to question the financial sustainability of the VIEs and/or whether the contractual arrangements
were at fair value, local government agencies could, among other actions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> revoke the business licenses and/or accreditations of the VIE institutions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> void or restrict related-party transactions, such as the contractual arrangements between us and the VIE institutions; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> impose fines that significantly impact business performance or other requirements with which the VIEs may not be able to comply; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> require us to change the VIEs' governance structures, such that we would no longer maintain control of the activities of the VIEs; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> disallow a transfer of our rights to govern these VIEs, or the entities that possess those rights, to a third party for consideration. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
ability to conduct our business would be negatively affected if local governments were to carry out any of the aforementioned or other similar actions. In any such case, we may no
longer be able to consolidate the VIEs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected
consolidated statements of operations information for these VIEs was as follows, net of the charges related to the above-described contractual arrangements: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the Years Ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Selected Statements of Operations information:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues, by segment:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>417.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>458.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>566.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>128.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>130.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>115.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>136.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>139.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93.7 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>682.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>727.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>775.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income (loss), by segment:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(14.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(50.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(11.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.8 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(56.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(51.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(50.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>163</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=173,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=464706,FOLIO='163',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_164"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table reconciles the net (loss) income attributable to Laureate Education,&nbsp;Inc. as presented in the table above, to the amounts in our consolidated statements of
operations included elsewhere in this prospectus: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the Years Ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)

<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Variable interest entities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(50.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>41.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other operations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>118.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>291.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>211.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate and eliminations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(445.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(398.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(322.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(316.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(158.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(69.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents selected assets and liabilities of the consolidated VIEs. Except for goodwill, the assets in the table below include the assets that can be used only to
settle the obligations for the VIEs. The liabilities in the table are liabilities for which the creditors of the VIEs do not have recourse to our general credit. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected
consolidated balance sheet amounts for these VIEs were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:44pt;"><FONT SIZE=1><B>(in millions)


<!-- COMMAND=ADD_SCROPPEDRULE,44pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>VIE </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Consolidated </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>VIE </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Consolidated </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance Sheets Data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>120.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>458.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>122.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>461.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>677.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>192.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>691.9 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>307.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,135.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>315.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,153.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>196.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,115.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>256.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,469.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>105.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,361.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>118.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,461.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>738.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,774.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>758.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,180.1 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,346.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,439.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,449.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,358.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>305.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,548.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>388.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,669.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt and other long-term liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>150.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,483.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>116.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,588.4 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>455.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,031.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>505.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,257.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>891.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>355.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>944.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,056.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>874.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>324.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>920.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,017.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
VIEs' cash and cash equivalents balances are generally required to be used only for the benefit of the operations of these VIEs. These balances are included in cash and cash
equivalents in our consolidated balance sheets included elsewhere in this prospectus. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Business Combinations  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We apply the purchase accounting standards under ASC 805, "Business Combinations," to acquisitions. The purchase price of an
acquisition is allocated, for accounting purposes, to individual tangible and identifiable intangible assets acquired, liabilities assumed and noncontrolling interests based on their estimated fair
values on the acquisition date. Any excess purchase price over the assigned values of net assets acquired is recorded as goodwill. The acquisition date is the date on which control is obtained by the
acquiring company. Any nonmonetary consideration transferred and any previously held noncontrolling interests that are part of the purchase consideration are remeasured at fair value on the
acquisition date, with any resulting gain or loss recognized in earnings. The </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>164</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=174,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=212918,FOLIO='164',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_165"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>preliminary
allocations of the purchase price are subject to revision in subsequent periods based on the final determination of fair values, which must be finalized no later than the first anniversary
of the date of the acquisition. Transaction costs are expensed as incurred. See Note&nbsp;4, Acquisitions, in our consolidated financial statements included elsewhere in this prospectus for details
of our 2015, 2014 and 2013 business combinations. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Redeemable Noncontrolling Interests and Equity  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain cases, we initially purchase a majority ownership interest in a company and use various put and call arrangements with the
noncontrolling interest holders that require or enable us to purchase all or a portion of the remaining minority ownership at a later date. In accounting for these arrangements, we are required to
make estimates with regard to the final amount we will eventually pay for the additional ownership interest that we will acquire. In the minority put arrangements, the final settlement values are
usually based on future earnings measurements that we refer to as "non-GAAP earnings," as they are calculated using an agreed-upon set of rules that are not necessarily consistent with GAAP. We use
the current value of a multiple of the current period non-GAAP earnings as an estimate for the final value that will eventually be paid to settle the arrangement. These values are then adjusted
annually to reflect changes in the acquired company's non-GAAP earnings as well as the additional passage of time to maturity for the arrangement. To the extent that the current period's non-GAAP
earnings are different from future periods' non-GAAP earnings, the value of these obligations can change significantly and can impact our financial position and results of operations. See
Note&nbsp;11, Commitments and Contingencies, in our consolidated financial statements included elsewhere in this prospectus for details of our noncontrolling interest put arrangements. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Goodwill and Indefinite-lived Intangible Assets  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We perform annual impairment tests of indefinite-lived intangible assets, primarily goodwill and tradenames, as of October&nbsp;1 of
each year. We also evaluate these assets on an interim basis if events or changes in circumstances between annual tests indicate that the assets may be impaired. We have not made material changes to
the methodology used to assess impairment loss on indefinite-lived intangible assets during the past three fiscal years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have the option of first performing a qualitative assessment (i.e.,&nbsp;step zero) before calculating the fair value of the reporting unit (i.e.,&nbsp;step one of the two-step
fair value based impairment test). If we determine on the basis of qualitative factors that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step
impairment test is required. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we do not perform the qualitative assessment for a reporting unit or determine that it is more likely than not that the fair value of the reporting unit is less than its carrying
amount, a quantitative two-step fair value-based test is performed. In the first step, we estimate the fair value of each reporting unit, utilizing a weighted combination of discounted cash flow
analysis and a market multiples analysis. A reporting unit is defined as a component of an operating segment for which discrete financial information is available and regularly reviewed by management
of that segment. If the recorded net assets of the reporting unit are less than the reporting unit's estimated fair value, then there is no goodwill deemed to be impaired. If the recorded net assets
of the reporting unit exceed its estimated fair value, then goodwill is potentially impaired and we calculate the implied fair value of goodwill, by deducting the estimated fair value of all tangible
and identifiable intangible net assets of the reporting unit from the estimated fair value of the reporting unit. If the recorded amount of goodwill exceeds this implied fair value, the difference is
recognized as a loss on impairment of assets in the consolidated statements of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
valuation approach utilizes a weighted combination of a discounted cash flow analysis and a market multiples analysis, where available. The discounted cash flow analysis relies on
historical data </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>165</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=175,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=792278,FOLIO='165',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_166"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>and
internal estimates, which are developed as a part of our long-range plan process, and includes an estimate of terminal value based on these expected cash flows using the generally accepted Gordon
Dividend Growth formula, which derives a valuation using an assumed perpetual annuity based on the reporting unit's residual cash flows. The discount rate is based on the generally accepted Weighted
Average Cost of Capital methodology, and is derived using a cost of equity based on the generally accepted Capital Asset Pricing Model and a cost of debt based on the typical rate paid by market
participants. The market multiples analysis utilizes multiples of business enterprise value to revenues, operating income and earnings before interest, taxes, depreciation and amortization of
comparable publicly traded companies and multiples based on fair value transactions where public information is available. Significant assumptions used in estimating the fair value include:
(1)&nbsp;discount and growth rates, and (2)&nbsp;our long-range plan, which includes enrollment, pricing, planned capital expenditures and operating margins. Management reviews the sum of the
estimated fair value of all our reporting units to our enterprise value to corroborate the results of our weighted combination approach to determining fair value. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also evaluate the sensitivity of a change in assumptions related to goodwill impairment, assessing whether a 10% reduction in our estimates of revenue or a 100 basis point increase in
our estimated discount rates would result in impairment of goodwill. Excluding the impact of our recent acquisitions
to their respective reporting units, using the current estimated cash flows and discount rates, each reporting unit's estimated fair value exceeds its carrying value by at least 15%. We have
determined that none of our reporting units with material goodwill were at risk of failing the first step of the goodwill impairment test as of September&nbsp;30, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
impairment test for indefinite-lived assets generally requires a new determination of the fair value of the intangible asset using the "relief from royalty" method. This method
estimates the amount of royalty expense that would be incurred if the assets were licensed from a third party. We use publicly available information and proprietary third-party arm's length agreements
that we have entered into with various licensors in determining certain assumptions to assist us in estimating fair value using market participant assumptions. If the fair value of the intangible
asset is less than its carrying value, the intangible asset is adjusted to its new fair value, and an impairment loss is recognized. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the estimates and related assumptions used in assessing the recoverability of our goodwill and indefinite-lived intangible assets decline, we may be required to record impairment
charges for those assets. We base our fair value estimates on assumptions that we believe to be reasonable but that are unpredictable and inherently uncertain. Actual results may differ from those
estimates. In addition, we make certain judgments and assumptions in allocating shared assets and liabilities to determine the carrying values for each of our reporting units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of our impairment testing, we recorded no impairment losses for the year ended December&nbsp;31, 2015. For the year ended December&nbsp;31, 2014, we recorded impairment
losses on goodwill and tradenames. For the year ended December&nbsp;31, 2013, we recorded impairment losses on tradenames. See "&#151;Results of Operations&#151;Discussion of
Significant Items Affecting the Consolidated Results" and Note&nbsp;7, Goodwill and Other Intangible Assets, in our consolidated financial statements included elsewhere in this prospectus for
further details of the impairments. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Long-Lived Assets and Finite-Lived Intangible Assets  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We evaluate our long-lived assets, including property and equipment and finite-lived intangible assets, to determine whether events or
changes in circumstances indicate that the remaining estimated useful lives of such assets may warrant revision or that their carrying values may not be fully recoverable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>166</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=176,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=619921,FOLIO='166',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_167"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicators
of impairment include, but are not limited to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a significant deterioration of operating results; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a change in regulatory environment; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a significant change in the use of an asset, its physical condition, or a change in management's intended use of the asset; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an adverse change in anticipated cash flows; or</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a significant decrease in the market price of an asset. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an impairment indicator is present, we evaluate recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to result from the
use and eventual disposition of the assets. If the assets are determined to be impaired, the impairment recognized is the excess of the carrying amount over the fair value of the assets. Fair value is
generally determined by the discounted cash flow method. The discount rate used in any estimate of discounted cash flows is the rate commensurate with a similar investment of similar risk. We use
judgment in determining whether a triggering event has occurred and in estimating future cash flows and fair value. Changes in our judgments could result in impairments in future periods. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of our impairment testing, we recorded impairment losses on long-lived assets for the years ended December&nbsp;31, 2014 and 2013, as described in "&#151;Results of
Operations&#151;Summary Comparison of Consolidated Results for the Years Ended
December&nbsp;31, 2015, 2014 and 2013&#151;Discussion of Significant Items Affecting the Consolidated Results" and in Note&nbsp;7, Goodwill and Other Intangible Assets, in our consolidated
financial statements included elsewhere in this prospectus. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Deferred Costs  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred costs on the consolidated balance sheets consist primarily of direct costs associated with online course development and
accreditation. Deferred costs associated with the development of online educational programs are capitalized after technological feasibility has been established. Deferred online course development
costs are amortized to direct costs on a straight-line basis over the estimated period that the associated products are expected to generate revenues. Deferred online course development costs are
evaluated on a quarterly basis through review of the corresponding course catalog. If a course is no longer listed or offered in the current course catalog, then the costs associated with its
development are written off. As of December&nbsp;31, 2015 and 2014, the unamortized balances of online course development costs were $54.5&nbsp;million and $56.3&nbsp;million, respectively. We
defer direct and incremental third-party costs incurred for obtaining initial accreditation and for the renewal of accreditations. These accreditation costs are amortized to direct costs over the life
of the accreditation on a straight-line basis. As of December&nbsp;31, 2015 and 2014, the unamortized balances of accreditation costs were $3.7&nbsp;million and $3.2&nbsp;million, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December&nbsp;31, 2015 and 2014, our total deferred costs were $156.0&nbsp;million and $140.3&nbsp;million, respectively, with accumulated amortization of $(97.9)&nbsp;million
and $(80.8)&nbsp;million, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of our impairment testing, we recorded impairment losses on deferred costs for the years ended December&nbsp;31, 2014 and 2013, as described in "&#151;Results of
Operations&#151;Summary Comparison of Consolidated Results for the Years Ended December&nbsp;31, 2014, 2013 and 2012&#151;Discussion of Significant Items Affecting the Consolidated
Results" and in Note&nbsp;7, Goodwill and Other Intangible Assets, in our consolidated financial statements included elsewhere in this prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>167</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=177,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=130449,FOLIO='167',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_168"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Debt Issuance Costs  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs are paid as a result of certain debt transactions and are presented as a deduction from debt. These debt issuance
costs are amortized over the term of the associated debt instruments. The amortization expense is recognized as a component of Interest expense in the consolidated statements of operations. If we
extinguish our debt before its full term, we may need to write off all or a portion of these deferred financing costs and recognize a loss on extinguishment. As of December&nbsp;31, 2015 and 2014,
the unamortized balances of debt issuance costs were $69.3&nbsp;million and $80.1&nbsp;million, respectively. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Income Taxes  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We record the amount of income taxes payable or refundable for the current year, as well as deferred tax assets and liabilities for the
expected future tax consequences of events that we have recognized in our consolidated financial statements or tax returns. We exercise judgment in assessing future profitability and the likely future
tax consequences of these events. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Deferred Taxes  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimates of deferred tax assets and liabilities are based on current tax laws, rates and interpretations, and, in certain cases,
business plans and other expectations about future outcomes. We develop estimates of future profitability based upon historical data and experience, industry projections, forecasts of general economic
conditions, and our own expectations. Our accounting for deferred tax consequences represents management's best estimate of future events that can be appropriately reflected in our accounting
estimates. Changes in existing tax laws and rates, their related interpretations, as well as the uncertainty generated by the current economic environment may impact the amounts of deferred tax
liabilities or the valuations of deferred tax assets. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tax Contingencies  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to regular review and audit by both domestic and foreign tax authorities. We apply a more-likely-than-not threshold for
tax positions, under which we must conclude that a tax position is more likely than not to be sustained in order for us to continue to recognize the benefit. This assumes that the position will be
examined by the appropriate taxing authority and that full knowledge of all relevant information is available. In determining the provision for income taxes, judgment is used, reflecting estimates and
assumptions, in applying the more-likely-than-not threshold. A change in the assessment of the outcome of a tax review or audit could materially adversely affect our consolidated financial statements
included elsewhere in this prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Note&nbsp;15, Income Taxes, in our consolidated financial statements included elsewhere in this prospectus for details of our deferred taxes and tax contingencies. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Indefinite Reinvestment of Foreign Earnings  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We earn a significant portion of our income from subsidiaries located in countries outside the United States. Deferred tax liabilities
have not been recognized for undistributed foreign earnings because management believes that the earnings will be indefinitely reinvested outside the United States under our planned tax neutral
methods. ASC 740, "Income Taxes," requires that we evaluate our circumstances to determine whether or not there is sufficient evidence to support the assertion that we will reinvest undistributed
foreign earnings indefinitely. Our assertion that earnings from our foreign operations will be indefinitely reinvested is supported by projected working capital and long-term capital plans in each
foreign subsidiary location in which the earnings are generated. Additionally, we believe that we have the ability to indefinitely reinvest foreign earnings based on our domestic operation's cash
repatriation strategies, projected cash flows, projected working capital and liquidity, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>168</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=178,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=392395,FOLIO='168',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_169"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>and
the expected availability of capital within the debt or equity markets. If our expectations change based on future developments such that some or all of the undistributed earnings of our foreign
subsidiaries may be remitted to the United States in the foreseeable future, we will be required to
recognize deferred tax expense and liabilities on those amounts. In addition, if applicable tax rules in the United States are modified to cause U.S. corporations to pay taxes on foreign earnings even
if the earnings are not remitted to the United States, we may incur additional tax expense. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Revenue Recognition  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our revenues primarily consist of tuition and educational service revenues. We also generate revenues from student fees,
dormitory/residency fees, and education-related activities. Revenues are reported net of scholarships and other discounts, refunds, waivers and the fair value of any guarantees made by us related to
student financing programs. Our institutions have various billing and academic cycles. Collectability is determined on a student-by-student basis at the time of enrollment. Generally, students cannot
re-enroll for the next academic session without satisfactory resolution of any past-due amounts. Tuition revenues are recognized ratably on a weekly straight-line basis over each academic session.
Deferred revenue and student deposits on our consolidated balance sheets consist of tuition paid prior to the start of academic sessions and unearned tuition amounts recorded as accounts receivable
after an academic session begins. If a student withdraws from an institution, our obligation to issue a refund depends on the refund policy at that institution and the timing of the student's
withdrawal. Generally, our refund obligations are reduced over the course of the academic term. We record refunds as a reduction of deferred revenue and student deposits, as applicable. Once a student
withdraws, the Company recognizes revenue on a cash basis as collectability is not reasonably assured. Dormitory revenues are recognized over the occupancy period. Revenues from the sale of
educational products are generally recognized upon delivery and when collectability is reasonably assured. Student fees and other revenues, which include revenues from contractual arrangements with
unconsolidated institutions, are recognized as earned over the appropriate service period. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Allowance for Doubtful Accounts  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables are deemed to be uncollectible when they have been outstanding for two years, or earlier when collection efforts have
ceased, at which time they are written-off. Prior to that, we record an allowance for doubtful accounts to reduce our receivables to their net realizable value. Our allowance estimation methodology is
based on the age of the receivables, the status of past-due amounts, historical collection trends, current economic conditions, and student enrollment status. In the event that current collection
trends differ from historical trends, an adjustment is made to the allowance account and bad debt expense. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Derivatives  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the normal course of business, our operations have significant exposure to fluctuations in foreign currency values and interest rate
changes. Accordingly, we mitigate a portion of these risks through a risk-management program that includes the use of derivative financial instruments (derivatives). The interest and principal
payments for our senior long-term debt arrangements are primarily paid in USD. Because the majority of our operating cash flow and revenues comes from business units located outside the United States
with functional currencies other than USD, our ability to make debt payments and our earnings are subject to fluctuations in the value of the USD relative to foreign currencies. In order to mitigate
these foreign currency risks, we selectively enter into foreign exchange forward contracts. Additionally, borrowings under our Senior Secured Credit Facilities and certain local credit facilities bear
interest at variable rates. If market interest rates increase, variable-rate debt will create higher debt service requirements, which could adversely affect our cash flow. Therefore, we have entered
into floating-to-fixed interest rate swap contracts for certain debt </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>169</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=179,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=535974,FOLIO='169',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_170"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>arrangements
that are subject to fluctuations in interest rates. We do not engage in speculative or leveraged transactions, nor do we hold or issue derivatives for trading purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
report all derivatives on the consolidated balance sheets at fair value. The values are derived using valuation models commonly used for derivatives. These valuation models require a
variety of inputs, including contractual terms, market prices, forward-price yield curves, notional quantities, measures of volatility and correlations of such inputs. Our fair value models
incorporate the measurement of our own nonperformance risk into our calculations. Our derivatives expose us to credit risk to the extent that the counterparty may possibly fail to perform its
contractual obligation when we are in a net gain position. As a result, our valuation models reflect measurements for counterparty credit risk. We also actively monitor counterparty credit ratings for
any significant changes that could impact the nonperformance risk calculation for our fair value. We value derivatives using management's best estimate of inputs we believe market participants would
use in pricing the asset or liability at the measurement date. Derivative and hedge accounting requires judgment in the use of estimates that are inherently uncertain and that may change in subsequent
periods. External factors, such as economic conditions, will impact the inputs to the valuation model over time. The effect of changes in assumptions and estimates could materially impact our
financial statements. See Note&nbsp;14, Derivative Instruments, in our consolidated financial statements included elsewhere in this prospectus for details of our derivatives. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock-based Compensation  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use the Black-Scholes-Merton option pricing model to calculate the fair value of stock options. This option valuation model requires
the use of subjective assumptions, including the estimated fair value of the underlying common stock, the expected stock price volatility, and the expected term of the option. The estimated fair value
of the underlying common stock is based on third-party valuations. Our volatility estimates are based on a peer group of companies. We estimate the expected term of awards to be the weighted average
mid-point between the vesting date and the end of the contractual term. We use this method to estimate the expected term since we do not have sufficient historical exercise data. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have granted restricted stock, restricted stock units, stock options, and performance awards for which the vesting is based on our annual performance metrics. For interim periods, we
use our year-to-date actual results, financial forecasts, and other available information to estimate the probability of the award vesting based on the performance metrics. The related compensation
expense recognized is affected by our estimates of the vesting potential of these performance awards. See Note&nbsp;13, Share-based Compensation, in our consolidated financial statements included
elsewhere in this prospectus for further discussion of these arrangements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recently Issued Accounting Pronouncements  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2016-16 ("ASU 2016-16"), Income Taxes (Topic 740):
Intra-Entity Transfers of Assets Other Than Inventory  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-16 in order to
improve the accounting for income tax consequences for intra-entity transfers of assets other than inventory. Under current GAAP, the recognition of current and deferred income taxes for an
intra-entity transfer is prohibited until the asset has been sold to a third party. The amendments in this ASU state that an entity should recognize income tax consequences of an intra-entity transfer
when the transfer occurs. This aligns the recognition of income tax consequences for intra-entity transfers of assets with International Financing Reporting Standards ("IFRS"). This ASU is effective
for Laureate beginning on January&nbsp;1, 2018 and
early adoption is permitted. The amendments in this ASU should be applied on a modified retrospective basis through a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>170</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=180,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=926285,FOLIO='170',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_171"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>cumulative-effect
adjustment directly to retained earnings as of the beginning of the period of adoption. We are currently evaluating the impact of ASU 2016-16 on our consolidated financial
statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2016-15 ("ASU 2016-15"), Statement of Cash Flows (Topic
230): Classification of Certain Cash Receipts and Cash Payments  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August 2016, the FASB issued ASU 2016-15 in order to reduce diversity around how certain cash receipts and cash payments are
presented and classified on the Statement of Cash Flows. This ASU provides guidance on the following areas, for which current GAAP is either unclear or does not include specific guidance: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> debt prepayment or debt extinguishment costs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> settlement of zero-coupon debt instruments or other debt instruments with coupon rates that are insignificant in relation to the
effective interest rate of the borrowing; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> contingent consideration payments made after a business combination; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> proceeds from the settlement of insurance claims; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> proceeds from the settlement of corporate-owned life insurance policies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> distributions received from equity method investees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> beneficial interests in securitization transactions; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> separately identifiable cash flows and application of the predominance principle. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
ASU is effective for Laureate beginning on January&nbsp;1, 2018 and early adoption is permitted; however, if early adoption is elected, all of the amendments to the areas above
must be adopted at the same time. The amendments in this ASU should be applied retrospectively. We are currently evaluating the impact of ASU 2016-15 on our consolidated financial statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2016-12 ("ASU 2016-12"), Revenue from Contracts with
Customers (Topic 606): Narrow-scope improvements and practical expedients  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May 2016, the FASB issued ASU 2016-12 to address certain areas of improvement around Topic 606, Revenue from Contracts with
Customers. The amendments in this Update do not change the core principles of Topic&nbsp;606, but do address clarification around the following
areas:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> assessing the collectibility criterion and accounting for contracts that do not meet the criteria; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> presentation of sales taxes and other similar taxes collected from customers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> noncash consideration; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> contract modifications at transition; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> completed contracts at transition; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> technical correction around retrospective application. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments in this update affect the guidance in ASU 2014-09, Contracts with Customers (Topic 606), which is not yet effective, and therefore follow the same effective date and
transition requirements. ASU 2014-09 is effective for Laureate on January&nbsp;1, 2018 and allows either a full retrospective adoption to all periods presented or a modified retrospective adoption
approach with the cumulative effect of initial application of the revised guidance recognized at the date of the initial application. We are currently evaluating the impact of ASU 2016-12 on our
consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>171</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=181,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=333240,FOLIO='171',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_172"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2016-10 ("ASU 2016-10"), Revenue from Contracts with
Customers (Topic 606): Identifying Performance Obligations and Licensing  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April 2016, the FASB issued ASU 2016-10 in response to an issue communicated by the Transition Resource Group for Revenue
Recognition (the "TRG"), a group which was formed by the FASB and the International Accounting Standards Board ("IASB"), (collectively, the "Boards"), whose objective is to inform the Boards of any
issues that could arise with the implementation of a converged standard on recognition of revenue from contracts with customers. ASU 2016-10 does not change the core principal of the guidance in Topic
606, but adds clarification around identifying performance obligations and licensing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments in this update affect the guidance in ASU 2014-09, Contracts with Customers (Topic 606), which is not yet effective, and therefore follows the same effective date and
transition requirements. ASU 2014-09 is effective for Laureate on January&nbsp;1, 2018 and allows either a full retrospective adoption to all periods presented or a modified retrospective adoption
approach with the cumulative effect of initial application of the revised guidance recognized at the date of the initial application. We are currently evaluating the impact of ASU 2016-10 on our
consolidated financial statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2016-09 ("ASU 2016-09"), Compensation&#151;Stock
compensation (Topic&nbsp;718): Improvements to Employee Share-based Payment Accounting  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;30, 2016, the FASB issued ASU 2016-09 as part of its initiative to reduce complexity in accounting standards. The areas
for simplification in this ASU involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity
or liabilities, and classification on the statement of cash flows. The guidance is effective for Laureate beginning January&nbsp;1, 2017. Early adoption is permitted in any annual or interim period
for which financial statements have not been issued or made available for issuance, but all of the guidance must be adopted in the same period. If an entity early adopts the guidance in an interim
period, any adjustments must be reflected as of the beginning of the fiscal year that includes that interim period. We are evaluating the impact of ASU 2016-09 on our consolidated financial
statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2016-08 ("ASU 2016-08"), Revenue from Contracts with
Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March 2016, the FASB issued ASU 2016-08 in response to an issue communicated by the TRG regarding the determination of whether the
entity acts as the principal or an agent in certain transactions where another party, along with the entity, is involved in providing a good or service to a customer. The amendments in this update do
not change the core principle of the existing implementation guidance in Topic 606 on principal versus agent considerations, but do clarify how an entity should determine whether it is a principal or
an agent by providing indicators that assist in the assessment of control. Such indicators may be more or less relevant to the control assessment and one or more indicators may be more or less
persuasive to the control assessment, depending on the facts and circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments in this update affect the guidance in ASU 2014-09, Contracts with Customers (Topic 606), which is not yet effective, and therefore follows the same effective date and
transition requirements. ASU 2014-09 is effective for Laureate on January&nbsp;1, 2018 and allows either a full retrospective adoption to all periods presented or a modified retrospective adoption
approach with the cumulative effect of initial application of the revised guidance recognized at the date of the initial application. We are currently evaluating the impact of ASU 2016-08 on our
consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>172</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=182,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=285378,FOLIO='172',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_173"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2016-02 ("ASU 2016-02"), Leases (Topic&nbsp;842)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;25, 2016, the FASB issued ASU 2016-02. Lessees will need to recognize on their balance sheet a right-of-use asset
and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of lease payments. The
asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as
either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to
current capital leases). Classification will be based on criteria that are largely similar to
those applied in current lease accounting, but without explicit bright lines. The standard is effective for Laureate beginning January&nbsp;1, 2019. Early adoption is permitted. The new standard
must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest
comparative period presented. We are evaluating the impact of ASU 2016-02 on our consolidated financial statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2016-01 ("ASU&nbsp;2016-01"), Financial
Instruments&#151;Overall (Subtopic&nbsp;815-10)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January 2016, the FASB issued ASU 2016-01 in order to enhance the reporting model for financial instruments to provide users of
financial statements with more decision-useful information. The amendments in this ASU require all equity investments (except those accounted for under the equity method of accounting or those that
result in consolidation of the investee) to be measured at fair value, with changes in fair value recognized through net income. In addition, the amendments in this ASU require that entities that have
elected to measure financial instruments at fair value must disclose, as a separate item in comprehensive income, the portion of the total change in fair value of a liability resulting from a change
in instrument-specific credit risk. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
ASU is effective for Laureate beginning January&nbsp;1, 2018 and amendments should be applied as a cumulative-effect adjustment to the balance sheet as of the beginning of the
fiscal year of adoption. The amendments related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist as of the date of
adoption of the ASU. We are currently evaluating the impact of ASU 2016-01 on our consolidated financial statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2015-17 ("ASU 2015-17"), Income Taxes (Topic 740)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November 2015, the FASB issued ASU 2015-17 as a part of the Simplification Initiative and in response to concerns that the current
requirement that entities separate deferred income tax liabilities and assets into current and noncurrent amounts results in little or no benefit to users of the financial statements. This
classification does not generally align with the time period in which the recognized deferred tax amounts are expected to be recovered or settled and there are costs incurred by an entity to separate
deferred income tax liabilities and assets into current and noncurrent amounts. The amendments in this ASU aim to simplify this presentation by requiring that deferred tax liabilities and assets be
classified as noncurrent in a classified statement of financial position, which aligns the GAAP presentation of deferred income tax assets and liabilities with International Financial Reporting
Standards ("IFRS"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
ASU is effective for Laureate beginning January&nbsp;1, 2017, and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods
presented. Early adoption is permitted as of the beginning of an interim or annual reporting period. We are currently evaluating the impact of ASU 2015-17 on our consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>173</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=183,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=483415,FOLIO='173',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_174"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2015-16 ("ASU 2015-16"), Business Combinations (Topic
805)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;25, 2015, the FASB issued ASU 2015-16 as a part of the Simplification Initiative and in response to concerns that
the requirement to retrospectively apply adjustments made to provisional amounts recognized in a business combination adds costs and complexity to financial reporting, but does not significantly
improve the usefulness of the information provided to users. The amendments in this ASU require that adjustments to provisional amounts that are identified by the acquirer during the measurement
period be recognized in the reporting period in which the adjustment amounts are identified, rather than retrospectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments in this ASU also require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization or other
income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The acquirer must also present separately on
the face of the income statement or disclosure in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if
the adjustment to the provisional amounts had been recognized as of the acquisition date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
guidance is effective for Laureate beginning January&nbsp;1, 2016, and should be applied prospectively. Early adoption is permitted for financial statements that have not yet been
made available for issuance. We do not expect ASU 2015-16 to have a material impact on our consolidated financial statements. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2015-07 ("ASU 2015-07"), Fair Value Measurement (Topic
820)&#151;Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;1, 2015, the FASB issued ASU 2015-07. Under the amendments in this ASU, investments for which fair value is measured at
net asset value per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. Removing those investments from the fair value hierarchy not only
eliminates the diversity in practice resulting from the way in which investments measured at net asset value per share (or its equivalent) with future redemption dates are classified, but also ensures
that all investments categorized in the fair value hierarchy are classified using a consistent approach. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments in ASU 2015-07 are effective for public business entities for fiscal years beginning after December&nbsp;15, 2015, and interim periods within those fiscal years. A
reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value
per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity's financial statements. We plan to adopt ASU 2015-07 on January&nbsp;1, 2016 and believe
this guidance will apply to the deferred compensation plan assets discussed in Note&nbsp;20, Fair Value Measurement, in our consolidated financial statements included elsewhere in this prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2015-03 ("ASU 2015-03") Interest&#151;Imputation
of Interest (Subtopic&nbsp;835-30): Simplifying the Presentation of Debt Issuance Costs  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;7, 2015, the FASB issued ASU 2015-03, which simplifies the presentation of debt issuance costs by requiring debt
issuance costs to be presented as a deduction from debt. This will make the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. It also addresses the
long-standing conflict with the conceptual framework, since FASB Concepts Statement No.&nbsp;6, Elements of Financial Statements, requires that assets provide future economic benefit, which debt
issuance costs do not. ASU 2015-03 will also align GAAP with IFRS, which requires transaction costs, including third-party costs and creditor fees, to be deducted from the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>174</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=184,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=555800,FOLIO='174',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_175"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>carrying
value of the financial liability and not recorded as a separate asset. The new guidance is limited to simplifying the presentation of debt issuance costs. The recognition and measurement
guidance for debt issuance costs is not affected. Therefore, these costs will continue to be amortized as interest expense using the effective interest method pursuant to ASC 835-30-35-2 through 35-3. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
guidance is effective beginning January&nbsp;1, 2016. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial
statements. An entity is also required in the year of adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature
of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line
items (that is, debt issuance cost asset and the debt liability). </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2015-02 ("ASU 2015-02") Consolidation (Topic 810)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;18, 2015, the FASB issued ASU 2015-02, in response to stakeholders' concerns about the requirement to consolidate
certain legal entities where the reporting entity's contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal
entity's voting rights, or the reporting entity is not exposed to a majority of the legal entity's economic benefits or obligations. Financial statement users asserted that in certain of those
situations in which consolidation is ultimately required, deconsolidated financial statements are necessary to better analyze the reporting entity's economic and operational results. ASU 2015-02
affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. This ASU provides a revised consolidation model that requires the
following: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>modify
the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>eliminate
the presumption that a general partner should consolidate a limited partnership;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>affect
the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party
relationships; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>provide
a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in
accordance with requirements that are similar to those in Rule&nbsp;2a-7 of the Investment Company Act of 1940 for registered money market funds. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASU
2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December&nbsp;15, 2015. For all other
entities, ASU 2015-02 is effective for fiscal years beginning after December&nbsp;15, 2016, and for interim periods within fiscal years beginning after December&nbsp;15, 2017. Early adoption is
permitted. We do not expect ASU 2015-02 to have a material impact on our consolidated financial statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update No.&nbsp;2014-09, ("ASU 2014-09"): Revenue from Contracts with
Customers (Topic 606)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;28, 2014, the FASB issued ASU 2014-09. This ASU supersedes the revenue recognition requirements in Topic 605,
"</FONT><FONT SIZE=2><I>Revenue Recognition</I></FONT><FONT SIZE=2>" and most industry-specific guidance. The core principle of ASU 2014-09 is that a company will recognize revenue when it transfers
promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. On July&nbsp;9, 2015, the
FASB deferred the effective date of ASU 2014-09. The new revenue standard is effective for fiscal years, and interim periods within those years, beginning after December&nbsp;15, 2017
(January&nbsp;1, 2018 for Laureate) and allows either a full retrospective adoption to all periods presented or a modified retrospective adoption approach with the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>175</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=185,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=566646,FOLIO='175',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_176"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>cumulative
effect of initial application of the revised guidance recognized at the date of initial application. We are beginning to evaluate the adoption alternatives and the impact of ASU 2014-09 on
our consolidated financial statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Quantitative and Qualitative Disclosures About Market Risk  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are exposed to market risk primarily from fluctuations in interest rates and foreign currency exchange rates. We may seek to control
a portion of these risks through a risk-management program that includes the use of derivatives to reduce earnings and cash flow volatility associated with changes in interest rates and foreign
currency exchange rates. As a policy, we do not engage in speculative or leveraged transactions, nor do we hold or issue derivatives for trading purposes. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Interest Rate Risk  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to risk from fluctuations in interest rates, primarily relating to our Senior Secured Credit Facilities and certain
local credit facilities, which bear interest at variable rates. However, two factors serve to mitigate this risk. First, we enter into floating-to-fixed interest rate swap contracts in order to fix a
portion of our floating-rate debt, and our cross currency swap includes an embedded floating-to-fixed rate component. Second, our senior secured credit agreement contains a floor on LIBOR contracts
and ABR draws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on our outstanding variable-rate debt as of December&nbsp;31, 2015 and factoring in the impact of the derivatives, an increase of 100 basis points in our weighted-average
interest rate would result in an increase in interest expense of $23.2&nbsp;million on an annual basis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on our outstanding variable-rate debt as of December&nbsp;31, 2015 and factoring in the impact of the derivatives and the LIBOR floor, an increase of 100 basis points in interest
rates would result in an increase in interest expense of $9.8&nbsp;million on an annual basis. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Note&nbsp;14, Derivative Instruments, in our consolidated financial statements included elsewhere in this prospectus for further discussion of our derivatives. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Foreign Currency Exchange Risk  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use the USD as our reporting currency. We derived approximately 83% of our revenues from students outside of the United States for
the year ended December&nbsp;31, 2015. Our business is transacted through a network of international and domestic subsidiaries, generally in the local currency, considered the functional currency
for that subsidiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
foreign currency exchange rate risk is related to the following items:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Adjustments relating to the translation of our assets and liabilities from the subsidiaries' functional currencies to USD. These
adjustments are recorded in accumulated other comprehensive income (loss) on our consolidated balance sheets. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Gains and losses resulting from foreign currency exchange rate changes related to intercompany loans that are deemed to have the
characteristics of a long-term investment. These gains and losses are recorded in accumulated other comprehensive income (loss) on our consolidated balance sheets. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Gains and losses resulting from foreign currency exchange rate changes related to intercompany loans that are not deemed to have the
characteristics of a long-term investment. These gains and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>176</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=186,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=964850,FOLIO='176',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_177"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>losses
are recorded in foreign currency exchange gain (loss) on our consolidated statements of operations.</FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Gains and losses on foreign currency transactions. These gains and losses are recorded in foreign currency exchange gain (loss) on our
consolidated statements of operations. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the year ended December&nbsp;31, 2015, a hypothetical 10% adverse change in average annual foreign currency exchange rates, excluding the impacts of our derivatives, would have
decreased operating income and Adjusted EBITDA by approximately $21.9&nbsp;million and $71.1&nbsp;million, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
monitor the impact of foreign currency movements related to differences between our subsidiaries' local currencies and the USD. Our U.S. debt facilities are primarily denominated in
USD. We enter into foreign exchange forward contracts to protect the USD value of our assets and future cash flows, as well as to reduce the earnings impact of exchange rate fluctuations on
receivables and payables denominated in currencies other than the functional currencies. See Note&nbsp;14, Derivative Instruments, in our consolidated financial statements included elsewhere in this
prospectus for additional discussion regarding our derivatives. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously disclosed, during the fourth quarter of 2014, we recorded an operating expense of $18.0&nbsp;million (the value of
40.0&nbsp;million Turkish Liras at the date of donation) for a donation by our network institution in Turkey to a charitable foundation. We believed the donation was encouraged by the Turkish
government to further a public project supported by the government and expected that it would enhance the position and ongoing operations of our institution in Turkey. The Company has learned that the
charitable foundation which received the donation disbursed the funds at the direction of a former senior executive at our network institution in Turkey and other external individuals to a third party
without our knowledge or approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2016, the Audit Committee of the Board of Directors initiated an internal investigation into this matter with the assistance of external counsel. The investigation concerns the
facts surrounding the donation, violations of the Company's policies, and possible violations of the FCPA and other applicable laws in what appears to be a fraud perpetrated by the former senior
executive at our network institution in Turkey and other external individuals. This includes an investigation to determine if the diversion was part of a scheme to misappropriate the funds and whether
any portion of the funds was paid to government officials. As of the date of this prospectus, we have not identified that any other officers or employees outside of Turkey were involved in the
diversion of the intended donation. Although we are pursuing efforts to recover the diverted funds, there is no assurance that we will be successful. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have been advised by Turkish counsel that, under Turkish law, a Foundation University may not make payments that cause a decrease in the university's wealth or do not otherwise
benefit the university. Given the uncertainty of recovery of the diverted donation and to mitigate any potential regulatory issues in Turkey relating to the donation, certain Laureate-owned entities
that are members of the foundation that controls our network institution in Turkey have contributed an amount of approximately $13.0&nbsp;million (the value of 40.0&nbsp;million Turkish Liras on
November&nbsp;4, 2016, the date of contribution) to our network institution in Turkey to reimburse it for the donation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the investigation, which is ongoing, we took steps to remove the former senior executive at our network institution in Turkey. Because of the complex organizational
structure in Turkey, this took approximately one month and during that period our access to certain aspects of the business including the financial and other records of the university was interrupted.
The former senior executive is now no longer affiliated with our network institution and we again have access to the financial and other records of the university. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>177</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=15,SEQ=187,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=588174,FOLIO='177',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_do43513_1_178"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
September 2016, we voluntarily disclosed the investigation to the DOJ and the SEC. The Company intends to fully cooperate with these agencies and any other applicable authorities in
any investigation that may be conducted in this matter by them. The Company has internal controls and compliance policies and procedures that are designed to prevent misconduct of this nature and
support compliance with laws and best practices throughout its global operations. The Company is taking steps to enhance these internal controls and compliance policies and procedures. The
investigation is ongoing, and we cannot predict the outcome at this time, or the impact, if any, to the Company's consolidated financial statements or predict how the resulting consequences, if any,
may impact our internal controls and compliance policies and procedures, business, ability or right to operate in Turkey, results of operations or financial position. If we are found to have violated
the FCPA or other laws governing the conduct of our operations, we may be subject to criminal and civil penalties and other remedial measures, which could materially adversely affect our business,
financial condition, results of operations and liquidity. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>178</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=16,SEQ=188,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=67274,FOLIO='178',FILE='DISK112:[12ZBH3.12ZBH43513]DO43513A.;19',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dq43513_1_179"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq43513_business"> </A>
<A NAME="toc_dq43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  BUSINESS    <BR>    </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Business  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the largest global network of degree-granting higher education institutions, with more than one million students enrolled at our
71&nbsp;institutions in 25&nbsp;countries on more than 200&nbsp;campuses, which we collectively refer to as the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network. We participate in the global higher education market, which was estimated to account for revenues of approximately $1.5&nbsp;trillion in 2015, according
to GSV. We believe the global higher education market presents an attractive long-term opportunity, primarily because of the large and growing imbalance between the supply and demand for quality
higher education around the world. Advanced education
opportunities drive higher earnings potential, and we believe the projected growth in the middle class population worldwide and limited government resources dedicated to higher education create
substantial opportunities for high-quality private institutions to meet this growing and unmet demand. Our outcomes-driven strategy is focused on enabling millions of students globally to prosper and
thrive in the dynamic and evolving knowledge economy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
1999, we made our first investment in higher education and, since that time, we have developed into the global leader in higher education, based on the number of students,
institutions and countries making up our network. Our global network of 71&nbsp;institutions comprises 59&nbsp;institutions we own or control, and an additional 12 institutions that we manage or
with which we have other relationships. Our institutions are recognized for their high-quality academics. For example, we own and operate UVM Mexico, the largest private university in Mexico, which in
2016 was ranked seventh among all public and private higher education institutions in the country by </FONT><FONT SIZE=2><I>Gu&iacute;a Universitaria</I></FONT><FONT SIZE=2>. Our track record
for delivering high-quality outcomes to our students, while stressing affordability and accessibility, has been a key reason for our long record of success, including 16&nbsp;consecutive years of
enrollment growth. We have generated CAGRs in total enrollment and revenues of 10.4% and 9.0%, respectively, from 2009 through September&nbsp;30, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
being taken private in August 2007, we have undertaken several initiatives to continually improve the quality of our programs and outcomes for our students, while expanding our
scale and geographic presence, and strengthening our organization and management team. From 2007 to September&nbsp;30, 2016, we have expanded into 12 new countries, added over 100 campuses worldwide
and grown enrollment from approximately 300,000 to more than one million students with a combination of strong organic revenue growth of 9.3% (average annual revenue growth from 2007 to 2015 excluding
acquisitions) and the successful integration of 41&nbsp;strategic acquisitions. Key to this growth were expansions into Brazil, where we owned 13 institutions with a combined enrollment of
approximately 260,000 students, and expansions into Asia, the Middle East and Africa, where we owned or controlled 21 institutions with a combined enrollment of approximately 86,000 students. Further,
we have made significant capital investments and continue to make operational improvements in technology and human resources, including key management hires, and are developing scalable back-office
operations to support the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network, including implementing a vertically integrated information technology, finance,
accounting and human resources organization that, among other things, are designed to enhance our analytical capabilities. Finally, over the past several years, we have invested heavily in
technology-enabled solutions to enhance the student experience, increase penetration of our hybrid offerings and optimize efficiency throughout our network. We believe these investments have created
an intellectual property advantage that has further differentiated our offerings from local market competitors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
</FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network enables us to educate our students locally, while connecting them to an international
community with a global perspective. Our students can take advantage of shared curricula, optional international programs and services, including English language instruction, dual-degree and study
abroad programs and other benefits offered by other institutions in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>179</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=189,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=484116,FOLIO='179',FILE='DISK112:[12ZBH3.12ZBH43513]DQ43513A.;27',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dq43513_1_180"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>our
network. We believe that the benefits of the network translate into better career opportunities and higher earnings potential for our graduates. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network offer a broad range of undergraduate and graduate degrees through
campus-based, online and hybrid programs. Approximately 93% of our students attend traditional, campus-based institutions offering multi-year degrees, similar to leading private and public higher
education institutions in the United States and Europe. In addition, approximately two thirds of our students are enrolled in programs of four or more years in duration. Our programs are designed with
a distinct emphasis on applied, professional-oriented content for growing career fields and are focused on specific academic disciplines, or verticals, that we believe demonstrate strong employment
opportunities and provide high earnings potential for our students, including: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g123652.jpg" ALT="GRAPHIC" WIDTH="684" HEIGHT="106">
  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Across
these academic disciplines, we continually and proactively adapt our curriculum to the needs of the market, including emphasizing the core STEM (science, technology, engineering
and math) and business disciplines. We believe the STEM and business disciplines present attractive areas of study to students, especially in developing countries where there exists a strong and
ongoing focus to develop and retain professionally trained individuals. Since 2009, we have more than doubled our enrollment of students pursuing degrees in Business&nbsp;&amp; Management,
Medicine&nbsp;&amp; Health Sciences and Engineering&nbsp;&amp; Information Technology, our three largest disciplines. We believe the work of our graduates in these disciplines creates a positive impact on
the communities we serve and strengthens our institutions' reputations within their respective markets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Across
the world, we operate institutions that address regional, national and local supply and demand imbalances in higher education. As the global leader in higher education, we believe
we are uniquely positioned to effectively deliver high-quality education across different brands and tuition levels in the markets in which we operate. In many developing markets, traditional higher
education students (defined as 18-24&nbsp;year olds) have historically been served by public universities, which have limited capacity and are often underfunded, resulting in an inability to meet
growing student demands and employer requirements. Our institutions in these markets offer traditional higher education students a private education alternative, often with multiple brands and price
points in each market, with innovative programs and strong career-driven outcomes. In many of these same markets, non-traditional students such as working adults and distance learners have limited
options for pursuing
higher education. Through targeted programs and multiple teaching modalities, we are able to serve the differentiated needs of this unique demographic. Our flexible approach across geographies allows
Laureate to access a broader addressable market of students by efficiently tailoring institutions to meet the needs of a particular geography and student population. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have four reporting segments, which are summarized in the table below. We group our institutions by geography in Latin America, Europe and Asia, Middle East and Africa for reporting </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>180</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=190,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=215115,FOLIO='180',FILE='DISK112:[12ZBH3.12ZBH43513]DQ43513A.;27',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dq43513_1_181"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>purposes.
Our&nbsp;GPS segment includes our fully online universities and our campus-based institutions in the United States. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g1045219.jpg" ALT="GRAPHIC" WIDTH="645" HEIGHT="318">
  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following information for our operating segments is presented as of September&nbsp;30, 2016, except where otherwise indicated: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>LatAm </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Europe </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMEA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>GPS </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Countries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Institutions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>71</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enrollments (rounded to nearest thousand)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>834,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>86,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>73,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,047,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LTM ended September&nbsp;30, 2016 Revenues ($ in millions)&#135;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,378.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>496.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>419.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>939.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,218.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>% Contribution to LTM ended September&nbsp;30, 2016 Revenues&#135;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#135;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
elimination of inter-segment revenues and amounts related to Corporate, which total $15.7&nbsp;million, is not separately presented. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Industry  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the leader in the global market for higher education, which is characterized by a significant imbalance between supply and
demand, especially in developing economies. In many countries, demand for higher education is large and growing. GSV estimates that higher education institutions accounted for total revenues of
approximately $1.5&nbsp;trillion globally in 2015, with the higher education market expected to grow by approximately 5% per annum through&nbsp;2020. Global growth in higher education is being
fueled by several demographic and economic factors, including a growing middle class, global growth in services and technology-related industries and recognition of the significant personal and
economic benefits gained by graduates of higher education institutions. At the same time, many governments have limited resources to devote to higher education, resulting in a diminished ability by
the public sector to meet growing demand, and creating opportunities for private education providers to enter these markets and deliver high-quality education. As a result, the private sector plays a
large </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>181</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=191,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=759779,FOLIO='181',FILE='DISK112:[12ZBH3.12ZBH43513]DQ43513A.;27',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dq43513_1_182"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>and
growing role in higher education globally. While the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network is the largest global network of degree-granting
higher education institutions in the world, our total enrollment of more than one million students represents only 0.5% of worldwide higher education students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large, Growing and Underpenetrated Population of Qualified Higher Education Students.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;According to UNESCO, 198.6&nbsp;million
students worldwide
were enrolled in higher education institutions in 2013, nearly double the 99.7&nbsp;million students enrolled in 2000, and approximately 90% of those students were enrolled at institutions outside
of the United States as of 2013. In many countries, including throughout Latin America, Asia and other developing regions, there is growing demand for higher education based on favorable demographics,
increasing secondary completion rates and increasing higher education participation rates, resulting in continued growth in higher education enrollments. While global participation rates have
increased for traditional higher education students (defined as 18-24 year olds), the market for higher education is still significantly underpenetrated, particularly in developing countries. Given
the low penetration rates, many governments in developing countries have a stated goal of increasing the number of students participating in higher education. For example, Mexico's participation rate
increased from approximately 16% to approximately 22% from 2003 to 2013, and the Mexican government has set a goal of increasing the number of students enrolled in higher education by 17% over the
next three years. Other developing countries with large addressable markets are similarly underpenetrated as evidenced by the following participation rates for 2013: Saudi Arabia (36%), Brazil (32%),
China (22%) and India (19%), all of which are well below rates of developed countries such as the United States and Spain, which in 2013 had participation rates of approximately 63% and approximately
60%, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strong Economic Incentives for Higher Education.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;According to the Brookings Institution, approximately 1.8&nbsp;billion people
in the world
composed the middle class in 2009, a number that is expected to more than double by 2030 to almost five billion people. We believe that members of this large and growing group seek advanced education
opportunities for themselves and their children in recognition of the vast differential in earnings potential with and without higher education. According to data from the OECD, in certain European
markets in which we operate, the earnings from employment for an adult completing higher education were approximately 60% higher than those of an adult with just an upper secondary education, while in
the United States the differential was approximately 76%. This income gap is even more pronounced in many developing countries around the world, including a differential of approximately 139% in Chile
and approximately 152% in Brazil. OECD statistics also show that overall employment rates are greater for individuals completing higher education than for those who have not completed upper secondary
education. In addition, we believe as economies around the world are increasingly based on the services sector, they will require significant investment in human capital, advanced education and
specialized training to produce knowledgeable professionals. We believe the cumulative impact of favorable demographic and socio-economic trends, coupled with the superior earnings potential of higher
education graduates, will continue to expand the market for private higher education. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increasing Role of the Private Sector in Higher Education.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In many of our markets, the private sector plays a meaningful role in
higher education,
bridging supply and demand imbalances created by a lack of capacity at public universities. In addition to capacity limitations, we believe that limited public resources, and the corresponding policy
reforms to make higher education systems less dependent on the financial and operational support of local governments, have resulted in increased enrollments in private institutions relative to public
institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According
to the OECD, from 2003 to 2013, the number of students enrolled in private institutions grew from approximately 26% to approximately 31% of total enrollments within OECD
countries. For example, Brazil and Chile rely heavily upon private institutions to deliver quality higher education to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>182</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=192,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=812495,FOLIO='182',FILE='DISK112:[12ZBH3.12ZBH43513]DQ43513A.;27',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dq43513_1_183"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>students,
with approximately 71% (in 2012) and approximately 84% (in 2013), respectively, of higher education students in these countries enrolled in private institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decrease in government funding to public higher education institutions in recent years has served to spur the growth of private institutions, as tuitions have been increasingly
funded by private sources. On average, OECD countries experienced a decrease in public funding from approximately 69% of total funding in 2000 to approximately 65% in 2012. For example, Mexico
experienced a decrease in public funding as a percentage of total funding of approximately ten percentage points during the same period. We believe these trends have increased demand for competitive
private institutions as public institutions are unable to meet the demand of students and families around the world, especially in developing markets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greater Accessibility to Higher Education through Online and Hybrid Offerings.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Improving Internet broadband infrastructure and
new instruction
methodologies designed for the online medium have driven increased acceptance of the online modality globally. According to a survey conducted by the Babson Survey Research Group, approximately 71% of
academic leaders rated online learning outcomes as the same or superior to classroom learning in 2014, up from approximately 57% in 2003. GSV estimates that the online higher education market will
grow by a CAGR of approximately 25%, from $49&nbsp;billion in 2012 to $149&nbsp;billion in 2017. Additionally, new online and hybrid education offerings have enabled the cost-effective delivery of
higher education, while improving overall affordability and accessibility for students. We believe that increasing student demand, coupled with growing employer and regulatory acceptance of degrees
obtained through online and hybrid modalities, will continue to drive significant growth in the online and hybrid higher education market globally. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Strengths and Competitive Advantages  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe our key competitive strengths that will enable us to execute our growth strategy include the following: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Mover and Leader in Global Higher Education.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In 1999, we made our first investment in global higher education. Since that
time, the </FONT> <FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network has grown to include 71&nbsp;institutions in 25&nbsp;countries that enroll more than one million
students, of which approximately 95% are outside of the United States and over 85% reside in developing countries. Our growth has been the result of numerous organic initiatives, supplemented by
successfully completing and integrating 41 acquisitions since August 2007, substantially all of which were completed through private negotiations and not as part of an auction process. Given our size
and status as the first mover in many of our markets, we have been able to acquire many marquee assets, which we believe will help us maintain our market-leading position due to the considerable time
and expense it would take a competitor to establish an integrated network of international universities of similar scale with the brands, intellectual property and accreditations that we possess. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Standing and Reputable University Brands Delivering High Quality Education.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We believe we have established a reputation for
providing
high-quality higher education around the world, and that our schools are among the most respected higher education brands in their local markets. Many of our institutions have over 40-year histories,
with some institutions approaching 100&nbsp;years. In addition to long-standing presences in their local communities, many of our institutions are ranked among the best in their respective
countries. For example, the </FONT><FONT SIZE=2><I>Bar&oacute;metro de la Educaci&oacute;n Superior</I></FONT><FONT SIZE=2> has ranked Universidad Andr&eacute;s Bello as a top
university in Chile. Similarly, in Brazil, Universidade Anhembi Morumbi is ranked by </FONT><FONT SIZE=2><I>Guia do Estudante</I></FONT><FONT SIZE=2> as one of S&atilde;o Paulo's top
universities, and in Europe, Universidad Europea de Madrid is the second largest private university in Spain and received four stars in the prestigious 2015 QS Stars&#153; international
university rating. Our U.S.-based institutions have been recognized for their quality and value. Walden University, a member of the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network, was singled out in the U.S. Senate Report on For-Profit Higher Education in 2012 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>183</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=193,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=557746,FOLIO='183',FILE='DISK112:[12ZBH3.12ZBH43513]DQ43513A.;27',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dq43513_1_184"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>as
"perhaps the best of any company examined." More recently, Walden ranked 19th on the list of the top 100&nbsp;universities for adult learners in the </FONT><FONT SIZE=2><I>Washington Monthly
2016 College Rankings</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
strong brands are perpetuated by our student-centric focus and our mission to provide greater access to cost-effective, high-quality higher education, which allows more students to
pursue their academic and career aspirations. We are committed to continually evaluating our institutions to ensure we are providing the highest quality education to our students. Our proprietary
management tool, LEAF, is used to evaluate institutional performance based on 44 unique criteria across five different categories: Employability, Learning Experience, Personal Experience,
Access&nbsp;&amp; Outreach and Academic Excellence. LEAF, in conjunction with additional external assessment methodologies, such as QS Stars&#153;, allows us to identify key areas for improvement
in order to drive a culture of quality and continual innovation at our institutions. For example, more than 86% of students attending Laureate institutions in Brazil are enrolled in an institution
with an IGC score (an indicator used by the Brazilian Ministry of Education to evaluate the quality of higher education institutions) that has improved since 2010. In addition, our Brazilian
institutions' IGC scores have increased by approximately 16% on average from 2010 to 2014, placing three of our institutions in the top quintile, and nine (encompassing approximately 96% of our
student enrollment in Brazil) in the top three quintiles of all private higher education institutions in the country. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
of our institutions and programs have earned the highest accreditation available, which provides us with a strong competitive advantage in local markets. For example, we serve more
than 200,000 students in the fields of medicine and health sciences on over 100 campuses throughout the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network,
including 22 medical schools and 19 dental schools. Medical school licenses are often the most difficult to obtain and are only granted to institutions that meet rigorous standards. We believe the
existence of medical schools at many of our institutions further validates the quality of our institutions and programs. Similarly, other institutions have received numerous specialized
accreditations, including those for Ph.D. programs. For example, UNAB, UDLA Ecuador, and UPC are three of only 11 universities in all of Latin America to receive a U.S. accreditation, which are highly
regarded and difficult to attain. Finally, in addition to Universidad Europea de Madrid, 14 institutions in our network were also rated by QS Stars&#153; international university rating, which
is a prestigious external assessment. In 2015, many Laureate institutions received three and four stars as indicated below: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><U>Four
Stars</U></B></FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;European University Cyprus </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Universidad Andr&eacute;s Bello (UNAB) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><U>Three
Stars</U></B></FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Universidad del Valle de M&eacute;xico (UVM Mexico) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Universidad Peruana de Ciencias Aplicadas (UPC) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Universidad Tecnol&oacute;gica de M&eacute;xico (UNITEC Mexico) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Universidade Anhembi Morumbi (UAM Brazil) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Universidade Potiguar (UnP) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Universidade Salvador (UNIFACS) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Centro Universit&aacute;rio Ritter dos Reis (UniRitter) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Universidad de Las Am&eacute;ricas (UDLA Ecuador) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Istanbul Bilgi University </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;University of Petroleum and Energy Studies (UPES) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Universidad Latina de Costa Rica (ULatina) </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#151;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;Universidad Tecnol&oacute;gica Centroamericana (UNITEC Honduras) </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>184</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=194,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=425724,FOLIO='184',FILE='DISK112:[12ZBH3.12ZBH43513]DQ43513A.;27',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dq43513_1_185"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Superior Outcomes for Our Students.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We offer high-quality undergraduate, graduate and specialized programs in a wide range of
disciplines that
generate strong interest from students and provide attractive employment prospects. We design our programs to prepare students to contribute productively in their chosen professions upon employment.
Our curriculum development process includes employer surveys and ongoing research into business trends to determine the skills and knowledge base that will be required by those employers in the
future. This information results in
timely curriculum upgrades, which helps ensure that our graduates acquire the skills that will make them marketable to employers. In 2014, we commissioned a study by Millward Brown, a leading
third-party market research organization, of graduates at Laureate institutions representing over 60% of total Laureate enrollments. Graduates at 12 of our 13 surveyed international institutions
achieved, on average, equal or higher employment rates within 12&nbsp;months of graduation as compared to graduates of other institutions in the same markets, and in all of our premium institutions
surveyed, graduates achieved higher starting salaries as compared to graduates of other institutions in those same markets (salary premium to market benchmarks ranged from approximately 6% to
approximately 118%). In addition, a joint study by Laureate and the IFC/World Bank Group in 2014 showed that graduates of Laureate institutions in Mexico experienced higher rates of social mobility,
finding jobs and moving up in socioeconomic status than their peers in non-Laureate institutions. In 2016, we conducted a similar study with the IFC in Peru for two of our network institutions,
Universidad Peruana de Ciencias Aplicadas ("UPC") and Cibertec, which showed that graduates from the larger programs of both institutions had higher salaries than their control group counterparts.
Additionally, graduates from UPC were found to experience a larger positive change in their socioeconomic status than their peers who completed studies at non-Laureate institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2016, Walden University commissioned Gallup to conduct a survey of Walden University's graduate-degree alumni using its Gallup-Purdue Index. The survey explored the relationship
between Walden University's graduates' experiences and long-term outcomes based on their responses. Gallup administered a custom survey, developed in partnership with Walden University, to Walden
University graduate degree holders and a national sample of graduate degree holders to allow comparison of outcomes in the areas of professional success, return on investment and civic engagement. The
study included 8,677 adults who received graduate degrees from Walden University between 1990 and 2015 as well as 6,687 graduates from the national sample. Within the national sample, Gallup created
an additional comparison group of graduates who completed half or more of their graduate degree online, the "half-plus graduate alumni," more closely resembling the Walden University sample set of
online alumni. The Walden University sample is more likely than the half-plus online graduate alumni sample to be female (76% vs. 60%) and from a racial or ethnic minority group (36% vs. 28%), and the
Walden University alumni are more likely than half-plus online graduate alumni to be the first generation in their families to attend college (61% vs. 48%). As evidenced by the demographic
distinctions, Walden University graduates reflect a more diverse population compared with both national comparison groups. The survey results illustrate how many Walden University graduates went on to
advance their careers, including that Walden University graduates were more likely than comparison groups to cite their degree as being important or very important toward getting promoted, achieving a
salary raise and changing careers. The Gallup survey states that half-plus online graduate alumni are more likely than Walden University alumni to have degrees in well-compensated professions,
including those with degrees in business and management (20% half-plus graduate alumni&nbsp;vs. 12% for Walden University alumni) and engineering (5% half-plus graduate alumni vs. 0% for Walden
University alumni). Conversely, Walden University alumni are predominantly in professions that typically earn less: education (23% half-plus graduate alumni vs. 29% for Walden University alumni),
teaching (8% half-plus graduate alumni vs. 14% for Walden University alumni) and nursing (6% half-plus graduate alumni vs. 24% for Walden University alumni). According to Gallup's survey, career
advancement following receipt of a Walden University graduate degree may be contributing to the vast majority of Walden University graduates (88%) saying they are satisfied with their personal life
today, on par with half-plus online graduate alumni (86%) and graduate degree holders nationally (89%). Additionally, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>185</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=195,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=128621,FOLIO='185',FILE='DISK112:[12ZBH3.12ZBH43513]DQ43513A.;27',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dq43513_1_186"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>83%
of Walden University graduates agree or strongly agree that they were challenged academically by Walden University, higher than the 75% of half-plus online graduate alumni surveyed but similar to
graduate degree holders nationally (83%). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robust Technology and Intellectual Property Platform.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;By virtue of our 17&nbsp;years of experience operating in a global
environment, managing
campus-based institutions across multiple disciplines and developing and administering online programs and curricula, we have developed an extensive collection of intellectual property. We believe
this collection of intellectual property, which includes online capabilities, campus design and management, recruitment of transnational students, faculty training, curriculum design and quality
assurance, among other proprietary solutions, provides our students a truly differentiated learning experience and creates a significant competitive advantage for our institutions over competitors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
critical element of our intellectual property is a suite of proprietary technology solutions. Select examples include </FONT><FONT SIZE=2><I>OneCampus</I></FONT><FONT SIZE=2>, which
connects students across our network with shared online courses and digital experiences, and </FONT><FONT SIZE=2><I>Slingshot,</I></FONT><FONT SIZE=2> an online career orientation tool that enables
students to explore career paths through state-of-the-art interest assessment and rich content about hundreds of careers. Our commitment to investing in technology infrastructure, software and human
capital ensures a high-quality educational experience for our students and faculty, while also providing us with the infrastructure to manage and scale our business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
intellectual property has been a key driver in developing partnerships with prestigious independent institutions and governments globally. For example, we have partnered with other
traditional public and private higher education institutions as a provider of online services. We have operated this model for more than ten years with the University of Liverpool in the United
Kingdom and, more recently, we have added new partnerships with the University of Roehampton in the United Kingdom and the University of Miami in the United States. Additionally, in 2013, the Kingdom
of Saudi Arabia launched the College of Excellence program with a long-term goal of opening 100 new technical colleges, and sought private operators to manage the institutions on its behalf under an
operating model in which the Kingdom of Saudi Arabia funds the capital requirements to build the institutions, and the private operator runs the academic operations under a contract model. As of
September&nbsp;30, 2016, we have been awarded contracts to operate eight of the 33 colleges for which contracts have been awarded to date, more than any other provider in the Kingdom of Saudi
Arabia. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scale and Diversification of Our Global Network.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT
SIZE=2> network is
diversified across 25&nbsp;countries, 71&nbsp;campus-based and online institutions and over 2,500 programs. Additionally, in many markets, we have multiple institutions serving different segments
of the
population, at different price points and with different academic offerings. Although the majority of our institutions serve the premium segment of the market, we also have expanded our portfolio of
offerings in many markets to include high-quality value and technical-vocational institutions. By serving multiple segments of the market, all with high-quality offerings, we are able to continue to
expand our enrollments during varying economic cycles. Our top five largest markets, as measured by revenue, represented 69% of our consolidated revenue and 78% of our total enrollments in 2015. Our
top five largest markets are home to 17% of the world's higher education students. We believe there is no other public or private organization that commands comparable global reach or scale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
global network allows our institutions to bring their distinctive identities together with our proprietary international content, managerial best practices and international
programs. Through collaboration across the global network, we can efficiently share academic curricula and resources, create dual degree programs and student exchanges, develop our faculty and
incorporate best practices throughout the organization. In addition, our wide-ranging network allows us to continue to scale our business by facilitating the expansion of existing programs and
campuses, the launch of new programs, the opening of new campuses in areas of high demand and the strategic acquisition and integration of new institutions into our network. For example, the resources
and support of our global network have had a demonstrated impact on our Medicine&nbsp;&amp; Health Sciences expansion effort, which has resulted in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>186</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=196,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1039398,FOLIO='186',FILE='DISK112:[12ZBH3.12ZBH43513]DQ43513A.;27',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dq43513_1_187"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>enrollment
growth from approximately 75,000 students in 2009 to more than 200,000 students as of September&nbsp;30, 2016. Furthermore, the existing breadth of our network allows us to provide a
high-quality educational experience to our students, while simultaneously accessing the broadest addressable market for our offerings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
recognition of the benefits of our international scale, and in order to formalize our organizational focus on the opportunities presented by our established network, we created the
LNO in 2015. The LNO is an important resource that allows us, among other things, to better leverage our expertise in the online modality to increase the frequency and effectiveness of online and
hybrid learning opportunities across the network. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
further illustrate the breadth and diversity of our global network, the charts below show the mix of our geographic revenues, programs, modality and levels of study: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g721464.jpg" ALT="GRAPHIC" WIDTH="559" HEIGHT="448">
  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Attractive Financial Model.  </I></B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Strong and Consistent Growth.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;We have a proven track
record of delivering strong financial results through various economic cycles. From 2009 to 2015, our revenues and Adjusted EBITDA grew at a CAGR of 10.5% and 11.3%, respectively (13.5% and 14.8% on a
constant currency basis, respectively). From 2009 to 2015, our net loss increased at a CAGR of 13.2% to $315.8&nbsp;million for the year ended December&nbsp;31, 2015. During this same period, we
realized constant currency revenue growth of at least 10.3% every year. Adjusted for acquisitions, our average annual organic revenue growth over the same period was 7.6% (10.4% on a constant currency
basis). For a reconciliation of Adjusted EBITDA to net income (loss), see "Prospectus Summary&#151;Summary Historical Consolidated Financial and Other Data."  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Private Pay Model.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Over 75% of our revenues for the year
ended December&nbsp;31, 2015 were generated from private pay sources. We believe students' and families' willingness to allocate personal resources to fund higher education at our institutions
validates our strong value proposition. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>187</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=197,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=693754,FOLIO='187',FILE='DISK112:[12ZBH3.12ZBH43513]DQ43513A.;27',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ds43513_1_188"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Revenue Visibility Enhanced by Program Length and Strong
Retention.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The majority of the academic programs offered by our institutions last between three and five years, and approximately two
thirds of our students were enrolled in programs of at least four years or more in duration, as of September&nbsp;30, 2016. The length of our programs provides us with a high degree of revenue
visibility, which historically has led to more predictable financial results. Given that our fall student intake is substantially completed by the end of September, we have visibility into
approximately 70% of the following year's revenues, assuming a constant foreign exchange environment and assuming retention and graduation rates in line with historical performance. We actively
monitor and manage student retention because of the impact it has on student outcomes and our financial results. The historical annual student retention rate, which we define as the proportion of
prior year students returning in the current year (excluding graduating students), of over 80% has not varied by more than three percentage points in any one year over the last five years. Given our
high degree of revenue visibility, we are able to make attractive capital investments and execute other strategic initiatives to help drive sustainable growth in our
business. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Attractive Return on Incremental Invested Capital.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Our
capital investments since inception have created significant scale and have also laid the foundation for continued strong organic growth. Given that we have already made foundational infrastructure
investments in many of our core markets, we expect to recognize attractive returns on incremental invested capital deployed. As of December&nbsp;31, 2015, our four-year ROIIC was 28.1%. For more
information on ROIIC, see "Selected Historical Consolidated Financial and Other Data." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proven Management Team.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have an experienced and talented senior management team, with strong international expertise from a
wide variety of
industry-leading global companies. Our executive officers have been with us an average of 13&nbsp;years and have led our transformation into the largest global network of degree-granting higher
education institutions in the world. Douglas L. Becker, our Chairman, Chief Executive Officer and founder, has led our Company since its inception in 1989 and has cultivated an entrepreneurial and
collaborative management culture. This entrepreneurial leadership style has been complemented by an executive management team with broad global experience, enabling us to institute strong governance
practices throughout our network. The strength of the management team has enabled the sharing of best practices, allowing us to capitalize on favorable market dynamics and leading to the successful
integration of numerous institutions into the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. In addition, we have strong regional and local management
teams with a deep understanding of the local markets, that are focused on meeting the needs of our students and communities, and maintaining key relationships with regulators and business leaders. Our
management team has a proven track record of gaining the trust and respect of the many regulatory authorities that are critical to our business. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Growth Strategy  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to continue to focus on growing the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2>
network through the following key strategies: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Programs, Demographics and Capacity.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We will continue to focus on opportunities to expand our programs and the type of
students that we serve,
as well as our capacity in our markets to meet local demand. We also intend to continue to improve the performance of each of our institutions by adopting best practices that have been successful at
other institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. We believe these initiatives will drive organic growth and provide an attractive
return on capital. In particular, we intend to: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Add New Programs and Course Offerings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;We will continue
to develop new programs and course offerings to address the changing needs in the markets we serve by using shared curricula available through the network, and in consultation with leading local
businesses. New programs </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>188</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=198,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=152262,FOLIO='188',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_189"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>and
course offerings enable us to consistently provide a high-quality education that is desired by students and prospective employers. As we optimize our offerings to deliver courses in high-demand
disciplines, we also believe we will be able to increase enrollment and improve utilization at institutions across our network.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Expand Target Student Demographics.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;In many of our
markets, we use sophisticated analytical techniques to identify opportunities to provide quality education to new or underserved student populations where market demand is not being met, such as
non-traditional students (e.g.,&nbsp;working adults) who may value flexible scheduling options, as well as traditional students. Our ability to provide quality education to these underserved markets
has provided additional growth to the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network and we intend to leverage our management capabilities and local
knowledge to further capitalize on these higher education opportunities in new and existing markets. As we expand in a particular country or region, we often develop tailored programs to address the
unmet needs of these markets. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Increase Capacity at Existing and New Campus
Locations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;We will continue to make demand-driven investments in additional capacity throughout the </FONT><FONT SIZE=2><I>Laureate
International Universities</I></FONT><FONT SIZE=2> network by expanding existing campuses and opening new campuses, including in new cities. We employ a highly analytical process based on economic and
demographic trends, and demand data for the local market to determine when and where to expand capacity. When opening a new campus or expanding existing facilities, we use best practices that we have
developed over more than the past decade to cost-effectively expedite the opening and development of that location. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>We
have successfully implemented these strategies at many of our institutions. For example, at UVM Mexico we grew total enrollments from approximately 37,000 students in 2002 to approximately 128,000
in 2015. This growth was the result of the introduction of new programs, including in the fields of
health sciences, engineering and hospitality, the addition of 23 new campus locations (from 13 in 2002 to 36 in 2015), and the ability to serve new market segments such as working adults. While UVM
Mexico has grown into the largest private institution in Mexico, our relentless focus on academic quality remains. In fact, UVM Mexico has improved from the 9<SUP>th</SUP> ranked institution in
2004 to the 7<SUP>th</SUP> ranked institution in 2016 according to </FONT><FONT SIZE=2><I>Gu&iacute;a Universitaria. </I></FONT><FONT SIZE=2>Further examples of our successes in
implementing these strategies include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> At Universidad Peruana de Ciencias Aplicadas ("UPC") in Peru, enrollment grew from approximately 4,000 students in 2004 to
approximately 46,000 in 2015. This growth was the result of the introduction of new programs, including in the fields of health sciences and communications, the addition of three new campus locations
(from one in 2004 to four in 2015), and the ability to serve new market segments such as working adults. In 2015, UPC received three stars in the prestigious 2015 QS Stars<SUP>TM</SUP>
international university rating. In 2016, UPC became the first Peruvian university accredited at the highest level by any of the six accreditation bodies of the United States when it was accredited by
the Commission on Senior Colleges of the Western Association of Schools and Colleges. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> At Universidade Anhembi Morumbi ("UAM Brazil") in Brazil, enrollment grew from approximately 21,000 students in 2007 to approximately
46,000 in 2015. This growth was the result of the introduction of new programs, including health sciences, the addition of two campus locations (from four in 2007 to six in 2015), and the ability to
serve new market segments. UAM Brazil was ranked as one of the top ten private universities in the city of S&atilde;o Paulo based on results from the &Iacute;ndice Geral de Cursos, a
systematic evaluation administered by the Brazilian Ministry of Education to judge the quality of academic degree programs, and received three stars in the prestigious 2015 QS Stars<SUP>TM</SUP>
international university rating. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>189</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=199,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=800970,FOLIO='189',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_190"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> In Spain, at Universidad Europea de Madrid, Universidad Europea de Valencia and Universidad Europea de Canarias, enrollment grew from
approximately 6,000&nbsp;students in&nbsp;1999 to approximately 15,000 in&nbsp;2015. This growth was the result of the introduction of new programs including in the fields of health, engineering
and communications, the addition of four campus locations (from two in&nbsp;1999 to six in&nbsp;2015), and the ability to serve new market segments such as working adults. Universidad Europea de
Madrid has grown to become the second largest private university in Spain and received four stars in the prestigious 2015 QS Stars<SUP>TM</SUP> international university rating. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Penetration of Online and Hybrid Offerings.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We intend to increase the number of our students who receive their education
through fully online
or hybrid programs to meet the growing demand of younger generations that continue to embrace technology. Over the past decade, the global population with Internet access has continued to grow, and
Forrester estimates a total of 3.5&nbsp;billion people will have Internet access by 2017, representing nearly half of the world's population. Additionally, in many of our markets, online education
is becoming more accepted by regulators and education professionals as an effective means of providing quality higher education. As the quality and acceptance of online education increases globally,
we plan to continue investing in both expanding our stand-alone online course offerings and enhancing our traditional campus-based course offerings via complementary online delivery, creating a hybrid
delivery model. We believe our history of success with Walden University, a fully online institution in the United States, and our well-developed online program offerings will provide a considerable
advantage over local competitors, enabling us to combine our strong local brands with our experience in delivering online education. By the end of 2019, our goal is to increase the number of student
credit hours taken online, which was approximately 11% as of the end of 2015, to approximately 25%. Some of our network institutions are already implementing online programs with significant progress
being made. For example, at Universidad Europea de Madrid in Spain, approximately 20% of our students took at least one online course as of June&nbsp;30, 2016. Our online initiative is designed to
not only provide our students with access to the technology platforms and innovative programs they expect, but also to increase our enrollment in a more capital efficient manner, leveraging current
infrastructure and improving classroom utilization. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Presence in AMEA.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AMEA represents the largest higher education market opportunity in the world with more than
120&nbsp;million students
enrolled in higher education institutions in 2013, according to UNESCO. Despite the large number of students enrolled, participation rates in the region suggest significantly underpenetrated
enrollment given the strong imbalance between the supply and demand for higher education. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2008, we entered the AMEA higher education market with our acquisition of an interest in INTI Education Group in Malaysia. In the last eight years, we have grown our AMEA footprint to
include 21 institutions in eight countries, serving approximately 86,000 students, representing an enrollment CAGR of approximately 20% since entering the region in 2008. Recent expansion in the AMEA
region includes eight Colleges of Excellence in the Kingdom of Saudi Arabia, and our first institution in Sub-Saharan Africa in 2013, Monash South Africa. In anticipation of continued growth, we have
made significant investments in the region, including hiring an experienced regional management team and establishing the infrastructure to help facilitate growth and further expand our footprint in
the region. We plan to continue to expand our presence in AMEA by prioritizing markets based on demographic, market and regulatory factors, while seeking attractive returns on capital. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Partnership and Services Model Globally.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As the global leader in higher education, we believe
we are well-positioned to capitalize on additional opportunities in the form of partnership and service models that are designed to address the growing needs of traditional institutions and
governments around the world. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>190</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=200,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=761871,FOLIO='190',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_191"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increasingly
more complex services and operating capabilities are required by higher education institutions to address the needs of students effectively, and we believe our expertise and
knowledge will allow us to leverage our intellectual property and technology to serve this market need. We have partnered with traditional public and private education institutions as a provider of
online services and we believe there will be opportunities to expand that platform under similar relationships with other prestigious independent institutions in the future. Additionally, we are
continually adding to our suite of solutions, and we believe many of these products and services will provide additional contractual and licensing opportunities for us in the future. For example, in
recent years we have significantly advanced our digital teaching and learning efforts through proprietary technology-enabled solutions such as:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>OneFolio,</I></FONT><FONT SIZE=2> an online tool that connects Laureate faculty members, instructional
designers, and learning architects to valuable digital resources they can use to enhance the student learning experience. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Laureate Languages,</I></FONT><FONT SIZE=2> which provides digital language learning solutions to our students
and faculty in the areas of General English, Professional English and English for Academic Purposes, as well as teacher training and assessment. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
governments around the world are increasingly focused on increasing participation rates and often do not have an established or scalable public sector platform with the
necessary expertise to accomplish that objective, and therefore are willing to fund private sector solutions. We believe our current partnership with the Kingdom of Saudi Arabia, where we were
selected as their largest partner for the Colleges of Excellence program, is a demonstration of how our distinct portfolio of solutions differentiates us from other providers who participated in the
selection process. We are in active discussion with other governments regarding similar partnerships, as well as other solutions that we can provide to existing and new partners, and we anticipate
this could be a source of additional revenue for us in the future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase Operating Efficiencies through Centralization and Standardization.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In 2014, we launched EiP as an enterprise-wide
initiative to optimize and
standardize our processes to enable sustained growth and margin expansion. The program aims to enable vertical integration of procurement, information technology, finance, accounting and human
resources, thus enabling us to fully leverage the growing size and scope of our local operations. Specifically, we have developed and begun to deploy regional SSOs around the world, which will process
most back-office and non-student facing transactions for the institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network, such as accounting,
finance and procurement. The implementation of EiP and regional SSOs are expected to generate significant cost savings throughout the network as we eliminate redundant processes and better leverage
our global scale. In addition, centralized information technology, product development and content management will allow us to propagate best practices throughout the </FONT><FONT SIZE=2><I>Laureate
International Universities</I></FONT><FONT SIZE=2> network and capitalize on efficiencies to help improve performance. We anticipate EiP will require an investment of approximately $180&nbsp;million
from 2015 to 2017, with the first significant investments already having been made in 2015. These investments have already begun to generate cost savings and, upon completion of the project, we expect
these efficiencies to generate approximately $100&nbsp;million in annual cost savings in 2019, while also enhancing our internal controls and the speed of integration of new acquisitions. We also
believe these initiatives will enhance the student experience by improving the quality of our operations and by enabling additional reinvestment in facilities, faculty and course offerings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Strategic Acquisitions.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Since being taken private in August 2007, we have made 41 acquisitions with an aggregate purchase
price of
approximately $2.0&nbsp;billion, including assumed debt. Substantially all of these acquisitions were completed through private negotiations and not as part of an auction process, which we believe
demonstrates our standing as a partner of choice. We intend to continue to expand through the selective acquisition of institutions in new and existing markets. We employ a highly disciplined approach
to acquisitions by focusing on key characteristics that make certain markets particularly attractive for private higher education, such as demographics, economic and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>191</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=201,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1009173,FOLIO='191',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_192"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>social
factors, the presence of a stable political environment and a regulatory climate that values private higher education. When we enter a new market or industry sector, we target institutions with
well-regarded reputations and which are well-respected by regulators. We also invest time and resources to understand the managerial, financial and academic resources of the prospect and the resources
we can bring to that institution. After an acquisition, we focus on organic growth and financial returns by applying best practices and integrating, both operationally and financially, the institution
into the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network, and we have a strong track record of success. For all the institutions we acquired between 1999
and December&nbsp;31, 2010, we achieved average enrollment and revenue CAGRs of approximately 15% and approximately 19%, respectively, in the four full years following the first anniversary of the
acquisition. Further, we achieved operating income CAGRs (adjusted for impairment charges) of approximately 40%, translating into a margin expansion of nearly six percentage points for the same
period. Additionally, we bring programs and expertise to increase
the quality and reputation of institutions after we acquire them, and assist them in earning new forms of licenses and accreditations. We believe our experienced management team, history of strong
financial performance rooted in the successful integration of previous acquisitions, local contacts and cultural understanding makes us the leading choice for higher education institutions seeking to
join an international educational network. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our History  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were founded in 1989 as Sylvan Learning Systems,&nbsp;Inc., a provider of a broad array of supplemental and remedial educational
services. In 1999, we made our first investment in global higher education with our acquisition of Universidad Europea de Madrid, and in 2001 we entered the market for online delivery of higher
education services in the United States with our acquisition of Walden University. In 2003, we sold the principal operations that made up our then K-12 educational services business and certain
venture investments deemed not strategic to our higher education business, and in 2004 we changed our name to Laureate Education,&nbsp;Inc. Between the time we sold the K-12 educational services
business in 2003 and August 2007, we acquired nine institutions for an aggregate purchase price of approximately $160&nbsp;million, including assumed debt, and entered seven new countries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2007, we were acquired in a leveraged buyout by the Wengen Investors for an aggregate total purchase price of $3.8&nbsp;billion, including $1.7&nbsp;billion of debt, all of
which has been refinanced or replaced. See "Risk Factors&#151;Risks Relating to Our Indebtedness&#151;The fact that we have substantial debt could materially adversely affect our ability
to raise additional capital to fund our operations and limit our ability to pursue our growth strategy or to react to changes in the economy or our industry." We believe that these investors have
embraced our mission, commitment to academic quality and ongoing focus to provide a social benefit to the communities we serve. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
being taken private in August 2007, we have undertaken several initiatives to continually improve the quality of our programs and outcomes for our students, while expanding our
scale and geographic presence, and strengthening our organization and management team. Since August 2007, we have completed 41 acquisitions with an aggregate purchase price of approximately
$2&nbsp;billion, including assumed debt, and entered 12 new countries, and we now have a total institution count of 71. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
early 2013, the IFC Investors collectively invested $200&nbsp;million in our common stock. IFC is a global development institution that helps developing countries achieve
sustainable growth by financing investment in the private sector and providing advisory services to businesses and governments. The investment in Laureate received the unanimous approval of the Board
of Directors of the IFC in 2012. We believe that the IFC made its investment in our common stock to underscore its long-term commitment to supporting education with strategic clients that have the
ability to develop much-needed job-market skills, because of our substantial presence in emerging markets and because of its belief that
working with us would have a significant impact on human development in the countries where we operate. Two Laureate institutions received IFC investments even before their affiliation with Laureate. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>192</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=202,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=499768,FOLIO='192',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_193"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2013, the boards of directors of Wengen and Laureate authorized the combination of Laureate and Laureate Asia. Laureate Asia was a subsidiary of Wengen that provided higher
education programs and services to students through a network of licensed institutions located in Australia, China, India, Malaysia and Thailand. Wengen transferred 100% of the equity of Laureate Asia
to Laureate. The transaction is accounted for as a transfer between entities under common control and, accordingly, the accounts of Laureate Asia are retrospectively included in the financial
statements and notes thereto included elsewhere in this prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certified B Corporation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While not required by Delaware law or the terms of our certificate of incorporation, we have elected to have our social and
environmental performance, accountability and transparency assessed against the proprietary criteria established by an independent non-profit organization. As a result of this assessment, we have been
designated as a "Certified B Corporation<SUP>TM</SUP>" under the standards set by an independent organization, which refers to companies that are certified as meeting certain levels of social and
environmental performance, accountability and transparency. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of the certification processes and standards was provided to us by the independent organization that designated us as a Certified B Corporation. The first step
in becoming a Certified B Corporation is taking and passing a comprehensive and objective assessment of a business's positive impact on society and the environment. The assessment varies depending on
the company's size (number of employees), sector and location. The standards in the assessment are created and revised by an independent governing body that determines eligibility to be a Certified B
Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
completing a set of over 200 questions, which are customized for the company being assessed, that reflect impact indicators, best practices and outcomes, a company receives a
composite score on a 200-point scale representative of its overall impact on its employees, customers, communities and the environment. Representative indicators in the assessment range from payment
above a living wage, employee benefits, charitable giving/community service, use of renewable energy and, in the case of educational institutions like Laureate, student outcomes such as retention,
graduation and employment rates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification
as a Certified B Corporation requires that a company achieve a reviewed assessment score of at least an 80. The review process includes a phone review, a random selection
of indicators for verifying documentation and a random selection of company locations for onsite reviews, including employee interviews and facility tours. In the case of Laureate's assessment, each
subsidiary, as well as the corporate office in Baltimore, was required to complete an individual assessment for review that would be aggregated based on size to calculate an overall score. The
assessment also includes a disclosure questionnaire, including any sensitive practices, fines and sanctions related to the company or its partners. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
Laureate, certification also required us to adopt the public benefit corporation structure, a step we have already completed. Once certified, every Certified B Corporation must make
its assessment score transparent on the independent non-profit organization's website. Acceptance as a Certified B Corporation and continued certification is at the sole discretion of the independent
organization. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Social Responsibility  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are serious about making an enduring commitment to the communities we serve. We do this through a range of scholarships and awards,
donations to non-profits aligned with our mission and through creating international opportunities for our students. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of this commitment, since 2003, we have provided financial support to the International Youth Foundation ("IYF") directly and through our affiliated charitable foundation. The
IYF was </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>193</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=203,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=144610,FOLIO='193',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_194"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>founded
in 1990 with a grant from the W.K. Kellogg Foundation. IYF is a highly regarded international non-profit, with a mission to build partnerships, initiatives, and curricula that prepare young
women and men to succeed as citizens, employees, entrepreneurs, and change-makers around the world. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IYF
was started before we made our first investment in higher education and 13 years before we provided it with any financial support. Neither we nor our founder Mr.&nbsp;Becker
controls or manages IYF, which is an independent and respected charitable organization. Mr.&nbsp;Becker has served as an unpaid volunteer member of the IYF's 14-member board, and the only IYF board
member affiliated with us,
since 2003 and as the board's chair since 2006. IYF has a longstanding relationship with the United States Agency for International Development ("USAID"), dating to 1999, and was cited for excellence
by USAID during the George W. Bush administration. IYF has worked in partnership with USAID, the U.S. government agency that provides foreign assistance and promotes democracy in over
100&nbsp;countries, on youth capacity-building, employability and civic engagement programs all across the world. These grants are awarded on a competitive basis, based on an organization's proven
track record using funding to accomplish USAID goals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
2003, we and our affiliated foundation have donated approximately $9&nbsp;million to IYF. We have never received any funds from IYF. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Support of Recognized World Leaders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2010, former U.S. President Bill Clinton signed a five-year contract to serve as the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network's Honorary Chancellor. He advised the network on issues like social responsibility, youth leadership and civic engagement, while also speaking to students,
faculty and staff worldwide. During his term, President Clinton visited 19 Laureate campuses in 14 countries. Immediately following the end of his term on its originally scheduled expiration date, the
former president of Mexico, Ernesto Zedillo, assumed the similar role of Presidential Counselor for the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Programs  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe the diversity afforded by our program offerings helps insulate us against an economic downturn in any one area of study. We
offer our programs through traditional classroom instruction as well as partially or fully online methods that we believe are attractive to both traditional students and working adults, a fast-growing
cohort that we expect to represent an increasing part of our revenue mix in the future. Our fully online programs offer our students a convenient and cost-effective alternative to traditional
classroom instruction and currently enroll students from over 175 countries worldwide. Our educational institutions offer a diverse range of academic programs, at the undergraduate and graduate level,
including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Business&nbsp;&amp; Management:&nbsp;&nbsp;&nbsp;&nbsp;Undergraduate and graduate programs in Accounting, Economics, Finance, Human Resources,
International Business, Management and Marketing. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Medical&nbsp;&amp; Health Sciences:&nbsp;&nbsp;&nbsp;&nbsp;Undergraduate and graduate programs in Aesthetics, Dentistry, Medicine, Nursing,
Nutrition, Optometry, Pharmacy, Physical Therapy, Psychology and Veterinary Sciences. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Engineering&nbsp;&amp; Information Technology:&nbsp;&nbsp;&nbsp;&nbsp;Undergraduate and graduate programs in Civil Engineering, Electrical
Engineering, Environmental Engineering, Computer Networks, Industrial Engineering, Mechanical Engineering, Renewable Energies, Software Development and Telecommunications. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Architecture, Art&nbsp;&amp; Design:&nbsp;&nbsp;&nbsp;&nbsp;Undergraduate and graduate programs in Architecture, Contemporary Art, Culture, Dance,
Fashion Design, Game Design, Graphic Design, Interior Design, Music and Theater. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>194</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=204,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=869009,FOLIO='194',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_195"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Education:&nbsp;&nbsp;&nbsp;&nbsp;Undergraduate and graduate programs in multiple fields including Educational Theory, History, Language and
Literature, Music, Post-secondary Education, Primary&nbsp;&amp; Secondary Education, Sciences and Special Education. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Law&nbsp;&amp; Legal Studies:&nbsp;&nbsp;&nbsp;&nbsp;Undergraduate and graduate programs in Business Law, Contract Law, Criminal Justice Studies,
Intellectual Property and Real Estate Law. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Communications:&nbsp;&nbsp;&nbsp;&nbsp;Undergraduate and graduate programs in Communication Sciences, Corporate Communications, Journalism,
Media Management and Public Relations.</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Hospitality Management:&nbsp;&nbsp;&nbsp;&nbsp;Undergraduate and graduate programs in Culinary Arts, Event Management, Hotel Management and
Tourism Management. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
educational institutions also offer upper secondary programs in Mexico. Our operational infrastructure and management approach are highly flexible and enable us to adapt quickly to
unique situations and evolving international market trends. We continually monitor our programs that have been successful in their native markets and assess the ability to successfully provide a
similar offering in other markets. This approach allows us to readily disseminate global best practices across different fields of study, optimize our educational delivery for the benefit of our
students and further differentiate us from our locally based competition. We also provide convenient and flexible instructional delivery methods that allow students to attend classes, complete
coursework and pursue a degree partially or entirely via distance learning, thereby increasing the convenience, accessibility and flexibility of our campus-based educational programs. We expect to
leverage our already strong standing in these program areas through the continued development of rich media content, while bolstering our degree programs in other areas of study. We believe these
flexible offerings distinguish us from many traditional universities that currently do not effectively address the flexibility required by students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
of our institutions have medical, dental and other health sciences programs that include providing clinical training to their students. As part of our commitment to civic
engagement, we provide free or low-cost medical care to local community members. In 2015, approximately 150,000 patients were served by our institutions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Operating Segments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;2, 2016, we announced a change to our operating segments in order to align our structure more geographically. Our
institution in Italy, NABA, including Domus Academy, moved from our&nbsp;GPS segment into our Europe segment. MDS, located in New Zealand, moved from our&nbsp;GPS segment into our AMEA segment.
Our&nbsp;GPS segment now focuses on Laureate's fully online global operations and on its campus-based institutions in the United States. We determine our operating segments based on information
utilized by our chief operating decision maker to allocate resources and assess performance. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


LatAm  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this prospectus, our LatAm segment consists of 29 licensed higher education institutions and has operations in
Brazil, Chile, Costa Rica, Honduras, Mexico, Panama and Peru at which we enrolled approximately 834,000 students as of September&nbsp;30, 2016. Our LatAm segment includes one institution in Ecuador
with which we have contractual arrangements that are managed within the segment. The institutions primarily serve 18-&nbsp;to 24-year-old students and offer an education that emphasizes
professional-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines, including business, education, hospitality management, law, health sciences, information
technology and engineering. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>195</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=205,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=949771,FOLIO='195',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_196"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents information about the institutions in our LatAm segment (unless otherwise noted, we own each of these institutions): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="41pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:29pt;"><FONT SIZE=1><B>Country

<!-- COMMAND=ADD_SCROPPEDRULE,29pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Higher Education Institution </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year&nbsp;Joined<BR>
Laureate<BR>
Network </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year<BR>
Founded </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Brazil</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Universidade Anhembi Morumbi (UAM Brazil)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2005</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1970</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Universidade Potiguar (UnP)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2007</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1981</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Faculdade dos Guararapes (FG)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2007</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2002</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Faculdade Internacional da Para&iacute;ba (FPB)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2007</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2005</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Business School S&atilde;o Paulo (BSP)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1994</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Centro Universit&aacute;rio do Norte (UniNorte)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1994</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Faculdade de Desenvolvimento do Rio Grande do Sul (Fadergs)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2004</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Instituto Brasileiro de Medicina de Reabilita&ccedil;&atilde;o (Uni IBMR)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1974</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Universidade Salvador (UNIFACS)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2010</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1972</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Centro Universit&aacute;rio Ritter dos Reis (UniRitter)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2010</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1971</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Faculdade dos Guararapes de Recife (FGR)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2012</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1990</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>FMU Education Group (FMU)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1968</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Faculdade Porto-Alegrense (FAPA)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><B>Chile</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Universidad de Las Am&eacute;ricas (UDLA Chile)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1988</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Instituto Profesional AIEP (AIEP)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2003</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1960</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Universidad Andr&eacute;s Bello (UNAB)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2003</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1989</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Instituto Profesional Escuela Moderna de M&uacute;sica (EMM)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1940</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Universidad Vi&ntilde;a del Mar (UVM Chile)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1988</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Costa Rica</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Universidad Latina de Costa Rica (ULatina)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2003</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1989</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Universidad Americana (UAM Costa Rica)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1998</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><B>Ecuador</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Universidad de Las Am&eacute;ricas (UDLA Ecuador)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2003</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&#134;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1995</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Honduras</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Universidad Tecnol&oacute;gica Centroamericana (UNITEC Honduras)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2005</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1987</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><B>Mexico</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Universidad del Valle de M&eacute;xico (UVM Mexico)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1960</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Universidad Tecnol&oacute;gica de M&eacute;xico (UNITEC Mexico)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1966</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Panama</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Universidad Interamericana de Panam&aacute; (UIP)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2003</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1994</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><B>Peru</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Universidad Peruana de Ciencias Aplicadas (UPC)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2004</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1994</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>CIBERTEC</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2004</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1983</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Universidad Privada del Norte (UPN)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2007</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1994</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Instituto Tecnol&oacute;gico del Norte (ITN)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2007</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1984</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Not-for-profit
institution consolidated by Laureate as a variable interest entity.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#134;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Not-for-profit
institution not consolidated by Laureate. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
LatAm institutions consist of: </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Brazil  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidade Anhembi Morumbi (UAM Brazil).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in
1970, UAM Brazil provides undergraduate and graduate degrees in architecture, arts, business administration, communications, design, education, engineering/technology, health sciences, medicine and
hospitality management. UAM Brazil is located in S&atilde;o Paulo, State of S&atilde;o Paulo.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidade Potiguar (UnP).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1981, UnP offers
undergraduate and graduate degrees in business administration, engineering/technology, health sciences, medicine, law and social sciences. UnP has campuses located in Natal and Mossor&oacute;,
Rio Grande do Norte. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>196</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=206,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=114208,FOLIO='196',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_197"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Faculdade dos Guararapes (FG).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2002, FG offers
undergraduate and graduate degree programs in business administration, education, health sciences, law, engineering and technology to its students. FG is located in Jaboat&atilde;o dos
Guararapes, Pernambuco.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Faculdade Internacional da Para&iacute;ba
(FPB).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;FPB was founded in 2005 and delivers undergraduate degree programs in business administration, law, nutrition, nursing,
environmental engineering and gastronomy. FPB is located in Jo&atilde;o Pessoa, Para&iacute;ba.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Business School S&atilde;o Paulo (BSP).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded
in 1994, BSP focuses on the development of business leaders with a strong international perspective. BSP offers masters of business administration, certificates and executive education programs in
management, leadership, international business and strategy. BSP is located in S&atilde;o Paulo, State of S&atilde;o Paulo.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Centro Universit&aacute;rio do Norte
(UniNorte).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1994, UniNorte offers undergraduate and graduate degrees in architecture, business, education, health sciences,
social sciences and technology. UniNorte is located in Manaus, Amazonas.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Faculdade de Desenvolvimento do Rio Grande do Sul
(Fadergs).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2004, Fadergs (formerly known as ESADE) offers undergraduate and graduate courses in accounting, business
administration, economics, law and psychology. Fadergs is located in Porto Alegre, Rio Grande do Sul.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Instituto Brasileiro de Medicina de Reabilita&ccedil;&atilde;o (Uni
IBMR).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1974, Uni IBMR delivers undergraduate and graduate degrees in business administration, hospitality management and
health sciences. Uni IBMR is located in Rio de Janeiro, State of Rio de Janeiro.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidade Salvador (UNIFACS).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1972, UNIFACS
students are enrolled in undergraduate and graduate programs in architecture, business administration, communication, computer science, design, engineering, health sciences and law. UNIFACS has
campuses located in Salvador, Bahia.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Centro Universit&aacute;rio Ritter dos Reis
(UniRitter).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1971, UniRitter offers undergraduate and graduate degrees in architecture, business, design and law. UniRitter
has campuses located in Porto Alegre and Canoas, Rio Grande do Sul.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Faculdade dos Guararapes de Recife (FGR).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in
1990, FGR offers undergraduate programs in business administration, civil engineering, architecture and urbanism. FGR is located in Recife, Pernambuco. FGR also offers programs
through: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> CEDEPE Business School (CEDEPE).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1990, CEDEPE
offers graduate business programs. CEDEPE is located in Recife, Pernambuco.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> FMU Education Group (FMU).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1968, FMU offers
undergraduate, graduate, and continuing education programs in arts and humanities, accounting, business, communications, design, engineering, information technology, law, health sciences, marketing,
social sciences and veterinary medicine. With 70,000 students at eight campuses and online in S&atilde;o Paulo, State of S&atilde;o Paulo, FMU is the largest Laureate network
institution in Brazil.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Faculdade Porto-Alegrense (FAPA).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2008, FAPA
offers undergraduate and graduate degree programs in business and education. FAPA is located in Porto Alegre, Rio Grande do Sul. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Chile  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad de Las Am&eacute;ricas (UDLA
Chile).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1988, UDLA Chile offers undergraduate and graduate programs in agricultural and environmental sciences, architecture,
design and arts, business administration, education, engineering, law, health sciences and social </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>197</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=207,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=38459,FOLIO='197',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_198"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>sciences.
UDLA Chile has campuses located in Santiago, Concepci&oacute;n (southern Chile) and Vi&ntilde;a del Mar (central Chile).  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Instituto Profesional AIEP (AIEP).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1960, AIEP
offers technical and professional certificates in business, information technology, communications, construction and civil works, cosmetology, fashion design, health sciences, social development,
theater, sports and sound and television. AIEP has 20 campuses located in 16 cities throughout Chile.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad Andr&eacute;s Bello (UNAB).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded
in 1989, UNAB offers undergraduate and graduate degrees in architecture and design, business administration, communication, ecology and natural resources, education, engineering and information
technology, health sciences, hospitality, human sciences, law and maritime studies. UNAB has campuses in Santiago, Concepci&oacute;n and Vi&ntilde;a del Mar. </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> IEDE Escuela de Negocios (IEDE Chile).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1994 as
a satellite campus of IEDE in Spain, IEDE Chile provides a wide range of graduate degree and management training programs focused on business administration. IEDE Chile is located in Santiago. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Instituto Profesional Escuela Moderna de M&uacute;sica
(EMM).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1940, EMM delivers certificate and professional programs in dance and music. EMM is located in Santiago and
Vi&ntilde;a del Mar.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad de Vi&ntilde;a del Mar (UVM
Chile).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;UVM Chile was founded in 1988 and offers undergraduate degrees in a variety of fields including architecture, agricultural
sciences, art and design, communications, education, engineering, geography, health sciences, history, law, nursing and technology. UVM Chile has campuses in Vi&ntilde;a del Mar. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Costa Rica  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad Latina de Costa Rica (ULatina).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;ULatina was
founded in 1989 and, in 2010, was combined with Universidad Interamericana de Costa Rica, which was founded in 1986 and joined the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network in 2003. ULatina offers undergraduate, graduate and doctorate programs in business administration, education, engineering and architecture, health
sciences, social sciences and hospitality management. ULatina has campuses in San Jos&eacute; and regional sites located throughout Costa Rica.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad Americana (UAM Costa Rica).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1998,
UAM Costa Rica offers undergraduate and graduate degrees in advertising, business administration, education, engineering, graphic design and physical therapy. UAM Costa Rica has campuses located in
San Jos&eacute;, Cartago and Heredia, Costa Rica. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Ecuador  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad de Las Am&eacute;ricas (UDLA
Ecuador).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1995, UDLA Ecuador offers technical/vocational, undergraduate and graduate programs in architecture, business
administration and economics, communications, engineering and agricultural sciences, gastronomy, health sciences, hotel management and tourism, law, medicine and social sciences. UDLA Ecuador is
located in Quito, Ecuador. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Honduras  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad Tecnol&oacute;gica Centroamericana (UNITEC
Honduras).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1987, UNITEC Honduras offers technical/vocational, undergraduate and graduate programs in business administration,
communications, engineering and information technology and health sciences. UNITEC Honduras launched </FONT><FONT SIZE=2><I>Centro Universitario Tecnol&oacute;gico
(CEUTEC)</I></FONT><FONT SIZE=2> in 2005 to provide working adults with business administration, accounting, graphic design and information </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>198</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=208,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=660729,FOLIO='198',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_199"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>technology
degree programs. UNITEC Honduras has campuses located in Tegucigalpa, La Ce&iacute;ba and San Pedro Sula. </FONT></P>

</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Mexico  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad del Valle de M&eacute;xico (UVM
Mexico).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1960, UVM Mexico delivers high school, undergraduate (traditional and working adult) and graduate programs in arts
and humanities, economics/business administration, hospitality management, engineering, health sciences and social sciences. UVM Mexico is the largest private university in Mexico and the largest
institution in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. It has campuses located throughout Mexico.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad Tecnol&oacute;gica de M&eacute;xico (UNITEC
Mexico).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1966, UNITEC Mexico offers high school, undergraduate and graduate programs in art and design, health sciences,
business administration, engineering, sciences and social sciences. UNITEC has campuses in the Federal District of Mexico City, the State of Mexico, the State of Guanajuato and the State of Jalisco. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Panama  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad Interamericana de Panam&aacute;
(UIP).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1994, UIP offers undergraduate, graduate and continuing education programs in administrative sciences, art, design and
architecture, business administration, engineering, gastronomy, hotel management, human resources, information technology, law, maritime administration and tourism. In 2014, Universidad
Latinoamericana de Ciencia y Tecnolog&iacute;a (ULACIT), which was founded in 1991 and became a part of the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2>
network in 2004 was integrated into UIP. UIP is located in Panama City, Panama. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Peru  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad Peruana de Ciencias Aplicadas (UPC).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded
in 1994, UPC offers undergraduate and graduate degree programs in architecture, business administration, communications, design, economics, education and learning management, engineering, medicine and
health sciences, music, hospitality management, law and psychology. UPC is located in Lima, Peru.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> CIBERTEC.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1983, CIBERTEC offers technical and
vocational programs in automotive mechanics, business administration, industrial electronics, electrical and construction engineering, graphic design and information technology. CIBERTEC has campuses
in Lima and Arequipa, Peru.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad Privada del Norte (UPN).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1994, UPN
offers undergraduate and graduate degree programs in business administration, architecture, communications, engineering, law and health sciences. UPN has campuses in Trujillo, Cajamarca and Lima,
Peru.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Instituto Tecnol&oacute;gico del Norte
(ITN).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1984, ITN provides business administration, industrial electronics, electrical and construction engineering, graphic
design and information technology degree programs. ITN is located in Trujillo, Peru. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tuition and Fees  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tuition varies at each of the higher education institutions in our LatAm segment depending on the curriculum and type of program.
Tuition payment options vary by institution and primarily include monthly installment payment plans and lump sum payments at the beginning of the academic period. Historically, we have increased
tuition as educational costs and inflation have risen. Students are generally responsible for transportation and housing expenses and costs related to textbook and supply </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>199</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=209,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=41895,FOLIO='199',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_200"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>purchases
required for their educational programs. At some of the institutions, we offer these services to the student body, which generates incremental revenues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Students
and their families typically self-finance their education or seek third-party financing programs. However, in certain markets in Latin America there are various forms of
government-supported student financing programs as discussed below. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Government-Sponsored Student Financing Programs  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CAE Program was enacted by the Chilean government in 2005 and formally implemented in 2006 to promote higher education in Chile for
lower socio-economic level students with good academic standing. Chilean institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network (universities
and technical-vocational schools) participate in this program. The CAE Program involves tuition financing and guarantees that are shared by our institutions and the government. As part of the program,
Chilean institutions provide guarantees resulting in contingent liabilities to third-party financing institutions ranging from 90% to 60% of the tuition loans made directly to qualified students
enrolled through the CAE Program. The guarantees by the institutions are for the period during which the student is enrolled, and the guarantees are assumed entirely by the government upon the
student's graduation. Additionally, when a student leaves one of our institutions and enrolls in another CAE-qualified institution, our institution will remain guarantor of the tuition loans that have
been granted to him up to such date, and until the student's graduation from the new CAE-qualified institution. All loans under the CAE Program have an interest rate of 2% per annum, contain repayment
terms that would not require a graduate to make combined principal and interest payments of more than 10% of his or her monthly income in any month during the 180-month repayment period and provide
that any balance remaining be forgiven at the end of the 180-month repayment period. Institutional accreditation by the National Accreditation Commission is required for new students to participate in
the CAE Program. UDLA Chile lost its accreditation for the period from January 2014 to March 2016 so new students at that institution could not participate in the CAE Program during that period. UDLA
Chile's accreditation was reinstated in March 2016 for three years, until March 2019. The </FONT><FONT SIZE=2><I>Nuevo Milenio</I></FONT><FONT SIZE=2> scholarship program was created by the Chilean
government in 2001 to support access to vocational and technical education for students in the lowest two income quintiles who met or exceeded certain academic standards. Originally, it provided
eligible students with an annual scholarship grant of up to CLP&nbsp;360,000. Over the years, eligibility was extended first to students in the three lowest income quintiles and then, in 2015, to
the lowest 70% who met or exceeded certain academic standards, and the annual amount of the scholarship was raised incrementally to CLP&nbsp;600,000. For 2016, the NMS was divided into three parts:
(i)&nbsp;NMS I, which grants eligible students scholarships of up to CLP&nbsp;600,000 per year; (ii)&nbsp;NMS II, which grants students scholarships of up to CLP&nbsp;850,000 per year,
provided the students come from the first five income deciles and the tech/voc institution in which they are enrolled is organized as a not-for-profit legal entity or, if the tech/voc institution is
not so organized, the institution has stated in writing its intention
to become a not-for-profit entity and to be accredited; and (iii)&nbsp;NMS III, which grants students scholarships of up to CLP 900,000 per year, provided that such students and the institution in
which they enroll meet the requirements for NMS II and the tech/voc institution was, on December&nbsp;31, 2015, accredited for four years or more. The Chilean tech/voc institutions in the </FONT> <FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network do not meet each of these tests, so students at these institutions are only eligible for NMS I scholarships
under the current law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no assurance that any legislation that is introduced or passed by the Chilean Congress will conform to the government's proposal. See "Risk Factors&#151;Risks Relating to
Our Business&#151;Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely
affect our financial condition and results of operations." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>200</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=210,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=949669,FOLIO='200',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_ds43513_1_201"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
Brazil, there are two main federal government programs that provide either financing or financial support to students, FIES and PROUNI. Both are used by substantially all of our
Brazilian institutions. FIES provides direct financing to students. PROUNI is a government program that provides federal taxes incentives to educational institutions in exchange for providing
scholarships to lower income students. In previous years, the Brazilian government made efforts to improve the operation of FIES and to increase overall participation, creating more higher education
opportunities for the economically disadvantaged. However, due to a series of recent programmatic changes described below, we experienced a decrease in the enrollment of students participating in FIES
in 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIES
targets students from low socio-economic backgrounds enrolled at private post-secondary institutions. Eligible students receive loans with below market interest rates that are
required to be repaid after an 18-month grace period upon graduation. FIES pays participating educational institutions tax credits which can be used to pay certain federal taxes and social
contributions. FIES repurchases excess credits for cash. As part of the program, our institutions are obligated to pay up to 15% of any student default. The default obligation increases to up to 30%
of any student default if the institution is not current with its federal taxes. In the past, FIES withheld between 1% and 3% of tuition paid to the institutions to cover any potential student
defaults ("holdback"). If the student pays 100% of his or her loan, the withheld amounts will be paid to the participating education institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
February 2014, all new students who participate in FIES must also enroll in FGEDUC. FGEDUC is a government-mandated, private guarantee fund administered by the Bank of Brazil that
allows participating educational institutions to insure themselves for 90% (or 13.5% of 15%) of their losses related to student defaults under the FIES program. The cost of the program is 6.25% of the
amount covered, which represents 5.63% of a student's full tuition. Similar to FIES, the administrator withholds 5.63% of a student's full tuition to fund the guarantee by FGEDUC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, approximately 21% of our students in Brazil participated in FIES, representing approximately 26% of our Brazil revenues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2014, the Brazilian Ministry of Education ("MEC") along with the Brazilian Fund for Education Development ("FNDE"), the agency that directly administers FIES, announced
several significant rule changes to the FIES program beginning in 2015. These changes limit the number of new participants and the annual budget of the program, and delay payments to post-secondary
institutions with more than 20,000 FIES students that would otherwise have been due in 2015. The first change implements a minimum score on the high school achievement exam in order to enroll in the
program. The second change alters the schedule for the payment and repurchase of credits as well as limits the opportunities for post-secondary institutions to sell any unused credits such that there
is a significant delay between the time the post-secondary institution provides the educational services to the students and the time it receives payment from the government for 2015. In addition to
these rule changes, FNDE implemented a policy for current students' loan renewals for 2015, which provides that returning students may not finance an amount that increases by more than 6.41%, which
was later increased to 8.5%, from the amount financed in the previous semester, regardless of any increases in tuition or in the number of courses in which the student is enrolled, a policy that we
believe violates the applicable law. For 2016, MEC announced that there will be no limitation to the tuition increase. Moreover, in the first and second intakes of 2015, the online enrollment and
re-enrollment system that all post-secondary institutions and students must use to access the program has experienced numerous technical and programming faults that have also interfered with the
enrollment and re-enrollment process. Numerous challenges to these changes and requests for judicial relief from the system's faults have been filed in the Brazilian courts, most of which are pending.
The 2016 enrollment and re-enrollment schedule has been released and, so far, the system has not presented any major issues. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>201</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=211,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=359577,FOLIO='201',FILE='DISK112:[12ZBH3.12ZBH43513]DS43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_du43513_1_202"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 2015, FNDE initiated negotiations with the Brazilian Association of Post-Secondary Institutions ("ABRAES") aiming at settling the FIES payments that
were delayed in 2015. The proposal from MEC, which was accepted by ABRAES, was to divide the total amount due into three annual installments to be paid one fourth in 2016, one fourth in 2017 and half
in 2018. The parties also agreed that the yearly installments will be paid in June of each year, and the amounts will be adjusted to reflect an inflation index from the date of the respective maturity
until the effective payment. FNDE also agreed not to take any discriminatory measures in the future related to the payment due to the post-secondary institutions, and not to impose any limitation on
the issuance of certificates and repurchase of credits due to the post-secondary institutions, which basically means that all certificates will be issued and repurchased in their respective fiscal
years, except for those intended to be issued and repurchased in December, which will be paid in January of the following year. The parties executed the settlement agreement on January&nbsp;28, 2016
and it was approved by the office of the Attorney General of Brazil on February&nbsp;3, 2016. The Federal Court of Brasilia ratified the settlement agreement on March&nbsp;17, 2016. Our
post-secondary institutions in Brazil are associated with ABRAES and signed the settlement agreement as well; therefore, it will apply to us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;11, 2015, MEC issued new FIES regulations ("Normative Ordinance No.&nbsp;13"), which supersede in all significant aspects the rules previously in force. Normative
Ordinance No.&nbsp;13 defined and clarified some rules for student eligibility and classification, higher education institution participation and selection of the vacancies that will be offered to
the students in the first intake of 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among
other changes, it created a "waiting list" concept for students not selected in the first selection call. It also instituted a rule that allows the remaining vacancies that were
not filled in by the waiting list students to be redistributed among other programs of the post-secondary institution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rules for student eligibility are to have a gross household income of not more than 2.5 times the minimum wage per capita (which was raised by the MEC to 3.0 times on June&nbsp;17,
2016) and to have taken the National High School Proficiency Exam at least once since 2010, with a minimum score of 450 points, and to have a score greater than zero in the test of writing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regarding
the participation of post-secondary institutions in FIES, institutions must sign a participation agreement that contains their proposal of the number of vacancies offered and
the following information per shift (morning, evening) and campus location: (i)&nbsp;tuition gross amount for the entire course, including all semesters; (ii)&nbsp;total tuition gross amount per
course for the first semester, which must reflect at least a five percent discount to the course list price; and (iii)&nbsp;the number of vacancies that will be offered through the FIES selection
process. Also, only courses with scores of 3, 4 or 5 in the National Higher Education Evaluation System ("SINAES") evaluation are eligible to receive FIES students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;14, 2016, Provisional Presidential Decree No.&nbsp;741/2016 (Medida Provis&oacute;ria No.&nbsp;741/2016) revising the FIES payments rules was published in the
official gazette. According to the new decree, higher education institutions became liable for the administration fees and expenses charged by the government banks that manage FIES loans. The decree
became effective immediately and the government will withhold two percent of all FIES payments to cover such administration fees and expenses. Provisional presidential decrees are instruments with the
force of law that the President of Brazil can issue in cases of importance and urgency. They have immediate effect and are valid for 60&nbsp;days, extendable only once for the same period.
Effectiveness beyond that period required approval of the National Congress, which took place on November 9, 2016, and it was enacted into law on December&nbsp;2, 2016 (Law No.&nbsp;13.366/2016). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2016, the MEC issued additional FIES regulations ("Normative Ordinance No.&nbsp;17") expanding the guidelines previously defined in Normative Ordinance No.&nbsp;13. Among
other things, Normative Ordinance No.&nbsp;17 describes in greater detail how to calculate remaining vacancies, sets forth </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>202</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=212,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=259846,FOLIO='202',FILE='DISK112:[12ZBH3.12ZBH43513]DU43513A.;24',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_du43513_1_203"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>procedures
and deadlines for the completion of the filling of the remaining vacancies, and provides for dealing with exceptional situations where procedural errors or other obstacles have prevented
students from accessing remaining vacancies in a timely manner. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Another
change in the new regulation was the number (or percentage) of vacancies that can be offered by the post-secondary institutions in relation to the score obtained in SINAES
evaluation, which was reduced:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to up to 50% of the number of vacancies in courses with a score of 5 (from up to 100%); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to up to 40% of the number of vacancies in courses with a score of 4 (from up to 75%); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to up to 30% of the number of vacancies in courses with a score of 3 (from up to 50%); and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to up to 25% of the number of vacancies in courses that are in the process of authorization by MEC (from up to 50%). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
criteria for the selection of vacancies by MEC to be offered to students were also modified by Normative Ordinance No.&nbsp;13 and the regionality provisions of the prior Normative
Ordinances (i.e.,&nbsp;vacancies offered in the Northeast, North and Central-West regions would have had priority over those offered in the South and Southeast regions) were excluded from the
regulation. Normative Ordinance No.&nbsp;13 replaces the regionality criterion with a new criterion of "social relevance determined by micro-regions," which means that for each micro-region they
will take into consideration the demand for higher education for educational financing (calculated by FIES) and the Human Development Index of each micro-region. All of the other criteria provided in
the previous regulation were maintained in the new one (i.e.,&nbsp;(i) FIES budget and the availability of resources, (ii)&nbsp;course score under SINAES's evaluation and (iii)&nbsp;priority
courses, as defined by the government (pedagogy, engineering and health sector courses)). Normative Ordinance No.&nbsp;13 also contains two annexes, which address in great detail the selection and
tiebreaker criteria for the vacancies, as well as the rules for redistribution of remaining vacancies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil's
economy continues to present challenges to growth and create pricing pressures in the education sector. Our new student enrollment in Brazil was negatively affected by these
conditions as
well as the changes to the FIES program. If economic conditions continue to weaken and the Brazilian government implements additional austerity measures, our ability to grow our student enrollment in
Brazil may be further negatively affected. The Brazilian government's changes to the FIES program resulted in a substantial increase in the total number of new FIES contracts in that country in 2014,
an election year, and then a reduction in the total number of new FIES contracts, from over 700,000 in 2014 to approximately 300,000 in 2015. As a result, Laureate's new enrollments of students in the
FIES program also decreased similarly in 2015; however, this did not have a material impact on our 2015 results of operations since total enrollments for all students increased in 2015. Any potential
impact on total enrollment would not occur until the FIES students from the expansion of the program have graduated, and would depend on the Brazilian government's commitment to the FIES program. In
addition, the Brazilian government reduced the frequency of payments to participating institutions during 2015. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
programs are more fully described in "Industry Regulation&#151;Brazilian Regulation" and "Industry Regulation&#151;Chilean Regulation" and in Note&nbsp;11,
Commitments and Contingencies, to our consolidated financial statements included elsewhere in this prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Europe  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Europe segment consists of 14 licensed higher education institutions, and has operations in Cyprus, Germany, Morocco, Italy,
Portugal, Spain and Turkey at which we enrolled approximately 54,000 students as of September&nbsp;30, 2016. The institutions primarily serve 18- to 24-year-old students </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>203</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=213,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=286791,FOLIO='203',FILE='DISK112:[12ZBH3.12ZBH43513]DU43513A.;24',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_du43513_1_204"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>and
offer an education that emphasizes professional-oriented fields of study with undergraduate and graduate degrees in a wide variety of disciplines, including business, hospitality management,
health sciences, architecture, engineering and art and design. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents information about our institutions in our Europe segment (unless otherwise noted, we own each of these institutions): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="41pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:29pt;"><FONT SIZE=1><B>Country

<!-- COMMAND=ADD_SCROPPEDRULE,29pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Higher Education Institution </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Joined<BR>
Laureate<BR>
Network </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year<BR>
Founded </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Cyprus</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>European University Cyprus (EUC)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2005</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1961</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><B>Germany</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Business and Information Technology School (BiTS)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2007</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>BTK University of Applied Science (BTK)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2006</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>HTK Academy of Design (HTK)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1987</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Italy</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Nuova Accademia di Belle Arti Milano (NABA)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1980</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><B>Morocco</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Universit&eacute; Internationale de Casablanca (UIC)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2010</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2010</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Portugal</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Universidade Europeia (UE)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1962</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>IADE-U&#151;Instituto de Arte, Design e Empresa&#151;Universit&aacute;rio (IADE-U)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1969</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Instituto Portugu&ecirc;s de Administra&ccedil;&atilde;o de Marketing de Porto (IPAM Porto)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1984</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Instituto Portugu&ecirc;s de Administra&ccedil;&atilde;o de Marketing de Lisboa (IPAM Lisboa)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1987</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2><B>Spain</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Universidad Europea de Madrid (UEM)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1999</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1995</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Universidad Europea de Canarias (UEC)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2010</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2010</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Universidad Europea de Valencia (UEV)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2012</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2012</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Turkey</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Istanbul Bilgi University</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>2006</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>1996</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Not-for-profit
institution consolidated by Laureate as a variable interest entity. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Europe institutions consist of: </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Cyprus  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> European University Cyprus (EUC).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;EUC was founded as
Cyprus College in 1961 and granted university status as European University Cyprus in 2007. EUC offers undergraduate, graduate and postgraduate degrees in arts, education, business, humanities, social
and behavioral sciences, law, computer science, engineering, health sciences and medicine. EUC is located in Nicosia. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Germany  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Business and Information Technology School
(BiTS).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2000, BiTS offers undergraduate, graduate degree and working adult programs in business administration,
communication, business psychology, sports and event management and green business management. BiTS offers its programs in Iserlohn, Hamburg and Berlin, Germany.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> BTK University of Applied Science (BTK).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in
Berlin in 2006, BTK delivers degree programs in communication, photography, design and illustration and game design. BTK is located in Berlin, Hamburg and Iserlohn, Germany. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> HTK Academy of Design (HTK).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1987 in Hamburg
and in 2000 in Berlin, HTK offers vocational programs in design. HTK is located in Hamburg and Berlin, Germany. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>204</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=214,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=823526,FOLIO='204',FILE='DISK112:[12ZBH3.12ZBH43513]DU43513A.;24',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_du43513_1_205"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Italy  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Nuova Accademia di Belle Arti Milano (NABA).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in
1980, NABA offers accredited undergraduate and graduate degree programs in fashion design, graphic design, product design, visual arts, stage design, interior design, photography and multimedia
communication. NABA is located in Milan, Italy. NABA also provides specialized programs through Domus Academy.  </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Domus Academy (DA).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1982, DA delivers masters
degree programs in fashion, design, business design, experience design and urban architecture. All programs are delivered in English and are based in Milan, Italy. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Morocco  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universit&eacute; Internationale de Casablanca
(UIC).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2010, UIC was created through a partnership between Soci&eacute;t&eacute; Maroc Emirats Arabes Unis de
D&eacute;veloppement (SOMED) and Laureate Education,&nbsp;Inc. UIC offers undergraduate and graduate degrees in business, engineering, health sciences, hospitality and sports management. UIC
is located in Casablanca, Morocco. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Portugal  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidade Europeia (UE).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;UE, formerly named
"Instituto Superior de L&iacute;nguas e Administra&ccedil;&atilde;o de Lisboa", was founded in 1962 and its operation as a higher education establishment was authorized by
ministerial decision in June 1986. UE was recognized as a university ("</FONT><FONT SIZE=2><I>universidade</I></FONT><FONT SIZE=2>") in 2013. UE provides undergraduate and graduate degrees
("</FONT><FONT SIZE=2><I>licenciaturas</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>mestrados</I></FONT><FONT SIZE=2>") in business, law, marketing, hospitality and tourism, computer
sciences, human resources, psychology and sports, and two doctorates ("</FONT><FONT SIZE=2><I>doutoramentos</I></FONT><FONT SIZE=2>") in business and tourism management. UE is located in Lisbon,
Portugal.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> IADE-U&#151;Instituto de Arte, Design e Empresa&#151;Universit&aacute;rio
(IADE-U).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1969, IADE-U was the first higher education institute in Portugal to focus on design. IADE-U obtained official
State recognition as a university institution ("</FONT><FONT SIZE=2><I>instituto universit&aacute;rio</I></FONT><FONT SIZE=2>") in 2012. IADE-U offers undergraduate and masters degrees
("</FONT><FONT SIZE=2><I>licenciaturas</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>mestrados</I></FONT><FONT SIZE=2>") in design, marketing and advertising and photography, and one
doctorate ("</FONT><FONT SIZE=2><I>doutoramento"</I></FONT><FONT SIZE=2>) in design. IADE-U is located in Lisbon.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Instituto Portugu&ecirc;s de Administra&ccedil;&atilde;o de Marketing de Porto (IPAM
Porto)</I></FONT><FONT SIZE=2>&nbsp;&nbsp;was launched in Porto in 1984. IPAM Porto obtained official State recognition as a higher education establishment in 1990. IPAM
Porto offers undergraduate and masters degrees ("</FONT><FONT SIZE=2><I>licenciaturas</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>mestrados</I></FONT><FONT SIZE=2>") in marketing. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Instituto Portugu&ecirc;s de Administra&ccedil;&atilde;o de Marketing de Lisboa (IPAM
Lisboa).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;IPAM Lisboa opened in 1987. IPAM Lisboa obtained official State recognition as a higher education establishment in 1991. IPAM
Lisboa offers undergraduate and masters degrees ("</FONT><FONT SIZE=2><I>licenciaturas</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>mestrados</I></FONT><FONT SIZE=2>") in marketing. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Spain  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad Europea de Madrid (UEM).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1995, UEM
offers undergraduate and graduate degree programs in arts and architecture, business, communications and humanities, economics, engineering and computer science, health sciences and mechanics, law and
physical </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>205</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=215,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=252044,FOLIO='205',FILE='DISK112:[12ZBH3.12ZBH43513]DU43513A.;24',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_du43513_1_206"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>activity
and sports science. UEM has campuses located in Madrid and Valencia, Spain. Additionally, UEM provides specialized programs through the following institutions: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> IEDE Business School (IEDE).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1991, IEDE offers
graduate degree programs to those seeking positions in higher management. IEDE is located in Madrid, Spain.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> IMPACT Business School (IMPACT).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2015, offers
graduate degree programs. IMPACT is located in Madrid, Spain.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Real Madrid International School.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2005, the
Real Madrid International School is a partnership between Real Madrid, one of the most recognized sports clubs in the world, and UEM. Together, the two institutions offer graduate degree programs in
sports management, health, communication and leisure programs. The Real Madrid International School is located in Madrid, Spain.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad Europea de Canarias (UEC).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2010,
UEC offers undergraduate programs in management, marketing, tourism and leisure management, communications and advertising, and architecture, and graduate programs in business, renewable energy,
nursing and physiotherapy. UEC is located in La Orotava in the Canary Islands.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universidad Europea de Valencia (UEV).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2012,
UEV offers undergraduate and graduate programs in architecture, business, communication, health sciences and law. UEV is located in Valencia, Spain. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Turkey  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Istanbul Bilgi University.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1996, Istanbul
Bilgi University offers undergraduate and graduate degrees in communication, business, social sciences, law, architecture, engineering and health sciences. Istanbul Bilgi University is located in
Istanbul, Turkey. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tuition and Fees  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tuition varies at each of the institutions in our Europe segment depending on the curriculum and type of program. Tuition payment
options vary by institution and primarily include monthly installment payment plans and lump sum payments at the beginning of the academic year. Historically, we have increased tuition as educational
costs and inflation have risen. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Students
and their families are generally responsible for room and board fees, transportation expenses and costs related to textbook and supply purchases required for their educational
programs. Several of our institutions in our Europe segment also have revenue-generating room and board fees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Students
typically self-finance their education or seek third-party financing programs. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


AMEA  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our AMEA segment consists of 21 licensed higher education institutions, and has operations in Australia, China, India, Malaysia, New
Zealand, Saudi Arabia, South Africa and Thailand at which we enrolled approximately 86,000 students as of September&nbsp;30, 2016 as adjusted for the realignment of MDS into our AMEA segment. The
segment includes 9 licensed institutions in the Kingdom of Saudi Arabia and one institution in China that we manage through joint venture or other arrangements. The institutions primarily serve 18- to
24-year-old students and offer an education that emphasizes professional-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines, including business,
engineering, information technology, law, arts, fashion and design, education, hospitality management and health sciences, as well as vocational diplomas. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>206</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=216,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=798181,FOLIO='206',FILE='DISK112:[12ZBH3.12ZBH43513]DU43513A.;24',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_du43513_1_207"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have historically focused on entering new geographic markets through acquiring institutions with an established name and operational history; however, we also occasionally work with
local partners to enter markets through joint ventures to launch new higher education institutions. Through these partnerships, we can apply our programmatic and management expertise to help develop
the institutions, while benefiting from our partner's local market knowledge and experience and limiting our financial exposure. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents information about the institutions in our AMEA segment (unless otherwise noted, we own each of these institutions): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="41pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:29pt;"><FONT SIZE=1><B>Country


<!-- COMMAND=ADD_SCROPPEDRULE,29pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Higher Education Institution </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Joined<BR>
Laureate<BR>
Network </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year<BR>
Founded </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>Australia</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Blue Mountains International Hotel Management School (BMIHMS)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1991</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THINK Education Group (THINK)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2006</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Torrens University Australia (TUA)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>China</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Blue Mountains International Hotel Management School&#151;Suzhou (Blue Mountains Suzhou)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&#135;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
2004</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Hunan International Economics University (HIEU)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1997</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>India</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pearl Academy (Pearl)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
1993</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>University of Petroleum and Energy Studies (UPES)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2003</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>University of Technology and Management (UTM)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Malaysia</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INTI Education Group (INTI Malaysia)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
1986</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>New Zealand</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Media Design School (MDS)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
2011</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
1998</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Saudi Arabia</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Riyadh Polytechnic Institute (RPI)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#135;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>International Tourism and Hospitality College at Riyadh (ITHCR)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>#</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>International Technical College at Jeddah (ITCJ)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>#</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>International Technical Female College at Makkah (ITCM)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>#</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>International Technical Female College at Al-Kharj (ITCAK)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>#</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>International Tourism and Hospitality College at Al-Madinah (ITHCAM)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>#</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>International Technical Female College at Al-Nammas (ITCAN)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>#</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>International Technical Female College at Buraydah (ITCB)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>#</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>International Technical Female College at Wadi Al-Dawaser (ITCWAD)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>#</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>South Africa</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Monash South Africa (MSA)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
2013</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
2001</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Thailand</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stamford International University (SIU)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
1995</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Not-for-profit
institution consolidated by Laureate as a variable interest entity.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#135;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Managed
by Laureate as part of a joint venture arrangement.  </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>#</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Managed
by Laureate under contract with the Kingdom of Saudi Arabia.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>207</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=217,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=14345,FOLIO='207',FILE='DISK112:[12ZBH3.12ZBH43513]DU43513A.;24',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_du43513_1_208"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
AMEA institutions consist of: </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Australia  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Blue Mountains International Hotel Management School
(BMIHMS).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1991, BMIHMS offers undergraduate and graduate degrees in hospitality management through campuses located in Leura
and Sydney.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> THINK Education Group (THINK).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;THINK was founded in 2006
and through its member colleges can trace its origins back to 1961. THINK provides specialized programs through the following institutions: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> APM College of Business and Communication (APM).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded
in 1986, APM offers vocational programs in business and management, marketing, event management and public relations. APM has campus locations in Sydney and Brisbane.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Australasian College of Natural Therapies (ACNT).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded
in 1981, ACNT offers undergraduate and vocational programs in nutrition, naturopathy, western herbal medicine, massage, health science and fitness. ACNT has campus locations in Sydney and Brisbane. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Australian National College of Beauty (ANCB).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in
2008, ANCB offers a diploma in beauty therapy. ANCB has campus locations in Sydney and Brisbane.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> CATC Design School (CATC).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1982, CATC offers
undergraduate and vocational programs in graphic design, interior design and photography. CATC has campus locations in Sydney, Melbourne and Brisbane.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Jansen Newman Institute (JNI).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1978, JNI
offers undergraduate, vocational and graduate programs in counseling and psychotherapy and community services. JNI is located in Sydney and Brisbane.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Southern School of Natural Therapies (SSNT).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in
1961, SSNT offers undergraduate programs in Chinese medicine, naturopathy, western herbal medicine, nutritional medicine, clinical myotherapy, massage and health science. SSNT is located in Melbourne. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> William Blue College of Hospitality Management
(WBCHM).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1990, WBCHM offers vocational and undergraduate programs in hotel and hospitality management, event management,
tourism management, commercial cookery and business management. WBCHM is located in Sydney and Brisbane. </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Until
2016, THINK also provided specialized higher education programs through the following institutions: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> APM College of Business and Communication (APM).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded
in 1986, APM offered undergraduate programs in business and management, marketing, event management and public relations. APM has campus locations in Sydney and Brisbane.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Billy Blue College of Design (BBCD).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1987,
BBCD offered undergraduate programs in communication design, digital media design, branded fashion design, interior design and graphic design. BBCD has campus locations in Melbourne, Sydney, Brisbane
and Perth. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>In
2016, these higher education programs transitioned to and are now offered by Torrens University Australia.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Torrens University Australia (TUA).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Commencing operations
in 2014, TUA offers undergraduate and graduate programs in business and management, marketing, event management, public relations, communication design, digital media design, branded fashion design,
interior design </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>208</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=218,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=59830,FOLIO='208',FILE='DISK112:[12ZBH3.12ZBH43513]DU43513A.;24',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_du43513_1_209"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>and
graphic design, business administration, design, education, global project management and public health. In 2015, TUA acquired Chifley Business School to expand its offerings in business
administration and project management. Commencing in 2016, TUA also offers undergraduate and graduate degrees in hospitality management that have been offered by BMIHMS and offers the higher education
programs previously offered by APM and BBCD. TUA has campuses in Adelaide, Sydney, Melbourne and Brisbane, Australia. </FONT></P>

</UL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


China  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Blue Mountains International Hotel Management School&#151;Suzhou (Blue Mountains
Suzhou).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2004, Blue Mountains Suzhou is managed by TUA in cooperation with the Suzhou Tourism and Finance Institute. Blue
Mountains Suzhou offers diplomas and associate degrees in hotel management and students have the opportunity to continue their education at TUA toward an Australian Bachelor of Business degree. Blue
Mountains Suzhou is located in Suzhou, China.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Hunan International Economics University (HIEU).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded
in 1997, HIEU offers undergraduate degrees in commerce, business management, foreign languages, computer science, electronic engineering, and art and design. HIEU is located in Changsha, China. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


India  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Pearl Academy (Pearl).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1993, Pearl offers
undergraduate and graduate programs in fashion design and creative business. Pearl has campuses in Delhi, Jaipur, Noida and Mumbai.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> University of Petroleum and Energy Studies
(UPES).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2003, UPES offers sector focused graduate, postgraduate and doctoral degree programs in oil and gas, power, aviation
and aerospace, port&nbsp;&amp; shipping, automotive, infrastructure, electronics, information technology, logistics and supply chain, design and legal studies. UPES is located in Dehradun, India. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> University of Technology and Management (UTM).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in
2011, UTM offers graduate programs in computer sciences&nbsp;&amp; information technology, travel&nbsp;&amp; tourism and economics and management. UTM is located in Shillong, India. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Malaysia  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> INTI Education Group (INTI Malaysia).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1986,
INTI Malaysia offers undergraduate and graduate degrees in business and law, computing and information technology, engineering and technology, languages and liberal arts, and applied sciences and
mathematics. INTI Malaysia has locations in Kuala Lumpur, Selangor, Penang, Sabah and Nilai (Negeri Sembilan), Malaysia. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


New Zealand  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Media Design School (MDS).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1998, MDS provides
certificate programs in graphic design, creative advertising, visual effects and game development. MDS is located in Auckland, New Zealand. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Saudi Arabia  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Riyadh Polytechnic Institute (RPI).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2010, RPI
is a private-public initiative launched by the Kingdom of Saudi Arabia to help meet the increasing demand for Saudi nationals with industrial technical skills. RPI offers two-year programs in
engineering, business, accounting and technology. RPI is operated by Laureate Vocational Saudi Arabia ("LVSA") through a joint venture with Obeikan Education ("Obeikan"), a subsidiary of the Obeikan
Investment Group, one of the largest industrial groups in the Kingdom of Saudi Arabia. RPI is located in Riyadh, Saudi Arabia. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>209</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=219,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=382481,FOLIO='209',FILE='DISK112:[12ZBH3.12ZBH43513]DU43513A.;24',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dw43513_1_210"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> International Tourism and Hospitality College at Riyadh
(ITHCR).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2013, ITHCR is part of a government-led initiative that partners with international providers to manage colleges
designed to train and develop qualified, employment ready graduates to meet the needs of the Saudi labor market. The college offers Diplomas for high school graduates in Business Administration and
Tourism, Hospitality and Leisure. ITHCR is operated by LVSA.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> International Technical College at Jeddah (ITCJ).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded
in 2013, ITCJ is part of a government-led initiative that partners with international providers to manage colleges designed to train and develop qualified, employment ready graduates to meet the needs
of the Saudi labor market. ITCJ offers Diplomas for high school graduates in Business Administration, Information Technology Technical Support and Electrical Technology. ITCJ is operated by LVSA. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> International Technical Female College at Makkah
(ITCM).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2013, ITCM is part of a government-led initiative that partners with international providers to manage colleges
designed to train and develop qualified, employment ready graduates to meet the needs of the Saudi labor market. ITCM offers Diplomas for high school graduates in Business Administration, Tourism,
Hospitality and Leisure, and Information Technology Technical Support. ITCM is operated by LVSA.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> International Technical Female College at Al-Kharj
(ITCAK).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2013, ITCAK is part of a government-led initiative that partners with international providers to manage colleges
designed to train and develop qualified, employment ready graduates to meet the needs of the Saudi labor market. ITCAK offers Diplomas for high school graduates in Business Administration, Tourism,
Hospitality and Leisure, and Information Technology Technical Support. ITCAK is operated by LVSA.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> International Tourism and Hospitality College at Al-Madinah
(ITHCAM).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2014, ITHCAM is part of a government-led initiative that partners with international providers to manage colleges
designed to train and develop qualified, employment ready graduates to meet the needs of the Saudi labor market. The college offers Diplomas for high school graduates in Business Administration and
Tourism, Hospitality and Leisure. ITHCAM is operated by LVSA.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> International Technical Female College at Al-Nammas
(ITCAN).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2015, ITCAN is part of a government-led initiative that partners with international providers to manage colleges
designed to train and develop qualified, employment ready graduates to meet the needs of the Saudi labor market. ITCAN offers Diplomas for high school graduates in Business Administration, Tourism,
Hospitality and Leisure, and Information Technology Technical Support. ITCAN is operated by LVSA.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> International Technical Female College at Buraydah
(ITCB).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2015, ITCB is part of a government-led initiative that partners with international providers to manage colleges
designed to train and develop qualified, employment ready graduates to meet the needs of the Saudi labor market. ITCB offers Diplomas for high school graduates in Business Administration, Tourism,
Hospitality and Leisure, and Information Technology Technical Support. ITCB is operated by LVSA.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> International Technical Female College at Wadi Al-Dawaser
(ITCWAD).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2014, ITCWAD is part of a government-led initiative that partners with international providers to manage colleges
designed to train and develop qualified, employment ready graduates to meet the needs of the Saudi labor market. ITCWAD offers Diplomas for high school graduates in Business Administration, Tourism,
Hospitality and Leisure, and Information Technology Technical Support. ITCWAD is operated by LVSA. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>210</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=220,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=904045,FOLIO='210',FILE='DISK112:[12ZBH3.12ZBH43513]DW43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dw43513_1_211"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


South Africa  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Monash South Africa (MSA).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2001 by Monash
University, MSA offers undergraduate and graduate degree programs in business and economics, information technology, social sciences and health sciences. Laureate acquired a controlling interest in
MSA in 2014. MSA is located in Johannesburg, South Africa. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Thailand  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Stamford International University (SIU).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1995,
SIU offers international and Thai undergraduate and graduate degree programs in business&nbsp;&amp; management, communication, hospitality management and information technology. SIU is located in Hua
Hin and Bangkok, Thailand. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tuition and Fees  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tuition varies at each of the institutions in our AMEA segment depending on the curriculum and type of program. Tuition payment options
vary by institution and primarily include monthly installment payment plans and lump sum payments at the beginning of the academic year. Historically, we have increased tuition as educational costs
and inflation have risen. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Students
and their families are generally responsible for room and board fees, transportation expenses and costs related to textbook and supply purchases required for their educational
programs. Blue Mountains International Hotel Management School, our Chinese institutions, Monash South Africa, Stamford International University, the INTI Group and our Indian institutions have
revenue-generating room and board fees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Students
typically self-finance their education or seek third-party financing programs. However, in certain markets in the AMEA region there are various forms of government-supported
student financing programs, as discussed below. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Government-Sponsored Student Financing Programs  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Australia, the Commonwealth government has established income-contingent loan schemes that assist eligible fee-paying students to
pay all or part of their tuition fees (separate schemes exist for higher education and vocational courses). Under the schemes the relevant fees are paid directly to the institutions. A corresponding
obligation then exists from the participating student to the Commonwealth government. The Australian institutions have no responsibility in connection with the repayment of these loans by students
and, generally, this assistance is not available to international students. In December 2016, the Australian government introduced a new loan scheme for vocational courses. This will replace the
previous funding model for loans for vocational studies (which will be phased out during 2017). Under the new arrangements vocational educational providers will be required to reapply for registration
for their students to be eligible to receive loans for vocational courses. To be eligible for registration vocational educational providers, among other matters, will be required to demonstrate a
minimum of 50% completion rates. Relevant fees will be paid monthly in arrears and caps will be placed on the amount of loans available for particular categories of courses. THINK has made an initial
application to be approved for these purposes. BMIHMS and TUA currently provide only higher education programs which are not affected by these changes. The Australia institutions have been
deliberately placing emphasis on higher education courses in TUA in anticipation of these changes. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
China, Thailand and Malaysia there are also government programs available to our students, however, they do not represent a material portion of the revenues of our institutions in
these countries. In the Kingdom of Saudi Arabia, our students' tuition is fully funded by the government and the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>211</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=221,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=620779,FOLIO='211',FILE='DISK112:[12ZBH3.12ZBH43513]DW43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dw43513_1_212"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>government
pays the tuition for each student either directly to us or, in the case of RPI, to the institution which, in turn, pays us. The government also provides a monthly stipend to each student
enrolled at the eight colleges of excellence, while at RPI, the private companies sponsoring the students pay the stipend. The payments are based on our enrollments, with minimum payments set for each
institution. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


GPS  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutions in our&nbsp;GPS segment have products and services that span the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network, with a total enrollment of approximately 73,000 students as of September&nbsp;30, 2016, as adjusted for the segment change. Institutions in our GPS
segment provide fully online degree programs through a U.S.-based accredited institution, Walden University, and internationally, through Laureate Online Education&nbsp;B.V., which is based in
Amsterdam and partners with the University of Liverpool and the University of Roehampton in the United Kingdom. We provide professional-oriented fully online undergraduate and graduate degree programs
largely to working professionals through distance learning and offer online degree programs in education, psychology, health and human services, management, nursing and information technology. These
fully online institutions provide us expertise in online education that we can leverage throughout the campus-based institutions in our LatAm, Europe and AMEA segments. Our fully online institutions
enrolled approximately 70,000&nbsp;students as of September&nbsp;30, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, within this segment, we owned three smaller, campus-based institutions in the United States. Our&nbsp;GPS segment also provides support services to SFUAD. These
campus-based institutions primarily serve 18- to 24-year-old students and offer an education that emphasizes professional-oriented fields of study. The curriculum in these institutions is leveraged
throughout the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network through student exchange programs, dual degrees and certificate offerings. These campus-based
institutions enrolled approximately 3,000 students as of September&nbsp;30, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents information about the institutions in our&nbsp;GPS segment (unless otherwise noted, we own each of these institutions): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="97pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="24pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="41pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:29pt;"><FONT SIZE=1><B>Country


<!-- COMMAND=ADD_SCROPPEDRULE,29pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Higher Education Institution </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Joined<BR>
Laureate<BR>
Network </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year<BR>
Founded </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><I>Global Online</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>United Kingdom</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Laureate Online Education&nbsp;B.V. (University of Liverpool)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
2004</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
1881</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Laureate Online Education&nbsp;B.V. (University of Roehampton)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2012</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2004</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>United States</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Walden University</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
2001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
1970</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Campus-Based</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT> <FONT SIZE=2><B>United States</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>NewSchool of Architecture and Design</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
1980</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kendall College</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1934</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Santa Fe University of Art and Design (SFUAD)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#134;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1859</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>University of St.&nbsp;Augustine for Health Sciences (St.&nbsp;Augustine)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1979</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#134;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>SFUAD
is separately owned by Wengen. Laureate provides support services to SFUAD pursuant to contractual arrangements. See "Certain Relationships
and Related Party Transactions&#151;Agreements with Wengen&#151;SFUAD Shared Services Agreement." On May&nbsp;17, 2016, LEI Holdings&#151;US I,&nbsp;Inc., a wholly owned
subsidiary of Wengen, entered into an agreement to sell SFUAD to Joshua Education,&nbsp;Inc., a U.S. subsidiary of Raffles Education Corporation Limited, subject to all necessary regulatory
approvals. As used herein, our "U.S. Institutions" refers to NewSchool of Architecture and Design, Kendall College, St.&nbsp;Augustine and Walden
University. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>212</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=222,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=54081,FOLIO='212',FILE='DISK112:[12ZBH3.12ZBH43513]DW43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dw43513_1_213"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Online Institutions  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Laureate Online Education&nbsp;B.V.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Laureate Online
Education&nbsp;B.V. is the exclusive worldwide online career partner of the University of Liverpool and the University of Roehampton and specializes in the delivery of online graduate programs to
working-adult students. Laureate Online Education&nbsp;B.V. is based in Amsterdam.  </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> University of Liverpool.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1881, the University
of Liverpool, a public university in the United Kingdom, through Laureate Online Education&nbsp;B.V., offers online graduate degree programs in business administration, health sciences, law and
information technology.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> University of Roehampton.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 2004, the
University of Roehampton, a public university in the United Kingdom, through Laureate Online Education&nbsp;B.V., offers online graduate degree programs in business and international management. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Walden University.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Established in 1970, Walden
University is an online university that delivers bachelor's, master's, doctoral and post-doctoral programs in counseling, education, health sciences, human services, management, nursing, psychology,
public administration, public health and technology. Walden University is headquartered in Minneapolis, Minnesota. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


United States  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> NewSchool of Architecture and Design.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1980,
NewSchool of Architecture and Design offers undergraduate and graduate degree programs in architecture, art and design, graphic design, history and theory, professional practice, technology and urban
studies. NewSchool of Architecture and Design is located in San Diego, California.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Kendall College.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1934, Kendall College offers
undergraduate, associate and certificate programs in business administration, culinary arts, education and hospitality management. Kendall College is located in Chicago.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Santa Fe University of Art and Design (SFUAD).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in
1859, SFUAD (formerly the College of Santa Fe) offers undergraduate degrees in arts management, contemporary music, creative writing and literature, graphic design and digital arts, film, performing
arts, photography and studio arts. SFUAD also offers semester-long and intensive English language programs to foreign students.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> University of St.&nbsp;Augustine for Health Sciences
(St.&nbsp;Augustine).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Founded in 1979, St.&nbsp;Augustine offers graduate and doctoral degree and non-degree programs in physical
therapy, occupational therapy, orthopedic assistants, education and health sciences. St.&nbsp;Augustine has campus locations in St.&nbsp;Augustine and Miami, Florida, San Marcos, California and
Austin, Texas. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tuition and Fees  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tuition varies at each of the institutions in our&nbsp;GPS segment depending on the curriculum and type of program. Tuition payment
options vary by institution and primarily include monthly installment payment plans and lump sum payments at the beginning of the academic year. Historically, we have increased tuition as educational
costs and inflation have risen. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Students
at U.S. campus-based programs are generally responsible for room and board fees, transportation expenses and costs related to textbook and supply purchases required for their
educational programs. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>213</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=223,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=36217,FOLIO='213',FILE='DISK112:[12ZBH3.12ZBH43513]DW43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dw43513_1_214"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently
there are no company-sponsored financing arrangements in our&nbsp;GPS segment. However, students in our U.S. Institutions are eligible for the DOE's Title IV program federal
financial aid under the HEA. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Marketing  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that effective marketing is a key to the success of our business, enabling us to attract prospective students to our
institutions and increase enrollment. We focus on marketing as a way to increase awareness of the institutions in each of their respective markets and to highlight the benefits provided by the </FONT> <FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network. We leverage best practices across our entire network to help our institutions develop effective marketing
programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
recognize that the vast majority of our students reside within the communities where our campuses are located. Because our target market is in close proximity to our institutions,
developing and maintaining a powerful local presence is one of the cornerstones of our brand building strategy. We believe a strong brand is one of the key variables for future sustainable growth. We
promote activities that encourage direct participation and interaction between the community and our institutions. For example, many of our institutions provide valuable services to the residents in
the local communities including access to our veterinary and medical facilities at reduced costs, legal aid support and use of our facilities, including remedial course offerings and gym memberships.
Additionally, many of our institutions' sports teams serve as a source of civic pride for the local residents including our students and their families. These informal interactions serve to enhance
the trusted nature of our local brands,
which in turn facilitates a word-of-mouth referral network that helps to attract quality students beyond the use of traditional student recruitment practices. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
enrollment campaigns, we augment our long-term brand building activities with professional advertising campaigns employing a variety of media, including television, radio, outdoor
and print advertising. We also use direct mail, web advertising and one-on-one meetings with students and their families. Each institution is responsible for implementing its own marketing campaigns,
although we provide a forum for the network's marketing departments to share best practices. During the last several years, we have increased the amounts spent on marketing and advertising to meet the
large demand for our programs, and we anticipate that this trend will continue. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
we strive to develop strong relationships with local high schools that serve as feeder schools for many of our institutions. We believe we have developed strong
relationships with many of these feeder schools and expect that will continue to provide a valuable source of referrals for many of the institutions in our network. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Competition  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We face competition in each of our operating segments. We believe competition focuses on price, educational quality, reputation,
location and facilities. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


LatAm, Europe and AMEA  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market for higher education outside the United States is highly fragmented and marked by large numbers of local competitors. The
target demographics are primarily 18- to 24-year-olds in the individual countries in which we compete. We generally compete with both public and private higher education institutions on the basis of
price, educational quality, reputation and location. Public institutions tend to be less expensive, if not free, but more selective and less focused on practical programs aligned around career
opportunities. We believe we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our global network. At
present, we believe no other company has a similar network of international institutions. There are a number of other private and public institutions in each of the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>214</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=224,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=159481,FOLIO='214',FILE='DISK112:[12ZBH3.12ZBH43513]DW43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dw43513_1_215"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>countries
in which we operate. Because the concept of private higher education institutions is fairly new in many countries, it is difficult to predict how the markets will evolve and how many
competitors there will be in the future. We expect competition to increase as the markets mature. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


GPS  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market for fully online higher education is highly fragmented and competitive, with no single institution having any significant
market share. The target demographics for our Global Online institutions are adult working professionals who are over 25&nbsp;years old. Our Global Online institutions compete with traditional
public and private nonprofit institutions and for-profit schools. Typically, public institutions charge lower tuitions than our Global Online institutions because they receive state subsidies,
government and foundation grants, and tax-deductible contributions and have access to other financial sources not available to our Global Online institutions. However, tuition at private nonprofit
institutions is typically higher than the average tuition rates charged by our Global Online institutions. Our Global Online institutions compete with other educational institutions principally based
upon price, educational quality, reputation, location, educational programs and student services. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"Risk Factors&#151;Risks Relating to Our Business&#151;The higher education market is very competitive, and we may not be able to compete effectively." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Intellectual Property  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently own, or have filed applications for, trademark registrations for the word "Laureate," for "Laureate International
Universities" and for the Laureate leaf logo in the trademark offices of all jurisdictions around the world where we operate institutions of higher learning. We have also registered or filed
applications in the applicable jurisdictions where we operate for the marks "Laureate Online International" and "Laureate Online Education." In addition, we have the rights to trade names, logos, and
other intellectual property specific to most of our higher education institutions, in the countries in which those institutions operate. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Employees  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2015, we had approximately 67,800 employees, of which approximately 19,900 were full-time academic teaching
staff and 22,800 were part-time academic teaching staff. In addition, we have approximately 11,800 part-time academic teaching staff who are classified as contractors, principally in Chile and Brazil.
Our employees at many of our institutions outside the United States are represented by labor unions under collective bargaining agreements, as is customary or required under local law in those
jurisdictions. At various points throughout the year, we negotiate to renew collective bargaining agreements that have expired or that will expire in the near term. We consider ourselves to be in good
standing with all of the labor unions of which our employees are members and believe we have good relations with all of our employees. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Effect of Environmental Laws  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe we are in compliance with all applicable environmental laws, in all material respects. We do not expect future compliance
with environmental laws to have a material adverse effect on our business. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Campus Locations and Online Facilities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate is headquartered in Baltimore, Maryland. As of December&nbsp;31, 2015, there were more than 200 Laureate locations around
the world. These locations include buildings and land comprising a total of approximately 127.5&nbsp;million square feet, of which, approximately 62.8&nbsp;million square feet were under lease and
approximately 64.8&nbsp;million square feet were owned. The following table summarizes </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>215</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=225,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1044733,FOLIO='215',FILE='DISK112:[12ZBH3.12ZBH43513]DW43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dw43513_1_216"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
properties leased and owned by segment prior to the segment change, as the effects were not significant: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:30pt;"><FONT SIZE=1><B>Segment


<!-- COMMAND=ADD_SCROPPEDRULE,30pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Square feet<BR>
leased space </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Square feet<BR>
owned space </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total<BR>
square feet </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>53,179,304</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,559,436</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>81,738,740</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,220,209</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,813,363</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,034,572</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,829,869</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,053,495</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31,883,364</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,332,461</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>361,722</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,694,183</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate (including headquarters)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>191,300</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>191,300 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 62,753,143</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>64,788,016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>127,542,159</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
LatAm, Europe and AMEA segments lease and own various sites that may include a local headquarters and all or some of the facilities of a campus or location. In many countries, our
facilities are subject to mortgages. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our&nbsp;GPS
segment has offices at our headquarters location in Baltimore and leases eight additional facilities in Columbia, Maryland; Los Angeles, California; Minneapolis,
Minnesota; Tempe, Arizona; San Antonio, Texas; Gdansk, Poland; Liverpool, England and Amsterdam, Netherlands. Our headquarters consists of two leased facilities in Baltimore, Maryland, which are used
primarily for office space. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
monitor the capacity of our higher education institutions on a regular basis and make decisions to expand capacity based on expected enrollment and other factors. Our leased
facilities are occupied under leases whose remaining terms range from one month to 22&nbsp;years. A majority of these leases contain provisions giving us the right to renew the lease for additional
periods at various rental rates, although generally at rates higher than we are currently paying. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Legal Proceedings  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are party to various claims and legal proceedings from time to time. Except as described below, we are not aware of any legal
proceedings that we believe could have, individually or in the aggregate, a material adverse effect on our business, results of operations or financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;5, 2016, a student filed suit against us and Walden University in the United States District Court for the Southern District of Ohio in the matter of </FONT> <FONT SIZE=2><I>Latonya
Thornhill v. Walden University,&nbsp;et.&nbsp;al.,</I></FONT><FONT SIZE=2> claiming that her progress in her program was delayed by Walden University and seeking
class action status to represent a nationwide class of purportedly similarly situated doctoral students. The claims include fraud in the inducement, breach of contract, consumer fraud under the laws
of Maryland and Ohio, and unjust enrichment. We and Walden University were served on October&nbsp;17, 2016. On December&nbsp;16, 2016, we and Walden University filed a motion to dismiss the claims
and a motion to strike the class action certification request. On January&nbsp;12, 2017, the plaintiff filed an amended complaint, making modifications to supplement some of the factual allegations
and seeking to change the governing law of the case to the law of Minnesota. A substantive response to the amended complaint is due on February&nbsp;9, 2017. Walden University and we intend to
defend against this case vigorously, including the request to certify a nationwide class.


</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;18, 2016, a former student filed suit against us and Walden University </FONT><FONT SIZE=2><I>pro se</I></FONT><FONT SIZE=2> in the United States District Court for
the District of Maryland in the matter of </FONT><FONT SIZE=2><I>Eric D. Streeter v. Walden University, et. al. (Case No.&nbsp;1CCB6-CV-3460),</I></FONT><FONT SIZE=2> claiming that his progress in
his program was delayed by Walden University and Laureate. The claims include unjust enrichment, breach of contract, violation of the Maryland Consumer Protection Act, violation of the Due Process
Clause in the Fourteenth Amendment, libel, and violation of the False Claims Act. While we and Walden University have not yet </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>216</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=226,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=262915,FOLIO='216',FILE='DISK112:[12ZBH3.12ZBH43513]DW43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dw43513_1_217"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>been
served in this matter, Walden University and we intend to defend against this case vigorously. On December&nbsp;6, 2016, the court ordered that the plaintiff effect service of the summons and
complaint on defendants within 90&nbsp;days of filing, or the court may enter an order asking the party to show cause why the claims should not be dismissed. If the party fails to show cause within
the time set by the court, the complaint will be dismissed without prejudice. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;1, 2016, five students filed suit against us and Walden University in the United States District Court for the District of Minnesota in the matter of </FONT> <FONT SIZE=2><I>Jennifer
Wright, et al v. Walden University, et. al.,</I></FONT><FONT SIZE=2> claiming that their progress in their programs was delayed by Walden University and seeking class
action status to represent a nationwide class of purportedly similarly situated doctoral students. The claims include fraud in the inducement, breach of contract, consumer fraud, and breach of implied
covenant of fair dealing under the laws of Minnesota, California, Georgia, Washington and Michigan, and unjust enrichment. Walden University and we were served in this matter on December&nbsp;8,
2016, Walden University and we intend to defend against this case vigorously, including the request to certify a nationwide class. On January&nbsp;13, 2017, we filed a motion to dismiss, or in the
alternative to stay proceedings, pursuant to the first-filed rule, based upon the fact that the </FONT><FONT SIZE=2><I>Thornhill</I></FONT><FONT SIZE=2> case was filed first in Ohio. The </FONT> <FONT SIZE=2><I>Wright</I></FONT><FONT SIZE=2> court
has stayed the proceedings pending a ruling on the motion to dismiss, for which a hearing is scheduled on March&nbsp;22, 2017.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;20, 2016, a former student filed suit against Walden University, in the Bexar County District Court in Texas in the matter of </FONT><FONT SIZE=2><I>Dianna Medellin
v. Walden University,&nbsp;LLC</I></FONT><FONT SIZE=2> (Cause No.&nbsp;2016C121637), claiming that Walden University intentionally deceived her by praising her and allowing her to successfully
complete her coursework in her doctoral program, only to then prolong the dissertation writing process as much as possible. The case alleges causes of action for violations of the Texas Deceptive
Trade Practices Act and fraud and includes certain factual allegations that are identical to the other purported class action lawsuits. Laureate has not been sued in this matter and Walden University
was served on January&nbsp;26, 2017. Walden University will defend against this case vigorously.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;29, 2016, a former student filed suit against us and Walden University in the United States District Court for the District of Minnesota in the matter of </FONT> <FONT SIZE=2><I>Aaron
Bleess, et al v. Walden University, et. al (Case No.&nbsp;16-CV-4402),</I></FONT><FONT SIZE=2> claiming that his progress in his program was delayed by Walden
University and seeking class action status to represent a nationwide class of purportedly similarly situated doctoral students. The claims include, under the laws of Minnesota, breach of contract,
consumer fraud, breach of implied covenant of fair dealing, fraudulent inducement, unjust enrichment, and violation of the Deceptive Trade Practices Act and Consumer Protection Fraud Act. Laureate and
Walden University were served on January&nbsp;5 and January&nbsp;6, 2017, respectively. On January&nbsp;17, 2017, we filed a motion to dismiss, or in the alternative to stay proceedings,
pursuant to the first-filed rule, based upon the fact that the </FONT><FONT SIZE=2><I>Thornhill</I></FONT><FONT SIZE=2> case was filed first in Ohio. The </FONT> <FONT SIZE=2><I>Bleess</I></FONT><FONT SIZE=2> court has stayed the proceedings pending
a ruling on this motion to dismiss. Walden University and we intend to defend against this case
vigorously, including the request to certify a nationwide class. This case appears to be nearly identical in allegations, including the same alleged class, as </FONT> <FONT SIZE=2><I>Thornhill</I></FONT><FONT SIZE=2> and </FONT><FONT
SIZE=2><I>Wright.</I></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;23, 2016, counsel for the plaintiffs in </FONT><FONT SIZE=2><I>Thornhill</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Wright</I></FONT><FONT SIZE=2> filed a
motion to consolidate pretrial proceedings in these matters, as well as the </FONT><FONT SIZE=2><I>Streeter</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Medellin</I></FONT><FONT SIZE=2>
matters, to the United States Judicial Panel on Multi-District Litigation (MDL). They have also indicated an intent to include the </FONT><FONT SIZE=2><I>Bleess</I></FONT><FONT SIZE=2> matter in this
requested process, as well as any other future filings with the same or similar allegations. Laureate and Walden University filed a motion in opposition to transfer to MDL on January&nbsp;17, 2017,
which was opposed on January&nbsp;24, 2017. We are awaiting a hearing date. We and Walden University are assessing this process and our response.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, several groups of current and former students filed five separate law suits in the Seventh Judicial Circuit in and for St.&nbsp;Johns County, Florida against
St.&nbsp;Augustine relating to matters arising before we acquired that institution in November 2013. The suits are </FONT><FONT SIZE=2><I>Hemingway et&nbsp;al.&nbsp;v.&nbsp;University of  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>217</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=227,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=939082,FOLIO='217',FILE='DISK112:[12ZBH3.12ZBH43513]DW43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<A NAME="page_dw43513_1_218"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> St.&nbsp;Augustine for Health Sciences,&nbsp;Inc.</I></FONT><FONT SIZE=2> filed on August&nbsp;12, 2013; </FONT><FONT SIZE=2><I>Jennings v. University of St.&nbsp;Augustine for Health
Sciences,&nbsp;LLC et al.</I></FONT><FONT SIZE=2> filed on March&nbsp;26, 2015, which was resolved in March 2016 and dismissed; </FONT><FONT SIZE=2><I>Albritton et al. v. University of
St.&nbsp;Augustine for Health Sciences,&nbsp;LLC</I></FONT><FONT SIZE=2> filed on April&nbsp;9, 2015, which was resolved in October 2015 and dismissed; </FONT><FONT SIZE=2><I>Stephens&nbsp;v.
University of St. Augustine for Health Sciences,&nbsp;LLC</I></FONT><FONT SIZE=2> filed on November 11, 2015 which was resolved in June 2016 and dismissed; and </FONT><FONT SIZE=2><I>Johnson v.
University of St. Augustine for Health Sciences, LLC</I></FONT><FONT SIZE=2> filed on June&nbsp;16, 2016. The allegations in the remaining cases relate to a program that was launched in May 2011
and, at the time, offered a "Master of Orthopaedic Physician's Assistant Program" degree. The plaintiffs in these matters allege that the university misrepresented their ability to practice as
licensed Physician Assistants with a heightened specialty in orthopaedics. The plaintiffs in the remaining cases are seeking relief including refund of tuition paid to St.&nbsp;Augustine, as well as
loan debt incurred by the plaintiffs while attending St.&nbsp;Augustine, loss of future earnings and litigation costs. The </FONT><FONT SIZE=2><I>Hemingway</I></FONT><FONT SIZE=2> matter is
awaiting a trial date. The </FONT><FONT SIZE=2><I>Johnson</I></FONT><FONT SIZE=2> matter is at a preliminary stage of discovery. We believe the claims in these cases are without merit and intend to
defend vigorously against the allegations. With respect to the two pending St. Augustine cases, under the terms of the acquisition agreement for St.&nbsp;Augustine, we expect to be indemnified by
the seller for substantially all of the liability with respect to any claims in these cases. We also have a right of set-off against the seller for such amounts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;16, 2016, Michael S. Ryan, the former chief accounting officer of the Company, filed a complaint with the Occupational Safety and Health Administration of the U.S.
Department of Labor alleging retaliatory employment practices in violation of the whistleblower provisions of the Sarbanes-Oxley Act (</FONT><FONT SIZE=2><I>Michael S. Ryan vs. Laureate
Education,&nbsp;Inc., Case No.&nbsp;3-0050-17-011</I></FONT><FONT SIZE=2>). The complaint also alleges a lack of compliance with U.S.&nbsp;GAAP and violations of certain SEC rules and
regulations. The complaint does not seek any specified amount of damages. The Company has investigated the allegations made in the complaint with the assistance of outside legal and accounting
advisers and believes that its consolidated financial statements are in compliance with U.S. GAAP and SEC rules and regulations in all material respects and that the allegations are baseless and
without
merit. The Company intends to assert all appropriate defenses to these allegations and filed a response with the U.S. Department of Labor on December&nbsp;13, 2016. The Company intends to defend
itself vigorously. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2010, we were notified by the STA (in this case, by the Regional Inspection Office of the Special Madrid Tax Unit) that an audit of some of our Spanish subsidiaries was being
initiated for 2006 and 2007. On June&nbsp;29, 2012, the STA issued a final assessment to ICE, our Spanish holding company, for approximately EUR 11.1&nbsp;million ($12.4&nbsp;million at
September&nbsp;30, 2016), including interest, for those two&nbsp;years based on its rejection of the tax deductibility of financial expenses related to certain intercompany acquisitions and the
application of the Spanish ETVE regime. On July&nbsp;25, 2012 we filed a claim with the Regional Economic-Administrative Court challenging this assessment and, in the same month, we issued a
cash-collateralized letter of credit for the assessment amount, in order to suspend the payment of the tax due. Further, in July 2013, we were notified by the STA (in this case, by the Central
Inspection Office for Large Taxpayers) that an audit of ICE was also being initiated for 2008 through 2010. On October&nbsp;19, 2015, the STA issued a final assessment to ICE for approximately
EUR&nbsp;17.2&nbsp;million ($19.3&nbsp;million at September&nbsp;30, 2016), including interest, for those three years. We have appealed this assessment and, in order to suspend the payment of
the tax assessment until the court decision, we issued a cash-collateralized letter of credit for the assessment amount plus interest and surcharges. We believe the assessments in this case are
without merit and intend to defend vigorously against them. During the second quarter of 2016, we were notified by the STA that tax audits of the Spanish subsidiaries were also being initiated for
2011 and 2012; no assessments have yet been issued for these years. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>218</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=228,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=740833,FOLIO='218',FILE='DISK112:[12ZBH3.12ZBH43513]DW43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:37' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dy43513_1_219"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dy43513_industry_regulation"> </A>
<A NAME="toc_dy43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  INDUSTRY REGULATION    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Brazilian Regulation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Brazilian educational system is organized according to a system of cooperation among federal, state and local governments. Higher
education (i.e.,&nbsp;undergraduate and graduate level education provided by public and private higher education institutions ("HEI")) is regulated primarily at the federal level, particularly in
terms of public policy goals, accreditation and academic oversight; however, the state and municipal governments are also involved, principally in relation to taxation, real estate and operational
permitting issues. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the federal role, The National Educational Basis and Guidelines Law ("LDB"), provides the general framework for the provision of educational services in Brazil and
establishes the duty of the federal government to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> coordinate the national educational policy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> define the National Education Plan, in coordination with the states, the Federal District of Brasilia and municipalities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provide technical and financial assistance to the states, the Federal District of Brasilia and municipalities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> establish, in collaboration with the states, the Federal District of Brasilia and municipalities, skills and guidelines for early
childhood education, elementary and secondary education that will guide the curriculum and their minimum syllabus, ensuring the regular basic education; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> ensure national process of evaluation of higher education institutions, with the cooperation of evaluation agencies that have
responsibility for this level of education; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> create an evaluation process for the academic performance of elementary, secondary and higher education in collaboration with
educational institutions in order to improve the quality of education; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> issue rules and regulations regarding higher education. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
responsibility of the Federal Government in regulating, monitoring and evaluating higher education institutions and undergraduate programs is exercised by MEC, along with a number of
other federal agencies and offices that are related to MEC. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


MEC  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEC is the highest authority of the higher education system in Brazil and has the power
to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> confirm the decisions of the National Board of Education ("CNE") regarding the accreditation and reaccreditation of institutions of
higher education; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> confirm the systems and evaluation criteria adopted by the National Institute of Educational Studies An&iacute;sio Teixeira
("INEP"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> confirm opinions and regulatory proposals issued by the CNE; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> issue implementing rules, (regulations, notices, and technical advisories governing the conduct of higher education); and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> regulate and monitor the system of higher education. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>219</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=229,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=287027,FOLIO='219',FILE='DISK112:[12ZBH3.12ZBH43513]DY43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dy43513_1_220"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


CNE&#151;National Board of Education  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNE is a consultative advisory and deliberative body of MEC. It consists of the Board of Basic Education and the Board of Higher
Education, each composed of 12 members appointed by the President of Brazil. The Board of Higher Education has the power to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> support the development and monitor the implementation of the National Education Plan; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> analyze and issue opinions on the results of the evaluation procedures of higher education; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> offer suggestions for drafting the National Education Plan and to monitor their implementation; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> decide on the curriculum guidelines proposed by the MEC, for undergraduate courses; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> deliberate on the reports submitted by MEC on the recognition of courses and qualifications offered by higher education institutions,
as well as on prior authorization from those offered by non-university institutions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> approve the authorization, accreditation and periodic reaccreditation of higher education institutions, based on reports and
assessments provided by MEC; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> approve the statutes of universities and the regiment of the other higher education institutions that are part of the Federal
educational system; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> deliberate on the reports for periodic recognition of master's and doctoral programs, prepared by the MEC, based on the evaluation of
the programs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> analyze matters relating to the implementation of legislation regarding higher education; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> advise MEC in higher education related matters. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


INEP&#151;National Institute of Educational Studies An&iacute;sio Teixeira  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INEP is a federal agency linked to MEC that is the primary statistical and information-gathering body for the entire Brazilian
education system. The performance data it collects and publishes is used by MEC, the legislature and the rest of the executive branch, as well as the
public, to debate and make policy and programmatic decisions about education. INEP has the power to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> carry out visits to institutions of higher education for on-site evaluations in the process of accreditation and reaccreditation of
institutions and in the authorization, recognition, accreditation and renewal of recognition processes of undergraduate and sequential programs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> conduct research and analysis of data related to education in Brazil; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> implement the SINAES. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


CONAES&#151;National Commission on Higher Education Evaluation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONAES is a committee under MEC supervision composed of 13 members. CONAES has the power
to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> coordinate and monitor SINAES; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> establish guidelines to be followed by INEP in the development of programmatic evaluation tools; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> approve the evaluation tools and submit them for approval by the Minister of Education; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> submit the list of programs to be evaluated by the National Examination of Student Performance ("ENADE") examination, to the Minister
of Education. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>220</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=230,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=158541,FOLIO='220',FILE='DISK112:[12ZBH3.12ZBH43513]DY43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dy43513_1_221"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


SERES&#151;Higher Education Regulation and Supervision Secretariat  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2011, SERES, which operates as an arm of MEC, became the specific agency directly responsible for regulation and supervision of
public and private HEIs, as well as undergraduate courses and </FONT><FONT SIZE=2><I>lato sensu</I></FONT><FONT SIZE=2> post-graduate programs, both in-person and distance learning modalities. Its
mission is to elevate the quality level of all higher education through the establishment of guidelines for the expansion of HEIs and their courses, in accordance with national curriculum guidelines
and proprietary quality parameters, and include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to plan and coordinate the policy-making process for the regulation and supervision of higher education; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to accredit undergraduate (and sequential) courses, both through in-person and distance learning; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to oversee HEIs and courses, in order to fulfill the educational legislation and to induce improvements in the quality of higher
education standards, applying the penalties provided for in legislation; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to establish guidelines for the preparation of assessment instruments for and higher education courses; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to manage the public system of registration and database of HEIs and higher education courses; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to propose the design of actions and updating of reference and curriculum guidelines for undergraduate courses, as well as benchmarks
for quality distance education, considering curricular guidelines and various forms of technology. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According
to the LDB, higher education can be offered by public or private higher education institutions. A private institution of higher education shall be controlled, managed and
maintained by an individual person(s) or legal entity, in either case referred to as the "</FONT><FONT SIZE=2><I>mantenedora</I></FONT><FONT SIZE=2>." The mantenedora is responsible for obtaining
resources to meet the needs of the duly authorized HEI, which in regulatory terms is referred to as the "</FONT><FONT SIZE=2><I>mantida</I></FONT><FONT SIZE=2>." A mantenedora may be authorized to
operate more than one mantida. In any case, the mantenedora is legally and financially responsible for all of its mantidas. Each of our HEIs in Brazil is maintained by a Laureate-controlled
mantenedora. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private
institutions of higher education may be:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> private institutions of higher education with profit purposes created and maintained by one or more individuals or private legal
entities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> community institutions, founded by groups of individuals or one or more legal entities, including cooperatives, teachers and students
that include community representatives in its supporting entity; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> religious institutions, instituted by individuals or groups for one or more legal entities that meet specific religious and
ideological orientation and that include community representatives in its supporting entity; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> nonprofit private institutions, charitable or not charitable, which are also sometimes referred to as philanthropic or
nonphilanthropic. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According
to organizational and academic prerogatives, institutions of undergraduate learning can be:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Colleges (</FONT><FONT SIZE=2><I>faculdades)</I></FONT><FONT SIZE=2>: Colleges are institutions of public or private education
offering degree programs in more than one area of knowledge and that are supported by a single supporting </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>221</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=231,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=196210,FOLIO='221',FILE='DISK112:[12ZBH3.12ZBH43513]DY43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dy43513_1_222"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>entity
and have specific administration and management. Colleges may offer programs at the following levels: traditional undergraduate programs, technological undergraduate programs, specialization
and graduate programs (master's and Ph.D. degrees). Colleges do not have minimum requirements for the qualifications of professors and their labor practices, and cannot establish new campuses or
create programs and new locations without the prior permission of MEC. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> University Centers (</FONT><FONT SIZE=2><I>centro universit&aacute;rios</I></FONT><FONT SIZE=2>): University centers are
public or private educational institutions that offer a variety of programs in higher education, including undergraduate programs, extension courses and </FONT><FONT SIZE=2><I>lato
sensu</I></FONT><FONT SIZE=2> graduate programs&#151;master's and Ph.D. degrees; they must also provide learning opportunities and career development for their professors. At least one third of
the faculty of a university center must be composed of persons with masters or doctorate degrees. In addition, at least one fifth of its professors must be composed of professors who work full time.
University centers have the autonomy to create, organize and extinguish individual courses and degree programs, as well as relocate or expand locations in their existing programs in the municipality
where the university center's headquarters is located, without prior permission of MEC. A university center cannot open campuses outside the municipality where its seat is located. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Universities (</FONT><FONT SIZE=2><I>universidades</I></FONT><FONT SIZE=2>): Universities are public or private institutions of
higher education that offer several degree programs, extension activities and development of institutional research. Like the university centers, at least one third of the faculty of a university must
be composed of persons with masters or doctorate degrees. In addition, at least one third of a university's faculty must be composed of professors who work full time. Similar to university centers,
universities have autonomy to create, organize and extinguish individual courses and degree programs, as well as to relocate or expand locations in their existing programs in the municipality where
the university's headquarters is located, without prior permission of MEC. Additionally, universities have the ability, upon prior authorization by MEC, to apply for accreditation of new campuses and
courses outside the municipality where the university's seat is located, provided that they are within the same state as the seat. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among
the HEI in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network, there are three </FONT><FONT SIZE=2><I>faculdades  </I></FONT><FONT SIZE=2>(Faculdade Internacional da Para&iacute;ba, located in Jo&atilde;o
Pessoa, PB; Faculdades Porto-Alegrense, located in Porto Alegre, RS; and Faculdade dos
Guararapes de Recife, located in Recife, PE), six university centers (Faculdade de Desenvolvimento do Rio Grande do Sul, located in Porto Alegre, RS; Faculdade dos Guararapes, located in
Jaboat&atilde;o dos Guararapes, PE; FMU Education Group, located in S&atilde;o Paulo, SP; Centro Universit&aacute;rio Ritter dos Reis, located in Porto Alegre, RS; Centro
Universit&aacute;rio do Norte, located in Manaus, AM; and Instituto Brasileiro de Medicina de Reabilita&ccedil;&atilde;o&#151;IBMR, located in Rio de Janeiro, RJ), as
well as three universities (Universidade Potiguar, located in Natal, RN; UNIFACS&#151;Universidade Salvador, located in Salvador, BA; and Universidade Anhembi Morumbi, located in
S&atilde;o Paulo, SP). In addition, Business School S&atilde;o Paulo, which is a professional degree-granting institution, is owned and operated by Universidade Anhembi Morumbi, and
CEDEPE Business School, which is a professional degree-granting institution, is operated as a division of Faculdade dos Guararapes de Recife. As noted below, each form of HEI is entitled to a
different level of autonomy within the regulatory framework. In turn, we factor the respective levels of autonomy into the operational strategy for each HEI, as the requirement of prior or post-facto
MEC approval can delay or nullify specific new campus expansion projects, new course offerings, and increases in the number of authorized seats per course. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legislation
provides for specific levels of didactic, scientific and administrative autonomy to universities, university centers and colleges in differing degrees with the aim of
limiting outside influence by other institutions or persons outside of the HEI's internal governance structure. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>222</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=232,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=331783,FOLIO='222',FILE='DISK112:[12ZBH3.12ZBH43513]DY43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dy43513_1_223"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LDB
provides that the following powers are guaranteed to universities and university centers in the exercise of their autonomy:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> creation, organization, and extinguishment of degree programs in their facilities, subject to applicable regulations; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> establishment of the curriculum of their courses and programs, subject to applicable general guidelines; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> establishment of plans, programs and projects related to scientific research, artistic production and extracurricular activities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> establishment of the number of available seats; except in respect of programs in law, medicine, dentistry and psychology, where the
total number of available seats in the entire system is controlled by MEC in conjunction with the input of the relevant professional associations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> preparation and amendment of their bylaws in accordance with the general applicable standards; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the right to grant degrees, diplomas and other qualifications. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LDB
provides that the following powers are guaranteed to colleges in the exercise of their autonomy:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> establishment of the curriculum of their courses and programs, subject to applicable general guidelines; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> establishment of plans, programs and projects related to scientific research, artistic production and extracurricular activities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> preparation and amendment of their bylaws in accordance with the general applicable standards; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the right to grant degrees, diplomas and other qualifications. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
colleges have administrative autonomy, they do not enjoy academic autonomy and, therefore, are subject to MEC's prior authorization to create new programs and degree programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accreditation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The first accreditation of an institution of higher education is necessarily as a college. The accreditation as a
university or
university center is only granted after the institution has operated as a college for at least six years and has demonstrated that it has met satisfactory quality standards, including positive
evaluation by the SINAES, as well as met legal requirements applicable to each type of institution of undergraduate learning, including minimum degree attainment and terms of faculty employment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LDB
establishes that higher education shall include the following programs:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> continuing education programs (</FONT><FONT SIZE=2><I>cursos sequ&ecirc;nciais</I></FONT><FONT SIZE=2>), open to applicants
who meet the requirements established by the higher educational institutions, provided they have completed high school or equivalent; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> undergraduate programs, including traditional and technological undergraduate programs, that are open to applicants who have completed
secondary education or the equivalent and have passed the selection process or university entrance examination; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> graduate programs, including master's degrees and Ph.D.s, specialization programs, advanced training courses and others, open to
applicants who have an undergraduate degree and meet the requirements set by the educational institutions; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>223</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=233,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=166317,FOLIO='223',FILE='DISK112:[12ZBH3.12ZBH43513]DY43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dy43513_1_224"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> extension programs with a social character that grant certificates to students, open to applicants who meet the requirements
established, in each case, by the educational institutions. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
accreditation, colleges must obtain MEC permission to offer new undergraduate degree programs. As a consequence of their autonomy, universities and university centers do not
require MEC authorization to create programs in the city where the university's or university center's seat is located. They need only inform MEC about the programs they offer for registration,
evaluation and subsequent recognition. However, the creation of graduate programs in law, medicine, dentistry and psychology,
whether by colleges, universities or university centers, are subject to the opinion of the proper professional associations. These associations are also consulted in the reaccreditation process. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
and as a consequence of their autonomy, universities also can apply for accreditation of campuses and the authorization and recognition of programs outside the municipality
where the university's seat is located. The campuses and programs not located in the city of the university's seat are not entitled to the autonomy of the main university and must be controlled and
supervised by the university. Effectively, these campuses are treated like colleges for educational regulatory purposes. Within the network in Brazil, the UnP Mossor&oacute; Campus, the
UNIFACS Feira de Santana Campus and the UniRitter Canoas Campus fall into this category. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
a university has obtained the authorization to provide a particular program, the HEI, including university centers and universities, also must obtain the recognition of such course,
as a condition for national validation of the diploma. The application for recognition must be made at least one year after the start of the program and no later than half of the time required for its
completion. The authorization and the recognition of programs and accreditation of institutions of higher education must be renewed periodically in accordance with the regularly applicable MEC
evaluation process. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SINAES was established to evaluate HEI as institutions of higher education, traditional degree and technology degree
programs and student
academic performance. The main objective of this evaluation system is to improve the quality of higher education in Brazil. In practice, the CONAES conducts the monitoring and coordination efforts of
SINAES. The results of the institutional and course evaluations are represented on a scale of five levels and are considered in the process of accreditation, recognition and renewal of accreditation
of programs and accreditation and reaccreditation of institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of unsatisfactory results, the HEI will be required to enter into an agreement with MEC that establishes a remediation program that includes among other requirements:
(i)&nbsp;diagnosis of the unsatisfactory conditions; (ii)&nbsp;development and implementation of measures to be taken to remedy the unsatisfactory conditions; and (iii)&nbsp;establishment of
deadlines and goals for remediation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to comply, in whole or in part, with the conditions provided in the term of commitment may result in one or more penalties imposed by MEC, including temporary suspension of the
opening of the selective process for undergraduate programs and cancellation of accreditation or reaccreditation of the institution and the authorization for operation of its programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;External
evaluations of institutions of higher education are carried out by the INEP in two instances, first, when an institution applies for its first accreditation and second, by the
end of each evaluation cycle of SINAES. Institutions of higher education are evaluated based on the following criteria, among
others: (i)&nbsp;institutional development plan; (ii)&nbsp;social and institutional responsibility; (iii)&nbsp;infrastructure and financial condition; and (iv)&nbsp;pedagogical monitoring of
student academic performance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
evaluation of undergraduate programs is made at the time of the first accreditation by MEC, and consists of the analysis of academic methodology, faculty, student and
technical-administrative bodies and the infrastructure of the institution and is periodically updated at the end of each evaluation cycle of SINAES. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>224</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=234,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=551151,FOLIO='224',FILE='DISK112:[12ZBH3.12ZBH43513]DY43513A.;13',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dz43513_1_225"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The evaluation of graduate programs is made by the Coordinating Agency for the Improvement of Highly Educated Persons ("CAPES"), which is responsible for
establishing the quality standard required of masters and doctoral programs along with the identification and evaluation of the courses that meet this standard. Its recommendations are subject to the
approval of the CNE. Programs are evaluated according to the requirements established for each specific program. CAPES updates its evaluation of graduate programs every three years, which is the
validity period of an authorization. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
evaluation of student academic performance is conducted by INEP, which requires each student to sit for the ENADE in order to verify the knowledge and technical skill of the student
body. Each ENADE test is developed in accordance with the content and specific curriculum of each educational program. Students enrolled in undergraduate programs take the ENADE every three years. In
this system, students are evaluated at the end of the last year of each program. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
overall grade for each class of students is calculated based on the weighted arithmetic average of all students in a specific program selected for the exam. INEP evaluates the
standard deviation of the student's evolution in each program in order to compare it with national standards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of control of mantenedoras.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The change of control of mantenedoras does not require prior approval from MEC. A change of
control need only be
reported to MEC after the fact. However, the transfer of an HEI (mantida) to another mantenedora must be previously approved by MEC. The new mantenedora must meet the necessary requirements for
accreditation of an institution of higher education and provide all appropriate documentation proving economic, financial and academic capacity to do so. Laureate's usual method for the acquisition of
control is to acquire an interest in a pre-existing mantenedora. There may be circumstances in the future that warrant a departure from this course of conduct, in which case Laureate will follow the
prescribed MEC requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
changes of control exercised by Laureate do not ordinarily need MEC prior approval or review, due to the level of Laureate's consolidated gross revenues throughout Brazil,
current Brazilian law requires that every control transaction, with limited exceptions, that Laureate enters into must be submitted to the Brazilian anti-trust authority, the Conselho Administrativo
de Defesa Economico (the "CADE"), for approval. Such request for approval must be granted prior to the definitive closing of such transaction. CADE has the power to reject and/or alter any transaction
or any part of a transaction that it deems to unduly restrict competition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive program.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;PROUNI is a federal program of tax benefits designed to increase higher education participation rates by
making college more
affordable. PROUNI provides private HEI with an exemption from certain federal taxes in exchange for granting partial and full scholarships to low-income students enrolled in traditional and
technology undergraduate programs. All of our HEI adhere to PROUNI. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEI
may join PROUNI by signing a term of membership valid for ten years and renewable for the same period. This term of membership shall include the number of scholarships to be offered
in each program, unit and class, and a percentage of scholarships for degree programs to be given to indigenous and Afro-Brazilians. To join PROUNI, an educational institution must maintain a certain
relationship between the number of scholarships granted to regular paying students. The relationship between the number of scholarships and regular paying students is tested annually. If this
relationship is not observed during a given academic year due to the departure of students, the institution must adjust the number of scholarships in a proportional manner the following academic year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
HEI that has joined PROUNI and remains in good standing is exempted, in whole or in part, from the following taxes during the period in which the term of membership is in
effect:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> IRPJ (income tax) and CSLL (social contribution), with respect to the portion of net income in proportion to revenues from traditional
and technology undergraduate programs; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>225</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=235,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=780735,FOLIO='225',FILE='DISK112:[12ZBH3.12ZBH43513]DZ43513A.;14',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dz43513_1_226"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Cofins (Contribution for the Financing of Social Security) and PIS (Program of Social Integration), concerning revenues from
traditional and technology undergraduate programs. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
number of municipal and state governments have sought to replicate PROUNI by creating their own programs that, for example, offer tax incentives through a reduction in, or credits
against, the ISS (Municipal Services Tax) in exchange for scholarships to targeted social groups or professions. Laureate owns and operates HEI in several jurisdictions where such local incentive
programs are in force. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Student financing program.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;FIES is a federal program established to provide financing to students enrolled in courses in private
institutions of
higher education that have maintained a minimum satisfactory evaluation according to SINAES and receive a grade of 3 or higher out of 5 on the ENADE. The primary factor in determining whether a
student is eligible to receive full or partial financing is how he or she scores on the program's means testing of household income relative to the cost of tuition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
this basic structure, FIES targets both of the government's education policy goals: increased access and improved academic quality outcomes. The HEI receives the benefit of the
FIES program through its participation in the intermediation of CFT-E (Certificado Financeiro do Tesouro) bonds, which are public bonds issued to the HEI by the federal government that the HEI may use
to pay the national social security tax imposed by the INSS (National Social Security Institute) and certain other federal tax obligations. If the HEI is current with its taxes (i.e.,&nbsp;it
possesses a tax clearance certificate and is not otherwise involved in any tax-related disputes with the federal government that are not being defended in compliance with applicable security/bond
requirements) then the HEI also has the option to sell the bonds for cash in a public auction conducted by one of the government-sponsored banks. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the federal government is the direct creditor to the students, federal law stipulates that the HEI bear a portion of the credit risk, which level of risk has been subject to
change in recent years. There are two different types of guarantees in FIES contracts:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> contracts with guarantor(s), when the student names someone (or a group of people) as the underwriter(s) of his or her loan. In this
case, the HEI is responsible for up to 15% (for institutions with no tax disputes) and up to 30% (if the institution has one or more open tax disputes that are not being defended in compliance with
the applicable security/bond requirements) of all related delinquencies. In the past, to effectuate this contribution the federal government withheld between 1% and 3% of the value of the HEI's
monthly CFT-E receipts during the course of the student's enrollment, but this has been replaced by the FGEDUC guarantee described below. In case there is no default, or the default is smaller than
the amount blocked, the federal government will release the withheld CFT-E amounts. The government has yet to establish guidelines determining how the HEI shall remit the unpaid balance in the event
that the default amount is higher than the blocked amounts; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> contracts with a guarantee by FGEDUC, a public fund created for this purpose, as the underwriter of his or her loan. Since February
2014, FGEDUC has become mandatory for all new FIES students. In this case the federal government requires a contribution of 5.63% of the tuition value from the HEI. The HEI contributes 5.63% of the
FIES student's full tuition to the federal fund. FGEDUC guarantees 90% of the loan amount, leaving the HEI responsible for 15% of the other 10% in case of default. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
February 2014, all new students who participate in FIES must also enroll in FGEDUC. FGEDUC allows participating educational institutions to insure themselves for 90% (or 13.5% of
15%) of their losses related to student defaults under the FIES program. The cost of the program is 6.25% of the amount covered, which represents 5.63% of a student's full tuition. Similar to FIES,
the administrator withholds 5.63% of a student's tuition to fund the guarantee by FGEDUC. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>226</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=236,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=506159,FOLIO='226',FILE='DISK112:[12ZBH3.12ZBH43513]DZ43513A.;14',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dz43513_1_227"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, approximately 21% of our students in Brazil participated in FIES, representing approximately 26% of our Brazil revenues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2014, the MEC along with FNDE, the agency that directly administers FIES, announced several significant rule changes to the FIES program beginning in 2015. These changes
raise the eligibility requirements, reduce the annual budget of the program and delay payments to post-secondary institutions with more than 20,000 FIES students that would otherwise have been due in
2015. The first change implements a minimum score on the high school achievement exam in order to enroll in the program. The second change alters the schedule for the payment and repurchase of
credits as well as limits the opportunities for post-secondary institutions to sell any unused credits such that there is a significant delay between the time the post-secondary institution provides
the educational services to the students and the time it receives payment from the government for 2015. In addition to these rule changes, FNDE implemented a policy for current students' loan renewals
for 2015, which provides that returning students may not finance an amount that increases by more than 6.41%, which was later increased to 8.5%, from the amount financed in the previous semester,
regardless of any increases in tuition or in the number of courses in which the student is enrolled, a policy that we believe violates the applicable law. For 2016, MEC announced that there will be no
limitation to the tuition increase. Moreover, in the first and second intakes of 2015, the online enrollment and re-enrollment system that all post-secondary institutions and students must use to
access the program has experienced numerous technical and programming faults that have also interfered with the enrollment and re-enrollment process. Numerous challenges to these changes and requests
for judicial relief from the system's faults have been filed in the Brazilian courts, most of which are pending. The 2016 enrollment and re-enrollment schedule has been released and, so far, the
system has not presented any material issues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
October 2015, FNDE initiated negotiations with ABRAES aiming at settling the FIES payments that were delayed in 2015. The proposal from MEC, which was accepted by ABRAES, was to
divide the total amount due into three annual installments to be paid one fourth in 2016, one fourth in 2017 and half in 2018. The parties also agreed that the yearly installments will be paid in June
of each year, and the amounts will be adjusted to reflect an inflation index from the date of the respective maturity until the effective payment. FNDE also agreed not to take any discriminatory
measures in the future related to the payment due to the post-secondary institutions, and not to impose any limitation on the issuance of certificates and repurchase of credits due to the
post-secondary institutions, which basically means that all certificates will be issued and repurchased in their respective fiscal years, except for those intended to be issued and repurchased in
December, which will be paid in January of the following year. The parties executed the settlement agreement on January&nbsp;28, 2016 and it was approved by the office of the Attorney General of
Brazil on February&nbsp;3, 2016. The Federal Court of Brasilia ratified the settlement agreement on March&nbsp;17, 2016. Our post-secondary institutions in Brazil are associated with ABRAES and
signed the settlement agreement as well; therefore, it will apply to us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;11, 2015, MEC issued new FIES regulations ("Normative Ordinance No.&nbsp;13"), which supersede in all significant aspects the rules previously in force. Normative
Ordinance No.&nbsp;13 defined and clarified some rules for student eligibility and classification, higher education institution participation and selection of the vacancies that will be offered to
the students in the first intake of 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among
other changes, it created a "waiting list" concept for students not selected in the first selection call. It also instituted a rule that allows the remaining vacancies that were
not filled in by the waiting list students to be redistributed among other programs of the post-secondary institution. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rules for student eligibility are to have a gross household income of not more than 2.5 times the minimum wage per capita (which was raised by the MEC to 3.0&nbsp;times on
June&nbsp;17, 2016) and to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>227</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=237,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=258721,FOLIO='227',FILE='DISK112:[12ZBH3.12ZBH43513]DZ43513A.;14',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dz43513_1_228"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>have
taken the National High School Proficiency Exam at least once since 2010, with a minimum score of 450 points, and to have a score greater than zero in the test of writing. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regarding
the participation of post-secondary institutions in FIES, institutions still must sign a participation agreement that contains their proposal of the number of vacancies offered
and the following information per shift (morning, evening) and campus location: (i)&nbsp;tuition gross amount for the entire course, including all semesters; (ii)&nbsp;total tuition gross amount
per course for the first semester, which must reflect at least a five percent discount to the course list price; and (iii)&nbsp;the number of vacancies that will be offered through the FIES
selection process. Also, only courses with scores of 3, 4 or 5 in the SINAES evaluation are eligible to receive FIES students. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;14, 2016, Provisional Presidential Decree No.&nbsp;741/2016 (Medida Provis&oacute;ria No.&nbsp;741/2016) revising the FIES payments rules was published in the
official gazette. According to the new decree, higher education institutions became liable for the administration fees and expenses charged by the government banks that manage FIES loans. The decree
became effective immediately and the government will withhold two percent of all FIES payments to cover such administration fees and expenses. Provisional presidential decrees are instruments with the
force of law that the President of Brazil can issue in cases of importance and urgency. They have immediate effect and are valid for 60&nbsp;days, extendable only once for the same period.
Effectiveness beyond that period required approval of the National Congress, which took place on November&nbsp;9, 2016, and it was enacted into law on December&nbsp;2, 2016 (Law
No.&nbsp;13.366/2016). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2016, the MEC issued additional FIES regulations ("Normative Ordinance No.&nbsp;17") expanding the guidelines previously defined in Normative Ordinance No.&nbsp;13. Among
other things, Normative Ordinance No.&nbsp;17 describes in greater detail how to calculate remaining vacancies, sets forth procedures and deadlines for the completion of the filling of the remaining
vacancies, and provides for dealing with exceptional situations where procedural errors or other obstacles have prevented students from accessing remaining vacancies in a timely manner. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Another
change in the new regulation was the number (or percentage) of vacancies that can be offered by the post-secondary institutions in relation to the score obtained in SINAES
evaluation, which was reduced:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to up to 50% of the number of vacancies in courses with a score of 5 (from up to 100%); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to up to 40% of the number of vacancies in courses with a score of 4 (from up to 75%); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to up to 30% of the number of vacancies in courses with a score of 3 (from up to 50%);
and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to up to 25% of the number of vacancies in courses that are in the process of authorization by MEC (from up to 50%). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
criteria for the selection of vacancies by MEC to be offered to students were also modified by Normative Ordinance No.&nbsp;13 and the regionality provisions of the prior Normative
Ordinances (i.e.,&nbsp;vacancies offered in the Northeast, North and Central-West regions would have had priority over those offered in the South and Southeast regions) were excluded from the
regulation. Normative Ordinance No.&nbsp;13 replaces the regionality criterion with a new criterion of "social relevance determined by micro-regions," which means that for each micro-region they
will take into consideration the demand for higher education for educational financing (calculated by FIES) and the Human Development Index of each micro-region. All of the other criteria provided in
the previous regulation were maintained in the new one (i.e.,&nbsp;(i) FIES budget and the availability of resources, (ii)&nbsp;course score under SINAES's evaluation and (iii)&nbsp;priority
courses, as defined by the government (pedagogy, engineering and health sector courses)). Normative Ordinance No.&nbsp;13 also contains two annexes, which address in great detail the selection and
tiebreaker criteria for the vacancies, as well as the rules for redistribution of remaining vacancies. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>228</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=238,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=808131,FOLIO='228',FILE='DISK112:[12ZBH3.12ZBH43513]DZ43513A.;14',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dz43513_1_229"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil's
economy continues to present challenges to growth and create pricing pressures in the education sector. Our new student enrollment in Brazil was negatively affected by these
conditions as well as the changes to the FIES program. If economic conditions continue to weaken and the Brazilian government implements additional austerity measures, our ability to grow our student
enrollment in Brazil may be further negatively affected. The Brazilian government's changes to the FIES program resulted in a substantial increase in the total number of new FIES contracts in that
country in 2014, an election year, and then a reduction in the total number of new FIES contracts, from over 700,000 in 2014 to approximately 300,000 in 2015. As a result, Laureate's new enrollments
of students in the FIES
program also decreased similarly in 2015; however, this did not have a material impact on our 2015 results of operations since total enrollments for all students increased in 2015. Any potential
impact on total enrollment would not occur until the FIES students from the expansion of the program have graduated, and would depend on the Brazilian government's commitment to the FIES program. In
addition, the Brazilian government reduced the frequency of payments to participating institutions during 2015. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distance education.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Distance Education, or Educa&ccedil;&atilde;o &agrave; Dist&acirc;ncia ("EaD") in Brazil, is
regulated by the LDB. The law defines EaD as an educational modality in which the didactic and pedagogical measurement in teaching and learning processes occur with the use of media, information and
communication technologies, with students and teachers developing educational activities at different places and/or times. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EaD
programs can be offered at different levels and types of higher education, like professional education, including technical, medium and technological level of higher education,
higher education, covering continuing education programs, undergraduate, specialization, masters and PhD. EaD programs may only be offered by HEI that are regularly accredited by the MEC. The
accreditation request and respective renewal for EaD programs is separate from the accreditation process for the in-person programs delivered by the HEI. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universities
and university centers accredited to offer EaD programs may create, organize and extinguish courses or higher education programs, upon notice to MEC, and the courses or
programs created can only be offered within the limits of the scope defined in the HEI's accreditation act. Colleges (faculdades), must request MEC authorization to offer each specific EaD program. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
list of requirements for accreditation in the federal education system comprehends physical infrastructure, academic facilities, and details the characteristics and equipment for the
library and laboratory operations, along with the accessibility plan and priority seating. Once issued, the EaD accreditation license issued by MEC defines the scope of the HEI's EaD operations in the
country, and any expansion beyond the licensed area may only occur with specific MEC permission. The HEI accreditation for the provision of EaD programs is valid for the evaluation cycle term and is
renewable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EaD
programs must be designed with the same duration as their respective in-person course programs. Moreover, the EaD regulatory scheme requires that the HEI perform some aspects
in-person as follows: (i)&nbsp;student assessments; (ii)&nbsp;compulsory trainee programs, when provided for in the relevant legislation; (iii)&nbsp;dissertation defense for course completion,
when provided for in the relevant legislation; and (iv)&nbsp;activities related to teaching laboratories, where applicable. The in-person events must be performed at the HEI's campus or at a
specific, brick and mortar learning center duly accredited for this purpose, referred to as a "polo." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is also noteworthy that the HEI offering EaD programs, particularly the polos, are subject to inspection by the MEC at any time. Those inspections aim to demonstrate whether those HEI
are compliant with legal and regulatory requirements. In the event of any irregularity not corrected within the given deadlines, the HEI may be subject to certain penalties, including
disqualification. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>229</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=239,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=169396,FOLIO='229',FILE='DISK112:[12ZBH3.12ZBH43513]DZ43513A.;14',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dz43513_1_230"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EaD
certificates or diplomas issued by accredited HEI have national validity with the same force and effect as those certificates or diplomas issued for the completion of in-person
programs. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Chilean Regulation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Political Constitution of the Republic of Chile guarantees every individual's right to education and sets forth the state's
obligation to promote the development of education at all levels. It also provides for liberty in teaching, which includes the right to open, organize and maintain educational institutions, providing
that a Constitutional Organic Law, which requires a super-majority vote in the Chilean Congress, must establish the requirements for the official recognition of educational institutions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Law on Education sets forth the requirements and the procedure for the official recognition of educational institutions, providing for an educational system that is mixed in
nature, including a form of education owned and managed by the state and its bodies and another one that is privately provided. The principles that inspire the Chilean educational system include those
of universality, by virtue of which education should be affordable to all individuals, quality of education, and respect for and promotion of the autonomy of the educational institutions, within the
framework of the laws governing them. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of higher education, the law provides a licensing system for new institutions that, once completed, makes it possible for these institutions to achieve full autonomy. This
autonomy consists of every higher education institution's right to govern itself, as provided in its bylaws, in all matters regarding the fulfillment of its purpose, and encompasses academic, economic
and administrative autonomy. Academic autonomy includes the higher education entities' power to decide by themselves the manner in which their teaching, research and extension functions will be
fulfilled and the establishment of their curricula and programs. Economic autonomy makes it possible for those establishments to manage their resources to fulfill their goals pursuant to their bylaws
and the laws,
while administrative autonomy empowers each higher education establishment to organize its operation in the form deemed most appropriate in accordance with its bylaws and the relevant laws. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Ministry of Education ("MINEDUC") is the department of state in charge of promoting the development of education at all levels. Its functions include those of proposing and assessing
the policies and plans for educational and cultural development, assigning the necessary resources for the conduct of educational and cultural extension activities, evaluating the development of
education, discussing and proposing general norms applicable to the sector and overseeing their enforcement, granting official recognition to educational institutions, supervising the activities of
its dependent units and fulfilling the other functions assigned by the law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MINEDUC's Higher Education Division is the unit in charge of overseeing compliance with the legal and regulatory norms that govern higher education, of providing advice on the
proposal of policies at this level of education and of establishing institutional relations with the officially recognized higher education institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
National Education Council (</FONT><FONT SIZE=2><I>Consejo Nacional de Educaci&oacute;n</I></FONT><FONT SIZE=2>) is an autonomous entity composed of ten members who must be
academicians, professors or professionals with an outstanding career in teaching and educational management and whose functions, regarding higher education, consist of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> managing the license-granting system for new institutions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> deciding on institutional projects submitted by institutions for the purpose of their official recognition; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> verifying the development of institutional projects of the institutions that have been approved; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>230</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=240,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=655203,FOLIO='230',FILE='DISK112:[12ZBH3.12ZBH43513]DZ43513A.;14',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dz43513_1_231"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> establishing selective examination systems for the subjects or courses of study delivered by the higher education institutions subject
to license-granting processes in order to evaluate compliance with the curricula and programs and the performance of students; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> requesting from the MINEDUC, on a supported basis, the revocation of official recognition of the universities, professional institutes
and technical training centers under the license-granting process; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> managing the revocation process of higher education institutions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> assisting the MINEDUC in the management of the shutdown processes of autonomous higher education institutions, especially as to the
process of awarding diplomas and degrees to students who are in the course of their education at the time of shutdown; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> serving as an appeals body for decisions of the National Accreditation Commission. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
National Accreditation Commission (</FONT><FONT SIZE=2><I>Comisi&oacute;n Nacional de Acreditaci&oacute;n</I></FONT><FONT SIZE=2>) is an autonomous entity, the
function of which is to verify and promote the quality of the autonomous universities, professional institutes and technical training centers and of the courses of study and programs offered by them.
In particular, the National Accreditation Commission is required to deliver an opinion on the institutional
accreditation of higher education institutions, authorize the private agencies in charge of accreditation of courses of study and undergraduate programs and bachelor programs and specialty programs in
the area of health, and supervise their operation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Managing Commission of the Credit System for Higher Education Studies (</FONT><FONT SIZE=2><I>Comisi&oacute;n Administradora del Sistema de Cr&eacute;ditos para
Estudios Superiores</I></FONT><FONT SIZE=2>) is an entity whose functions include defining and assessing policies for the development and implementation of financing arrangements for higher education
studies, entering into and proposing modifications to any necessary agreements with both domestic and foreign public and private financing entities and implementing those arrangements, and defining
and evaluating the policies for higher education loans guaranteed by the state. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization and recognition of higher education institutions.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The law recognizes state-owned higher education institutions,
which may only be
created by a law, and private institutions that must be organized in accordance with provisions contained in the law. The Chilean legislation provides that the state will officially recognize the
following higher education institutions: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Universities:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Universities may grant professional
certificates and all kinds of academic degrees, including graduate certificates, bachelor's degrees and Ph.Ds. Universities are the only institutions entitled to grant professional certificates with
respect to which the law requires having previously obtained a bachelor's degree.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Professional Institutes:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Professional institutes may
only confer professional certificates of the type that do not require a bachelor's degree, and technical certificates of a superior level to those students who have completed programs of at least
1,600&nbsp;class hours without receiving a bachelor's degree.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Technical Training Centers:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Technical training centers
may only confer a technical certificate of a superior level to those students who have completed programs of at least 1,600 class hours. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Educational institutions of the armed forces and police. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private
universities must be created in accordance with the procedures set forth by law, and must always be not-for-profit entities in order to be officially recognized. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private
professional institutes and technical training centers may be created by any individual or legal entity, they may be organized as for-profit or not-for-profit entities, and their
sole purpose must be the creation, organization and maintenance of a professional institute or technical training center. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>231</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=241,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=45519,FOLIO='231',FILE='DISK112:[12ZBH3.12ZBH43513]DZ43513A.;14',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dz43513_1_232"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to be officially recognized, universities, professional institutes and technical training centers must have the necessary teaching, didactic, economic, financial and physical
resources to offer the academic degrees, professional certificates or technical certificates, as appropriate, which must be certified by the National Education Council. Additionally, these
institutions must have a certification granted by the National Education Council evidencing that the entity has had both its institutional project and its academic programs approved and that it will
have the progressive verification of its institutional development performed. Higher education institutions may only start their teaching activities once the official recognition has been granted. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
official recognition of a higher education institution may be revoked and, in the case of universities, their legal existence may be revoked through a supported Statutory Decree of
the MINEDUC, after a decision of the National Education Council adopted by the majority of its members in a meeting called for that sole purpose and after hearing the affected party, if that party
(i)&nbsp;fails to comply with the objectives set forth in its bylaws, (ii)&nbsp;conducts activities contrary to morals, public order, good customs or national security, (iii)&nbsp;commits gross
violations of its bylaws, or (iv)&nbsp;ceases to confer professional certificates to its graduates. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
law provides for a system of license grants to higher education institutions, which includes the approval of institutional project and the evaluation, progress and materialization of
its educational project for a period of no less than six years, at the end of which they may become fully autonomous. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National system of quality assurance in higher education.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The law provides for a system of quality assurance in higher education
that includes a
system of institutional accreditation that consists of a process of analysis of existing mechanisms within the autonomous higher education institutions to guarantee their quality, bearing in mind both
the existence of those mechanisms and their application and results, and a process of accreditation of courses of study or programs, consisting of a process of verification of the quality of the
courses of study or programs offered by the autonomous higher
education institutions, on the basis of their declared purposes and the criteria set forth by the respective academic and professional communities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both
the institutional accreditation and the accreditation of courses of study and undergraduate programs are voluntary, except that the courses of study and academic programs leading to
the professional degrees of Surgeon, Elementary Education Teacher, Secondary Education Teacher, Differential Education Teacher and Nursery School Teacher are subject to mandatory accreditation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
institutional accreditation is filed with the National Accreditation Commission, whereas the accreditation of courses of study and undergraduate programs can be performed by
domestic, foreign or international accreditation entities authorized by the National Accreditation Commission. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefits.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Chilean universities recognized by the state, and the associations, corporations, partnerships and foundations
that are created,
organized or maintained by those universities, are exempted from paying tax on the income arising exclusively from their educational activities. Likewise, educational institutions are exempted from
paying value-added tax, an exemption that is limited to the revenues arising from their teaching activities. Additionally, universities are exempted from paying withholding taxes for payments made
abroad. There are also specific tax benefits for donations made to universities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Chilean state contributes to the direct financing of universities existing as of December&nbsp;31, 1980 by means
of contributions
from the state. In addition, all universities, professional institutes and technical training centers recognized as higher education institutions receive an indirect contribution from the state, which
is distributed on the basis of the scores obtained in the university admission test by the students enrolled in each higher education institution. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>232</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=242,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1026521,FOLIO='232',FILE='DISK112:[12ZBH3.12ZBH43513]DZ43513A.;14',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_dz43513_1_233"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the CAE Program, the state guarantees up to 90% of the principal plus interest on loans granted by financial institutions to students of higher education at autonomous, accredited
institutions officially recognized by the state that select their first-year students on the basis of the score obtained in the university admission test and that use the aforesaid indirect
contribution by the state exclusively for institutional development purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
NMS program supports access to vocational and technical education for students in the lowest 70% who met or exceeded certain academic standards by providing annual scholarships
(i)&nbsp;under NMS&nbsp;I in amounts up to CLP 600,000; (ii)&nbsp;under NMS II in amounts up to CLP 850,000 per year for students who come from the first five income deciles if the tech/voc
institution in which they are enrolled is organized as a not-for-profit legal entity or, if the tech/voc institution is not so organized, the institution has stated in writing its intention to become
a not-for-profit entity and to be accredited; and (iii)&nbsp;under NMS III in amounts up to CLP 900,000 per year, provided that such students and the institution in which they enroll meet the
requirements for NMS II and the tech/voc institution was, on December&nbsp;31, 2015, accredited for four years or more. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent developments.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Because of an ongoing controversy in Chile with respect to the quality of higher education and compliance
with the regulations
applicable to higher education institutions, since July 2011 several reforms have been promoted by the Chilean government. Some of these reforms were approved during the previous administration, such
as amendments to the CAE Program reducing from&nbsp;6% to 2% per annum the interest rate that CAE debtors must pay, limiting principal and interest payments under that program to 10% of a debtor's
monthly income, and providing for the termination of the debt after a 180-month period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
legislative reforms were promoted by members of the previous Chilean Congress but were not supported by the previous Chilean government, including proposals to restrict related
party transactions between higher education institutions and entities that control them. In November and December 2013, Chile held national elections. The presidential election was won by former
president Michelle Bachelet, who assumed office on March&nbsp;11, 2014, and a political coalition led by Ms.&nbsp;Bachelet won the elections for both houses of the Chilean Congress, in each case
for four years beginning on March&nbsp;11, 2014. Although the election platform of the new government mentioned that stronger regulation of higher education was required, it did not contain specific
commitments with respect to the abovementioned reforms, other than the creation of a special agency to oversee higher education institutions' compliance with law and regulations. In the second quarter
of 2014, the new government announced the withdrawal of all of the prior administration's higher education proposals and its intent to submit new bills to the Chilean Congress. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December&nbsp;2014, the Chilean Congress adopted the Provisional Administrator Law, which provides for the appointment of a provisional administrator or closing administrator to
handle the affairs of failing universities or universities found to have breached their bylaws. In addition, the Chilean Congress has approved legislation that would permit, but not require,
universities and technical/vocational institutes to include in their bylaws provisions contemplating the participation of students, professors and employees in the governance of the institution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;27, 2015, the Chilean Congress passed the 2016 Budget Law. By means of the 2016 Budget Law, the administration sought to implement a policy to grant free access to
higher education to students from the first five income deciles who attend certain universities or tech/voc institutions. For university students, the Budget Law would have required them to be
enrolled in universities that either are members of the CRUCh or are private universities that are not members of the CRUCh that, on September&nbsp;30, 2015, met the following requirements:
(a)&nbsp;being accredited for four years or
more; (b)&nbsp;not being related to for-profit legal entities; and (c)&nbsp;having a representative of the students or non-academic personnel as a member of their governing body. For tech/voc
students, the 2016 Budget Law would have required them to be enrolled in institutions organized as not-for-profit legal entities that were accredited for four or more years. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>233</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=243,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1035353,FOLIO='233',FILE='DISK112:[12ZBH3.12ZBH43513]DZ43513A.;14',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ea43513_1_234"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;21, 2015, the CT declared portions of the 2016 Budget Law dealing with higher education institutions to be unconstitutional, in particular
those portions that would require students to attend institutions with specific characteristics in order to obtain free tuition as, under the Chilean Constitution, that would constitute arbitrary
discrimination affecting students who are in the same economic condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before
the CT published the text of its decision, the administration submitted the Short Law to the Chilean Congress. The Short Law was approved by Congress two days after its
submission, on December&nbsp;23, 2015, and published on December&nbsp;26, 2015. The Short Law is effective only during 2016 and was not subject to a constitutional challenge. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Short Law, for university students to be eligible for free tuition, they had to come from the first five income deciles and enroll either in a State-owned university or in a
private university that on December&nbsp;27, 2015 was accredited for at least four years and controlled by individuals or not-for-profit legal entities. The Short Law excluded tech/voc students from
eligibility for free tuition in 2016. However, the Short Law provided that free tuition for tech/voc students would be implemented within three years provided that they attend tech/voc institutions
that are accredited for at least four years and are organized as not-for-profit legal entities. The Short Law provided that tech/voc institutions that
were organized as for-profit entities should, not later than December&nbsp;27, 2015, state their intention to reorganize as not-for-profit entities in order to be eligible to participate in
NMS&nbsp;II and NMS III. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the period between the effective date of the Short Law and such time as students at tech/voc institutions become eligible to participate in the free tuition program, the Short Law
modified the allocations of the NMS. The Short Law divided this scholarship program into three parts: (i)&nbsp;NMS I, which grants students who meet certain personal conditions scholarships of up to
CLP 600,000 per year; (ii)&nbsp;NMS II, which grants students scholarships of up to CLP 850,000 per year, provided the students come from the first five income deciles and the tech/voc institution
in which they are enrolled is organized as a not-for-profit legal entity or, if the tech/voc institution is not so organized, the institution has stated in writing its intention to become a
not-for-profit entity and to be accredited; and (iii)&nbsp;NMS III, which grants students scholarships of up to CLP 900,000 per year, provided that such students and the institution in which they
enroll meet the requirements for NMS II and the tech/voc institution was, on December&nbsp;31, 2015, accredited for four years or more. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Chilean universities and tech/voc institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network did not meet each of these tests, so
students at these institutions are not eligible for free tuition or NMS II or NMS III scholarships under the Short Law. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;11, 2016, the Chilean Congress passed the 2017 Budget Law. The 2017 Budget Law included changes to the policies for granting free access to higher education and
scholarships to students from the first five and seven income deciles who attend certain universities or tech/voc institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
university students, the 2017 Budget Law provides for free access to higher education with the same requirements as were in the 2016 Budget Law but adds the requirement that eligible
universities have a minimum of 80% of their newly enrolled students with an average result from the national university admissions examination, high school grades and high school rankings above a
specified level, and have a transparent admission system that must have been published on the institution's website by December&nbsp;1, 2016. For tech/voc institutions, the 2017 Budget Law provides
for eligibility for free access for students if they are enrolled in institutions (i)&nbsp;organized as not-for-profit legal entities or as for-profit legal entities that have filed for
transformation to not-for-profit legal entities under the "Transformation Law" passed by the Chilean Congress on November&nbsp;16, 2016, before December&nbsp;15, 2016, (ii)&nbsp;accredited for
four years or more as of December&nbsp;23, 2016, (iii)&nbsp;having as controllers not-for-profit legal entities or natural persons, (iv)&nbsp;having stated their intention to participate in the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>234</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=244,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=205796,FOLIO='234',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_235"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>free
access system before December&nbsp;15, 2016, and (v)&nbsp;having a transparent admission system that must have been published on the institution's website by December&nbsp;1, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2017 Budget Law also modified the allocations of the BS Program. The BS Program supports access to higher education for university students coming from one of the first seven income
deciles and covers the full amount of tuition up to an amount authorized by the government. Historically, the BS Program solely benefited students of CRUCh universities. The 2017 Budget Law terminated
the differentiation between CRUCh and non-CRUCh universities for eligibility for the BS Program. Thus, for 2017, 3,500 BS Program scholarships will be granted to students at non-CRUCh universities and
3,500 additional BS Program scholarships will be granted to students at non-CRUCh universities in 2018. By 2019, the government promises to have an equal BS Program scholarship policy for all
universities, whether CRUCh or non-CRUCh. Students may apply for a BS Program scholarship if their university is accredited for at least four years and if 80% of the university's newly enrolled
students have an average result from the national university admissions examination, high school grades and high school rankings above a specified level. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the 2017 Budget Law, the NMS II and NMS III are available to all students enrolled in a tech/voc institution, whether for-profit or not-for-profit: (i)&nbsp;NMS II in an amount
of CLP 860,000 per year, or up to the effective government-approved tuition fee if it is less than that amount, for students who come from the first five income deciles with an average high school
grade of 5.0 and the tech/voc institution in which they are enrolled being accredited for at least three years; and (ii)&nbsp;NMS III, in an amount up to CLP 900,000 per year, or up to the effective
government-approved tuition fee if it is less than that amount, provided that such students and the institution in which they enroll meet the requirements for NMS II and the tech/voc institution was,
on December&nbsp;31, 2016, accredited for four years or more. The NMS III scholarship will last until the tax benefit established in the Transformation Law for tech/voc institutions ends. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally,
under the 2017 Budget Law, the Comptroller General will be in charge of overseeing the use of the public resources in higher education. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
April 2016, the Chilean Congress made reforms to specific career disciplines, including pedagogy. Law 20,903 created the teaching professional development system
(</FONT><FONT SIZE=2><I>Sistema de Desarrollo Profesional Docente</I></FONT><FONT SIZE=2>), which aims to improve the quality of training for those who choose to study pedagogy by setting new program
admission requirements and mandatory institutional accreditation standards for pedagogy career programs. As these changes have only taken effect in 2017, their impact cannot yet be determined;
however, the Chilean universities in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network are preparing to adjust to the new regime and will be monitoring
the effects on their pedagogy programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;4, 2016, the Chilean President submitted to the Chilean Congress a bill (the "Higher Education Bill") that, if approved, would change the entire regulatory landscape of
higher education in Chile, as it would amend and/or replace most of the currently applicable legislation, including repealing the current laws governing universities, professional institutes and
technical training centers. The changes contemplated in the Higher Education Bill that are most relevant to us are: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
creation of an Undersecretary of Higher Education, which would replace and be the legal successor to the current Higher Education Division of the
MINEDUC and whose functions would be: (i)&nbsp;to propose to the MINEDUC policies on higher education, including policies on access, inclusion, retention and graduation of higher education students,
on the promotion, development, support and continuous improvement of the quality of higher education institutions and their relationship with the needs of the country, and on the allocation of public
funds; (ii)&nbsp;to manage the procedures relating to the granting and revocation of the official recognition of higher education institutions; (iii)&nbsp;to take custody of the academic records
of higher education institutions that have lost their official recognition; (iv)&nbsp;to manage </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>235</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=245,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=176614,FOLIO='235',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_236"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>the
Common Access System for Higher Education Institutions; (v)&nbsp;to manage the National Higher Education Information System; (vi)&nbsp;to coordinate the various public institutions and
services that have authority on higher education matters; (vii)&nbsp;to establish coordination mechanisms for the members of the boards of directors of state-owned universities who are appointed by
the President; (viii)&nbsp;to generate and coordinate with regional and local governments instances of participation and dialogue with and among higher education institutions as well as the
collaboration and transfer of best practices among them, and between such institutions and secondary schools; (ix)&nbsp;to develop studies on the higher education system; (x)&nbsp;to maintain a
registry of higher education institutions with access to public funding; and (xi)&nbsp;to have any other function that the law may assign to it.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
creation of a new Common Access System for Higher Education Institutions, to be managed by the Undersecretary of Higher Education, which would establish
the process and mechanisms for the application, admission and selection of undergraduate students, and which would be mandatory at all higher education institutions that receive public funding through
the MINEDUC.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
creation of a National Higher Education Information System, to be managed by the Undersecretary of Higher Education, which would include, among other
things, information about students, enrollment, faculty, resources, infrastructure and results of the academic process at higher education institutions; about the nature of the higher education
institutions, their members and individuals that are part of their administrative bodies; about the financial condition and solvency of higher education institutions, including their annual audited
financial statements; and information about related party transactions. Both the Superintendence of Higher Education and the Higher Education Quality Council would provide all information they receive
from higher education institutions to the Undersecretary of Higher Education to be included in the National Higher Education Information System.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
creation of a new National System of Quality Assurance of Higher Education, to be established by the MINEDUC through the Undersecretary of Higher
Education, the National Education Council, the Higher Education Quality Council and the Superintendence of Higher Education, the functions of which, among others, would be to: (i)&nbsp;develop
policies to promote quality, suitability, articulation, inclusion and equality in the execution of the duties of higher education institutions; (ii)&nbsp;license new higher education institutions;
(iii)&nbsp;provide the institutional accreditation of autonomous higher education institutions; and (iv)&nbsp;enforce the compliance of higher education institutions with the rules applicable to
higher education and the legality of the use of their resources, supervise their administrative and financial feasibility, and their academic commitments to students.  </FONT>
<BR>

<P style="font-family:times;"><FONT SIZE=2>The
Higher Education Quality Council, whose purpose would be to evaluate, accredit and promote the quality of autonomous higher education institutions and of the careers and study programs they offer,
and which would be responsible for executing the institutional accreditation processes and undergraduate and graduate career and study programs accreditation processes, would be composed of 11
directors, nine of which would be appointed by the President of the Republic. The functions of the Higher Education Quality Council would include: (i)&nbsp;managing and resolving the accreditation
processes; (ii)&nbsp;proposing the quality criteria and standards for institutional accreditation and accreditation of undergraduate and graduate careers and study programs to the MINEDUC;
(iii)&nbsp;maintaining public information systems that contain relevant decisions regarding the different accreditation processes; (iv)&nbsp;executing and promoting actions for continuous
improvement of the quality of higher education institutions; (v)&nbsp;keeping a registry of peer reviewers who are part of the accreditation process; (vi)&nbsp;training peer reviewers; and
(vii)&nbsp;submitting data to the National Higher Education Information System. </FONT></P>

</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>236</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=246,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=53433,FOLIO='236',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_237"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Under
the National System of Quality Assurance of Higher Education, institutional accreditation would be mandatory for all autonomous higher education institutions and would consist of the evaluation
and verification of compliance with quality standards, as well as the analysis of internal mechanisms for quality assurance, considering both their existence and their application and results, and
their alignment with the mission and purpose of higher education institutions. All institutional accreditations would last for eight years. The accreditation process would include the evaluation, for
all campuses and for the undergraduate careers and programs selected by the board of the Higher Education Quality Council, of the management and institutional resources, internal quality assurance,
teaching and results of the education process, generation of knowledge, creation and innovation, and association with the environment, of the respective higher educational institutions. Accredited
institutions would be classified under one of three different categories. Category&nbsp;C institutions would need to obtain prior approval of the Higher Education Quality Council to open new
campuses or programs, while Category&nbsp;B institutions would need to obtain such approval only to open careers or programs in a field of knowledge not regularly offered by the institution or which
has not been offered in the last two
years, and Category&nbsp;A institutions would not need to obtain any approval to open new campuses, careers or programs.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
bill also provides that certain careers and study programs, i.e.,&nbsp;medical and education programs, as well as doctorate-level programs be mandatorily accredited.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Accreditation
decisions would not be appealable although reconsideration could be sought before the Higher Education Quality Council not later than 15&nbsp;days after the notification of decision. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
creation of a Superintendence of Higher Education, whose purpose is to enforce and monitor compliance with the legal and regulatory provisions that
govern higher education, as well as the legality of the use of resources by higher education institutions and to supervise their financial feasibility. Its functions and powers would be, among others,
to: (i)&nbsp;enforce compliance with the law by higher education institutions, their organizers, controllers, members, associates, partners, owners, founders, legal representatives and board
members; (ii)&nbsp;ensure that the requirements or conditions that resulted in official recognition of the higher education institutions are maintained; (iii)&nbsp;supervise the financial
feasibility of higher education institutions; (iv)&nbsp;ensure the legality of the use of resources of higher education institutions; (v)&nbsp;ensure that higher education institutions comply with
the terms, conditions, and modalities of the academic commitments undertaken with students; (vi)&nbsp;arrange and conduct audits of higher education institutions; (vii)&nbsp;visit the academic and
administrative establishments and offices of higher education institutions and of the institutions' organizers that are related to the management of the respective institution in order to carry out
the functions assigned to the Superintendence, accessing any documents, books or information required for the purposes of enforcement, and reviewing all the transactions, assets, books, accounts,
files and, in general, any documents or information it deems necessary for the supervision of the individuals or institutions inspected and of the third parties with which they interact;
(viii)&nbsp;require pertinent information needed for it to fulfill its duties to be provided to it by inspectors and inspecting institutions and related third parties, and by any relevant government
entities; (ix)&nbsp;summon organizers, controllers, members, associates, partners, owners, founders, legal representatives, board members or employees of the inspected institutions, or of those who
exercise those positions at related institutions, and any other person who has entered into an agreements of any kind with the above, to testify before it, and summon witnesses to provide any
information it deems necessary to fulfill its duties; (x)&nbsp;respond to inquiries submitted to it within the scope of its powers, receive and resolve claims, and mediate claims, when applicable;
(xi)&nbsp;investigate and resolve complaints that arise; (xii)&nbsp;bring charges, process them, adopt provisional measures, and resolve the proceedings </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>237</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=247,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=539473,FOLIO='237',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_238"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>underway
regarding any infraction that comes to its attention; (xiii)&nbsp;apply penalties in accordance with the law; (xiv)&nbsp;apply and provide administrative interpretations of the applicable
law, and issue general instructions to the sector subject to its enforcement; (xv)&nbsp;send information brought to its attention in the exercise of its duties and powers to the Higher Education
Quality Council when such information indicates violations within the scope of the matters it regulates; (xvi)&nbsp;remit information brought to its attention in the exercise of its duties to the
Public Prosecutor when such information indicates that a crime has been committed; (xvii)&nbsp;manage the information it compiles in the exercise of its duties, in a coordinated effort with the
Undersecretary of Higher Education, for adequate development of the National Higher Education Information System; (xviii)&nbsp;reach agreements with other public services regarding electronic
transfers of information to facilitate execution of their functions; (xix)&nbsp;generate indexes, statistics and studies with the information delivered by the institutions it inspects, and produce
publications within the scope of its powers; and (xx)&nbsp;provide technical advisory services to the MINEDUC and other entities within the scope of its powers.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Sanctions
imposed by the Superintendence of Higher Education would be appealable to the courts.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Higher
education institutions would be required to provide to the Superintendence of Higher Education the following information: (i)&nbsp;their audited consolidated annual financial statements and
any information about any fact that may significantly affect its financial condition; (ii)&nbsp;a list of their partners or members, and of any individuals exercising executive functions;
(iii)&nbsp;information about related party transactions; (iv)&nbsp;information about tax-exempt donations; and (v)&nbsp;a list of entities in which the institution holds an interest of more than
10% and of not-for-profit entities in which it is entitled to appoint at least one board member.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>New
regulations applicable to not-for-profit educational institutions (including universities) that would: (i)&nbsp;provide that their controllers and
members can only be individuals, other not-for-profits or state-owned entities; (ii)&nbsp;create the obligation to use their resources and reinvest their surplus or profits in the pursuit of their
objectives and in enhancing the quality of the education they provide; (iii)&nbsp;create the obligation to have a board of directors, which cannot delegate its functions, and whose members cannot be
removed unless approved by the majority of the board and for serious reasons; and (iv)&nbsp;prohibit related party transactions with their founders, controllers, members of the board, rector and
their relatives or related entities, unless the counterparty to the transaction is another not-for-profit entity, and establish regulations for other related party transactions which include the need
for them to be under market conditions and approved by the board.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>A
new system to provide public funding to higher education institutions and free higher education to certain students. Under the new system, all licensed
higher education institutions would be eligible to receive public "institutional funding for gratuity" as long as they complied with the following requirements: (i)&nbsp;accreditation;
(ii)&nbsp;not-for-profit or state-owned; (iii)&nbsp;be part of the Common Access System for Higher Education Institutions; and (iv)&nbsp;apply policies approved by the Undersecretary of Higher
Education that permit fair student access and implement vulnerable student support programs that promote their retention, providing that at least 20% of the total admissions of the university are
granted to students from homes within the country's four lowest-income deciles. The institutions that would be part of the public funding system would be subject to regulation of fees charged which
would be set by the Undersecretary of Higher Education. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are currently evaluating the effect the proposed Higher Education Bill would have on the Chilean institutions in the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network if it is adopted in the form introduced in the Chilean Congress. We cannot predict whether or not the proposed Higher Education Bill will be adopted in
this form, or if any higher education legislation will be adopted that would affect </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>238</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=248,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=735625,FOLIO='238',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_239"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. However, if any such legislation is adopted, it could have a material adverse
effect on our results of operations and financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2012, an investigative committee of the Chilean Chamber of Deputies issued a preliminary report on the Chilean higher education system alleging that certain universities,
including the three universities that Laureate controls in Chile, have not complied with the requirements of Chilean law that universities be not-for-profit. Among the irregularities cited in the
report are high salaries to board members or top executives, outsourcing of services to related parties, and that universities are being bought and sold by foreign and economic groups. The
investigative committee referred its report to the MINEDUC and to the Public Prosecutor of Chile to determine whether there has been any violation of the law. The Public Prosecutor appointed a
regional prosecutor to investigate whether any criminal charges should be brought for alleged violations of the laws on higher education and, more than three years later, no charges have been brought
by the regional prosecutor against any institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. On July&nbsp;19, 2012, the Chilean Chamber of
Deputies rejected the report of the investigative committee. In December 2012, in light of the criminal prosecution of the former president of the National Accreditation Commission for alleged
bribery, the Chilean Chamber of Deputies mandated its Education Commission to be an investigative committee regarding the functioning of the National Accreditation Commission, especially with respect
to compliance with the National Accreditation Commission's duty to oversee higher education entities. The Education Commission delivered a report, which was approved by the Chamber of Deputies on
October&nbsp;1, 2013, containing several recommendations to improve regulation of the higher education accreditation system. Additionally, the Chilean Chamber of Deputies approved the creation of a
special investigative committee to resume the investigation of higher education performed by the investigative committee
that issued the June 2012 report that was previously rejected by the Chamber of Deputies. On January&nbsp;15, 2014, that investigative committee approved a new report recommending, among other
things, improvements to the Chilean higher education system regulations, amendments to the higher education financing system, particularly the CAE Program, imposition of criminal penalties for
violation of the requirement that universities be not-for-profit, and support of legislation that would prohibit related party transactions, prohibit the transfer of control of universities, and
require universities to have independent board members. The report was approved by the full Chamber of Deputies on April&nbsp;1, 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;18, 2014, the MINEDUC disclosed that on November&nbsp;15, 2013 and February&nbsp;11, 2014, it had initiated internal investigations into UDLA Chile and UNAB,
respectively. The investigations were initiated upon referrals from the National Education Council and the National Accreditation Commission, which had conveyed to the MINEDUC their concerns regarding
certain agreements entered into by UDLA Chile and UNAB with their controlling entities, including concerns about the amount and real use made by the universities of the services provided under those
agreements. The investigations are an initial step by the MINEDUC to determine whether the Ministry should begin formal sanction proceedings against the universities. The MINEDUC also disclosed that
it had delivered relevant documentation on the matter to the Public Prosecutor. In January 2016, the MINEDUC announced that it had closed the investigation into UNAB. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2014, SII instituted an audit of UVM Chile, UNAB and UDLA Chile questioning whether they had regularly paid their taxes as non-profit entities for the period 2011 to 2014,
specifically in relation to their financial dealings with Laureate, for-profit entities. Any non-compliance with the non-profit laws would subject them to the payment of additional taxes and
penalties. As of August 2015, SII had notified all three institutions that its audit detected "no differences" in the taxes paid and the taxes owed, and provided a written closure letter to each of
the institutions. In December 2016, SII notified separately UDLA Chile and UNAB that as part of the general audit program called "Auditoria Integral a Universidades," it was requesting supporting
documentation from them for the tax periods between November 2013 and October 2016. Each institution will submit responsive documents that </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>239</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=249,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=310936,FOLIO='239',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_240"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>support
taxes paid related to its revenues and expenses, including to the extent such revenues and expenses involve financial dealings with Laureate for-profit entities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2016, the MINEDUC notified UNAB that it was opening an investigation into possible violations of the not-for-profit nature of UNAB. In September 2016, the MINEDUC notified
UVM&nbsp;Chile that it was opening a similar investigation of UVM Chile. Each of the institutions continues to be responsive to the MINEDUC's requests as part of these investigations. Each
investigation will be conducted by an investigator appointed by the MINEDUC under the Provisional Administrator Law, and both UNAB and UVM Chile have been advised that the investigations will last at
least six months. Procedural safeguards in the investigation process include notice, the right to present written
statements and evidence, and the requirement that the decision be based on the formal record. Under the Provisional Administrator Law, at the end of the investigation the MINEDUC can either close the
investigation or issue a report imposing one of the following measures: (i)&nbsp;ordering a recovery plan for the investigated institution, should the MINEDUC verify severe breaches of the
institution's financial, administrative, labor or academic commitments; (ii)&nbsp;with the prior consent of the National Education Council, naming a provisional administrator for the institution if
the MINEDUC determines that (a)&nbsp;there are serious risks to the administrative or financial viability of the institution that may affect the continuity of its educational programs,
(b)&nbsp;there are serious and recurring breaches of the academic commitments of the institution to its students due to a lack of educational or teaching resources available to grant professional or
technical degrees, (c)&nbsp;it is impossible for the institution to maintain its academic functions due to sanctions, injunctions or foreclosures affecting the institution, its campuses or its
assets, (d)&nbsp;the institution is declared bankrupt or (e)&nbsp;a recovery plan pursuant to (i)&nbsp;above has not been presented, has been rejected or has been breached by the institution; or
(iii)&nbsp;initiating a process to revoke the institution's license, in which case it would name a closing administrator. If the MINEDUC were to impose any sanctions, UNAB or UVM Chile, as the case
may be, would have several routes to appeal or challenge that decision, both within the MINEDUC and in the courts or other governmental bodies. UNAB and UVM Chile are cooperating with the
investigation. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Mexican Regulation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican law provides that private entities are entitled to render education services in accordance with applicable legal provisions.
These provisions regulate the education services rendered by the federal government, the states and private entities and contain guidelines for the allocation of the higher education role among the
federal government, the states and the municipalities, including their respective economic contributions in order to jointly participate in the development and coordination of higher education. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are three levels of regulation in Mexico: federal; state; and municipal. The federal authority is the Federal Ministry of Public Education
(</FONT><FONT SIZE=2><I>Secretar&iacute;a de Educaci&oacute;n P&uacute;blica</I></FONT><FONT SIZE=2>). Each of the 31 states and the Federal District has the right to
establish a local Ministry of Education, and each municipality of each state may establish a municipal education authority that only has authority to advertise and promote educational services and/or
activities. Additionally, since February&nbsp;26, 2013, the National Institute for the Evaluation of Educational Services (</FONT><FONT SIZE=2><I>Instituto Nacional para la
Evaluaci&oacute;n de la Educaci&oacute;n</I></FONT><FONT SIZE=2>) is in charge of, among other things, evaluating the quality of the study plans and programs for Basic and Mid-Superior
education services (as further described below). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some
functions are exclusive to the Federal Ministry of Education such as the establishment of study plans and programs for Basic and Mid-Superior education services Other functions are
exclusive to the state Ministries of Education such as the coordination and administration of the local registry of students, teachers, education institutions and schools. There are also concurrent
functions such as the granting and withdrawal of governmental recognition of validity of studies (</FONT><FONT SIZE=2><I>Reconocimiento de Validez Oficial de Estudios</I></FONT><FONT SIZE=2>)
("</FONT><FONT SIZE=2><I>REVOEs,</I></FONT><FONT SIZE=2>" for its acronym in Spanish). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>240</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=250,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=575071,FOLIO='240',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_241"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Law on Education (</FONT><FONT SIZE=2><I>Ley General de Educaci&oacute;n</I></FONT><FONT SIZE=2>) in Mexico classifies studies in the following three categories:
(i)&nbsp;Basic Education, which includes pre-school (kindergarten), elementary school and junior high school (</FONT><FONT SIZE=2><I>secundaria</I></FONT><FONT SIZE=2>); (ii)&nbsp;Mid-Superior
Education, which includes high school (</FONT><FONT SIZE=2><I>prepataroria</I></FONT><FONT SIZE=2>) and equivalent studies, as well as professional education that does not consider </FONT> <FONT SIZE=2><I>preparatoria</I></FONT><FONT SIZE=2> as a
prerequisite; and (iii)&nbsp;Superior Education, which includes the studies taught after </FONT> <FONT SIZE=2><I>prepataroria,</I></FONT><FONT SIZE=2> including undergraduate school (</FONT><FONT SIZE=2><I>licenciatura</I></FONT><FONT SIZE=2>),
specialties
(</FONT><FONT SIZE=2><I>especialidades</I></FONT><FONT SIZE=2>), masters studies, doctorate studies and studies for teachers (</FONT><FONT SIZE=2><I>educaci&oacute;n
normal</I></FONT><FONT SIZE=2>). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
General Law on Education provides that in order for private entities to be able to provide Basic Education Services and studies for teachers
(</FONT><FONT SIZE=2><I>educaci&oacute;n normal</I></FONT><FONT SIZE=2>), a prior governmental authorization is required (the "</FONT><FONT SIZE=2><I>Authorization</I></FONT><FONT SIZE=2>").
For other studies, including Mid-Superior and Superior Education Services, no prior governmental authorization is required. However, if the private entities desire to provide Mid-Superior and Superior
Education Services, and want those studies to be integrated into the federal and/or local public educational system, they must obtain a REVOE by the federal and/or local Ministry of Education,
respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
REVOEs are issued by the Federal Ministry of Education under the General Law on Education, or by any of the state Ministries of Education under the applicable state law. REVOEs are
granted for each program taught in each campus. If there is a change in the program or in the campus in which it is taught, the entity will need to get a new REVOE. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Federal Ministry of Education has issued a set of general resolutions (</FONT><FONT SIZE=2><I>Acuerdos</I></FONT><FONT SIZE=2>) that regulate the general requirements for obtaining
REVOEs. The main </FONT><FONT SIZE=2><I>Acuerdos</I></FONT><FONT SIZE=2> are (i)&nbsp;</FONT><FONT SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2> 243 issued on May&nbsp;27, 1998 to set the general
guidelines for obtaining an Authorization or REVOE, and (ii)&nbsp;</FONT><FONT SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2>&nbsp;279 issued on July&nbsp;10, 2000 to set the procedures related to
REVOEs for Superior Education studies. The Federal Ministry of Education recommends to the local Ministries of Education the adoption and inclusion of the provisions contained in </FONT> <FONT SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2> 243 and
</FONT><FONT SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2> 279 in the local Law on Education and other applicable local laws and
regulations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general terms, federal and state laws in Mexico provide for three requirements for granting REVOEs:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> personnel that have adequate qualifications to render education services and that comply with the appropriate administrative
requirements; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> facilities that meet the hygiene, security and pedagogic conditions determined by the authority; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> studies, plans and programs that the authority considers appropriate. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depending
on each state, other requirements may apply, for example, that private institutions that provide educational services with REVOEs need to be registered with the corresponding
local authorities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Acuerdo 279</I></B></FONT><FONT SIZE=2> regulates in detail the provisions contained under the General Law on Education to grant REVOEs for Superior Education
studies, regarding faculty, plans and programs of studies, inspection visits, procedures, etc. </FONT><FONT SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2> 279 provides that the faculty that participate in
programs taught by private institutions must be full-time faculty or faculty retained by subject. </FONT><FONT SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2> 279 regulates the qualifications that the
faculty members have to meet depending on whether they are full-time or part-time, and provides that a minimum percentage of courses need to be taught by full-time faculty, which percentage depends on
the type of program taught. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2> 279 also provides that private institutions that provide Superior Education services in accordance with presidential decrees or
secretarial resolutions (</FONT><FONT SIZE=2><I>acuerdos secretariales</I></FONT><FONT SIZE=2>) issued specifically to them may maintain the obligations provided to them thereunder and may function
under the provisions of </FONT><FONT SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2> 279 to the extent the provisions of this latter </FONT><FONT SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2> benefit them.
Currently, Universidad Tecnol&oacute;gica de M&eacute;xico, S.C. and Universidad del Valle de M&eacute;xico, S.C. have secretarial resolutions that were issued in their favor
before the issuance of </FONT><FONT SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2> 279. The obligations </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>241</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=251,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=748443,FOLIO='241',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_242"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>contained
in these secretarial resolutions generally conform to the obligations provided under </FONT><FONT SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2>&nbsp;279. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
regulatory authorities are entitled to conduct inspection visits to the facilities of educational institutions to verify compliance with applicable legal provisions. Failure to
comply with applicable legal provisions may result in the imposition of fines, in the cancellation of the applicable REVOE and in the closure of the education facilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private
institutions with REVOEs are required to grant a minimum percentage of scholarships to students. </FONT><FONT SIZE=2><I>Acuerdo</I></FONT><FONT SIZE=2> 279 provides that private
institutions grant scholarships to at least five percent of the total students registered during each academic term. Scholarships consist, in whole or in part, of payment of the registration and
tuition fees established by the educational institution. The granting of scholarships has to be provided for in the internal regulations of the educational institution, which regulations must
provide:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> authority of the institution that will coordinate the application and supervision of the compliance with the applicable provisions; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> terms and procedures for the expedition and dissemination of the scholarships grant; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> requirements with which the applicants of scholarships will have to comply; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> types of scholarships offered; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> procedures for the delivery of results; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> conditions to maintain and to cancel scholarships. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Acuerdo </I></FONT><FONT SIZE=2>279 provides for the minimum percentage of courses that must be taught by full-time faculty. Private education institutions that
do not meet the minimum requirements must submit to the education authority, for approval, a detailed justification in that regard making reference to the area of knowledge of the plan of studies,
level thereof, education mode, general purpose of the plan and educational model proposed for the referenced studies. In addition, for masters studies focused in research, the university must have at
least one full-time active investigator for every 25 students and for doctorate studies, must have at least one full-time active investigator for every ten students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private
entities may also obtain the recognition of validity of their programs from the National Autonomous University of Mexico (</FONT><FONT SIZE=2><I>Universidad Nacional
Aut&oacute;noma de M&eacute;xico</I></FONT><FONT SIZE=2> or "UNAM"). The General Regulations of Incorporation and Validation of Studies issued by UNAM provide that programs followed in
private entities may be "incorporated" to UNAM in order for UNAM to recognize their validity. For the programs to be incorporated the following general requirements must be
met:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> they have to be complete cycles and not isolated subjects; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the private entity must have appropriate infrastructure (workshops, laboratories, libraries, etc.); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the private entity must have professors, study plans, programs and other academic elements approved by UNAM; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the private entity must be subject to the inspection and surveillance of UNAM and pay the corresponding fees. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
UNAM regulations also provide that private entities incorporated to UNAM must grant scholarships to at least five percent of the total students registered in such entity. These
scholarships shall consist of the exemption in whole of payment of the registration and tuition fees established by the educational entity. The students entitled to have this benefit will be selected
by UNAM. Some of our high school programs and one of our medical programs are incorporated to UVM Mexico. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>242</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=252,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=393798,FOLIO='242',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_243"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Peruvian Regulation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We operate four post-secondary education institutions in Peru, two of which are universities and two of which are technical-vocational
institutes. Peruvian law provides that universities and technical-vocational institutes can be operated as public or private entities, and that the private entities may be organized for profit. The
Ministry of Education has overall responsibility for the national education system. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2014, the Peruvian Congress enacted a new University Law to regulate the establishment, operation, monitoring and closure of universities. The law also promotes continuous improvement
of quality at Peruvian universities. The law created a new agency, the Superintendencia de Educaci&oacute;n Superior Universitaria ("SUNEDU"), which is responsible for carrying out the
governmental role in university regulation, including ensuring quality. While institutional autonomy is still recognized, and universities are permitted to create their own internal governance rules
and determine their own academic, management and economic systems, including curriculum design and entrance and graduation requirements, all of these matters are now subject to review and evaluation
by SUNEDU through its periodic review of universities as part of a license renewal process. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the new law, university licenses are temporary but renewable, and will be granted by SUNEDU for a maximum of six years. On November&nbsp;24, 2015 the Board of SUNEDU promulgated
regulations for the university licensing process. For licenses to be renewed, universities will have to demonstrate to SUNEDU that it comply with, at a minimum, certain Basic Quality Conditions
("BQCs") (i.e.,&nbsp;that they have specified academic goals and that the degrees granted and plans of study are aligned with those goals, that their academic offerings are compatible with their
planning goals, (e.g.,&nbsp;there is sufficient labor demand for careers offered) that there are only two regular semesters of studies per year, that they have appropriate infrastructure and
equipment, that they engage in research, that they have a sufficient supply of qualified teachers, at least 25% of whom will need to be full-time, that they supply adequate basic complementary
educational services (e.g.,&nbsp;medical and psychological services and sports activities), that they provide appropriate placement office services, and that they have transparency of
institutional information). The relicensing process started on December&nbsp;15, 2015 and will end on December&nbsp;31, 2017 and is divided by groups. UPC and UPN have been included in Group 5,
the review process for which will start in early 2017, although universities are permitted to apply earlier than their scheduled time. UPN applied early in July 2016, while UPC has until February 2017
to file. The review committee of SUNEDU will issue a license at the end of the relicensing process or, alternatively, not issue a license and provide for a remediation period if one or more of the
BQCs are not, in its opinion, satisfied. Following a one-year period, SUNEDU will make a new verification visit after the university has presented and implemented its remediation plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technical-vocational
institutes are regulated by the Ministry of Education, which grants operating licenses for not less than three nor more than six years, after which the Ministry
conducts a revalidation process. The approval of new institute licenses is based on the evaluation by the Ministry of the institute's institutional goals, the curricula of its education programs and
their link with careers needed in the Peruvian economy, the availability of adequate qualified teachers, the institute's infrastructure, the institute's financial resources, and the favorable opinion
of the National System of Assessment, Accreditation and Certification of Education Quality ("SINEACES") regarding the appropriateness of the programs the institute is offering. SINEACES is also
responsible for the accreditation of programs and careers at all higher education institutions. On November&nbsp;2, 2016 a new law regarding technical-vocational institutes (the "Institutes Law")
was enacted. Regulations are expected to be issued within 120&nbsp;days from the date of passage. Under the Institutes Law, technical-vocational institutes are regulated by the Ministry of
Education, which grants operating licenses. The Institutes Law has created two types of institutes, Higher Education Institutes ("Institutes") and Higher Education Colleges ("Colleges"). Institutes
are dedicated to technical careers and Colleges are devoted to technical careers related to education as well as science and information Technology. Colleges grant Technical Bachelor Degrees and
Professional Technical Degrees. The scope of such degrees will be </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>243</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=253,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=407632,FOLIO='243',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_244"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>defined
more completely by the implementing regulations. Institutes and Colleges are subject to a mandatory license granted by the Ministry of Education, based on an evaluation to determine compliance
with BQCs. BQCs include: an appropriate institutional management guaranteeing a proper relation with the educational model of the institution; appropriate academic management and proper program
studies aligned with the Ministry of Education norms; appropriate infrastructure and equipment to develop educational activities; adequate teachers and staff which, at a minimum, should consist of 20%
full-time staff; and appropriate financial and economic provisions. The licensing process of institutes is still to be determined by the regulations. However, the Law provides that the process will
last no more than 90&nbsp;days and will grant a license for a five-year period to be renewed once expired. Unlike licenses, quality accreditation is voluntary except for certain careers for which it
might be mandatory as determined by law. Such accreditation will be taken into consideration for access to public grants for scholarships and research among other things. Private Institutes and
Colleges may be organized as for-profit or not-for-profit entities under Peruvian law. Not-for-profit Colleges' and Institutes' income is exempt from taxes on their educational activities. For-profit
Colleges and Institutes are subject to income taxes, but may qualify for a tax credit on 30% of their reinvested income, subject to a reinvestment program to be filed with the Ministry of Education
for a maximum term of five years. The specific requirements of such programs are still to be determined by the regulations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
was a Presidential election in Peru during the second quarter of 2016, and the new President entered into office at the end of July 2016. The new President reappointed the same
Minister of Education, and there have been no changes in policy at the SUNEDU nor are any expected. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Turkish Regulation and Internal Investigation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through our European segment, we operate Istanbul Bilgi University, a network institution located in Turkey that consolidates under the
variable interest entity model. Istanbul Bilgi University is established as a Foundation University under the Turkish higher education law, sponsored by the Bilgi Foundation. As such, it is subject to
regulation, supervision and inspection by the Turkish Higher Education Council (the "Y&Ouml;K"). In 2014, the Turkish parliament amended the higher education law to provide expanded
authority to the Y&Ouml;K with respect to Foundation Universities, including authorizing additional remedies for violations of the higher education law and of regulations adopted by the
Y&Ouml;K. On November&nbsp;19, 2015, the Y&Ouml;K promulgated an "Ordinance Concerned with Amendment to Foundation High Education Institutions" (the "Ordinance") the principal
effects of which relate to the supervision and inspection of Foundation Universities by the Y&Ouml;K. Under the Ordinance, the Y&Ouml;K has expanded authority to inspect accounts,
transactions, activities and assets of Foundation Universities, as well as their academic units, programs, projects and subjects. The Ordinance establishes a progressive series of five remedies that
the Y&Ouml;K can take in the event it finds a violation of the Ordinance, ranging from (1)&nbsp;a warning and request for correction to (2)&nbsp;the suspension of the Foundation
University's ability to establish new academic units or programs to (3)&nbsp;limiting the number of students the Foundation University can admit, including ceasing new admissions, to
(4)&nbsp;provisional suspension of the Foundation University's license to (5)&nbsp;cancellation of the Foundation University's license. Since the promulgation of the Ordinance, the
Y&Ouml;K has cancelled the licenses of 15 Foundation Universities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Ordinance specifies that Foundation Universities cannot be established by foundations in order to gain profit for themselves, and prohibits specified types of fund transfers from
Foundation Universities to their sponsoring foundation, with certain exceptions for payments made under contractual arrangements for various goods and services that are provided at or below current
market rates. Istanbul Bilgi University has entered into contractual arrangements with a subsidiary of Laureate that is a member of the board of trustees of the Bilgi Foundation, and has affiliates
that are also members of that board, to provide Istanbul Bilgi University with management, operational and student services and certain intellectual property at fair market rates. The
Y&Ouml;K conducts annual audits of the operations of Istanbul Bilgi University and currently is in the process of completing its most recent audit. If the Y&Ouml;K were to
determine that any of these contracts or the payments made by Istanbul </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>244</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=254,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=480974,FOLIO='244',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_245"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Bilgi
University to this Laureate subsidiary, or any other activities of Istanbul Bilgi University, including, as further described below, the donation of 40.0&nbsp;million Turkish Liras made by the
university to a charitable foundation that was subsequently reimbursed to the university by certain Laureate-owned entities, violate the Ordinance or other applicable law, the Y&Ouml;K could
take actions against Istanbul Bilgi University up to and including cancellation of its license. Further, if the Y&Ouml;K were to determine that any administrators of Istanbul Bilgi
University have directly taken any actions or supported any activities that are intended to harm the integrity of the state, the license of the university could be cancelled. In July 2016, a coup
attempt increased political instability in Turkey, and the uncertainties arising from the failed coup in Turkey could lead to changes in laws affecting Istanbul Bilgi University or result in
modifications to the current interpretations and enforcement of the Ordinance or other laws and regulations by the Y&Ouml;K. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
previously disclosed, during the fourth quarter of 2014, we recorded an operating expense of $18.0&nbsp;million (the value of 40.0&nbsp;million Turkish Liras at the date of
donation) for a donation by our network institution in Turkey to a charitable foundation. We believed the donation was encouraged by the Turkish government to further a public project supported by the
government and expected that it would enhance the position and ongoing operations of our institution in Turkey. The Company has learned that the charitable foundation which received the donation
disbursed the funds at the direction of a former senior executive at our network institution in Turkey and other external individuals to a third party without our knowledge or approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2016, the Audit Committee of the Board of Directors initiated an internal investigation into this matter with the assistance of external counsel. The investigation concerns the
facts surrounding the donation, violations of the Company's policies, and possible violations of the FCPA and other applicable laws in what appears to be a fraud perpetrated by the former senior
executive at our network institution in Turkey and other external individuals. This includes an investigation to determine if the diversion was part of a scheme to misappropriate the funds and whether
any portion of the funds was paid to government officials. We have not identified that any other officers or employees outside of Turkey were involved in the diversion of the intended donation.
Although we are pursuing efforts to recover the diverted funds, there is no assurance that we will be successful. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have been advised by Turkish counsel that, under Turkish law, a Foundation University may not make payments that cause a decrease in the university's wealth or do not otherwise
benefit the university. Given the uncertainty of recovery of the diverted donation and to mitigate any potential regulatory issues in Turkey relating to the donation, certain Laureate-owned entities
that are members of the foundation that controls our network institution in Turkey have contributed an amount of approximately $13.0&nbsp;million (the value of 40.0&nbsp;million Turkish Liras on
November&nbsp;4, 2016, the date of contribution) to our network institution in Turkey to reimburse it for the donation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the investigation, which is ongoing, we took steps to remove the former senior executive at our network institution in Turkey. Because of the complex organizational
structure in Turkey, this
took approximately one month and during that period our access to certain aspects of the business including the financial and other records of the university was interrupted. The former senior
executive is now no longer affiliated with our network institution and we again have access to the financial and other records of the university. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
September 2016, we voluntarily disclosed the investigation to the DOJ and the SEC. The Company intends to fully cooperate with these agencies and any other applicable authorities in
any investigation that may be conducted in this matter by them. The Company has internal controls and compliance policies and procedures that are designed to prevent misconduct of this nature and
support compliance with laws and best practices throughout its global operations. The Company is taking steps to enhance these internal controls and compliance policies and procedures. The
investigation is ongoing, and we cannot predict the outcome at this time, or the impact, if any, to the Company's consolidated financial statements or predict how the resulting consequences, if any,
may impact our </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>245</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=255,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=770737,FOLIO='245',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_246"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>internal
controls and compliance policies and procedures, business, ability or right to operate in Turkey, results of operations or financial position. If we are found to have violated the FCPA or
other laws governing the conduct of our operations, we may be subject to criminal and civil penalties and other remedial measures, which could materially adversely affect our business, financial
condition, results of operations and liquidity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See "&#151;We currently have four material weaknesses in our internal control over financial reporting that, if not corrected, could result in material misstatements of our
financial statements" and "&#151;Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may
materially adversely affect our business, financial condition and result of operations."

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


U.S. Regulation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our institutions in the United States are subject to extensive regulation by the DOE, accrediting agencies and state educational
agencies. The regulations, standards and policies of these agencies cover substantially all of our U.S. Institutions' operations, including their educational programs, facilities, instructional and
administrative staff, administrative procedures, marketing, recruiting, finances, results of operations and financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
institutions of higher education that grants degrees and diplomas, our U.S. Institutions are required to be authorized by appropriate state educational agencies. In addition, the DOE
regulates our U.S. Institutions due to their participation in federal student financial aid programs under Title IV of the HEA, or Title IV programs. Title IV programs currently include grants and
educational loans provided directly by the federal government, including loans to students and parents through the William D. Ford Federal Direct Loan Program (the "Direct Loan Program"). The Direct
Loan Program offers Federal Stafford Loans, Federal Parent PLUS Loans, Federal Grad PLUS Loans and Federal Consolidation Loans. Prior to July&nbsp;1, 2010, Title IV programs also included
educational loans issued by private banks with below-market interest rates that are guaranteed by the federal government in the event of a student's default on repaying the loan. A significant
percentage of students at our U.S. Institutions rely on the availability of Title IV programs to finance their cost of attendance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
participate in Title IV programs, our U.S. Institutions are required to both maintain authorization by the appropriate state educational agency or agencies and be accredited by an
accrediting agency recognized by the DOE. The HEA requires accrediting agencies recognized by the DOE to review and monitor many aspects of an institution's operations and to take appropriate action
if the institution fails to meet the accrediting agency's standards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
plan and implement our business activities to comply with the standards of these regulatory agencies. To monitor compliance with this regulatory environment, institutions
participating in Title IV programs undergo periodic reviews to demonstrate, among other things, that they maintain proper accreditation, state authorization, and adequate financial resources.
Historically, our U.S. Institutions have maintained eligibility to access Title&nbsp;IV funding. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


State Education Licensure and Regulation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our U.S. Institutions are required by the HEA to be authorized by applicable state educational agencies in the states where we are
located to participate in Title IV programs. To maintain requisite state authorizations, our U.S. Institutions are required to continuously meet standards relating to, among other things, educational
programs, facilities, instructional and administrative staff, marketing and recruitment, financial operations, addition of new locations and educational programs and various operational and
administrative procedures. These standards can be different than and conflict with the requirements of the DOE and other applicable regulatory bodies. State laws and regulations may limit our ability
to offer educational programs and offer certain degrees. Some states may also prescribe financial regulations that are different from those of the DOE and many require the posting of surety </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>246</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=256,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=151023,FOLIO='246',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_247"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>bonds.
Failure to comply with the requirements of applicable state educational agencies could result in us losing our authorization to offer educational programs in those states. If that were to
occur, the applicable state educational agency could force us to cease operations in their state. Even if the applicable state educational agency does not require an institution to cease operations on
an immediate basis, the loss of authorization by that state educational agency would then cause our institution in such state to lose eligibility to participate in Title IV programs, and such loss of
Title IV program eligibility could force that institution to cease operations in such state. Alternatively, the state educational licensing agencies could restrict the institution's ability to offer
certain degree or diploma programs. We may also be subject to review by applicable state educational agencies or associations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of our U.S. Institutions maintains an authorization from the pertinent state regulatory authority in which such institutions are physically located, or is exempt under current state
law from a requirement to be specifically authorized. If any of the authorizations provided to one or more of our U.S. Institutions are determined not to comply with the DOE regulations, or one or
more of our U.S. Institutions is unable to obtain or maintain an authorization that satisfies the DOE requirements, students at the pertinent institution may be unable to access Title IV funds, which
could have a material adverse effect on our business, financial condition and results of operations in the United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOE
regulations effective July&nbsp;1, 2011 imposed new requirements regarding whether a state's authorization of an educational institution is sufficient for purposes of participation
in the Title IV programs. These regulations also included a requirement that an institution meet any state authorization requirements in a state in which it has distance education students, but in
which it is not physically located or otherwise subject to state jurisdiction, as a condition of awarding Title IV funds to students in that state. In July 2011, a Federal District Court issued an
order vacating the regulation as related to distance education, which was sustained by the United States Court of Appeals for the District of Columbia Circuit. In 2014, the DOE began a new program
integrity negotiated rulemaking that included, among other issues, state authorization of distance education. In June 2014, the DOE announced that the rulemaking on state authorization of distance
education would be put on hold at that time. On December&nbsp;19, 2016, the DOE published final regulations regarding state authorization for programs offered through distance education and state
authorization for foreign locations of institutions. Among other provisions, these final regulations require that an institution participating in the Title IV federal student aid programs and offering
postsecondary education through distance education be authorized by each state in which the institution enrolls students, if such authorization is required by the state. The DOE would recognize
authorization through participation in a state authorization reciprocity agreement, if the agreement does not prevent a state from enforcing its own laws. The final regulations also require that
foreign additional locations and branch campuses be authorized by the appropriate foreign government agency and, if at least 50% of a program can be completed at the location/branch, be approved by
the institution's accrediting agency and be reported to the state where the main campus is located. The final regulations would also require institutions to: document the state process for resolving
complaints from students enrolled in programs offered through distance education or correspondence courses; and make certain public and individualized disclosures to enrolled and prospective students
about their distance education programs. These final regulations are effective July&nbsp;1, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent
of this matter of federal regulation, several states have asserted jurisdiction over educational institutions offering online degree programs that have no physical location
or other presence in the state, but that have some activity in the state, such as enrolling or offering educational services to students who reside in the state, conducting practica or sponsoring
internships in the state, employing faculty who reside in the state or advertising to or recruiting prospective students in the state. Thus, our activities in certain states constitute a presence
requiring licensure or authorization under requirements of state law, regulation or policy of the state educational agency, even though we do not have a physical facility in such states. Therefore, in
addition to the states where we maintain </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>247</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=257,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1022257,FOLIO='247',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_248"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>physical
facilities, we have obtained, or are in the process of obtaining, approvals or exemptions that we believe are necessary in connection with our activities that may constitute a presence in
such states requiring licensure or authorization by the state educational agency based on the laws, rules or regulations of that state. Some of our approvals are pending or are in the renewal process.
St.&nbsp;Augustine does not have current approvals or exemptions from the state educational agencies of twelve states in which St.&nbsp;Augustine does not maintain physical locations but has
enrolled a small number of students. For each such state, St.&nbsp;Augustine is either in the process of applying for such approval/exemption or has plans to submit such applications in 2017. In
recent years, several states have voluntarily entered into SARA that establish standards for interstate offering of postsecondary distance education courses and programs. If an institution's home
state participates in SARA and authorizes the institution to provide distance education in accordance with SARA standards, then the institution need not obtain additional authorizations for distance
education from any other SARA member state. The SARA participation requirements and process are administered by the four regional higher education compacts in the United States (the MHEC, the New
England Board of Higher Education, the Southern Regional Education Board and the Western Interstate Commission for Higher Education) and is overseen by the National Council for State Authorization
Reciprocity Agreements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walden
University was approved to participate in SARA, effective through June&nbsp;2, 2016. On April&nbsp;8, 2016, the MOHE notified Walden University that its renewal application to
participate in SARA has been denied because Walden University does not have an institutional federal financial composite score computed by the DOE in connection with Walden University's participation
in federal Title IV financing programs of 1.5 or higher, although the institutional financial composite score calculation made by Walden University in accordance with the DOE's published formula and
based on Walden University's 2014 audited financial statements is 3.0. In the absence of an institution-level financial composite score calculated by DOE, MOHE viewed Laureate's financial composite
score calculated based on its global operations, which does not exceed 1.5 for 2014, as attributable to Walden University. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;6, 2016, Walden University appealed the MOHE decision to MHEC. Walden University and MOHE participated in an appeal hearing before MHEC on June&nbsp;3, 2016. On
June&nbsp;14, 2016, MHEC informed Walden University that it affirmed MOHE's decision. Walden University had until September&nbsp;30, 2016 to regain its state authorization, exemption or other
required status in the SARA
states in which it participates in order to seek to enroll new students who reside in those states. As of the date of issuance of these financial statements, Walden University has regained
authorization, exemption or other required status in all of the 31 SARA states in which it has been a SARA participant. Laureate believes that the decision by the MOHE and MHEC should not have a
material adverse effect on Laureate's business, financial condition, results of operation and cash flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
our efforts to obtain approvals or exemptions, state regulatory requirements for online education vary among the states, are not well developed in many states, are
imprecise or unclear in some states and can change frequently. Because our U.S. Institutions enroll students in online degree programs, we expect that regulatory authorities in other states where we
are not currently licensed or authorized may request that we seek additional licenses or authorizations for these institutions in their states in the future. If any of our U.S. Institutions fails to
comply with state licensing or authorization requirements for a state, or fails to obtain licenses or authorizations when required, that institution could lose its state licensure or authorization by
that state, which could prohibit it from recruiting prospective students or offering services to current students in that state. We could also be subject to other sanctions, including restrictions on
activities in that state, fines and penalties. We review the licensure requirements of other states when we believe that it is appropriate to determine whether our activities in those states may
constitute a presence or otherwise may require licensure or authorization by the respective state education agencies. In addition, state laws and regulations may limit our ability to offer educational
programs and to award degrees and may limit the ability of our students to sit for certification exams in their chosen fields of study. New laws, regulations </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>248</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=15,SEQ=258,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=980389,FOLIO='248',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_249"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>or
interpretations related to offering educational programs online could increase our cost of doing business and affect our ability to recruit students in particular states, which could, in turn,
adversely affect our U.S. Institutions' enrollments and revenues and have a material adverse effect on our business. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also are subject to extensive state laws and regulations, including standards for instruction, qualifications of faculty, administrative procedures, marketing, recruiting, financial
operations and other operational matters. The proprietary education industry is experiencing broad-based, intensifying scrutiny in the form of increased investigations and enforcement actions. In
October 2014, the DOE announced an interagency task force composed of the DOE, the FTC, the U.S. Departments of Justice, Treasury and Veterans Affairs, the CFPB, the SEC, and numerous state attorneys
general. Attorneys general in several states have become more active in enforcing consumer protection laws, especially related to recruiting practices and the financing of education at proprietary
educational institutions. In addition, several state attorneys general have recently partnered with the CFPB to review industry practices. The FTC has also recently issued civil investigative demands
to several other U.S. proprietary educational institutions, which require the institutions to provide documents and information related to the advertising, marketing, or sale of secondary or
postsecondary educational products or services, or educational accreditation products or services. If our past or current business practices are found to violate applicable consumer protection laws,
or if we are found to have made misrepresentations to our current or prospective students about our educational programs, we could be subject to monetary fines
or penalties and possible limitations on the manner in which we conduct our business, which could materially and adversely affect our business, financial condition, results of operations and cash
flows. To the extent that more states or government agencies commence investigations, act in concert, or direct their focus on our U.S. Institutions, the cost of responding to these inquiries and
investigations could increase significantly, and the potential impact on our business would be substantially greater. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January 2015, two students filed suit against us and Walden University, seeking class action status and alleging claims for breach of contract and unjust enrichment and violations of
the Maryland and Illinois consumer protection laws and California unfair competition law related to the students' doctoral dissertation and master's thesis processes. A third student joined as a
plaintiff when the complaint was subsequently amended. The claims from all three students were resolved in December 2015 and dismissed with prejudice as of January&nbsp;5, 2016. The three plaintiffs
have re-enrolled at Walden University to complete their Ph.D. programs. In addition, several groups of current and former students have filed five separate lawsuits against St.&nbsp;Augustine
relating to matters arising before we acquired the school in November 2013. The allegations pertain to a program that was launched in May 2011 and, at the time, offered a "Master of Orthopaedic
Physician's Assistant Program" degree. The plaintiffs in these matters allege that the university misrepresented their ability to practice as licensed Physician Assistants with a heightened specialty
in orthopaedics. One of the lawsuits was resolved in October 2015, another was resolved in March 2016, and another was resolved in June 2016 and all three have been dismissed. See
"Business&#151;Legal Proceedings" for more information. We believe the claims in the remaining two cases are without merit and intend to defend vigorously against the allegations. Any adverse
outcome in such litigation could result in monetary or injunctive relief, which could adversely affect our U.S. Institutions and their operations. On September&nbsp;8, 2016, MOHE sent to Walden
University an information request regarding its doctoral programs and complaints filed by doctoral students, as part of a program review that MOHE is conducting. We have been informed by MOHE that in
an effort to better understand the context, background and issues related to doctoral student complaints in Minnesota, MOHE is initiating a full review of doctoral programs for institutions registered
in Minnesota. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


State Professional Licensure  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many states have specific licensure requirements that an individual must satisfy to be licensed as a professional in specified fields,
including fields such as education and healthcare. These requirements </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>249</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=16,SEQ=259,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=862001,FOLIO='249',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_250"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>vary
by state and by field. A student's success in obtaining licensure following graduation typically depends on several factors, including but not limited to: the background and qualifications of the
individual graduate; whether the institution and the program were approved by the state in which the graduate seeks licensure; whether the program from which the student graduated meets all
requirements for professional licensure in that state; whether the institution and the program are accredited and, if so, by what accrediting agencies; and whether the institution's degrees are
recognized by other states in which a student may seek to work. Several states also require that graduates pass a state test or examination as a prerequisite to becoming certified in certain fields,
such as teaching and nursing. In several states, an educational program must be approved by a professional association in order for graduates to be licensed in that professional field. In the field of
psychology, an increasing number of states require approval by either the American Psychological Association ("APA") or the Association of State and Provincial Psychology Boards ("ASPPB"). To date,
Walden University has been unable to obtain approval of its Ph.D. program in Counseling Psychology from the ASPPB or APA. Additionally, states often require a criminal background clearance before
granting certain professional licensures or certifications. The catalogs for our U.S. Institutions inform students that it is incumbent upon the student to verify whether a specific criminal
background clearance is required in their field of study prior to beginning course work. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
under the HEA, proprietary schools generally are eligible to participate in Title IV programs in respect of educational programs that lead to "gainful employment in a
recognized occupation." As part of regulations promulgated by the DOE to more specifically define "gainful employment," which became effective on July&nbsp;1, 2015 and are described in more detail
below, the DOE will require each of our U.S. Institutions to certify that its educational programs meet the applicable requirements for graduates to be professionally or occupationally certified in
the state in which the institution is located. Failure to provide such certification may result in such programs being ineligible for Title IV program funds. It is possible that several programs
offered by our schools may be adversely impacted by this requirement due to lack of specialized program accreditation or certification in the states in which such institutions are based. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accreditation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accreditation is a private, non-governmental process for evaluating the quality of educational institutions and their programs in
areas, including student performance, governance, integrity, educational quality, faculty, physical resources, administrative capability and resources and financial stability. To be recognized by the
DOE, accrediting agencies must comply with DOE regulations, which require, among other things, that accrediting agencies adopt specific standards for their review of educational institutions, conduct
peer review evaluations of institutions and publicly designate those institutions that meet their criteria. An accredited institution is subject to periodic review or review when necessary by its
accrediting agencies to determine whether it continues to meet the performance, integrity and quality required for accreditation. Kendall College and Walden University are institutionally accredited
by the Higher Learning Commission, a regional accrediting agency recognized by the DOE. NewSchool of Architecture and Design and St.&nbsp;Augustine are institutionally accredited by the Accrediting
Commission for Senior Colleges and Universities of the Western Association of Colleges and Schools ("WASC"). Accreditation by these accrediting agencies is important to us for several reasons, one
being that it enables eligible students at our U.S. Institutions to receive Title IV financial aid. In addition, other colleges and universities depend, in part, on an institution's accreditation in
evaluating transfers of credit and applications to graduate schools. Employers also rely on the accredited status of institutions when evaluating candidates' credentials, and
students and corporate and government sponsors under tuition reimbursement programs consider accreditation as assurance that an institution maintains quality educational standards. If any of our U.S.
Institutions fails to satisfy the standards of its respective accrediting agency, that institution could lose its accreditation </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>250</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=17,SEQ=260,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=456934,FOLIO='250',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ea43513_1_251"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>by
that accrediting agency, which would cause it to lose its eligibility to participate in Title IV programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
HEA and regulations issued by the DOE require accrediting agencies to monitor the growth of institutions that they accredit. Our U.S. Institutions' respective accrediting agencies
require all affiliated institutions, including us, to complete an annual data report. If the non-financial data, particularly enrollment information, and any other information submitted by the
institution indicate problems, rapid change or significant growth, the staff of the respective accrediting agency may require that the institution address any concerns arising from the data report in
the next self-study and visit process or may recommend additional monitoring. In addition, DOE regulations require the Higher Learning Commission to notify the DOE if an institution it accredits that
offers distance learning programs, such as Kendall College and Walden University, experiences an increase in its headcount enrollment of 50% or more in any fiscal year. The DOE may consider that
information in connection with its own regulatory oversight activities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to institution-wide accreditation, there are numerous specialized accrediting agencies that accredit specific programs or schools within their jurisdiction, many of which are
in healthcare and professional fields. Accreditation of specific programs by one of these specialized accrediting agencies signifies that those programs have met the additional standards of those
agencies. In addition to being accredited by regional and/or national accrediting agencies, our U.S. Institutions also have the following specialized
accreditations:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the American Culinary Federation Education Foundation Accrediting Commission accredits the A.A.S. in Culinary Arts and the A.A.S. in
Baking&nbsp;&amp; Pastry programs in the School of Culinary Arts at Kendall College; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Council for Accreditation of Counseling and Related Educational Programs accredits the M.S. in Clinical Mental Health Counseling,
M.S. in Marriage, Couple and Family Counseling and Ph.D. in Counselor Education and Supervision programs at Walden University; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Commission on Collegiate Nursing Education accredits the B.S. in Nursing, M.S. in Nursing and Doctor of Nursing Practice programs
at Walden University, and the M.S. in Nursing program at St. Augustine holds new applicant status; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Accreditation Council for Business Schools and Programs accredits the B.S. in Business Administration, Master of Business
Administration, Doctor of Business Administration and Ph.D. in Management programs at Walden University; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the National Architecture Accrediting Board accredits NewSchool of Architecture and Design's architecture programs; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the National Council for Accreditation of Teacher Education accredits the Richard W. Riley College of Education and Leadership at
Walden University; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Project Management Institute Global Accreditation Center for Project Management Education Program accredits the M.S. in Project
Management program at Walden University; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ABET accredits the B.S. in Information Technology online program at Walden University; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Commission for Accreditation of Physical Therapy Education accredits the first professional Physical Therapy programs at
St.&nbsp;Augustine; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Accreditation Council for Occupational Therapy Education accredits the first professional Occupational Therapy programs at
St.&nbsp;Augustine; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>251</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=18,SEQ=261,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=961881,FOLIO='251',FILE='DISK112:[12ZBH3.12ZBH43513]EA43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ec43513_1_252"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the International Association for Continuing Education and Training recognizes the St.&nbsp;Augustine as an Authorized Provider of
continuing education programs; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Council on Social Work Education accredits the master's social work program at Walden University. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we fail to satisfy the standards of any of these specialized accrediting agencies, we could lose the specialized accreditation for the affected programs, which could result in
materially reduced student enrollments in those programs. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Congressional Hearings and Related Actions  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Congress must authorize and appropriate funding for Title IV programs under the HEA and can change the laws governing Title IV
programs at any time. The HEA was most recently reauthorized in August 2008 through federal fiscal year 2014, although the U.S. Congress has taken actions required to extend Title IV programs while a
HEA reauthorization remains pending and the Title IV programs remain authorized and functioning. Congress continues to engage in HEA reauthorization hearings, with such hearings examining various
subjects to be potentially addressed through reauthorization, including, but not limited to, college affordability, the role of consumer information in college choices by students and families,
whether Title IV programs should include institutional risk-sharing, and the role of accrediting agencies in ensuring institutional quality, among other items. We cannot predict the timing and terms
of any eventual HEA reauthorization, including any potential changes to institutional participation or student eligibility requirements or funding levels for particular Title IV programs. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to comprehensive reauthorizations of the HEA, Congress may periodically revise the law and other statutory requirements governing Title IV programs. In addition to Title IV
programs, eligible veterans and military personnel may receive educational benefits under other federal programs. Congress must determine the funding levels for Title IV programs, and programs
benefiting eligible veterans and military personnel, on an annual basis through the budget and appropriations process. A reduction in federal funding levels for Title IV programs, or for programs
providing educational benefits to veterans and military personnel, could reduce the ability of some students to finance their education. The loss of, or a significant reduction in, Title IV program
funds or other federal education benefits available to students at our U.S. Institutions could reduce our enrollments and revenues and have a material adverse effect on our business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
recent years, the House Education and Workforce Committee and the Senate HELP Committee in the U.S. Congress have increased the focus on the role of the for-profit post-secondary
education industry. In the past, hearings by these committees have focused, among other things, on the manner in which accrediting agencies review higher education institutions, student recruiting and
admissions and outcomes of students. In July 2012, former Senator Tom Harkin, the then-Chairman of the Senate HELP Committee, and the then-majority staff of the Senate HELP Committee released a report
analyzing information from thirty companies operating proprietary institutions, including Walden University. While stating that proprietary educational institutions play an important role in higher
education and should be well-equipped to meet the needs of non-traditional students who now constitute the majority of the postsecondary education population, the report was critical of the
proprietary sector. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
U.S. Congress and the DoD have increased their focus on DoD tuition assistance that is used for distance education and programs at proprietary institutions. In September 2011, a
subcommittee of the U.S. Senate Homeland Security and Government Affairs Committee conducted hearings covering the quality of education provided by proprietary institutions and treatment of
educational benefits for military personnel
for purposes of the 90/10&nbsp;Rule on institutional eligibility for Title IV programs. In April 2012, President Obama signed an executive order aimed at providing military personnel, veterans and
their family members </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>252</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=262,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=825392,FOLIO='252',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_253"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>with
the resources they need to make an informed decision about their educational prospects and other protections. In August 2013, the DoD began incorporating the principles of excellence outlined in
the 2012 Executive Order into their current MOU, which increases oversight of educational programs offered to active duty service members and conveys the commitments and agreements between educational
institutions and the DoD prior to accepting funds under the tuition assistance program. Institutions were required to sign the MOU by March&nbsp;30, 2012. After March&nbsp;1, 2013, institutions
without a signed DoD MOU cannot enroll service members under the tuition assistance program. In May 2014, the DoD released a final version of its revised MOU, which included new provisions applicable
to all higher educational institutions providing educational programs through the DoD tuition assistance program. Among other things, the MOU requested that participating institutions provide
meaningful information to students about the financial cost and attendance at an institution so military students can make informed decisions on where to attend school, will not use unfair, deceptive,
and abusive recruiting practices and will provide academic and student support services to service members and their families. The revised MOU also implemented rules to strengthen existing procedures
for access to DoD installations by educational institutions, a DoD Postsecondary Education Complaint System for service members, spouses, and adult family members to register student complaints and
established authorization for the military departments to establish service-specific tuition assistance eligibility criteria and management controls. Our U.S. Institutions utilizing tuition assistance
have signed DoD's standard MOU. The DoD has begun to increase its enforcement activity in connection with the 2012 Executive Order. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Regulation of Federal Student Financial Aid Programs  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To be eligible to participate in Title IV programs, an institution must comply with specific requirements contained in the HEA and the
regulations issued thereunder by the DOE. An institution must, among other things, be licensed or authorized to offer its educational programs by the state or states in which it is located and
maintain institutional accreditation by an accrediting agency recognized by the DOE. The substantial amount of federal funds disbursed to schools through Title IV programs, the large number of
students and institutions participating in these programs and allegations of fraud and abuse by certain for-profit educational institutions have caused Congress to require the DOE to exercise
considerable regulatory oversight over for-profit educational institutions. As a result, for-profit educational institutions, including ours, are subject to extensive oversight and review. Because the
DOE periodically revises its regulations and changes its interpretations of existing laws and regulations, we cannot predict with certainty how the Title IV program requirements will be applied in all
circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
aspects of Title IV programs include the following: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility and certification procedures.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of our U.S. Institutions must apply periodically to the DOE for continued
certification to participate
in Title IV programs. Such recertification generally is required every six years, but may be required earlier, including when an institution undergoes a change in control. An institution may also come
under the DOE's review when it expands its activities in certain ways, such as opening an additional location, adding a new educational program or modifying the academic credentials it offers. The DOE
may place an institution on provisional certification status if it finds that the institution does not fully satisfy all of the eligibility and certification standards and in certain other
circumstances, such as when an institution is certified for the first time or undergoes a change in control. During the period of provisional certification, the institution must comply with any
additional conditions included in the institution's program participation agreement with the DOE. In addition, the DOE may more closely review an institution that is provisionally certified if it
applies for recertification or approval to open a new location, add an educational program, acquire another institution or make any other significant change. If the DOE determines that a provisionally
certified institution is unable to meet its responsibilities under its program participation agreement, it may seek to revoke the institution's certification to participate in Title IV programs
without advance notice or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>253</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=263,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=205360,FOLIO='253',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_254"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>opportunity
for the institution to challenge the action. Students attending provisionally certified institutions remain eligible to receive Title IV program funds. Each of our U.S. Institutions
currently is provisionally certified to participate in Title IV programs. They are also subject to a letter of credit for not satisfying the DOE's standards of financial responsibility, as described
below. In addition, they are subject to additional cash management requirements with respect to their disbursements of Title IV funds, as well as certain additional reporting and disclosure
requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainful employment.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the HEA, proprietary schools generally are eligible to participate in Title IV programs in respect of
educational programs
that lead to "gainful employment in a recognized occupation." As mentioned above, in 2013, the DOE established a negotiated rulemaking committee to address gainful employment in a recognized
employment. On October&nbsp;30, 2014, the DOE published final regulations to define "gainful employment," which become effective on July&nbsp;1, 2015. Historically, the concept of "gainful
employment" has not been defined in detail. The final regulations require each educational program offered by a proprietary institution to achieve threshold rates in two debt measure categories: an
annual debt-to-annual earnings ("DTE") ratio and an annual debt-to-discretionary income ("DTI") ratio. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ratios are calculated under complex methodologies and definitions outlined in the final regulations and, in some cases, are based on data that may not be readily accessible to us.
The DTE ratio is calculated by comparing (i)&nbsp;the annual loan payment required on the median student loan debt incurred by students receiving Title IV program funds who completed a particular
program and (ii)&nbsp;the higher of the mean or median of those students' annual earnings approximately two to four years after they graduate. The DTI ratio is calculated by comparing (x)&nbsp;the
annual loan payment required on the median student loan debt incurred by students receiving Title IV program funds who completed a particular program and (y)&nbsp;the higher of the mean or median of
those students' discretionary income approximately two to four years after they graduate. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
educational program must achieve a DTE ratio at or below 8% or a DTI ratio at or below 20% to be considered "passing." An educational program with a DTE ratio greater than 8% but less
than or equal to 12% or a DTI ratio greater than 20% but less than or equal to 30% is considered to be "in the zone." An educational program with a DTE ratio greater than 12% and a DTI ratio greater
than 30% is considered "failing." An educational program will cease to be eligible for students to receive Title IV program funds if its DTE and DTI ratios are failing in two out of any three
consecutive award years or if both of those rates are failing or in the zone for four consecutive award years. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
final regulations also require an institution to provide warnings to current and prospective students in programs which may lose Title IV eligibility at the end of an award or fiscal
year. If an educational program could become ineligible based on its ratios for the next award year, the institution must (1)&nbsp;deliver a warning to current and prospective students in the
program and (2)&nbsp;not enroll, register or enter into a financial commitment with a prospective student until three business days after the warning is provided or a subsequent warning is provided,
if more than thirty days have passed since the first warning. If a program becomes ineligible for students to receive Title IV program funds, the institution cannot seek to reestablish eligibility of
that program, or establish the eligibility of a similar program having the same classification of instructional program ("CIP") code with the same first four digits of the CIP code of the ineligible
program for three years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
the final regulations require an institution to certify to the DOE that its educational programs subject to the gainful employment requirements, which include all programs
offered by our U.S. Institutions, meet the applicable requirements for graduates to be professionally or occupationally licensed or certified in the state in which the institution is located. If we
are unable to certify that our programs meet the applicable state requirements for graduates to be professionally or occupationally </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>254</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=264,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=916015,FOLIO='254',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_255"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>certified
in that state, then we may need to cease offering certain programs in certain states or to students who are residents in certain states. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
November 2014, two organizations representing for-profit institutions filed separate lawsuits in federal district courts against the DOE seeking to have the final regulations
invalidated. In both cases, the courts upheld the regulations and dismissed the lawsuits. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January 2017, the DOE issued to institutions final DTE rates. Among the Classification of Instructional Programs reported within NewSchool of Architecture and Design, Kendall College
and Walden University, the DOE has indicated that we had one that failed and five in the zone. This represents a total of one educational program that failed and 10 in the zone. St.&nbsp;Augustine
had no programs that failed or were in the zone. The percentage of students enrolled in the educational program that failed represents approximately 1% of the students currently enrolled in our U.S.
Institutions. The percentage of students enrolled in the educational programs that were in the zone represents approximately 5.3%. We are currently examining and implementing options for each of these
programs and their students. The failure of any program or programs offered by any of our U.S. Institutions to satisfy any gainful employment regulations could render that program or programs
ineligible for Title IV program funds. If a particular educational program ceased to become eligible for Title IV program funds, either because it fails to prepare students for gainful employment in a
recognized occupation or due to other factors, we may choose to cease offering that program. It is possible that several programs offered by our schools may be adversely impacted by the regulations
due to lack of specialized program accreditation or certification in the states in which such institutions are based. We also could be required to make changes to certain programs at our U.S.
Institutions or to increase student loan repayment efforts in order to comply with the rule or to avoid the uncertainty associated with such compliance. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative capability.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;DOE regulations specify extensive criteria by which an institution must establish that it has the
requisite
"administrative capability" to participate in Title IV programs. To meet the administrative capability standards, an institution must, among other things: comply with all applicable Title IV program
requirements; have an adequate number of qualified personnel to administer Title IV programs; have acceptable standards for measuring the satisfactory academic progress of its students; not have
student loan cohort default rates above specified levels; have various procedures in place for awarding, disbursing and safeguarding Title IV program funds and for maintaining required records;
administer Title IV programs with adequate checks and balances in its system of internal controls; not be, and not have any principal or affiliate who is, debarred or suspended from federal
contracting or engaging in activity that is cause for debarment or suspension; provide financial aid counseling to its students; refer to the DOE's Office of Inspector General any credible information
indicating that any student, parent, employee, third-party servicer or other agent of the institution has engaged in any fraud or other illegal conduct involving Title IV programs; submit all required
reports and financial statements in a timely manner; and not otherwise appear to lack administrative capability. If an institution fails to satisfy any of these criteria, the DOE may require the
institution to repay Title IV funds its students previously received, change the institution's method of receiving Title IV program funds, which in some cases may result in a significant delay in the
institution's receipt of those funds, place the institution on provisional certification status or commence a proceeding to impose a fine or to limit, suspend or terminate the institution's
participation in Title&nbsp;IV programs. If the DOE determines that any of our U.S. Institutions failed to satisfy its administrative capability requirements, then the institution's students could
lose, or be limited in their access to, Title&nbsp;IV program funding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial responsibility.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The HEA and DOE regulations establish extensive standards of financial responsibility that
institutions such as ours must
satisfy to participate in Title IV programs. The DOE evaluates institutions for compliance with these standards on an annual basis based on the institution's annual audited financial statements as
well as when the institution applies to the DOE to have its </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>255</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=265,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=849613,FOLIO='255',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_256"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>eligibility
to participate in Title IV programs recertified. The most significant financial responsibility standard is the institution's composite score, which is derived from a formula established by
the DOE based on three financial ratios: (1)&nbsp;equity ratio, which measures the institution's capital resources, financial viability and ability to borrow; (2)&nbsp;primary reserve ratio, which
measures the institution's ability to support current operations from expendable resources; and (3)&nbsp;net income ratio, which measures the institution's ability to operate at a profit or within
its means. The DOE assigns a strength factor to the results of each of these ratios on a scale from negative 1.0 to positive 3.0, with negative&nbsp;1.0 reflecting financial weakness and positive
3.0 reflecting financial strength. The DOE then assigns a weighting percentage to each ratio and adds the weighted scores for the three ratios together to produce a composite score for the
institution. The composite score must be at least 1.5 for the institution to be deemed financially responsible without the need for further DOE oversight. In addition to having an acceptable composite
score, an institution must, among other things, provide the administrative resources necessary to comply with Title IV program requirements, meet all of its financial obligations including required
refunds to students and any Title IV liabilities and debts, be current in its debt payments and not receive an adverse, qualified or disclaimed opinion by its accountants in its audited financial
statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the DOE determines that an institution does not meet the financial responsibility standards due to a failure to meet the composite score or other factors, the institution is able to
establish financial responsibility on an alternative basis permitted by the DOE. This alternative basis could include, in the Department's discretion, posting a letter of credit, accepting provisional
certification, complying with additional DOE monitoring requirements, agreeing to receive Title IV program funds under an arrangement other than the DOE's standard advance funding arrangement, such as
the reimbursement method of payment or heightened cash monitoring, or complying with or accepting other limitations on the institution's ability to increase the number of programs it offers or the
number of students it enrolls. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
DOE measures the financial responsibility of several of our U.S. Institutions on the basis of the Laureate consolidated audited financial statements and not at the individual
institution level. In October 2014, upon review of those financial statements, the DOE determined, based on Laureate's composite score for its fiscal year ended December&nbsp;31, 2013, that it and,
consequently, Walden University, NewSchool of Architecture and Design and Kendall College failed to meet the standards of financial responsibility. As a result, the DOE required us to increase our
required letter of credit amount to approximately $85.6&nbsp;million for Walden University, NewSchool of Architecture and Design and Kendall College, which is equal to approximately 10% of Title IV
program funds that these
institutions received during the fiscal year ended December&nbsp;31, 2013. In September 2015, the DOE required us to increase our required letter of credit amount to $85.8&nbsp;million for Walden
University, NewSchool of Architecture and Design and Kendall College, which is approximately 10% of Title IV program funds that these institutions received during the fiscal year ended
December&nbsp;31, 2014. We renewed our letter of credit for this required amount. In March 2016, in connection with its review of our financial statements following our conversion to a Delaware
public benefit corporation, the DOE sent us a letter requiring us to increase our existing letter of credit by $4,682,990 to the amount of $90,508,766 for Kendall College, St.&nbsp;Augustine, Walden
University and NewSchool of Architecture and Design, which is equal to approximately 10% of the Title IV program funds that these schools received during the most recently completed fiscal year. In
the letter, DOE also has required us to continue to comply with additional notification and reporting requirements. We have provided the increased letter of credit and are complying with the
additional notification and reporting requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
received a letter dated October&nbsp;4, 2016 from the DOE (subsequently revised on November&nbsp;4, 2016) stating that, based on Laureate's failure to meet standards of financial
responsibility for the fiscal year ended December&nbsp;31, 2015, we are required to either: 1)&nbsp;increase our letter of credit to an amount equal to 50% (calculated by the DOE to be
$351,995,250) of the Title&nbsp;IV, HEA funds received by </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>256</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=266,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=772239,FOLIO='256',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_257"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Laureate
in the fiscal year ended December&nbsp;31, 2015 and qualify as a financial responsible institution; or 2)&nbsp;increase our letter of credit to an amount equal to 15% (calculated by the
DOE to be $105,598,575), of the Title&nbsp;IV, HEA funds received by Laureate in the fiscal year ended December&nbsp;31, 2015 and remain provisionally certified for a period of up to three
complete award years. In the letter, the DOE also has required us to continue to comply with additional notification and reporting requirements. We have chosen to increase our letter of credit to
$105,598,575 and to remain provisionally certified for a period of up to three complete award years and have obtained a replacement letter of credit. St. Augustine, Walden University, NewSchool of
Architecture and Design and Kendall College also currently receive Title IV program funds under the least restrictive form of heightened cash monitoring. We have provided the DOE with the increased
letter of credit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further,
the DOE, as a condition to the provisional program participation agreement of the National Hispanic University, requested that we post an additional letter of credit in an
amount equal to $1,473,990, representing 25% of the Title IV program funds received by the National Hispanic University during the fiscal year ended December&nbsp;31, 2013. In October 2015, the DOE
sent us a letter requiring us to renew our letter of credit in the amount of $772,931 for the National Hispanic University (25% of the total Title IV program funds the institution received during the
fiscal year ended December&nbsp;31, 2014). We renewed our letter of credit for this required amount. This requirement was initially due to the fact that the subsidiary corporation used to acquire
the institution's assets did not possess two years of audited financial statements at the time of the acquisition in April 2010, and the requirement has been continued based on the DOE's review of the
institution's audited financial statements. We received a letter dated September&nbsp;21, 2016 from the DOE confirming that this letter of credit for National Hispanic University was no longer
required and may be cancelled by our bank. We have cancelled this letter of credit and the funds have been released back to us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2015, the DOE sent us a letter requiring us to post a letter of credit in the amount of $14,967 for St.&nbsp;Augustine (25% of the total Title IV program refunds the
institution made or should have made during the fiscal year ended December&nbsp;31, 2014). This requirement was due to the fact that St.&nbsp;Augustine was found to have issued late refunds to
more than 5% of the students in its auditor's sample for the 2014 fiscal year. We have obtained this letter of credit. Any requirement to post, maintain or increase a letter of credit or other
sanctions that may be imposed by the DOE could increase our cost of regulatory compliance and could affect our cash flows. The DOE has the discretion to increase our letter of credit requirements at
any time. If our U.S. Institutions are unable to meet the minimum composite score requirement or comply with the other standards of financial responsibility, and could not post a required letter of
credit or comply with the alternative bases for establishing financial responsibility, then students at our U.S. Institutions could lose their access to Title IV program funding. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;1, 2016, the DOE issued a final rule to revise its general standards of financial responsibility to include various actions and events that would require institutions
to provide the DOE with irrevocable letters of credit. For additional information regarding this final rule, see "&#151;Additional DOE rulemaking activities." If we are required to repay the
DOE for any successful DTR claims by students who attended our U.S. Institutions, or we are required to obtain additional letters of credit or increase our current letter of credit, it could
materially affect our business, financial conditions and results of operations. We are currently assessing the impact of these final regulations on our U.S. Institutions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Title IV funds for students who withdraw.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;When a student who has received Title IV funds withdraws from school, the
institution must
determine the amount of Title IV program funds the student has "earned." The institution must return any unearned Title IV program funds to the appropriate lender or the DOE in a timely manner, which
is generally no later than 45&nbsp;days after the date the institution determined that the student withdrew. If such payments are not timely made, the institution will be required to submit a letter
of credit to the DOE equal to 25% of the Title IV funds </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>257</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=267,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=791225,FOLIO='257',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_258"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>that
the institution should have returned for withdrawn students in its most recently completed fiscal year. Under DOE regulations, late returns of Title IV program funds for 5% or more of the
withdrawn students in the audit sample in the institution's annual Title IV compliance audit for either of the institution's two most recent fiscal years or in a DOE program review triggers this
letter of credit requirement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
final program review determination issued by the DOE on March&nbsp;3, 2015 found that Walden University failed to timely return Title IV program funds for more than 5% of the
withdrawn students during its fiscal year ended December&nbsp;31, 2012. The DOE noted that such a finding would usually require Walden to post a letter of credit to the DOE equal to 25% of the Title
IV funds that the institution should have returned for withdrawn students in its most recently completed fiscal year; however, such an additional letter of credit was not required in this instance
because of the letter of credit that was previously posted to the DOE based on our consolidated audited financial statements failing to meet the DOE's standards of financial responsibility. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The "90/10&nbsp;Rule."</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A requirement of the HEA commonly referred to as the "90/10&nbsp;Rule" provides that an institution loses
its eligibility
to participate in Title IV programs, if, under a complex regulatory formula that requires cash basis accounting and other adjustments to the calculation of revenue, the institution derives more than
90% of its revenues for any fiscal year from Title IV program funds. This rule applies only to for-profit post-secondary educational institutions, including our U.S. Institutions. An institution is
subject to loss of eligibility to participate in Title IV programs if it exceeds the 90% threshold for two consecutive fiscal years, and an institution whose rate exceeds 90% for any single fiscal
year will be placed on provisional certification and may be subject to addition conditions or sanctions imposed by the DOE. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Using
the DOE's formula under the "90/10&nbsp;Rule," Kendall College derived approximately 36%, 35% and 43% of its revenues (calculated on a cash basis) from Title&nbsp;IV program
funds in fiscal years 2015, 2014 and 2013, respectively. NewSchool of Architecture and Design derived approximately 43%, 47% and 56% of its revenues (calculated on a cash basis) from Title&nbsp;IV
program funds in fiscal years 2015, 2014 and 2013, respectively. St.&nbsp;Augustine derived approximately 49%, 46% and 47% of its revenues (calculated on a cash basis) from Title&nbsp;IV program
funds in fiscal years 2015, 2014 and 2013, respectively. Walden University derived approximately 73%, 74% and 74% of its revenues (calculated on a cash basis) from Title&nbsp;IV program funds in
fiscal years 2015, 2014 and 2013, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ability of our U.S. Institutions to maintain 90/10&nbsp;rates below 90% will depend on our enrollments, any increases in students Title IV funding eligibility in the future, and
other factors outside of our control, including any reduction in government assistance for military personnel, including veterans, or changes in the treatment of such funding for the purposes of the
90/10&nbsp;calculation. In recent years, several members of Congress have introduced proposals and legislation that would modify the 90/10&nbsp;Rule. One such proposal would revise the
90/10&nbsp;Rule to an 85/15&nbsp;rule and would count DoD tuition assistance and GI Bill education benefits toward that limit. We cannot predict whether, or the extent to which, these actions
could result in legislation or further rulemaking affecting the 90/10&nbsp;Rule. To the extent that any such laws or regulations are enacted, our U.S. Institutions' financial condition could be
adversely affected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Student loan defaults.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the HEA, an educational institution may lose its eligibility to participate in some or all Title IV
programs if defaults
by its students on the repayment of federal student loans received under Title IV programs exceed certain levels. For each federal fiscal year, the DOE
calculates a rate of student defaults on such loans for each institution, known as a "cohort default rate." Under current regulations, an institution will lose its eligibility to participate in Title
IV programs if its three-year cohort default rate equals or exceeds 30% for three consecutive cohort years or 40% for any given year. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>258</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=268,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=317429,FOLIO='258',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_259"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kendall
College's official three-year cohort default rates for the 2013, 2012 and 2011 federal fiscal years were 10.0%, 7.9% and 11.3%, respectively. NewSchool of Architecture and
Design's official three-year cohort default rates for the 2013, 2012 and 2011 federal fiscal years were 5.1%, 10.2% and 11.2%, respectively. St.&nbsp;Augustine's official three-year cohort default
rates for the 2013, 2012 and 2011 federal fiscal years were 0.2%, 0.5%, and 0.0%, respectively. Walden University's official three-year cohort default rates for the 2013, 2012 and 2011 federal fiscal
years were 6.7%, 6.8% and 7.8%, respectively. The average national student loan default rates published by the DOE for all institutions that participated in the federal student aid programs for 2013,
2012 and 2011 were 11.3%, 11.8% and 13.7%, respectively, and for all proprietary institutions that participated in the federal student aid programs for 2013, 2012 and 2011 were 15.0%, 15.8% and 19.1%,
respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2008 reauthorization of the HEA modified the cohort default rate calculation to increase by one year the measuring period for each cohort. Starting in September 2012, the DOE began
publishing three-year cohort default rates in addition to the two-year rates. Two-year cohort default rates were no longer calculated following the release of the 2011 two-year rates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation rule.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the HEA, an educational institution that participates in Title IV programs may not make any
commission, bonus or
other incentive payments to any persons or entities involved in recruitment or admissions activities or in the awarding of financial aid pertaining to U.S. citizens, permanent residents and others
temporarily residing in the United States with the intention of becoming a citizen or permanent resident. The DOE has taken the position that any commission, bonus or other incentive compensation
based in any part, directly or indirectly, or securing enrollment or awarding financial aid is inconsistent with the statutory prohibition against incentive compensation. The DOE has maintained that
institutions may make merit-based adjustments to employee compensation, provided that those adjustments are not based, in any part, directly or indirectly, upon securing enrollments or awarding
financial aid. In sub-regulatory correspondence to institutions regarding its regulatory changes, the DOE provided additional guidance regarding the scope of the prohibition on incentive compensation
and to what employees and types of activities the prohibition applies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in recent years, other post-secondary educational institutions have been named as defendants to whistleblower lawsuits, known as "</FONT><FONT SIZE=2><I>qui
tam</I></FONT><FONT SIZE=2>" cases, brought by current or former employees pursuant to the Federal False Claims Act, alleging that their institutions' compensation
practices did not comply with the incentive compensation rule. A </FONT><FONT SIZE=2><I>qui tam</I></FONT><FONT SIZE=2> case is a civil lawsuit brought by one or more individuals (a "relator") on
behalf of the federal government for an alleged submission to the government of a false claim for payment. The relator, often a current or former employee, is entitled to a share of the government's
recovery in the case, including the possibility of treble damages. A </FONT><FONT SIZE=2><I>qui tam</I></FONT><FONT SIZE=2> action is always filed under seal and remains under seal until the
government decides whether to intervene in the case. If the government intervenes, it takes over primary control of the litigation. If the government declines to intervene in the case, the relator may
nonetheless elect to continue to pursue the litigation at his or her own expense on behalf of the government. Any such litigation could be costly and could divert management's time and attention away
from the business, regardless of whether a claim has merit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantial misrepresentation.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An institution participating in Title IV programs is prohibited from making misrepresentations
regarding the nature of
its educational programs, the nature of financial charges and availability of financial assistance, or the employability of graduates. A misrepresentation is defined in the regulations as any false,
erroneous or misleading statement to any student or prospective student, any member of the public, an accrediting agency, a state agency or the DOE, and, significantly, the regulations as promulgated
by the DOE define misleading statements to broadly include any statements that have a likelihood or tendency to deceive. If any of our U.S. Institutions&#151;or any entity, organization, or
person with whom the institution has an agreement to provide educational programs or to provide marketing, advertising, recruiting, or admissions services&#151;committed a misrepresentation for </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>259</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=269,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=20730,FOLIO='259',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_260"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>which
a person could reasonably be expected to rely, or has reasonably relied, to that person's detriment, the DOE could initiate proceedings to revoke the institution's Title IV eligibility, deny
applications made by the institution, impose fines, or initiate a limitation, suspension or termination proceeding against the institution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance reviews.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our U.S. Institutions are subject to announced and unannounced compliance reviews and audits by various
external agencies,
including the DOE, its Office of Inspector General, state licensing agencies, various state approving agencies for financial assistance to veterans and accrediting agencies. In general, after the DOE
conducts a site visit and reviews data supplied by an institution, the DOE sends the institution a program review report and affords the institution with an opportunity to respond to any findings. The
DOE then issues a final program review determination letter, which identifies any liabilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;3, 2015, the DOE issued a final program review determination letter to Walden University for a September 2012 review of the 2011-2012 and 2012-2013 Title IV award years.
The letter required Walden University to return $34,281 in Title IV funds, and also found that Walden University failed to timely return Title IV program funds for more than 5% of the withdrawn
students during its fiscal year ended December&nbsp;31, 2012. The DOE noted that such a finding would usually require Walden to post a letter of credit to the DOE equal to 25% of the Title IV funds
that the institution should have returned for withdrawn students in its most recently completed fiscal year; however, such an additional letter of credit was not required in this instance because of
the letter of credit that was previously posted to the DOE based on our consolidated audited financial statements failing to meet the DOE's standards of financial responsibility. On February&nbsp;3,
2015, the DOE issued a final program review determination letter to National Hispanic University regarding a December 2013 review covering the 2012-2013 and 2013-2014 Title IV award years. The letter
determined that National Hispanic University has taken corrective actions necessary to resolve all findings noted in the preliminary report, except for certain findings related to drug and alcohol
abuse prevention program requirements. With respect to those findings, the DOE did not require any further action due to the fact that the National Hispanic University closed on August&nbsp;23,
2015. On September&nbsp;11, 2015, the DOE issued an expedited final program review determination letter to Kendall College regarding a March-April 2015 program review. The letter determined that
Kendall College has taken corrective actions necessary to resolve all findings. In addition, on September&nbsp;21, 2015, the Higher Learning Commission notified Kendall College that the Higher
Learning Commission placed the school on ongoing financial monitoring over the next 24&nbsp;months. Such action was primarily due to concerns over the school's continued reliance upon Laureate to
provide financial support to sustain its operations. In May 2017, Kendall College and Walden University are scheduled to host interim site visits from their institutional accreditor, Higher Learning
Commission, as a condition of their ongoing accreditation. On September&nbsp;8, 2016, MOHE sent to Walden University an information request regarding its doctoral programs and complaints filed by
doctoral students, as part of a program review that MOHE is conducting. We have been informed by MOHE that in an effort to better understand the context, background and issues related to doctoral
student complaints in Minnesota, MOHE is initiating a full review of doctoral programs for institutions registered in Minnesota. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of the DOE's ongoing monitoring of institutions' administration of Title IV programs, the HEA also requires institutions to annually submit to the DOE a Title IV compliance audit
conducted by an independent certified public accountant in accordance with applicable federal and DOE audit standards. In addition, to enable the DOE to make a determination of an institution's
financial responsibility, each institution must annually submit audited financial statements prepared in accordance with DOE regulations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Program integrity and improvement.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A negotiated rulemaking committee established by the DOE in 2014 to address program integrity
and improvement
issues for the federal student aid programs met four times between February and May 2014. Topics for discussion included clock-to-credit-hour </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>260</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=270,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=580104,FOLIO='260',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_261"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>conversion,
state authorization of distance education and foreign locations, cash management and the use of debit cards for student refunds, retaking coursework and the definition of adverse credit
for Direct PLUS loan eligibility. On October&nbsp;23, 2014, the DOE published final regulations updating the standard for determining if a potential parent or student borrower under the Federal
Direct PLUS Loan Program has an adverse credit history for purposes of Direct PLUS Loan eligibility. These regulations also require parents and students who have an adverse credit history, but who are
approved for a Direct PLUS loan on the basis that extenuating circumstances exist or by obtaining an endorser for the loan, to receive loan counseling before receiving the loan. Although these rules
went into effect on July&nbsp;1, 2015, the DOE permitted early implementation of the new criteria by institutions commencing March&nbsp;29, 2015. The increase in administrative burden under these
new regulations is not expected to have a material effect on our business. In addition, on October&nbsp;30, 2015, the DOE published final regulations on cash management and debit card practices,
retaking coursework, and clock-to-credit hour conversion. A majority of the provisions of the regulations took effect on July&nbsp;1, 2016, and others took effect on later dates in 2016. The final
regulations concerning cash management require, among other things, that institutions subject to heightened cash monitoring procedures for disbursements of Title IV funds must, effective
July&nbsp;1, 2016, pay to students any applicable Title IV credit balances before requesting such funds from the DOE. St. Augustine, Walden University, NewSchool of Architecture and Design and
Kendall College are currently subject to heightened cash monitoring procedures. We have reviewed the regulations and made appropriate adjustments in our business operations to meet those requirements
effective July&nbsp;1, 2016. On December&nbsp;19, 2016, the DOE published final regulations regarding state authorization for programs offered through distance education and state authorization
for foreign locations of institutions. Among other provisions, these final regulations require that an institution participating in the Title IV federal student aid programs and offering postsecondary
education through distance education be authorized by each state in which the institution enrolls students, if such authorization is required by the state. The DOE would recognize authorization
through participation in a state authorization reciprocity agreement, if the agreement does not prevent a state from enforcing its own laws. The final regulations also require that foreign additional
locations and branch campuses be authorized by the appropriate foreign government agency and, if at least 50% of a program can be completed at the location/branch, be approved by the institution's
accrediting agency and be reported to the state where the main campus is located. The final regulations would also require institutions to: document the state process for resolving complaints from
students enrolled in programs offered through distance education or correspondence courses; and make certain public and individualized disclosures to enrolled and prospective students about their
distance education programs. These final regulations are effective July&nbsp;1, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Violence Against Women Act and Clery Act.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DOE established a negotiated rulemaking committee in 2014 to address changes in
campus safety and
security reporting requirements enacted by Congress in the 2013 reauthorization of the Violence Against Women Act ("VAWA"). VAWA included various amendments to the Clery Act, a federal law requiring
colleges and universities to disclose information about crimes that occur around and on campus property. On June&nbsp;24, 2014, the DOE published proposed regulations to implement the changes made
to the Clery Act by VAWA, and the final rules were published on October&nbsp;20, 2014. These new rules contain additional disclosure and campus crime prevention and awareness requirements which we
anticipate will increase our administrative costs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional DOE rulemaking activities.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;3, 2014, the DOE published proposed regulations on the teacher
preparation program
accountability system under the HEA, and additionally proposed amendments on teacher preparation program eligibility for TEACH Grant participation. In October 2016, the DOE published its final
regulations regarding teacher preparation programs and TEACH Grant eligibility. We are currently assessing the eligibility of Walden University to continue to access TEACH Grant funds under the new
regulations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>261</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=271,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=267625,FOLIO='261',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_262"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;30, 2015, the DOE published final regulations to establish a Pay as You Earn Repayment Plan and implement changes regarding cohort default rate appeals and the Federal
Family Education Loan and Direct Loan Programs. The Pay as You Earn Repayment Plan provisions took effect in December 2015 and a majority of the remaining provisions regulations took effect on
July&nbsp;1, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;1, 2016, the DOE published a final rule that, among other provisions, establishes new standards and processes for determining whether a Direct Loan Program borrower
has a defense to repayment ("DTR") on a loan due to acts or omissions by the institution at which the loan was used by the borrower for educational expenses. The final regulations take effect on
July&nbsp;1, 2017. Among other topics, this final rule establishes permissible borrower defense claims for discharge, procedural rules under which claims will be adjudicated, time limits for
borrowers' claims, and guidelines for recoupment by the DOE of discharged loan amounts from institutions of higher education. It also prohibits schools from using any pre-dispute arbitration
agreements, prohibits schools from prohibiting relief in the form of class actions by student borrowers, and invalidates clauses imposing requirements that students pursue an internal dispute
resolution process before contacting authorities regarding concerns about an institution. For proprietary institutions, the final rule describes the threshold for loan repayment rates that will
require specific disclosures to current and prospective students and the applicable loan repayment rate methodology. The final rule also establishes important new financial responsibility and
administrative capacity requirements for both not-for-profit and for-profit institutions participating in the Title IV programs. For example, certain events would automatically trigger the need for a
school to obtain a letter of credit, including for publicly traded institutions, if the SEC warns the school that it may suspend trading on the school's stock, the school failed to timely
file&nbsp;a required annual or quarterly report with the SEC, or the exchange on which the stock is traded notifies the school that it is not in compliance with exchange requirements or the stock is
delisted. Other events would will require a recalculation of a school's composite score of financial responsibility, including, for a proprietary institution whose score is less than 1.5, any
withdrawal of an owner's equity by any means, including by declaring a dividend, unless the equity is transferred within the affiliated entity group on whose basis the composite score was calculated.
The final rule also sets forth events that are discretionary triggers for letters of credit, meaning that if any of them occur, the DOE may choose to require a letter of credit, increase an existing
letter of credit requirement or demand some other form of surety from the institution. The final rule provides that if an institution fails to meet the composite score requirement for longer than
three years under provisional certification, the DOE may mandate additional financial protection from the institution or any party with "substantial control" over the
institution. Such parties with "substantial control" must agree to jointly and severally guarantee the Title IV liabilities of the institution at the end of the three-year provisional certification
period. Under current regulations, a party may be deemed to have "substantial control" over an institution if, among other factors, the party directly or indirectly holds an ownership interest of 25%
or more of an institution, or is a member of the board of directors, a general partner, the chief executive officer or other executive officer of the institution. If we are required to repay the DOE
for any successful DTR claims by students who attended our U.S. Institutions, or we are required to obtain additional letters of credit or increase our current letter of credit, it could materially
affect our business, financial conditions and results of operations. We are in the process of evaluating the final regulations and cannot predict with certainty what impact the final regulations will
have on our business and the educational programs offered by our U.S. Institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privacy of student records.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Family Educational Rights and Privacy Act of 1974 ("FERPA"), and the DOE's FERPA regulations
require educational
institutions to protect the privacy of students' educational records by limiting an institution's disclosure of a student's personally identifiable information without the student's prior written
consent. FERPA also requires institutions to allow students to review and request changes to their educational records maintained by the institution, to notify students at least annually of this
inspection right and to maintain records in each student's file </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>262</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=272,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=232865,FOLIO='262',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_263"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>listing
requests for access to and disclosures of personally identifiable information and the interest of such party in that information. If an institution fails to comply with FERPA, the DOE may
require corrective actions by the institution or may terminate an institution's receipt of further federal funds. In addition, our U.S. Institutions are obligated to safeguard student information
pursuant to the Gramm-Leach-Bliley Act (the "GLBA"), a federal law designed to protect consumers' personal financial information held by financial institutions and other entities that provide
financial services to consumers. The GLBA and the applicable GLBA regulations require an institution to, among other things, develop and maintain a comprehensive, written information security program
designed to protect against the unauthorized disclosure of personally identifiable financial information of students, parents or other individuals with whom such institution has a customer
relationship. If an institution fails to comply with the applicable GLBA requirements, it may be required to take corrective actions, be subject to monitoring and oversight by the FTC, and be subject
to fines or penalties imposed by the FTC. For-profit educational institutions are also subject to the general deceptive practices jurisdiction of the FTC with respect to their collection, use and
disclosure of student information. The institution must also comply with the FTC Red Flags Rule, a section of the federal Fair Credit Reporting Act, that requires the establishment of guidelines and
policies regarding identity theft related to student credit accounts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential effect of regulatory violations.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any of our U.S. Institutions fails to comply with the regulatory
standards governing Title IV programs, the DOE could impose one or more sanctions, including requiring us to repay Title IV program funds, requiring us to post a letter of credit in favor of the DOE
as a condition for continued Title IV certification, taking emergency action against us, initiating proceedings to impose a fine or to limit, suspend or terminate our participation in Title IV
programs or referring the matter for civil or criminal prosecution. Because our U.S. Institutions are provisionally certified to participate in Title IV programs, the DOE may revoke the certification
of these institutions without advance notice or advance opportunity for us to challenge that action. If such sanctions or proceedings were imposed against us and resulted in a substantial curtailment
or termination of our participation in Title IV programs, our enrollments, revenues and results of operations could be materially and adversely affected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the actions that may be brought against us as a result of our participation in Title&nbsp;IV programs, we are also subject to complaints and lawsuits relating to
regulatory compliance brought not only by regulatory agencies, but also by other government agencies and third parties, such as current or former students or employees and other members of the public. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Regulatory Standards that May Restrict Institutional Expansion or Other Changes in the United
States  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many actions that we may wish to take in connection with expanding our operations or other changes in the United States are subject to
review or approval by the applicable regulatory agencies. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adding teaching locations, implementing new educational programs and increasing enrollment.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The requirements and standards of
state education
agencies, accrediting agencies and the DOE limit our ability in certain instances to establish additional teaching locations, implement new educational programs or increase enrollment in certain
programs. Many states require review and approval before institutions can add new locations or programs. Our U.S. Institutions' state educational agencies and institutional and specialized accrediting
agencies that authorize or accredit our U.S. Institutions and their programs generally require institutions to notify them in advance of adding new locations or implementing new programs, and upon
notification may undertake a review of the quality of the facility or the program and the financial, academic and other qualifications of the institution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the DOE, if an institution participating in Title IV programs plans to add a new location or educational program, the institution must generally apply to the DOE to have
the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>263</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=273,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=91173,FOLIO='263',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_264"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>additional
location or educational program designated as within the scope of the institution's Title IV eligibility. As a condition for an institution to participate in Title IV programs on a
provisional basis, as in our case, the DOE can require prior approval of such programs or otherwise restrict the number of programs an institution may add or the extent to which an institution can
modify existing educational programs. If an institution that is required to obtain the DOE's advance approval for the addition of a new program or new location fails to do so, the institution may be
liable for repayment of the Title IV program funds received by the institution or students in connection with that program or enrolled at that location. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisional certification.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each institution must apply to the DOE for continued certification to participate in Title IV programs
at least every six
years and when it undergoes a change in control. An institution may also come under the DOE's review when it expands its activities in certain ways, such as opening an additional location, adding an
educational program or modifying the academic credentials that it offers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
DOE may place an institution on provisional certification status if it finds that the institution does not fully satisfy all of the eligibility and certification standards. In
addition, if a company acquires an institution from another entity, the acquired institution will automatically be placed on provisional certification when the DOE approves the transaction. During the
period of provisional certification, the institution must comply with any additional conditions or restrictions included in its program participation agreement with the DOE. Students attending
provisionally certified institutions remain eligible to receive Title IV program funds, but if the DOE finds that a provisionally certified institution is unable to meet its responsibilities under its
program participation agreement, it may seek to revoke the institution's certification to participate in Title IV programs without advance notice or advance opportunity for the institution to
challenge that action. In addition, the DOE may more closely review an institution that is provisionally certified if it applies for recertification or approval to open a new location, add an
educational program, acquire another institution or make any other significant change. All of our U.S. Institutions currently participate in Title IV programs pursuant to provisional participation
agreements due to our conversion to a public benefit corporation and this offering, as well as because we do not meet the DOE's standards of financial responsibility. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquiring other institutions.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have acquired other institutions in the past, and we may seek to do so in the future. The DOE
and virtually all
state education agencies and accrediting agencies require a company to obtain their approval if it wishes to acquire another institution. The level of review varies by individual state and accrediting
agency, with some requiring approval of such an acquisition before it occurs while others only consider approval after the acquisition has occurred. The approval of the applicable state education
agencies and accrediting agencies is a necessary prerequisite to the DOE certifying the acquired institution to participate in Title IV programs. The restrictions imposed by any of the applicable
regulatory agencies could delay or prevent our acquisition of other institutions in
some circumstances or could delay the ability of an acquired institution to participate in Title IV programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in ownership resulting in a change in control.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DOE and many states and accrediting agencies require institutions of
higher education to
report or obtain approval of certain changes in control and changes in other aspects of institutional organization or control. Under DOE's regulations, an institution that undergoes a change in
control loses its eligibility to participate in Title IV programs and must apply to the DOE to reestablish such eligibility. If an institution files the required application and follows other
procedures, the DOE may temporarily certify the institution on a provisional basis following the change in control, so that the institution's students retain continued access to Title IV program
funds. In addition, the DOE may extend such temporary provisional certification if the institution timely files certain required materials, including the approval of the change in control by its </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>264</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=274,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=930251,FOLIO='264',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_265"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>state
authorizing agency and accrediting agency and certain financial information pertaining to the financial condition of the institution or its parent corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
DOE previously notified us that it considers this offering and our recent conversion to a Delaware public benefit corporation to be a change of ownership resulting in changes in
control under the DOE's regulations. Accordingly, we applied to the DOE on behalf of Kendall College, NewSchool of Architecture and Design, St.&nbsp;Augustine and Walden University for approval of
these institutions' continued participation in Title IV programs in connection with both this offering and the recent conversion to a Delaware public benefit corporation. The DOE completed its review
of the conversion and issued provisional program participation agreements to the institutions with respect to the conversion. We have also filed pre-acquisition review applications to the DOE on
behalf of Kendall College, NewSchool of Architecture and Design, St.&nbsp;Augustine and Walden University in connection with this offering. After this offering is completed, if the applications are
deemed materially complete, the DOE will issue temporary program participation agreements to the institutions, which will expire on the last day of the month following the month in which the offering
occurred. If certain documents are submitted to DOE before the expiration of the temporary program participation agreements, the eligibility of the institutions to participate in the Title IV programs
will be continued. However, the DOE will only formally review and approve this offering after it has occurred. There can be no assurance that the DOE will formally approve this offering and recertify
our U.S. Institutions for continued Title IV program eligibility following this offering. If the DOE failed to recertify the institutions following this offering, students at the affected institutions
would no longer be able to receive Title IV program funds. The DOE could also recertify our U.S. Institutions following this offering, but restrict or delay students' receipt of Title IV program
funds, limit the number of students to whom an institution could disburse such funds, or impose other restrictions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
types of and thresholds for such reporting and approval vary among the states and accrediting agencies. Certain accrediting agencies may require that an institution must obtain its
approval in advance of a change in control, structure or organization for the institution to retain its accredited status. In addition, in the event of a change in control, structure or organization,
certain accrediting agencies may require a post-transaction focused visit or other evaluation to review the appropriateness of its approval of the change and whether the institution has met the
commitment it made to the accrediting agency prior to the approval. Other specialized accrediting agencies also require an institution to obtain similar approval before or after the event that
constitutes a change in control under their standards. Many states include the transfer of a controlling interest of common stock in the definition of a change in control requiring approval. Some
state educational agencies that regulate us may require us to obtain approval of the change in control to maintain authorization to operate in that state, and in some cases such states could require
us to obtain advance approval of a change in control. We are seeking guidance from the applicable state educational agencies as to whether the initial public offering constitutes a change of control
requiring approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are also seeking confirmation from the institutional and programmatic accrediting agencies for Kendall College, NewSchool of Architecture and Design, St.&nbsp;Augustine and Walden
University, as well as from the U.S. institutional accrediting agency for Universidad Andr&eacute;s Bello, whether this offering will constitute a change of control under their respective
standards. With respect to the institutional accrediting agencies, the Higher Learning Commission, the Middle States Commission on Higher Education and the Commission on Senior Colleges of the Western
Association of Schools and Colleges have informed us that they do not consider this offering to constitute a change of control, but have required certain follow-up information regarding the offering.
With respect to the conversion to a Delaware public benefit corporation, among our institutional accreditors, the Middle States Commission on Higher Education has stated that it considers the
conversion to a Delaware public benefit corporation to constitute a substantive change under its standards, and has approved the conversion. The Commission on Senior Colleges of the Western
Association of Schools and Colleges </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>265</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=275,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=239669,FOLIO='265',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ec43513_1_266"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>required
the NewSchool of Architecture and Design and St.&nbsp;Augustine to submit "Substantive Change: Change in Mission, Ownership, or Form of Control" proposals to the Structural Change
committee. This committee reviewed these proposals and determined that neither this offering nor the conversion to a Delaware public benefit corporation constituted structural changes requiring
approval. Following the conversion, the Florida Commission for Independent Education issued provisional licenses to Walden University and St.&nbsp;Augustine and required additional ongoing financial
reporting. In September 2016, it issued a full, non-provisional license to St.&nbsp;Augustine but continued the school on financial reporting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
states and programmatic accreditors have informed us that this offering will not constitute a change of control, but some agencies have determined that the offering will need to be
reviewed under their respective change of ownership standards. We have notified each agency regarding the offering and some have requested additional information in connection with the offering. To
the extent any agency requires approval of this offering, the institutional accrediting agencies and some state
educational agencies that authorize our U.S. Institutions also may not act to review or approve this offering on an advance basis. Our failure to obtain any required approval of this offering from the
DOE, the institutional accrediting agencies, or the pertinent state educational agencies could result in one or more of our U.S. Institutions losing continued eligibility to participate in the Title
IV programs, accreditation or state licensure, which could have a material adverse effect on our U.S. business, financial condition and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, we increased our ownership of St.&nbsp;Augustine from 80% to 100% on June&nbsp;7, 2016. The 20% noncontrolling interest was previously held by Patris of
St.&nbsp;Augustine,&nbsp;Inc. and subject to a put right, which Patris of St.&nbsp;Augustine,&nbsp;Inc. elected to exercise. We have notified St.&nbsp;Augustine's applicable regulators
regarding the increase in the percentage of our ownership in St.&nbsp;Augustine. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>266</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=15,SEQ=276,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=727848,FOLIO='266',FILE='DISK112:[12ZBH3.12ZBH43513]EC43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ee43513_1_267"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ee43513_management"> </A>
<A NAME="toc_ee43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  MANAGEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Directors and Executive Officers  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information regarding our current directors, director designees and executive officers, including their
ages. Our directors are elected in accordance with the provisions of the Wengen Securityholders' Agreement. See "&#151;Information Regarding the Laureate Board." Executive officers serve at the
request of the board of directors. There are no family relationships among any of our current directors, director designees and executive officers. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="158pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Age </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Position </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2> Douglas L. Becker</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director, Chairman of the Board, Chief Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Enderson Guimar&atilde;es</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>President and Chief Operating Officer</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Eilif Serck-Hanssen</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Executive Vice President, Chief Financial Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Ricardo Berckemeyer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Chief Executive Officer, LatAm</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Miguel Carmelo</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Chief Executive Officer, Europe</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Timothy&nbsp;F. Daniels</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Chief Executive Officer, Asia, Middle East and Africa</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Jonathan&nbsp;A. Kaplan</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>President/CEO of Walden University and CEO of Laureate Online</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Alfonso Martinez</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Chief Human Resources Officer</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Richard J. Patro</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Chief Executive Officer, Global Products and Services</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Karl D. Salnoske</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>63</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Chief Information Officer</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Paula Singer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>62</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Chief Network Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Robert W. Zentz</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>63</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Senior Vice President, Secretary, General Counsel</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Brian F. Carroll</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Andrew B. Cohen</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>William L. Cornog</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Pedro del Corro</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>59</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Darren M. Friedman</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director**</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>John A. Miller</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>63</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director**</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>George Mu&ntilde;oz</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>65</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Dr.&nbsp;Judith Rodin</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>72</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Jonathan D. Smidt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director**</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Ian K. Snow</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Steven M. Taslitz</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Quentin Van Doosselaere</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>55</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Robert B. Zoellick</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>63</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
individual has agreed to join the board of directors upon completion of this offering.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>These
individuals will resign from the board of directors upon completion of this offering.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
March&nbsp;31, 2017, Mr.&nbsp;Carmelo will retire as Chief Executive Officer, Europe, upon the combination of our Europe operations with our AMEA operations, and will no
longer be an executive officer. At that time, Mr.&nbsp;Daniels will become the Chief Executive Officer of the combined Europe and AMEA operations. See "Presentation of Financial Information."
Mr.&nbsp;Patro plans to retire from the Company not later than December&nbsp;31, 2017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Douglas L. Becker</I></FONT><FONT SIZE=2> has served as our Chairman and Chief Executive Officer since February 2000. Mr.&nbsp;Becker served as President from
June 2011 until September 2015. From April 1993 until February 2000, Mr.&nbsp;Becker served as the Company's President and Co-Chief Executive Officer. Mr.&nbsp;Becker has been a director of the
Company since December 1989. Mr.&nbsp;Becker was a director of Constellation Energy Corporation from April 1999 through May 2009. From 2004 to June 2015, Mr.&nbsp;Becker served as a director of
Meritas LLC, a privately owned family of college preparatory schools. Mr.&nbsp;Becker also </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>267</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=277,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=41195,FOLIO='267',FILE='DISK112:[12ZBH3.12ZBH43513]EE43513A.;75',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ee43513_1_268"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>serves
on the boards of two nonprofit companies: International Youth Foundation, a nonprofit Global NGO focusing on youth employment, education and civic engagement, for which Mr.&nbsp;Becker serves
as Chairman and as a member of its audit committee; and Port Discovery Children's Museum, located in Baltimore, Maryland. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Enderson Guimar&atilde;es</I></FONT><FONT SIZE=2> was appointed as our President and Chief Operating Officer effective September 2015. From January to
August 2015, Mr.&nbsp;Guimar&atilde;es served as executive vice president, Global Categories and Operations at PepsiCo,&nbsp;Inc. Mr.&nbsp;Guimar&atilde;es served as chief
executive officer, PepsiCo Europe from September 2012 to January 2015 and as President of PepsiCo Global Operations from October 2011 to September 2012. Before joining PepsiCo,
Mr.&nbsp;Guimar&atilde;es served as executive vice president of Electrolux and chief executive officer of its major appliances business in Europe, Africa and the Middle East from 2008 to
2011. He also spent 10&nbsp;years at Philips Electronics, from 1998 to 2007, first as a regional marketing executive in Brazil and ultimately as senior vice president, head of Global Marketing
Management and general manager of the WidiWall LED display business. He also served as chief executive officer of Philips's Lifestyle Incubator group, an innovation engine which created new businesses
and developed them over several years. Earlier, Mr.&nbsp;Guimar&atilde;es worked in various marketing positions at Danone and Johnson&nbsp;&amp; Johnson. Mr.&nbsp;Guimar&atilde;es
currently serves as a director of AutoZone&nbsp;Inc., a retailer and distributor of automotive replacement parts and accessories. Mr.&nbsp;Guimar&atilde;es received a B.S. from the
Aeronautical Institute of Technology in S&atilde;o Jos&eacute; dos Campos, Brazil and an M.B.A. from McGill University (Canada). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Eilif Serck-Hanssen</I></FONT><FONT SIZE=2> joined Laureate in July 2008 as our Executive Vice President and Chief Financial Officer. From February 2008 until
July 2008, Mr.&nbsp;Serck-Hanssen served as chief financial officer and president of international operations at XOJET,&nbsp;Inc. In January 2005, Mr.&nbsp;Serck-Hanssen was part of the team
that founded Eos Airlines,&nbsp;Inc., a premium airline, and until February 2008, Mr.&nbsp;Serck-Hanssen served as its executive vice president and chief financial officer. Prior to starting Eos
Airlines, Mr.&nbsp;Serck-Hanssen served in several financial executive positions at US Airways,&nbsp;Inc. (now American Airlines,&nbsp;Inc.) and Northwest Airlines,&nbsp;Inc. (now Delta
Airlines,&nbsp;Inc.), including serving as a senior vice president and Treasurer of US Airways,&nbsp;Inc. Prior to joining the airline industry, Mr.&nbsp;Serck-Hanssen spent over five years with
PepsiCo,&nbsp;Inc., in various international locations and three years with PricewaterhouseCoopers&nbsp;LLP (formerly Coopers&nbsp;&amp; Lybrand Deloitte) in London. Mr.&nbsp;Serck-Hanssen earned
his M.B.A. in finance at the University of Chicago Booth School of Business, a B.A. in management science from the University of Kent at Canterbury (United Kingdom), and a B.S. in civil engineering
from the Bergen University College (Norway). He is an Associate Chartered Accountant (ACA) and a member of the Institute of Chartered Accountants in England and Wales. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Ricardo Berckemeyer</I></FONT><FONT SIZE=2> serves as Chief Executive Officer, Latin America, a position he has held since May 2012. From January 2011 through
April 2012, Mr.&nbsp;Berckemeyer served as Chief Executive Officer of Laureate's Andean Region. From 2002, when Mr.&nbsp;Berckemeyer joined the Company, through December 2010, he served as Senior
Vice President&#151;South America within Laureate's Latin American operations, where he had responsibility for business development in South America. Mr.&nbsp;Berckemeyer received a
bachelor's degree in economics from Universidad del Pacifico (Peru) and an M.B.A. from the University of North Carolina at Chapel Hill. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Miguel Carmelo</I></FONT><FONT SIZE=2> has served as Chief Executive Officer, Europe since May 2012, and as President of Universidad Europea de Madrid since 1999.
From 1999 until May 2012, Mr.&nbsp;Carmelo served as President of the Mediterranean Region of Laureate International Universities. Mr.&nbsp;Carmelo received a Ph.D. in economics from Universidad
Aut&oacute;noma, Madrid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Timothy F. Daniels</I></FONT><FONT SIZE=2> serves as Chief Executive Officer, Asia, the Middle East and Africa, a position he has held since August 2013. From
2011 through 2013, Mr.&nbsp;Daniels was the president of Apollo Global, where he focused on developing an international network of postsecondary operations for a joint venture between Apollo Group
and The Carlyle Group. From 2003 through 2010, Mr.&nbsp;Daniels </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>268</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=278,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=297457,FOLIO='268',FILE='DISK112:[12ZBH3.12ZBH43513]EE43513A.;75',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ee43513_1_269"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>was
the chairman and chief executive officer of Wall Street Institute International, where he led the turnaround of the leading global provider of English language instruction. From 2000 through 2003,
Mr.&nbsp;Daniels served as the managing director for Sylvan Ventures, where he was responsible for all aspects of K-12 sector investments. Mr.&nbsp;Daniels received a B.A. in business
administration from the University of Wisconsin and an M.B.A. from the University of Chicago. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Jonathan A. Kaplan</I></FONT><FONT SIZE=2> has served as President/CEO of Walden University and CEO of Laureate Online since January 2017. Mr.&nbsp;Kaplan has
served as President and/or CEO of Walden University since 2007 and during that period he has also served as the CEO of various business units within our&nbsp;GPS segment. Mr.&nbsp;Kaplan received
an A.B. from Harvard College and a J.D. from Boston University. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Alfonso Martinez</I></FONT><FONT SIZE=2> serves as our Chief Human Resources Officer. Mr.&nbsp;Martinez joined the Company in 2013 as the head of Human
Resources for our&nbsp;GPS segment. From 2008 to 2013, Mr.&nbsp;Martinez was the executive vice president of human resources for NII Holdings,&nbsp;Inc., a provider of wireless communication
services. From 2005 to 2008, Mr.&nbsp;Martinez held various management positions with Sodexho,&nbsp;Inc., an integrated food and facilities management service provider, and was most recently the
group vice president of global talent. From 2003 to 2005, Mr.&nbsp;Martinez was the chief executive officer of the Hispanic Association on Corporate Responsibility. Prior to 2003,
Mr.&nbsp;Martinez held various positions with Marriott International,&nbsp;Inc. Mr.&nbsp;Martinez earned a B.S. from the University of Denver and a M.S. in organizational psychology from Johns
Hopkins University. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Richard J. Patro</I></FONT><FONT SIZE=2> serves as Chief Executive Officer, Global Products and Services, a position he has held since January 2016. From January
2015 to December 2015, he served as President, Global Products and Services, and from January 2008 to December 2015, he served as Chief Operating Officer, Global Products and Services, and its
predecessor businesses. Mr.&nbsp;Patro joined the Company as a finance director in 1995 and served in finance positions of increasing importance prior to his appointment as
Chief Operating Officer, Global Products and Services. Mr.&nbsp;Patro earned a B.S. in accounting from Loyola University Maryland. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Karl D. Salnoske</I></FONT><FONT SIZE=2> has served as our Chief Information Officer since March 2014. From 2010 to 2014, Mr.&nbsp;Salnoske was the executive
vice president and CIO of GXS, a leading, multinational business-to-business software company where he oversaw all aspects of the company's internal and external IT systems, data center operations,
customer support and quality assurance. From 2004 to 2009, Mr.&nbsp;Salnoske was the vice president and CIO at Schering-Plough, where he directed the planning, acquisition, development and operation
of computer and IT systems for all facilities globally. Mr.&nbsp;Salnoske also previously served as a general manager for Software Solutions at IBM as well as a senior IT specialist at
McKinsey&nbsp;&amp; Company. Mr.&nbsp;Salnoske earned a B.S. in electrical engineering from Virginia Polytechnic Institute. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Paula Singer</I></FONT><FONT SIZE=2> joined Laureate in 1993. Ms.&nbsp;Singer has served as Chief Network Officer since January 2015. From 2011 to December
2015, she served as Chief Executive Officer of Global Products and Services. From July 2001 to January 2011, Ms.&nbsp;Singer served as President of the Laureate Higher Education Group.
Ms.&nbsp;Singer earned a B.S. in education from the University of Connecticut. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Robert W. Zentz</I></FONT><FONT SIZE=2> has served as Senior Vice President, General Counsel, Chief Legal Officer and Secretary of Laureate since joining the
Company in 1998. Mr.&nbsp;Zentz oversees all of Laureate's legal affairs worldwide and has been the architect of Laureate's international structure and its expansion into 28 countries. Prior to
joining Laureate, Mr.&nbsp;Zentz served as North American general counsel for A.C. Nielsen,&nbsp;Inc., the global marketing and media research company and directed the legal work for the sale of
Dun&nbsp;&amp; Bradstreet's Donnelley Marketing yellow pages business. Prior to AC Nielsen, Mr.&nbsp;Zentz was general counsel of A.S. Hansen,&nbsp;Inc., a global compensation and benefits firm
headquartered in Chicago and negotiated the sale of that business to Mercer,&nbsp;Inc. Mr.&nbsp;Zentz earned a B.S. in accounting from Indiana University and a J.D. from Valparaiso University Law
School. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>269</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=279,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=358236,FOLIO='269',FILE='DISK112:[12ZBH3.12ZBH43513]EE43513A.;75',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ee43513_1_270"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Brian F. Carroll</I></FONT><FONT SIZE=2> is the Managing Partner of Carroll Capital&nbsp;LLC. He was, through 2016, a Member of KKR, a global alternative asset
manager. He joined KKR in 1995 and was head of the Consumer and Retail teams in Europe. He was also a member of the European Investment Committee. In addition to serving as a director of Laureate, in
the past five years he has served as a member of the board of directors of Pets at Home Group&nbsp;Plc, Cognita, Northgate Information Solutions, SMCP and Afriflora. Prior to joining KKR,
Mr.&nbsp;Carroll was with Donaldson, Lufkin&nbsp;&amp; Jenrette where he worked on a broad range of high yield financing, corporate finance and merchant banking transactions. He has a B.S. and B.A.S.
from the University of Pennsylvania, and an M.B.A. from Stanford University Graduate School of Business. Mr.&nbsp;Carroll has been a director and chairman of the compensation committee of our board
of directors since July 2007. </FONT></P>

<P style="font-family:times;">


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE=2><I>Andrew B. Cohen</I></FONT><FONT SIZE=2> is a Managing Director at Cohen Private Ventures,&nbsp;LLC, which invests long-term capital, primarily in direct private
investments and other opportunistic transactions, on behalf of Steven A. Cohen. Prior to his position with CPV, Mr.&nbsp;Cohen was a managing director, director and analyst at&nbsp;S.A.C. Capital
Advisors,&nbsp;L.P., an investment management firm, and its predecessor from 2002 to 2005 and 2010 to 2014. From 2005 to 2010, Mr.&nbsp;Cohen was a managing director and partner of Dune Capital
Management&nbsp;LP, an investment management firm. Mr.&nbsp;Cohen began his career at Morgan Stanley where he was an analyst in the real estate department and principal investing group (MSREF) and
then an associate in the mergers and acquisitions group after business school. Mr.&nbsp;Cohen received his B.A. from the University of Pennsylvania and his M.B.A. from the Wharton School of the
University of Pennsylvania. Mr.&nbsp;Cohen is a director of Kadmon Holdings, Inc. He also serves on the boards of several private companies. He also serves on the National Advisory Board of the
Johns Hopkins Berman Institute of Bioethics, and the Painting and Sculpture Committee of The Whitney Museum of American Art. Mr.&nbsp;Cohen has been a director since June&nbsp;2013.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>William L. Cornog</I></FONT><FONT SIZE=2> has agreed to serve as a member of our board of directors upon completion of this offering. Mr.&nbsp;Cornog joined KKR
Capstone, a consulting firm that provides services to KKR portfolio companies, in 2002 and currently serves as Global Head of KKR Capstone. Mr.&nbsp;Cornog serves as a member of KKR's Americas, EMEA
and APAC Portfolio Management Committees. Prior to joining KKR Capstone, Mr.&nbsp;Cornog was with Williams Communications Group as the senior vice president and general manager of Network Services.
Prior to Williams Communications Group, Mr.&nbsp;Cornog was a partner at The Boston Consulting Group. Mr.&nbsp;Cornog has also worked in direct marketing with Age Wave Communications and in
marketing and sales positions with SmithKline Beckman. Mr.&nbsp;Cornog holds a B.A. from Stanford University and an M.B.A. from Harvard Business School. </FONT></P>

<P style="font-family:times;">


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE=2><I>Pedro del Corro</I></FONT><FONT SIZE=2> has agreed to serve as a member of our board of directors upon completion of this offering. Mr.&nbsp;del Corro is a
Member of Torreal,&nbsp;S.A., one of the largest private investment firms in Spain. He joined Torreal in 1990 and is currently a Managing Director and Member of the Board. In addition to serving as
a director of Laureate, he is currently a member of the board of directors of Universidad Europea de Madrid, a member of the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network located in Spain, Imagina, Saba Infraestructuras and Arbarin. Prior to joining Torreal, Mr.&nbsp;del Corro held various positions with Procter&nbsp;&amp;
Gamble in Spain, Belgium, the United Kingdom and Portugal. He has a law degree from the Universidad de Deusto and a business administration degree from ICADE Business School&#151;Universidad
Pontificia Comillas.

</FONT></P>

<P style="font-family:times;">


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE=2><I>Darren M. Friedman</I></FONT><FONT SIZE=2> will resign as a member of our board of directors upon completion of this offering. Mr. Friedman is a Partner of
StepStone Group&nbsp;LP, a position he has held since October&nbsp;1, 2010. Prior to his employment with StepStone, from 2001 through 2010, Mr.&nbsp;Friedman was Managing Partner of Citi Private
Equity ("CPE"), a business unit of Citigroup managing private equity co-investment funds and mezzanine products. At CPE, Mr.&nbsp;Friedman managed over $10&nbsp;billion of capital, across three
private equity investing activities: direct co-investments, mezzanine debt investments and fund investments. Mr.&nbsp;Friedman received his M.B.A. from the Wharton School of the


</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>270</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=280,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=63150,FOLIO='270',FILE='DISK112:[12ZBH3.12ZBH43513]EE43513A.;75',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ee43513_1_271"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


University of Pennsylvania and his B.S. in finance from the University of Illinois. Mr.&nbsp;Friedman has been a director since December 2010.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>John A. Miller</I></FONT><FONT SIZE=2> will resign as a member of our board of directors upon completion of this offering. Mr. Miller has served as President
since 1987 and Chief Executive Officer since 2006 of North American Corporation, a multi-divisional provider of specialized business distribution and marketing services. Mr.&nbsp;Miller serves as a
director (and a member of the audit committee and the executive committee) of Sally Beauty Holdings, a beauty products distribution company. Mr.&nbsp;Miller is also a director of Atlantic Premium
Brands,&nbsp;Ltd. (and a member of the compensation committee), Wirtz Corporation (and a member of the compensation committee), Network Services Company and Breakthru Beverage Group (and a member of
the compensation and audit committees). Mr.&nbsp;Miller serves on the board of trustees for the University of Denver. Mr.&nbsp;Miller received his B.S.B.A. in Finance from the University of Denver
and holds an M.B.A. from the University of Denver where he graduated with honors. Mr.&nbsp;Miller has been a director since January 2009 and was a director of Laureate from 2001 to July 2007. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>George Mu&ntilde;oz</I></FONT><FONT SIZE=2> has been a principal in the Washington, D.C.-based investment banking firm Mu&ntilde;oz Investment
Banking Group,&nbsp;LLC since 2001. Mr.&nbsp;Mu&ntilde;oz has also been a partner in the Chicago-based law firm Tobin&nbsp;&amp; Mu&ntilde;oz,&nbsp;LLC since 2002.
Mr.&nbsp;Mu&ntilde;oz served as President and Chief Executive Officer of the Overseas Private Investment Corporation from 1997 to January 2001. Mr.&nbsp;Mu&ntilde;oz was Chief
Financial Officer and Assistant Secretary of the U.S. Treasury Department from 1993 until 1997. Mr.&nbsp;Mu&ntilde;oz is a certified public accountant and an attorney.
Mr.&nbsp;Mu&ntilde;oz is a director of Marriott International,&nbsp;Inc. (and a member of its audit committee), Altria Group,&nbsp;Inc. and Anixter International,&nbsp;Inc., and a
trustee of the National Geographic Society. Mr.&nbsp;Mu&ntilde;oz has been a director since March 2013 and chairman of the audit committee of the board of directors since August 2013.
Mr.&nbsp;Mu&ntilde;oz served three terms as president of the Chicago Board of Education in the mid-1980s. Mr.&nbsp;Mu&ntilde;oz has taught courses in globalization at Georgetown
University in Washington D.C. and is co-author of the book "Renewing the American Dream: A Citizen's Guide for Restoring of Competitive Advantage." Mr.&nbsp;Mu&ntilde;oz has a B.B.A. in
Accounting from the University of Texas, a J.D. and a Master of Public Policy from Harvard University, and a LL.M. in Taxation from DePaul University. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Dr.&nbsp;Judith Rodin</I></FONT><FONT SIZE=2> has served as President of The Rockefeller Foundation since March 2005. The foundation supports efforts to combat
global social, economic, health and environmental challenges. From 1994 to 2004, Dr.&nbsp;Rodin served as President of the University of Pennsylvania. Before that, Dr.&nbsp;Rodin chaired the
Department of Psychology at Yale University, and also served as Dean of the Graduate School of Arts and Sciences and Provost, and served as a faculty member at the university for 22&nbsp;years.
Dr.&nbsp;Rodin is also a director of Citigroup&nbsp;Inc. and Comcast Corporation. Dr.&nbsp;Rodin served as a director of AMR Corporation from 1997 to 2013. Dr.&nbsp;Rodin holds a B.A. from the
University of Pennsylvania and a Ph.D. from Columbia University. Dr.&nbsp;Rodin has been a director since December 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Jonathan D. Smidt</I></FONT><FONT SIZE=2> will resign as a member of our board of directors upon completion of this offering. Mr.&nbsp;Smidt joined KKR in July
2000 and is a Partner in KKR's private equity business in Europe where he is responsible for leading KKR's efforts in the Industrial industry sector in the region. Mr.&nbsp;Smidt also serves as a
member of KKR's private equity Investment Committee in Europe. Prior to his current role, Mr.&nbsp;Smidt was based in New York with KKR and focused on private equity investing in the energy and
consumer products sectors between 2000 and 2015. In addition to serving as a director of Laureate, Mr.&nbsp;Smidt serves on the board of directors of EFH and Samson Resources Corporation. Prior to
joining KKR, Mr.&nbsp;Smidt was with Goldman, Sachs&nbsp;&amp;&nbsp;Co. in their investment banking division where he was focused on the energy and power sector and mergers and acquisitions.
Mr.&nbsp;Smidt started his career at Ernst&nbsp;&amp; Young in Cape Town, South Africa. He holds a B.B.S. and a Postgraduate Diploma in Accounting from the University of Cape Town (South Africa).
Mr.&nbsp;Smidt is a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>271</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=281,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=317028,FOLIO='271',FILE='DISK112:[12ZBH3.12ZBH43513]EE43513A.;75',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ee43513_1_272"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>member
of the Board of Overseers of the Columbia University, Mailman School of Public Health and is a member of the board of Team Rubicon USA. Mr.&nbsp;Smidt is also a member of the Council on
Foreign Relations. Mr.&nbsp;Smidt has been a director of Laureate since July 2007. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Ian K. Snow</I></FONT><FONT SIZE=2> is chief executive officer and a co-founding Partner of Snow Phipps Group,&nbsp;LLC, a private equity firm. Prior to the
formation of Snow Phipps in April 2005, Mr.&nbsp;Snow was a Managing Director at Ripplewood Holdings L.L.C., a private equity firm, where he worked from its inception in 1995 until March 2005.
Mr.&nbsp;Snow received a B.A., with honors, in history from Georgetown University. He currently serves as a director of the following private companies in which Snow Phipps holds an equity interest:
EnviroFinance Group,&nbsp;LLC, a company specializing in financing the acquisition, cleanup and redevelopment of contaminated properties; Velocity Commercial Capital,&nbsp;Inc., a small balance
commercial real estate lender; ZeroChaos,&nbsp;LLC, a provider of contingent workforce management solutions; Velvet,&nbsp;Inc., a designer, manufacturer and wholesaler of upscale apparel brands;
and Service Champ,&nbsp;Inc., a vehicle products distributor. In addition, from 1996 until 2007, Mr.&nbsp;Snow was a director (and, from 2006 until 2007, a member of the audit committee of the
board of directors) of Asbury Automotive Group,&nbsp;Inc. Mr.&nbsp;Snow has been a director since July 2007. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Steven M. Taslitz</I></FONT><FONT SIZE=2> has served since 1983 as a Senior Managing Director of Sterling Partners, a private equity firm he co-founded with
Mr.&nbsp;Becker and others. Mr.&nbsp;Taslitz received his B.A., with honors, in accounting from the University of Illinois. Mr.&nbsp;Taslitz currently serves as a director of the following
privately held companies in which Sterling Partners holds an equity interest: Conversant Intellectual Property,&nbsp;Inc., an intellectual property management company; Innovation
Holdings,&nbsp;LLC, parent to I/O Data Centers,&nbsp;LLC and Baselayer,&nbsp;LLC, data center and data center operating systems companies; Prospect Mortgage,&nbsp;LLC, a retail mortgage
origination company; Wengen Investments Limited; Sterling Fund Management,&nbsp;LLC; Secondary Opportunity Book,&nbsp;LLC; Sterling Venture Partners,&nbsp;LLC; Sterling Capital
Partners,&nbsp;LLC; Sterling Capital Partners&nbsp;II,&nbsp;LLC; Sterling Capital Partners&nbsp;III,&nbsp;LLC; SC Partners III AIV One&nbsp;GP Corporation; Sterling Partners
2009,&nbsp;LLC; and Sterling Capital Partners&nbsp;IV,&nbsp;LLC. In addition, from April 2005 to October 2012, Mr.&nbsp;Taslitz was a director of Ameritox&nbsp;Ltd., a prescription
monitoring solution provider and Ameritox Testing Management,&nbsp;Inc., a laboratory services company; Mr.&nbsp;Taslitz also serves on the compensation committees of the boards of directors of
each of these
companies other than Conversant Intellectual Property,&nbsp;Inc. and serves as a member of the audit committee of the board of directors of Ameritox,&nbsp;Ltd. Mr.&nbsp;Taslitz has been a
director since July&nbsp;2007. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Quentin Van Doosselaere</I></FONT><FONT SIZE=2> is Co-Chief Executive Officer of Bregal Investments, Inc., a private equity investment business. Mr.&nbsp;Van
Doosselaere joined Bregal in January 2009. Following his business school graduation in 1984, he moved to New York and began his career at Drexel Burnham Lambert. He then joined Bankers
Trust&nbsp;Co. as a Managing Director and ran various global capital markets businesses. In the mid-nineties, he held executive positions in a number of non-profit organizations before going into
academia. He was affiliated with Columbia University and Oxford University when he joined Bregal. Mr.&nbsp;Van Doosselaere serves as a member on the investment committees of Bregal Capital, Bregal
Sagemount, Bregal Partners, Bregal Freshstream, Bregal Energy, Bregal Private Equity Partners, Ranch Capital Investment and Birchill Exploration. Mr.&nbsp;Van Doosselaere holds a degree from the
Solvay Brussels School of Economics of the Universit&eacute; Libre de Bruxelles (Belgium) and a Ph.D. from Columbia University. Mr.&nbsp;Van Doosselaere has been a director since January
2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Robert B. Zoellick</I></FONT><FONT SIZE=2> is a Senior Fellow at the Belfer Center for Science and International Affairs at Harvard University. He is a director
of Temasek Holdings (Private)&nbsp;Ltd. ("Temasek"), a Singapore corporation, which is principally engaged in the business of investment holding. Mr.&nbsp;Zoellick has been a director of Temasek
since August 2013. He is also a member of the international advisory board for Rolls Royce. From 2007 to 2012, Mr.&nbsp;Zoellick was president of the World Bank Group. From 2006 to 2007,
Mr.&nbsp;Zoellick was vice chairman, International, of Goldman Sachs and from 2013 to 2016, he chaired Goldman Sachs's International Advisors. He also served as a strategic advisor to the Chairman </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>272</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=282,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=373440,FOLIO='272',FILE='DISK112:[12ZBH3.12ZBH43513]EE43513A.;75',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ee43513_1_273"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>and
CEO of AXA, the global insurance firm headquartered in Paris, from 2013 to 2016. Mr.&nbsp;Zoellick was the deputy secretary of the U.S. Department of State from 2005 to 2006 and the U.S. Trade
Representative from 2001 to 2005. From 1993 to 2001, Mr.&nbsp;Zoellick served in various academic and executive posts at the U.S. Naval Academy, Harvard University, Goldman Sachs, Fannie Mae and the
Center for Strategic and International Studies. From 1985 to 1993, Mr.&nbsp;Zoellick served in senior posts at the Treasury and State departments, as well as White House deputy chief of staff.
Mr.&nbsp;Zoellick received his B.A. (Phi Beta Kappa) from Swarthmore College and a J.D. (magna cum laude) and Master of Public Policy from Harvard University. Mr.&nbsp;Zoellick has been a director
since December 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the past ten years, none of Laureate, its executive officers, its current directors or its director designees has (i)&nbsp;been convicted in a criminal proceeding (excluding
traffic violations and similar misdemeanors) or (ii)&nbsp;been a party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that
resulted in a judgment, decree or final order enjoining such person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of
federal or state securities laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as described below, during the past ten years (i)&nbsp;no petition has been filed under federal bankruptcy laws or any state insolvency laws by or against any of our executive
officers, current directors or director designees, (ii)&nbsp;no receiver, fiscal agent or similar officer was appointed by a court for the business or property of any of our executive officers,
current directors or director designees and (iii)&nbsp;none of our executive officers, current directors or director designees was an executive officer of any business entity or a general partner of
any partnership at or within two years before the filing of a petition under the federal bankruptcy laws or any state insolvency laws by or against such entity. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January 2005, Mr.&nbsp;Serck-Hanssen joined the team that founded Eos Airlines,&nbsp;Inc. Eos Airlines was an all first-class shuttle between New York and London.
Mr.&nbsp;Serck-Hanssen left Eos in February 2008, and Eos filed for protection under Chapter&nbsp;11 of the U.S. Bankruptcy Code in late April 2008, after the collapse of Bear
Stearns&nbsp;&amp;&nbsp;Co., its largest single client, and the start of the U.S. economic downturn, which caused funding commitments from its financial sponsors to be withdrawn. In December 2008,
Mr.&nbsp;Martinez joined NII&nbsp;Holdings,&nbsp;Inc. ("NII Holdings") as vice president of human resources. Mr.&nbsp;Martinez left NII&nbsp;Holdings in 2013 and NII&nbsp;Holdings filed
for protection under Chapter&nbsp;11 of the U.S.&nbsp;Bankruptcy Code in September&nbsp;2014. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the exception of Mr.&nbsp;Van Doosselaere, who holds Belgian citizenship, Mr.&nbsp;del Corro, who holds Spanish citizenship, Mr.&nbsp;Guimar&atilde;es, who holds dual
citizenship in Brazil and Canada, Mr.&nbsp;Serck-Hanssen, who is a Norwegian citizen and a permanent resident of the United States, Mr.&nbsp;Berckemeyer, who holds dual citizenship in Peru and the
United States, and Mr.&nbsp;Carmelo, who holds Spanish citizenship, all of the current directors, director designees and executive officers listed above are U.S. citizens.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
current director and director designee brings a strong and unique background and set of skills to the board of directors, giving the board of directors as a whole competence and
experience in a wide variety of areas, including corporate governance and board service, executive management, higher education industry experience, accounting and finance, and risk assessment. Set
forth below is a brief description of certain experience, qualifications, attributes or skills of each director and director designee that led the board of directors to conclude that such person
should serve as one of our directors:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Mr.&nbsp;Becker has led our Company since 1989 and has been instrumental in our transformation into the largest private
international network of degree granting higher education institutions. His current responsibilities as Chairman and Chief Executive Officer make him well qualified to serve on the board of directors. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>273</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=283,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=526633,FOLIO='273',FILE='DISK112:[12ZBH3.12ZBH43513]EE43513A.;75',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ee43513_1_274"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<UL>
<DL compact>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Messrs.&nbsp;Carroll, Cohen, Cornog, del Corro, Friedman, Smidt, Snow, Taslitz and Van Doosselaere are affiliated with private
equity and other similar types of investment funds and have significant experience making and managing private equity investments on behalf of their respective funds. Each of the investment funds they
represent have been intimately involved in the management of Laureate since 2007, making them well qualified to serve on the board of directors. </FONT><FONT SIZE=2>

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Mr.&nbsp;Miller has served as the president and chief executive officer of a large private company specializing in industrial paper
products, packaging, printing and other commercial consumables since 1987. Mr.&nbsp;Miller's long business career, including service as president and chief executive officer of a large distribution
company and his previous service on the board of our predecessor make him well qualified to serve on the board of directors. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Mr.&nbsp;Mu&ntilde;oz has extensive knowledge in the fields of finance and accounting and his knowledge of investment
banking, legal experience, corporate governance experience and audit oversight experience gained from his membership on the boards and audit committees of other public companies support his
qualifications to serve on the board of directors. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Dr.&nbsp;Rodin is an experienced leader in the not-for-profit sector and has extensive experience in the areas of corporate affairs,
financial reporting, risk management, compensation and legal matters, which supports her qualifications to serve on the board of directors. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Mr.&nbsp;Zoellick has extensive knowledge, insight and experience on international trade, development, and finance issues and his
educational and government experience provide important insights for our global business model. In addition, his current positions with international financial and investment firms as a director of an
international investment company make him well qualified to serve on the board of directors. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Information Regarding the Laureate Board  </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors will consist of 11 persons, seven of whom are designated by Wengen. Until Wengen ceases to own at least 40% of
the common equity of Laureate, it is entitled to designate a proportion of the Laureate directors commensurate with its relative economic ownership but Wengen has chosen to limit its designees on the
initial board. We intend over the course of the next 12 months to add at least two additional independent directors in order to comply with the corporate governance standards of Nasdaq. Pursuant to
the Wengen Securityholders' Agreement that we expect will be in place at the time of consummation of this offering, four of Wengen's seven directors shall be selected by KKR, Sterling Capital
Partners&nbsp;II, L.P., Bregal and CPV. KKR will be entitled to elect one of Laureate's directors so long as KKR owns at least a number of shares held through or acquired from Wengen in an amount
equal to $75&nbsp;million divided by the per share initial public offering price of the Class A common stock. Mr.&nbsp;Cornog will be elected to the Laureate board of directors as the
KKR-designated director effective upon consummation of this offering, replacing Mr. Smidt, whose resignation as a director will become effective at that time. Sterling Capital Partners&nbsp;II, L.P.
will be entitled to elect one of Laureate's directors so long as Sterling Capital Partners&nbsp;II, L.P., Sterling Capital Partners&nbsp;III, L.P., SP-L Affiliate,&nbsp;LLC,
Messrs.&nbsp;Becker and Taslitz and each of their respective affiliates (together the "Sterling Parties") collectively own at least a number of shares held through or acquired from Wengen in an
amount equal to $75&nbsp;million divided by the per share initial public offering price of the Class A common stock. Mr.&nbsp;Taslitz will continue to serve as the Sterling-designated director and
Mr.&nbsp;Miller, who has been serving as an additional Sterling-designated director, will resign as a director, effective upon consummation of this offering. Bregal will be entitled to elect one of
Laureate's directors so long as Bregal owns at least a number of shares held through or acquired from Wengen in an amount equal to $75&nbsp;million divided by the per share initial public offering
price of the Class A common stock. Mr.&nbsp;Van Doosselaere will continue to serve as the Bregal-designated director. CPV will be entitled to elect one of Laureate's directors so long as CPV owns at
least a number of shares held

</FONT>

</P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>274</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=284,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=587980,FOLIO='274',FILE='DISK112:[12ZBH3.12ZBH43513]EE43513A.;75',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ee43513_1_275"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


through or acquired from Wengen in an amount equal to $75&nbsp;million divided by the per share initial public offering price of the Class A common stock. Mr.&nbsp;Cohen will continue to serve as
the CPV-designated director. The remaining three Wengen designees to the Laureate board of directors will be selected by the vote of holders of a majority of interests in Wengen and will initially be
Mr.&nbsp;Carroll, Mr.&nbsp;del Corro and Mr.&nbsp;Snow. Wengen has agreed that so long as Mr.&nbsp;Becker is our Chief Executive Officer it will vote for Mr. Becker as a director. After
completion of this offering Wengen may decide to change the individuals it is entitled to have elected to our board of directors. The Wengen Securityholders' Agreement does not terminate upon the
dissolution of Wengen. See "Certain Relationship and Related Party Transactions&#151;Agreements with Wengen."

 </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Controlled Company Exception  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After completion of this offering, Wengen will continue to control a majority of the voting power of our outstanding common stock. As a
result, we are a "controlled company" within the meaning of the Nasdaq corporate governance standards. Under the Nasdaq rules, a company of which more than 50% of the voting power is held by an
individual, group or another company is a "controlled company" and may elect not to comply with certain Nasdaq corporate governance standards,
including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the requirement that a majority of the board of directors consist of independent directors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the requirement that we have a nominating/corporate governance committee that is composed entirely of independent directors with a
written charter addressing the committee's purpose and responsibilities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the requirement that we have a compensation committee that is composed entirely of independent directors with a written charter
addressing the committee's purpose and responsibilities; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the requirement for an annual performance evaluation of the nominating/corporate governance and compensation committees. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
this offering, we intend to utilize these exemptions. As a result, we will not have a majority of independent directors, our nominating/corporate governance committee and
compensation committee will not consist entirely of independent directors and such committees will not be subject to annual performance evaluations. Accordingly, for so long as we are a "controlled
company" you will not have the same protections afforded to stockholders of companies that are subject to all of the Nasdaq corporate governance requirements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Laureate Board Committees  </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors has four standing committees: an Audit Committee, a Compensation Committee, a Nominating and Corporate
Governance Committee and a Committee on Education.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee meets with our independent auditors to: (i)&nbsp;review whether satisfactory accounting procedures are being followed by us and whether our internal accounting
controls are adequate; (ii)&nbsp;monitor audit and non-audit services performed by the independent auditors; (iii)&nbsp;approve fees charged by the independent auditors; and (iv)&nbsp;perform
all other oversight and review of the Company's financial reporting process. The Audit Committee also reviews the performance of the independent auditors and annually selects the firm of independent
auditors to audit the Company's financial statements. The Audit Committee currently consists of Messrs.&nbsp;Mu&ntilde;oz, Smidt and Snow and the board of directors has determined that
Mr.&nbsp;Mu&ntilde;oz is an "audit committee financial expert" for purposes of Regulation&nbsp;S-K, Item&nbsp;407(d)(5). Upon completion of this offering, Mr.&nbsp;Smidt will resign,
and we intend to appoint Mr.&nbsp;Taslitz to the Audit Committee. Mr.&nbsp;Mu&ntilde;oz will be independent for purposes of Rule&nbsp;10A-3 under the Exchange Act and corporate
governance standards. We expect a second independent member to be appointed to the Audit Committee within 90 days of the completion </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>275</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=285,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=732003,FOLIO='275',FILE='DISK112:[12ZBH3.12ZBH43513]EE43513A.;75',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ee43513_1_276"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>of
this offering to replace either Mr.&nbsp;Snow or Mr.&nbsp;Taslitz and a third new independent member to be appointed to the Audit Committee to replace either Mr.&nbsp;Snow or
Mr.&nbsp;Taslitz, whoever remains, within one year of the completion of this offering so that all of our Audit Committee members will be independent as such term is defined in Rule 10A-3(b)(i) under
the Exchange Act and under the rules of Nasdaq. The board of directors has affirmatively determined that Mr.&nbsp;Mu&ntilde;oz meets the definition of "independent director" for purposes of
the Nasdaq rules and the independence requirements of Rule&nbsp;10A-3 of the Exchange Act. There were ten meetings of the Audit Committee during 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee establishes the compensation for the Chief Executive Officer and the other executive officers of Laureate and generally reviews benefits and compensation for
all officers and employees. The Compensation Committee also administers our 2007 Plan and our 2013 Plan. The Compensation Committee currently consists of Messrs.&nbsp;Carroll, Friedman and Taslitz.
Upon completion of this offering, Messrs.&nbsp;Friedman and Taslitz will resign and the Compensation Committee will consist of Mr.&nbsp;Carroll. There were six meetings of the Compensation
Committee during 2016 and one&nbsp;action by written consent.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating and Corporate Governance Committee reviews and monitors corporate governance matters. There are currently no members on the Nominating and Corporate Governance Committee.
The Nominating and Corporate Governance Committee did not meet during 2016.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the completion of this offering, each of the above committees will adopt a written charter, which will be approved by our board of directors. Following the completion of this
offering, copies of each charter will be posted on our website. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee on Education reviews and advises our board of directors regarding academic matters and policies as well as new education products and technologies. The Committee on
Education works closely with our Board Advisory Committee on Education, which also includes distinguished outside educational experts. The Committee on Education consists of Dr.&nbsp;Rodin and
Mr.&nbsp;Van Doosselaere. There were three meetings of the Committee on Education during 2016.

 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>276</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=286,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=961501,FOLIO='276',FILE='DISK112:[12ZBH3.12ZBH43513]EE43513A.;75',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_eg43513_1_277"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eg43513_executive_compensation"> </A>
<A NAME="toc_eg43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXECUTIVE COMPENSATION    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Compensation Discussion and Analysis  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Compensation Discussion and Analysis provides an overview of our executive compensation philosophy, the overall objectives of our executive
compensation program, and each material element of compensation for the fiscal year ended December&nbsp;31, 2016 that we provided to each person who served as our principal executive officer or
principal financial officer during 2016 and our three most highly compensated executive officers employed at the end of 2016 other than those persons, all of whom we refer to collectively as our Named
Executive Officers. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Named Executive Officers for the fiscal year ended December&nbsp;31, 2016 were as follows:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Douglas L. Becker, Chairman and Chief Executive Officer; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Eilif Serck-Hanssen, Executive Vice President and Chief Financial Officer; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ricardo M. Berckemeyer, Chief Executive Officer, Latin America Region; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Enderson Guimar&atilde;es, President and Chief Operating Officer; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Paula Singer, Chief Network Officer. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee is responsible for establishing, implementing, and evaluating our employee compensation and benefit programs. The Compensation Committee periodically reviews
and makes recommendations to the board of directors with respect to the adoption of, or amendments to, all equity-based incentive compensation plans for employees, and cash-based incentive plans for
executive officers, and evaluates whether the relationship between the incentives associated with these plans and the level of risk-taking by executive officers in response to such incentives is
reasonably likely to have a material adverse effect on the Company. The Compensation Committee annually evaluates the performance of our Chief Executive Officer and our other executive officers,
establishes the annual salaries and annual cash incentive awards for our Chief Executive Officer and our other executive officers, and approves all equity awards. The Compensation Committee's
objective is to ensure that the total compensation paid to the Named Executive Officers as well as our other senior officers is fair,
reasonable, and competitive. Generally, the types of compensation and benefits provided to our Named Executive Officers are like those provided to other senior members of our management team. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Executive Compensation Philosophy  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The goal of our executive compensation program is to create long-term value for our investors while at the same time rewarding our executives
for superior financial and operating performance and encouraging them to remain with us for long, productive careers. We believe the most effective way to achieve this objective is to design an
executive compensation program rewarding the achievement of specific annual, long-term and strategic goals and aligning executives' interests with those of our investors by further rewarding
performance above established goals. We use this philosophy as the foundation for evaluating and improving the effectiveness of our executive pay program. The following are the core elements of our
executive compensation philosophy:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> <U>Market Competitive</U>: Compensation levels and programs for executives, including the Named Executive Officers,
should be competitive relative to the appropriate markets in which we operate. We are a unique network of organizations, and we believe that competitive pay programs must be locally driven. It is
important for our local organizations to leverage an understanding of what constitutes competitive pay in their markets and build unique strategies to attract the high caliber talent we require to
manage and grow our fast-paced organization; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>277</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=287,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=280505,FOLIO='277',FILE='DISK112:[12ZBH3.12ZBH43513]EG43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eg43513_1_278"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> <U>Performance Based</U>: Most executive compensation should be performance-based pay that is "at risk," based on
short-term and long-term goals, which reward both organizational and individual performance; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> <U>Investor Aligned</U>: Incentives should be structured to create a strong alignment between executives and investors on
both a short-term and a long-term basis; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> <U>Financially Efficient</U>: Pay programs and features should attempt to minimize the impact on our earnings and
maximize our tax benefits, all other things being equal. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
incorporating these elements, we believe our executive compensation program is responsive to our investors' objectives and effective in attracting, motivating, and retaining the level
of talent necessary to grow and manage our business successfully. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Process for Determining Compensation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our compensation process for each fiscal year begins in the preceding September, when senior management meets to set the next year's budgets.
Using the budgets developed during October and November, each year in December, the board of directors approves our revenue, earnings, and student enrollment goals for the following year. These goals
serve as the target metrics in our Annual Incentive Plan ("AIP"), a non-equity short-term incentive plan designed to create a link between executive compensation and company performance, and our cash
Long Term Incentive Plans ("LTIP") with certain Named Executive Officers, which are designed to reward superior performance over a longer period and thereby provide an incentive for these executives
to remain with us. See "&#151;Elements of Laureate's 2016 Compensation Program&#151;Incentive Opportunity." In March, the Compensation Committee meets to review the Named Executive
Officers' prior year's performance, set their base salary levels for the current fiscal year, approve the AIP for the current year, and approve or modify individual goals for the Named Executive
Officers that were recommended by management for the discretionary portion of our AIP. In March, the Compensation Committee assesses performance and certifies the extent to which the prior year's
performance goals have been achieved and authorizes the payment of any earned incentive compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee has not yet assessed 2016 performance under any of our performance-based compensation programs. Accordingly, 2016 payouts under our performance-based incentive
awards have not been determined at this time. The Company intends to file&nbsp;a Current Report on Form&nbsp;8-K or otherwise disclose the 2016 performance-based compensation after the
Compensation Committee has assessed 2016 performance under our performance-based compensation programs and individual incentive awards are determined. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the March Compensation Committee meeting, the CEO and the Chief Human Resources Officer ("CHRO") review the prior year's performance of each Named Executive Officer (other than
the CEO, whose performance is reviewed only by the Compensation Committee). The conclusions reached and recommendations based on these reviews, including with respect to salary adjustments and AIP
cash award amounts, are presented to the Compensation Committee at its March meeting. The Compensation Committee determines salary adjustments and AIP cash awards for our Named Executive Officers,
considering the CEO's recommendations. The CEO and CHRO are not members of the Compensation Committee and do not participate in deliberations regarding their own compensation. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Relationship of Compensation Practices to Risk Management  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have reviewed and considered our compensation plans and practices for all our employees and do not believe that our compensation policies and
practices create risks that are reasonably likely to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>278</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=288,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=506806,FOLIO='278',FILE='DISK112:[12ZBH3.12ZBH43513]EG43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eg43513_1_279"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>have
a material adverse effect on the Company. We utilize many design features that mitigate the possibility of encouraging excessive risk taking behavior. Among these design features
are:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reasonable goals and objectives that are well-defined and communicated; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a strong recoupment ("clawback") policy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> balance of short- and long-term variable compensation tied to a mix of financial and operational objectives; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> double-trigger severance and equity arrangements; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an independent compensation consultant for the Compensation Committee; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Compensation Committee's ability to exercise downward discretion in determining payouts. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Role of Independent Compensation Consultant  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2016, the CHRO and members of his staff met several times with Frederic W. Cook&nbsp;&amp;&nbsp;Co.,&nbsp;Inc. ("FW Cook"), an
independent executive compensation consulting firm retained by the Compensation Committee, for advice and perspective regarding market trends that could affect our decisions about our executive
compensation program and practices. During this time, FW Cook assessed our compensation philosophy and the structure of our programs and reviewed our existing equity and variable pay compensation
documents. FW Cook then advised management about alternatives it could consider before recommending executive compensation design and amounts to the Compensation Committee. The Compensation Committee
assessed the independence of FW Cook pursuant to SEC rules and concluded that the work performed by FW Cook does not raise any conflicts of interest. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Compensation Peer Group  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In its capacity as the Compensation Committee's independent compensation consultant, FW Cook has provided insight to the Compensation Committee
on certain regulatory requirements and concerns of our investors, assisting with the development of conceptual designs for
future equity and cash incentive compensation programs and providing the Compensation Committee with relevant market data and alternatives to consider when making compensation decisions for the CEO
and other Named Executive Officers. Additionally, the Compensation Committee requested FW Cook to identify a framework of comparators that adequately reflects the unique nature of our operations. The
Compensation Committee used this Compensation Peer Group, which was updated in 2014, as part of the 2016 compensation process to evaluate the competitiveness of the compensation targets for our
executive team. The Compensation Peer Group includes three distinct elements, each representing a key Laureate characteristic. These business characteristics include: (1)&nbsp;industry,
(2)&nbsp;size and complexity and (3)&nbsp;growth and profitability. The Compensation Committee has defined these characteristics and selected peer companies for each group as
follows:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Industry: Companies in the S&amp;P&nbsp;1500 and the educational services industry with total revenue of at least $1&nbsp;billion, including
Apollo Education Group, Career Education, DeVry Education Group, Education Management Corporation and ITT Educational Services. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Size/Complexity: Companies in the S&amp;P&nbsp;1500 with total revenue ranging from $2.5&nbsp;billion to $5.5&nbsp;billion, with at least 70%
of total revenue derived from foreign sources, including Analog Devices,&nbsp;Inc. The Brinks Company, Cabot Corporation, FMC Technologies,&nbsp;Inc., First Solar,&nbsp;Inc., Harman
International Industries, Incorporated, International Flavors&nbsp;&amp; Fragrances&nbsp;Inc., Molson Coors Brewing Company, Nabors Industries&nbsp;Ltd., Nvidia Corporation, Sandisk Corp., Terex
Corporation, and Universal Corporation. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>279</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=289,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=119951,FOLIO='279',FILE='DISK112:[12ZBH3.12ZBH43513]EG43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eg43513_1_280"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> High Growth/Profitability: Companies in the S&amp;P&nbsp;1500 with total revenue ranging from $1&nbsp;billion to $10&nbsp;billion, three-year
total revenue CAGR of at least 15%, three-year average EBITDA margins of at least 20%, at least 30% of total revenue generated from foreign sources, including Altera Corporation,
BlackRock,&nbsp;Inc., Celgene Corporation, Cliffs Natural Resources&nbsp;Inc., Discovery Communications,&nbsp;Inc., Equinix,&nbsp;Inc., FLIR Systems,&nbsp;Inc., Gilead Sciences,&nbsp;Inc.,
Global Payments&nbsp;Inc., Intercontinental Exchange,&nbsp;Inc., Mylan&nbsp;N.V., Newmont Mining Corporation, The Priceline Group&nbsp;Inc., ResMed&nbsp;Inc. and Visa&nbsp;Inc. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
the peer group was updated in 2014, three companies (one from each sub-category), Corinthian Colleges, LSI Corporation and Life Technologies,&nbsp;Inc., have been removed because
they have ceased to be independently operated entities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee used data derived from our Compensation Peer Group to inform its decisions about overall compensation, compensation elements, optimum pay mix and the relative
competitive landscape of our executive compensation program. The committee used multiple reference points when establishing target compensation levels. Because comparative compensation information is
just one of several analytic tools the Compensation Committee uses in setting executive compensation, it has discretion in determining the nature and extent of its use. Moreover, given the limitations
associated with comparative pay information for setting individual executive compensation, the Compensation Committee may elect not to use the comparative compensation information at all while making
individual compensation decisions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Considerations in Setting 2016 Compensation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In approving 2016 compensation for the Named Executive Officers, the Compensation Committee took under advisement the recommendation of the CEO
and CHRO relating to the total compensation package for the Named Executive Officers and, based on company-wide operating results and the extent to which individual performance objectives were met,
the Compensation Committee determined 2016 compensation for each of the Named Executive Officers. In determining whether to approve or modify management-recommended compensation for the Named
Executive Officers in 2016, the Compensation Committee reviewed non-financial factors as part of the overall evaluation of performance. Such non-financial factors included judging the extent to which
each Named Executive Officer identified business opportunities, maximized network synergies for Laureate, shared best practices and maximized the mix of our geographic revenues, programs, modalities
and levels of study. The Compensation Committee believes non-financial measures are often "leading indicators" of financial performance and are especially important to a rapidly growing and
geographically dispersed company like Laureate. The Compensation Committee believes that the total 2016 compensation opportunity for our Named Executive Officers was competitive while at the same time
being responsible to our investors because a significant percentage of total compensation in 2016 was allocated to variable compensation, paid only upon achievement of both individual and Company
performance objectives. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of key considerations that affected the development of 2016 compensation targets and 2016 compensation decisions for our Named Executive Officers (and which
the Compensation Committee believes will continue to affect its compensation decisions in future years): </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Market Targets</U>.&nbsp;&nbsp;&nbsp;&nbsp;We target base salary for our Named Executive Officers generally near the
50<SUP>th</SUP>&nbsp;percentile of the Compensation Peer Group. Total cash and total direct compensation (base salary, AIP award at target and the value of equity grants) are generally near the
75<SUP>th</SUP>&nbsp;percentile of the Compensation Peer Group. Although historically a specific pay mix for our Named Executive Officers has not been set, it has been and will continue to be our
policy to allocate a significantly larger portion of the Named Executive Officers' compensation in the form of variable or "at-risk" compensation than </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>280</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=290,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=459627,FOLIO='280',FILE='DISK112:[12ZBH3.12ZBH43513]EG43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eg43513_1_281"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>is
allocated to junior members of management. By targeting our Named Executive Officers' base salaries and total cash and total direct compensation near the 50<SUP>th</SUP>&nbsp;and the
75<SUP>th</SUP>&nbsp;percentiles, respectively, most of our Named Executive Officers' pay is at risk, consistent with strategies followed by other high-growth companies and the Compensation
Committee's pay-for-performance philosophy. Market targets are periodically reviewed to ensure competitiveness with other companies' executives with like responsibilities to our Named Executive
Officers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Emphasis on Performance</U>.&nbsp;&nbsp;&nbsp;&nbsp;Laureate's compensation program provides increased pay opportunity correlated with superior
performance over the long term. When evaluating base salary, individual performance is the primary driver that determines the Named Executive Officer's annual increase, if any. In our AIP, both
organizational and individual performance are key drivers in determining the Named Executive Officer's non-equity incentive award. Of the outstanding unvested options, performance share units, and
restricted stock units currently held by our Named Executive Officers, approximately 50% are performance-based. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>The Importance of Organizational Results</U>.&nbsp;&nbsp;&nbsp;&nbsp;Laureate's AIP uses the achievement of specific organizational metrics in
determining approximately 80% of the Named Executive Officers' target annual cash incentive award. This is because the Compensation Committee believes it is important to hold the Named Executive
Officers accountable for both the results of their organization and overall company results. Our 2016 AIP was designed to emphasize and reward the Named Executive Officers for corporate performance.
The Compensation Committee believes that individual contributions by the Named Executive Officers significantly affect both regional and overall corporate results. The payment of LTIP awards and the
vesting of performance options and performance share units granted under our 2013 Plan are dependent on the Company achieving overall corporate financial goals. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2016 Stock Option Repricing/Retention Equity Grant  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective June&nbsp;17, 2016, upon the recommendation of the Compensation Committee, the board of directors approved a modification in the
exercise price of all outstanding stock options granted under the 2013 Plan, other than options granted in 2016, to reduce the exercise price per share to $23.20&nbsp;per share, which was the
estimated fair market value of the common stock on the effective date of the repricing. Stock options granted under the 2013 Plan during 2016, as well as stock options granted under the 2007 Plan were
excluded from this repricing, and will maintain their original exercise prices. The stock options that were repriced had been granted with an exercise price greater than the estimated fair market
value on June&nbsp;17, 2016 (i.e.,&nbsp;exercise prices ranging from $34.52 to $25.76&nbsp;per share). Because the exercise prices of these stock options exceeded the estimated fair market value
of the Company's common stock on the modification date, the Compensation Committee determined that the retentive value of these awards had substantially diminished from the time they had been granted.
The Compensation Committee determined that this repricing was in the best interests of the Company and its stockholders to provide a continued incentive for highly qualified employees with substantial
experience in the Company's business to remain employed during a critical period for the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
October&nbsp;25, 2016, the Compensation Committee approved incremental equity grants under the 2013 Plan to 45 senior employees, including the Named Executive Officers other
than Mr.&nbsp;Guimar&atilde;es, each of whom had previously received equity awards under the 2007 Plan and 2013 Plan in 2013 and prior years. These retention awards were the only equity
awards made to any of the Named Executive Officers during 2016 and were designed to provide an additional incentive for these employees to remain with the Company. Mr.&nbsp;Becker received
114,790&nbsp;time-based vesting stock options and 47,477&nbsp;performance-based vesting stock options because the Compensation Committee wanted to provide an incentive to Mr.&nbsp;Becker that
was tied an increase in the overall equity value of the Company, and the other 44 senior employees received restricted stock units ("RSUs") and/or performance share units ("PSUs"). The time-based
vesting stock options and RSUs granted on October&nbsp;25, 2016 will become vested on June&nbsp;17, 2018, if the recipient continuously remains employed </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>281</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=291,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=30394,FOLIO='281',FILE='DISK112:[12ZBH3.12ZBH43513]EG43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eg43513_1_282"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>by
the Company through that date. 50% of the performance-based vesting stock options and PSUs granted on October&nbsp;25, 2016 will become vested if the Company achieves applicable equity value
targets ("Equity Value Targets") in 2016 and 50% will become vested if the Company achieves the applicable Equity Value Targets in 2017, in each case, subject to the recipient remaining continuously
employed by the Company through June&nbsp;17, 2018. See "&#151;Grants of Plan Based Awards in 2016" for more information on these grants. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Elements of Laureate's 2016 Compensation Program  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are three key components of our executive compensation program for our Named Executive Officers: base salary, AIP awards, and long-term
equity incentive awards. Four of our Named Executive Officers, Messrs.&nbsp;Serck-Hanssen, Berckemeyer and Guimar&atilde;es and Ms.&nbsp;Singer have also participated in our Long-term cash
incentive opportunity ("LTIP"). The components of incentive compensation (the AIP awards, equity awards and LTIPs) are significantly "at-risk," as the degree to which the AIP awards and LTIPs are paid
and the performance vesting and the intrinsic value of the equity awards all depend on the extent to which certain of our operating and financial goals are achieved. In addition to these key
compensation elements, the Named Executive Officers are provided certain other compensation. See "&#151;Other Compensation." When reviewing compensation levels, each component of compensation
is reviewed independently, and the total pay package is reviewed in the aggregate. However, the Compensation Committee believes that an important component of aligning the interests of investors and
executives is to place a strong emphasis on "at risk" compensation linked to overall Company performance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2016, approximately 67% of the compensation for the CEO was "at risk." See "&#151;Arrangements with Certain Named Executive Officers&#151;Chairman and Chief Executive
Officer Compensation" below for a discussion relating to Mr.&nbsp;Becker's long-term incentive compensation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Base Salary</U>.&nbsp;&nbsp;&nbsp;&nbsp;We pay our Named Executive Officers base salaries to compensate them for services rendered each year. Base
salary is a regular, fixed-cash payment, the amount of which is based on position, experience, and performance after considering the following primary factors&#151;internal review of the
executive's compensation, relative to both U.S. national market targets and other executives' salaries, and the Compensation Committee's assessment of the executive's individual prior performance.
Salary levels are typically considered annually as part of our performance review process but can be adjusted in connection with a promotion or other change in job responsibility. Merit-based
increases to salaries of the Named Executive Officers are determined each March by the Compensation Committee after the Compensation Committee assesses performance by each executive during the
preceding fiscal year. Each of the Named Executive Officers received a 2.0% salary increase from 2015 to 2016, except for Mr.&nbsp;Guimar&atilde;es, who received an increase of 0.7% from
2015 to 2016 because his employment with the Company began on September&nbsp;1, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
salary increases for the Named Executive Officers from 2015 to 2016 were: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Executive


<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Salary as of<BR>
December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Salary Increase<BR>
from 2015<BR>
to 2016(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 Salary </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Douglas L. Becker</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>998,278</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,018,244</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Eilif Serck-Hanssen</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>582,329</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>593,975</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ricardo M. Berckemeyer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>682,906</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>696,564</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enderson Guimar&atilde;es</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>900,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>906,017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Paula Singer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>682,906</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>696,564</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Salary
increases effective March&nbsp;1, 2016.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>282</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=292,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=320936,FOLIO='282',FILE='DISK112:[12ZBH3.12ZBH43513]EG43513A.;15',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ei43513_1_283"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Incentive Opportunity</U>.&nbsp;&nbsp;&nbsp;&nbsp;In addition to receiving base salaries, the Named Executive Officers participate in the AIP each
year. Messrs.&nbsp;Serck-Hanssen, Berckemeyer and Guimar&atilde;es also participate in LTIPs in 2016. The Compensation Committee has identified several factors that it believes are critical
to the success of our business and these factors, in various combinations, are incorporated into the 2013 Plan, the AIP and the LTIPs: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Adjusted Financing EBITDA:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;EBITDA equals revenues minus expenses (excluding
interest, taxes, depreciation and amortization). Financing EBITDA excludes non-cash compensation expenses, including expenses relating to long-term incentive plans, acquisition costs, support charges,
and royalty/network fees. For 2016, the Compensation Committee used an Adjusted Financing EBITDA target for purposes of the AIP, which is like Adjusted EBITDA described elsewhere in this prospectus
but excludes the impact of foreign currency exchange rates and certain extraordinary or non-recurring items, which the Compensation Committee believes are not indicative of ongoing results ("Adjusted
Financing EBITDA"). The Compensation Committee believes that Adjusted Financing EBITDA is an important measure in evaluating management's success in positioning the Company for sustainable
profitability, which is a primary goal of the Company.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Revenue:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Revenues are the fees generated from our provision of educational
services and products before any costs or expenses are deducted. Year-to-year growth in revenues indicates a strong base for future growth.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> Operating EBITDA Margin:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;EBITDA Margin is EBITDA as a percentage of total
revenues. In 2016, we calculated the EBITDA Margin using Operating EBITDA. Operating EBITDA is Adjusted Financing EBITDA excluding the value added tax from royalty/network fees. Operating EBITDA
Margin is a means by which the Compensation Committee can monitor the extent to which the Company's growth in revenues results in increased profitability. The target for 2016 was based on 2015 results
plus 40 basis points.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I> New Enrollment:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;New enrollment is defined as students who enroll in an
academic program for the first time or students who return to their academic program after an absence of at least two years. New enrollment indicates that there is continued interest in the </FONT> <FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network and can be a leading indicator of future revenue levels. Total enrollment is tied to total revenues and can
be a leading indicator of continued good student outcomes. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain adjustments in measuring performance.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In measuring financial performance for purposes of our incentive compensation programs,
the
Compensation Committee focuses on the fundamentals of the underlying business performance and adjusts for items that are not indicative of ongoing results. For example, revenue and Adjusted Financing
EBITDA measures are expressed in constant currencies (i.e.,&nbsp;excluding the effects of foreign currency translation) because we believe that period-to-period changes in foreign exchange rates can
cause our reported results to appear more or less favorable than business fundamentals indicate. The Compensation Committee's approach to other types of adjustments is subject to pre-established
guidelines, including materiality, to provide clarity and consistency on how it views the business when evaluating performance. Charges/credits that may be excluded from Adjusted Financing EBITDA
include: strategic items (such as restructurings, acquisitions and divestitures); regulatory items (changes in law, or tax or accounting rules); and external items (extraordinary, non-recurring events
such as natural disasters). For example, among other things, the Compensation Committee expects to adjust 2016 performance to give effect to the divestitures of our French and Swiss hospitality
businesses during 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Cash Incentive Opportunity.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our AIP is an annual cash incentive program designed to create a link between executive compensation
and
performance of the participants and the Company. The AIP
provides metrics for the calculation of annual incentive-based cash compensation after assessing the executive's performance against pre-determined quantitative and qualitative measures </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>283</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=293,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=475062,FOLIO='283',FILE='DISK112:[12ZBH3.12ZBH43513]EI43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ei43513_1_284"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>within
the context of our overall performance. For purposes of compliance with the Internal Revenue Code ("Code"), awards under the AIP will not be paid to individuals subject to Section&nbsp;162(m)
of the Code unless attainment of performance goals is certified by the Compensation Committee. In the event of attainment of minimum performance goals under the AIP, the Compensation Committee will
exercise negative discretion to adjust awards downwards from a potential maximum amount to satisfy requirements under Section&nbsp;162(m) of the Code, while still providing for awards based on
Company and individual performance in accordance with our AIP program. In addition, a significant portion of each Named Executive Officer's 2016 AIP awards will be determined based on individual
performance. In evaluating individual performance, the Compensation Committee reviews the annual objectives set for each of the Named Executive Officers at the start of the year (by the Compensation
Committee for the CEO and by the CEO for all other Named Executive Officers) and uses its judgment to determine whether the objectives were achieved. Individual performance is weighted at 20% of the
overall AIP opportunity at target. Individual results for the year are rated by the Compensation Committee on a scale from 0% to 200% based on the recommendation of the CEO, except with respect to his
own performance, which is determined by the Compensation Committee. Considerations affecting evaluation of individual performance may include extraordinary economic or business conditions, the state
of the business, deviations from forecasted business targets that are unrelated to the executive's performance and other external factors that, in the CEO's judgment (or the Compensation Committee's
judgment in the case of the CEO's individual performance), may have affected our financial and operating results. The Compensation Committee also considers constructive strategic issues that have
long-term consequences such as: positive student outcomes like job placement and on-time graduation, achieving the highest academic and operational standards and regulatory compliance. The Named
Executive Officers are also rewarded for important strategic contributions like building succession plan pipelines and high-performance cultures. In reviewing the compensation of the Named Executive
Officers, the Compensation Committee considers the executive's performance, the importance of his or her position to us and the executive's future leadership potential. For all Named Executive
Officers, other than the CEO, the CEO gives guidance to the Compensation Committee as to whether he believes each of the Named Executive Officers has achieved the individual performance goals set at
the beginning of the year. After his review, the CEO presents AIP award and salary adjustment recommendations for the Named Executive Officers to the Compensation Committee for approval. The
Compensation Committee determines the compensation of the Named Executive Officers, considering the CEO's assessment of each executive's performance. The Compensation Committee determines whether the
CEO has achieved the individual performance goals the Compensation Committee set for the CEO, taking into account the CEO's assessment of his own performance. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIP
award levels for the Named Executive Officers are dependent on the extent to which specified levels of the above metrics and certain individual goals have been achieved. The goals
specified in the AIP for each of the above metrics derive from management's annual business plan (the "annual plan") and management's plan for the next five fiscal years (the "long-range plan"), both
of which are reviewed by the board of directors each December. The CEO and CHRO work with the Compensation Committee to set target metrics for the AIP based on our board-approved annual plan and the
financial goals contained therein, which the directors believe should be attainable but only with considerable effort. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 2016, the Compensation Committee adopted the 2016 AIP. Weighting under the 2016 AIP consisted of: Adjusted Financing EBITDA, 40%; Revenue, 15%; Operating EBITDA Margin, 10%;
New Enrollments, 15%; and Individual Performance, 20%. If at least 95% of the corporate and/or regional Adjusted Financing EBITDA target was not achieved for the year, the maximum AIP payment for
Named Executive Officers would be capped at 100% of target. If at least 80% of the corporate Adjusted Financing EBITDA was not achieved for the year, the AIP plan pool for the Company's executive
officers, which includes the Named Executive Officers, would not be funded. If at least 85% of the corporate and/or regional Adjusted Financing EBITDA target was not achieved for </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>284</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=294,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1040894,FOLIO='284',FILE='DISK112:[12ZBH3.12ZBH43513]EI43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ei43513_1_285"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
year, the Compensation Committee could elect not to pay any awards to any participant under the 2016 AIP. As of the date of this prospectus, the Compensation Committee has not yet assessed 2016
performance under any of our performance-based compensation programs. Accordingly, 2016 performance-based incentive awards, including the AIP, has not been determined at this time. The Company intends
to file&nbsp;a Current Report on Form&nbsp;8-K or otherwise disclose the 2016 performance-based compensation after the Compensation Committee has assessed 2016 performance under our
performance-based compensation programs and individual incentive awards are determined. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2016, AIP target award opportunities ranged from 85% to 130% of the base salary of each Named Executive Officer, depending on the executive's level of responsibility and the effect
the Compensation Committee perceived the Named Executive Officer to have on Company operations. The Compensation Committee took into consideration Compensation Peer Group competitiveness and
compensation equity across various Company executive positions when setting the range of target 2016 AIP award opportunities for our Named Executive Officers. The Compensation Committee also gave each
Named Executive Officer the opportunity to earn a 2016 AIP award above the target opportunity up to a maximum of 200% of his or her AIP target opportunity, if the Company achieved certain levels of
performance and the Compensation Committee determined that the individual had achieved certain goals, as well. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIP
awards granted to our Named Executive Officers for 2016 performance will reflect the Compensation Committee's assessment of each Named Executive Officer's individual performance and
our overall performance when measured against the Compensation Committee-established goals for 2016 of Adjusted Financing EBITDA, revenue, Operating EBITDA margin, new enrollments, and individual
objectives. The 2016 AIP was designed so that a multiplier will be applied to the respective weight of each metric, which proportionally reduces or increases the Named Executive Officer's award
depending on the extent to which the goal for each metric is missed or exceeded, as applicable and as set forth in the table below for each Named Executive Officer. Except as described below, for
performance percentages between the levels set forth in the table, the resulting payout percentage
would be adjusted on a linear basis. Because the Compensation Committee's intent in designing the 2016 AIP was for the Named Executive Officers to stress improved profitability, the 2016 AIP provided
that: (i)&nbsp;had we achieved 80% or less of the 2016 corporate and/or regional Adjusted Financing EBITDA goal, as applicable, none of the Named Executive Officers would have received any 2016 AIP
Award, and (ii)&nbsp;had the Company achieved less than 95% of the 2016 corporate and/or regional Adjusted Financing EBITDA goal, as applicable, none of the Named Executive Officers would have
received more than his or her target award opportunity, regardless of whether the goal for any of the other metrics had been exceeded. Additionally, the 2016 AIP provided that if the Company achieved
85% or less of the established goal for new enrollments, 90% or less of the established goal for revenues or if Operating EBITDA Margin was less than or equal to the applicable 2015 result, then the
portion of the Named Executive Officer's AIP award dependent on that metric would be entirely deducted from his or her total 2016 AIP award opportunity. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="24pt" style="font-family:times;"></TD>
<TD WIDTH="131pt" style="font-family:times;"></TD>
<TD WIDTH="24pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="24pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="24pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="119pt" style="font-family:times;"></TD>
<TD WIDTH="24pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent<BR>
Payout </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Performance<BR>
Against Plan </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Adjusted<BR>
Financing<BR>
EBITDA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Revenue </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Operating<BR>
EBITDA<BR>
Margin </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>New<BR>
Enrollments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Weight</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15% </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>200%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Percent of Target</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>110%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>110%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2015 result&nbsp;+&nbsp;80 bps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>115%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Value for 100% payout</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Target</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Target</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2015 result&nbsp;+&nbsp;40 bps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Target</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Percent of Target</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>90%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>90%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2015 Result</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>85%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the Compensation Committee has not yet assessed performance under the 2016 AIP, the tables below contain the goal for each metric used in the 2016 AIP. 2016 AIP awards for all
Named Executive Officers, apart from Mr.&nbsp;Berckemeyer, will be based on corporate results, which goals and results are shown in the first table below. Mr.&nbsp;Berckemeyer's 2016 AIP goals
were based on LatAm </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>285</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=295,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=553811,FOLIO='285',FILE='DISK112:[12ZBH3.12ZBH43513]EI43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ei43513_1_286"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>regional
results, which goals are shown in the second table below. Of the four financial metrics used to determine 2016 AIP awards, Adjusted Financing EBITDA was weighted the heaviest because of the
Compensation Committee's focus on profitability. While each of Operating EBITDA margin, revenue, and new enrollment are critical to our ability to grow over the long term, the Compensation Committee
believes Adjusted Financing EBITDA is the most important measure of sustainable profitability. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ei43513_corporate_2016_aip"> </A>
<A NAME="toc_ei43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Corporate 2016 AIP    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Performance Metric

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Target as %<BR>
of Award </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted Financing EBITDA(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>781.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenue(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,365.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Op EBITDA Margin</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New Enrollments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>536,353</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Individual Performance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
thousands  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ei43513_latam_2016_aip"> </A>
<A NAME="toc_ei43513_2"> </A>
<BR></FONT><FONT SIZE=2><B>  LatAm 2016 AIP    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Performance Metric

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Target as %<BR>
of Award </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted Financing EBITDA(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>495.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenue(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,396.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Op EBITDA Margin</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21.9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New Enrollments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>416,348</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Individual Performance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
thousands  </FONT></DD></DL>
 </DIV>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table below provides information relating to the 2016 AIP target for each of the Named Executive Officers, both in dollar amounts and as a percentage of year-end base salary. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Executive


<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year-End 2016<BR>
Base Salary<BR>
Amount ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AIP Target<BR>
Award as % of<BR>
2016 Year-End<BR>
Salary </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target 2016<BR>
AIP Award<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Douglas L. Becker</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,018,243</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>120</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,221,891</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Eilif Serck-Hanssen</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>593,975</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>85</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>504,879</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ricardo M. Berckemeyer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>696,564</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>120</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>835,877</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enderson Guimar&atilde;es</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>906,017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>130</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,177,821</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Paula Singer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>696,564</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>696,564</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Cash Incentive Opportunity.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Messrs.&nbsp;Serck-Hanssen, Berckemeyer and Guimar&atilde;es each participated in a LTIP in 2016,
and
Ms.&nbsp;Singer also participated in a LTIP in 2015. The LTIPs are multi-year cash incentive plans designed to motivate and reward participants for the achievement of performance goals over a
multi-year period by offering them the opportunity to receive cash payments based on the achievement of such goals. The multi-year performance period is designed to provide an additional incentive for
the Named Executive Officers to remain with Laureate through the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>286</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=296,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=946341,FOLIO='286',FILE='DISK112:[12ZBH3.12ZBH43513]EI43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ei43513_1_287"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>performance
period and beyond. The LTIP awards are conditioned on the achievement of Company financial performance goals and are earned over separate one-year periods subject to continued employment.
LTIP payouts for 2015 appear in the Summary Compensation Table. As of the date of this prospectus, the Compensation Committee has not yet assessed 2016 performance under any of our performance-based
compensation programs. Accordingly, 2016 performance-based incentive awards, including the LTIPs, have not been determined at this time. The Company intends to file&nbsp;a Form&nbsp;8-K or
otherwise disclose the 2016 performance-based compensation after the Compensation Committee has assessed 2016 performance under our performance-based compensation programs and individual incentive
awards are determined. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
LTIPs initially had two separate one-year performance periods commencing January&nbsp;1, 2014 and continuing through December&nbsp;31, 2015, with the payouts for each year under
the plan payable as soon as practicable after the Compensation Committee assessed whether the applicable target had been achieved based on the audited financial statements for that year. Payouts under
the LTIPs are based on the achievement of Corporate Adjusted Financing EBITDA targets, and in the case of Mr.&nbsp;Berckemeyer only, LatAm Adjusted Financing EBITDA targets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
September 2014, the Compensation Committee approved a change to Mr.&nbsp;Berckemeyer's LTIP arrangement to add an additional $1,000,000 award opportunity for 2016. Payments of
awards to Mr.&nbsp;Berckemeyer in 2016 are subject (a)&nbsp;50% to continued employment on the applicable annual payment date, and (b)&nbsp;50% to achievement of the annual performance targets
set by the Compensation Committee. Payment of the performance-based component will be based on achievement of at least 98% of the Adjusted Financing EBITDA target for 2016. For Mr.&nbsp;Berckemeyer,
the performance targets for 2016 are based on the goals contained in the Company's 2014 long range plan on a foreign currency exchange neutral basis at 2015 budget exchange rates, based 75% on LatAm
Adjusted Financing EBITDA, which is $723,859,021, and 25% on Corporate Adjusted Financing EBITDA, which is $1,033,673,322. Payment, if earned, will be made as soon as administratively practicable
after the end of the performance period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2015, the Compensation Committee approved an additional year for Mr.&nbsp;Serck-Hanssen's LTIP. If at least 98% of the applicable 2016 Corporate Adjusted Financing EBITDA target
is achieved, Mr.&nbsp;Serck-Hanssen will be eligible to receive a $500,000 payment. For Mr.&nbsp;Serck-Hanssen, the 2016 performance target is based on the goals contained in the Company's 2015
long range plan, on a foreign currency exchange neutral basis at 2015 budget exchange rates, which is $942,449,981. Payment, if earned, will be made as soon as administratively practicable after the
end of the performance period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to his offer letter, Mr.&nbsp;Guimar&atilde;es is eligible to participate in a cash LTIP plan valued at $1,000,000 in 2016 and $1,500,000 in 2017, subject to the terms
of the plan as amended from time to time. LTIP goals are tied to achievement of Adjusted Financing EBITDA goals in the Company's 2016
budget and 2017 long range plan. Payment will be based on achievement of at least 98% of the Adjusted Financing EBITDA target for each year. For Mr.&nbsp;Guimar&atilde;es, the 2016
performance target is based on the goals contained in the Company's 2016 budget on a foreign currency neutral basis at 2016 budget exchange rates, which was $781,355,195. Payment, if earned, will be
made as soon as administratively practicable after the end of the performance period. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Executive

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016<BR>
Payment Target </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Eilif Serck-Hanssen</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ricardo M. Berckemeyer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enderson Guimar&atilde;es</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Equity Incentive Opportunity.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The use of long-term equity incentives creates a link between executive compensation and
Laureate's long-term
performance, thereby creating alignment </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>287</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=297,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=758999,FOLIO='287',FILE='DISK112:[12ZBH3.12ZBH43513]EI43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ei43513_1_288"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>between
executive and investor interests. In 2013, our board of directors and the stockholders of the Company approved the 2013 Plan, which is an omnibus plan providing the flexibility to grant a
variety of long-term equity incentive awards, including stock options, restricted stock, restricted stock units and stock appreciation rights. In September 2015 and December 2016, our board of
directors and the stockholders of the Company approved amendments to the 2013 Plan to increase the aggregate number of shares of common stock issuable pursuant to awards that may be granted under the
2013 Plan. As of December&nbsp;31, 2016, only stock options, RSUs and PSUs had been granted to any of the Named Executive Officers under the 2013 Plan. In connection with the adoption of the 2013
Plan, the Compensation Committee made long-term equity incentive awards to the Named Executive Officers that were intended to provide five years of long term incentive on an up-front basis. The
Compensation Committee did not make any equity grants to any Named Executive Officer during 2016 other than the October, 2016 retention awards described above in "&#151;2016 Stock Option
Repricing/Retention Equity Grant" and included in "&#151;Grants of Plan Based Awards in 2016". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
awards granted to the Named Executive Officers under the 2013 Plan were determined based on market competitiveness, criticality of position and individual performance (both
historical and expected future performance) and, in the case of Mr.&nbsp;Guimar&atilde;es, recruitment. There is no set weight given to these factors. Performance awards granted to our Named
Executive Officers under the 2013 Plan can vest subject to an annual corporate Equity Value Target. The Equity Value Target was based on 15% cumulative annual growth over 2012 results. Equity Value is
generally defined as Adjusted EBITDA, minus noncontrolling interests equity value, multiplied by 10, minus net debt all calculated on a foreign currency neutral basis. The targets also contain a
catch-up provision. If the performance-vesting target is missed for a year, that performance tranche can vest in any subsequent year after which the targeted result is achieved for the current year.
The Compensation Committee uses its discretion in determining appropriate equity award levels for the Named Executive Officers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing
with the annual equity grants made in 2016, the Compensation Committee refined the Company's long term incentive award program to make it more consistent with market practice,
appropriately aligning pay with performance, and maximizing share usage under our 2013 Plan. Because the Named Executive Officers each received front loaded awards in 2013, or in the case of
Mr.&nbsp;Guimar&atilde;es in 2015 upon his recruitment, none of the Named Executive Officers received an annual equity award in 2016 with these new features. Certain of the Named Executive
Officers did, however, receive the October 2016 retention grant described above in "&#151;2016 Stock Option Repricing/Retention Equity Grant", which did not incorporate the new annual
refinements. It is anticipated Named Executive Officers may receive grants with the new features in future periods. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal long-term equity incentive design features adopted in 2016 included:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Move from plan designed to deliver market-competitive long-term incentives in up front fashion to senior executives and on an annual basis to
other employees to one designed to deliver market-competitive long-term incentives on an annual basis to all eligible employees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Move from awards vesting over 5&nbsp;years to awards vesting over 3&nbsp;years, generally as follows: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Stock options 33.3% of the total number of options in each annual grant vesting each year,  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> RSUs 33.3% of the total number of units in each annual grant vesting each year, and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> PSUs: a percentage of target determined based on corporate performance on the third anniversary of the grant date against an
Adjusted EBITDA performance goal set annually by the Compensation Committee; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Reduce or eliminate use of performance stock options; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Change from Equity Value Target performance goal to Adjusted EBITDA performance goal. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>288</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=298,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=491759,FOLIO='288',FILE='DISK112:[12ZBH3.12ZBH43513]EI43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ei43513_1_289"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a description of equity awards granted to our Named Executive Officers since 2013: </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Options</U>:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Historically, stock options have been, and we expect they will continue to be, a core element of
long-term incentive opportunity for our Named Executive Officers. The Compensation Committee believes that the best way to align compensation of our Named Executive Officers with long-term growth and
profitability is to design long-term incentive compensation that is, to a great degree, dependent on Company performance. Time-based stock options granted to our Named Executive Officers (other than
those granted to Mr.&nbsp;Becker in October 2016) vest in equal annual installments over a five-year period, subject to continued employment on each applicable vesting date. Performance-based stock
options granted to our Named Executive Officers (other than those granted to Mr.&nbsp;Becker in October 2016) under our 2013 Plan vest in equal annual installments over a five-year period based on
satisfaction of the annual Equity Value Target described above, subject to continued employment on each applicable vesting date. See "&#151;2016 Stock Option Repricing/Retention Equity Grant"
and "&#151;2016 Grants of Plan Based Awards" for more
information on the stock options granted to Mr.&nbsp;Becker in October 2016. See "&#151;Outstanding Equity Awards" for information about the vesting terms of our outstanding stock options. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"&#151;Arrangements with Certain Named Executive Officers&#151;Chairman and Chief Executive Officer Compensation" for more information concerning (x)(1) options the
Company will grant to Mr.&nbsp;Becker and (2)&nbsp;shares of our Class&nbsp;B common stock Wengen will transfer to Mr.&nbsp;Becker in exchange for the liquidation of certain of
Mr.&nbsp;Becker's Executive Profits Interests and (y)&nbsp;shares Wengen will transfer to an entity affiliated with Mr.&nbsp;Becker and Steven Taslitz and two other founding partners of Sterling
Partners (collectively, the "Sterling Founders") in exchange for the liquidation of certain equity interests the Sterling Founders hold in Wengen, all effective upon the consummation of this offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance Share Units</U>:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the Named Executive Officers (other than Mr.&nbsp;Guimar&atilde;es) received
a grant of PSUs in 2013. The PSUs vest in equal annual installments over a five-year period subject to satisfaction of the Equity Value Target described above. The portion of the initial grant of PSUs
subject to achievement of each of the 2013 and 2014 Equity Value Targets was first eligible to vest after the publication of audited financial statements for 2014. The remaining portion of the PSUs
is, or was, as applicable, eligible to vest based on achievement of the applicable 2015, 2016, and 2017 Equity Value Targets. The grant agreements contain the catch-up provision discussed above.
Mr.&nbsp;Guimar&atilde;es received grants of 174,392&nbsp;PSUs in September 2015 and 30,518&nbsp;PSUs in December 2015, which will be, or was, as applicable, eligible to vest based on
achievement of the applicable 2015, 2016, 2017, 2018 and 2019 Equity Value Targets. The Named Executive Officers (other than Messrs.&nbsp;Becker and Guimar&atilde;es) also received PSUs in
October 2016. See "&#151;2016 Stock Option Repricing/Retention Equity Grant" and "&#151;2016 Grants of Plan Based Awards" for more information on these grants. See
"&#151;Outstanding Equity Awards" for information about the vesting terms of our outstanding PSUs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
March 2015, the Compensation Committee determined, based on the Company's audited consolidated financial statements for 2013 and 2014, that the Equity Value Targets for 2013 and 2014
had been achieved, and the PSUs subject to those Equity Value Targets vested and were settled in shares of common stock in April 2015. In March 2016, the Compensation Committee determined, based on
the Company's audited consolidated financial statements for 2015, that the Equity Value Target for 2015 had been achieved and the PSUs subject to that Equity Value Target vested and were settled in
shares of common stock in April 2016. PSUs are impacted by all changes in the fair market value of our common stock and, therefore, the value to the Named Executive Officers is affected by both
increases and decreases in the fair market value. Except as provided in an individual agreement, all unvested PSUs are forfeitable upon termination of employment prior to vesting. PSUs do not provide
voting or dividend rights until the units are vested and settled in shares of common stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>289</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=299,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=189909,FOLIO='289',FILE='DISK112:[12ZBH3.12ZBH43513]EI43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ei43513_1_290"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted Stock Units</U>:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;14, 2015, Mr.&nbsp;Serck-Hanssen received a grant 20,380&nbsp;RSUs under the
2013 Plan, all of which will vest on May&nbsp;14, 2018, subject to continued employment through such date. On September&nbsp;17, 2015, Mr.&nbsp;Guimar&atilde;es received a grant of
62,500&nbsp;RSUs and on December&nbsp;16, 2015, Mr.&nbsp;Guimar&atilde;es received an additional grant of 10,937&nbsp;RSUs, all of which will vest on December&nbsp;31, 2017, subject
to continued employment. If Mr.&nbsp;Guimar&atilde;es's employment is terminated without cause (other than due to death or disability) prior to December&nbsp;31, 2017, the
73,437&nbsp;RSUs granted to Mr.&nbsp;Guimar&atilde;es in 2015 will vest immediately, provided Mr.&nbsp;Guimar&atilde;es signs a required separation and release agreement within
the time period specified in the agreements. The Named Executive Officers (other than Messrs.&nbsp;Becker and Guimar&atilde;es) also received RSUs in October 2016. See "&#151;2016
Stock Option Repricing/Retention Equity Grant" and "&#151;2016 Grants of Plan Based Awards" for more information on these grants. See "&#151;Outstanding Equity Awards" for information
about the vesting terms of our outstanding RSUs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in an individual agreement, all unvested RSUs are forfeitable upon termination of employment prior to vesting. RSUs do not provide voting or dividend rights until the
units are vested and settled in shares of common stock. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


</B></FONT><FONT SIZE=2><U>Other Compensation</U> </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Compensation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Post-2004 DCP is intended to promote executive retention by providing a long-term savings opportunity on a
tax-efficient
basis to approximately 82 eligible Company employees for the 2016 Plan year, including certain of the Named Executive Officers. The Post-2004 DCP allows participants to defer up to 85% of their base
salaries and 100% of any AIP awards, with interest earned at market rates on deferred amounts and payout following termination of employment or another selected payout schedule. Payouts of Post-2004
DCP balances are made in a lump sum or in installments, at the election of the participants. Each year, we have the ability, but not the obligation, to make matching employer contributions to each
participant's Post-2004 DCP account if the participant made salary reduction contributions to the 401(k) Retirement Savings Plan, received less than the full match under the 401(k) Retirement Savings
Plan on the salary reduction contribution because of the limit in Section&nbsp;401(a)(17) of the Code on compensation and made at least a $5,000
minimum contribution to his or her 401(k) Retirement Savings Plan account. To date, we have not made any matching contributions to any participant Post-2004 DCP account, nor have we chosen to make any
other discretionary employer contributions permitted to be made to participants pursuant to the Post-2004 DCP. See "&#151;2016 Nonqualified Deferred Compensation" below for information relating
to the 2014 Post-2004 DCP accounts of certain of our Named Executive Officers. All amounts deferred under the Post-2004 DCP are unfunded and unsecured obligations of Laureate, receive no preferential
creditors' standing and are subject to the same risks as any of our other general obligations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We provide various employee benefit programs to our Named Executive Officers, including medical, dental, life/accidental
death and
dismemberment disability insurance benefits and our 401(k) Retirement Savings Plan. These benefit programs are generally available to all of our U.S.-based employees. Executive Officers, including the
Named Executive Officers other than Mr.&nbsp;Guimar&atilde;es, also were provided access to a Medical Expense Reimbursement Program until December&nbsp;31, 2014. Through this program they
could receive reimbursement for health care charges not covered by our health care plan. This program only covered eligible health expenses as defined by Section&nbsp;213 of the Code. Some runout
expense reimbursement claims were paid in 2015. Executive Officers are also provided with individual supplemental executive long-term disability coverage and may participate in the Pinnacle Care
Health Consulting Service, a medical concierge service that provides advice and other assistance with health care decisions and gives them access to medical services around the world. In connection
with his recruitment we agreed to provide Mr.&nbsp;Guimar&atilde;es with relocation benefits. These benefits are provided to the Named Executive Officers to eliminate potential distractions
from </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>290</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=300,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=265486,FOLIO='290',FILE='DISK112:[12ZBH3.12ZBH43513]EI43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ei43513_1_291"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>performing
their regular job duties. We believe the cost of these programs is counterbalanced by an increase in productivity by the executives receiving access to them. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Clawback Policy  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 2013, the Compensation Committee adopted an Executive Incentive Compensation Recoupment Policy, also known as a "clawback." Under
these clawback provisions, executives that violate confidentiality, non-competition, and non-solicitation agreements forfeit any outstanding awards under the 2013 Plan and return any gains realized
from awards prior to the violation. These provisions serve to protect our intellectual property and human capital, and help ensure that executives act in the best interests of Laureate and its
stockholders. We plan to revise the
Executive Incentive Compensation Recoupment Policy to be consistent with the final rules implementing the requirements of the Dodd-Frank Act. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tax and Accounting Implications  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of its role, the Compensation Committee considers the tax and accounting impacts reflected in our financial statements when establishing
our compensation plans. The forms of compensation it selects are intended to be cost-efficient. Under GAAP, the cash AIP awards, LTIP awards, and performance-based equity awards result in "accrual"
accounting, which means that the estimated payout of the award, along with any changes in that estimate, are recognized over the performance period. Our ultimate expense will equal the value earned by
and paid to the executives. Therefore, the ultimate expense is not determinable until the end of the performance period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m)
of the Code generally provides that publicly held corporations may not deduct in any taxable year specified compensation of more than $1,000,000 paid to the CEO and
the next three most highly compensated executive officers, excluding the chief financial officer. However, performance-based compensation more than $1,000,000 is deductible if specified criteria are
met, including shareholder approval of the material terms of applicable plans. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
we have not been subject to Section&nbsp;162(m) of the Code since the leveraged buyout, the Compensation Committee did not consider the impact of this rule when developing and
implementing our executive compensation programs through 2015. Section&nbsp;162(m) of the Code provides for a transition period for IPO companies. However, beginning in 2016, the Compensation
Committee's intention is to comply with the requirements for deductibility under Section&nbsp;162(m) of the Code, unless the Committee concludes that adherence to the limitations imposed by these
provisions would not be in the best interest of the Company or its shareholders. While base salaries of more than $1,000,000 are not deductible, payments made under our AIP and LTIP programs, and the
grants of PSUs and stock options are intended to qualify for deductibility under Section&nbsp;162(m) of the Code as qualified performance-based compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of compliance with the Code, awards under applicable programs will not be made to individuals subject to Section&nbsp;162(m) of the Code unless attainment of performance
goals is certified by the Compensation Committee. In the event of attainment of minimum performance goals under these programs, the Compensation Committee will exercise negative discretion to adjust
awards downward from a potential maximum amount in order to satisfy requirements under Section&nbsp;162(m) of the Code, while still providing for awards based on Company and individual performance
in accordance with our AIP, LTIP and equity compensation programs. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Summary Compensation Table  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the total compensation earned in 2014 (except for Mr.&nbsp;Guimar&atilde;es, who was not a Named
Executive Officer in that year), in 2015 and in 2016 by the CEO and Chief Financial Officer during the fiscal year and the three other persons serving as executive officers at the end of fiscal 2016
who were the most highly compensated executive officers of the Company in fiscal 2016. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>291</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=301,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=703638,FOLIO='291',FILE='DISK112:[12ZBH3.12ZBH43513]EI43513A.;22',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ek43513_1_292"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee has not yet assessed 2016 performance under any of our performance-based compensation programs. Accordingly, 2016 awards have not been
determined at this time. The Company intends to file&nbsp;a Current Report on Form&nbsp;8-K or otherwise disclose the 2016 performance-based compensation after the Compensation Committee has
assessed 2016 performance under our performance-based compensation programs and individual incentive awards are determined. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have omitted from this table the columns for Change in Pension Value and Nonqualified Deferred Compensation Earnings, because no Named Executive Officer received such types of
compensation during 2016. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ek43513_summary_compensation_table"> </A>
<A NAME="toc_ek43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SUMMARY COMPENSATION TABLE    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="18pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name and Principal Position

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Salary<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Bonus<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Stock<BR>
Awards </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option<BR>
Awards </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Non-Equity<BR>
Incentive Plan<BR>
Compensation<BR>
($)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>All Other<BR>
Compensation<BR>
($)(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total<BR>
($)(3) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Douglas L. Becker</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,014,916</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,071,544</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,815</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,130,275</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Founder, Chairman&nbsp;&amp; CEO</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>994,220</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,420,461</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>45,477</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,460,158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>969,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,756,813</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>41,105</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,767,888</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Eilif Serck-Hanssen</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
592,034</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
706,640</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
672,613</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
11,559</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(8)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
1,982,846</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Executive Vice President&nbsp;&amp; CFO</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>579,962</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>524,989</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(9)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,161,174</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12,272</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(8)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,278,397</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>565,816</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,140,505</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,806</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(8)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,718,127</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Ricardo M. Berckemeyer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
694,288</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
706,640</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
676,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
40,903</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(10)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
2,118,331</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 CEO of LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>680,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,117,978</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>50,012</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(10)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,848,120</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>663,542</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,201,808</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>35,682</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(10)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,901,032</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Enderson Guimar&atilde;es</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
905,014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
746,890</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
12,093</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(11)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
1,663,997</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>President&nbsp;&amp; Chief Operating Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>300,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,800,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(12)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,054,170</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(9)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,284,109</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(13)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>963,718</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>98,427</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(11)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>19,500,424</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Paula Singer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
694,288</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
350,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
676,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
15,252</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(14)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
1,736,440</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Chief Network Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>680,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,309,763</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>16,322</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(14)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,006,215</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>663,542</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,368,257</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>31,649</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(14)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,063,448</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>As
of the date of this prospectus, the Compensation Committee has not yet assessed 2016 performance under any of our performance-based compensation programs.
Accordingly, 2016 AIP and 2016 LTIP awards have not been determined at this time. The Company intends to file&nbsp;a Current Report on Form&nbsp;8-K or otherwise disclose the 2016
performance-based compensation after the Compensation Committee has assessed 2016 performance under our performance-based compensation programs and individual incentive awards are determined. See
"&#151;2016 Grants of Plan Based Awards" for a description of amounts potentially payable under the AIP. For 2014 and 2015 for Mr.&nbsp;Becker the amounts shown in this column represent
awards under our AIP only. For Mr.&nbsp;Serck-Hanssen the 2015 amount represents $661,174 under the AIP and $500,000 under his LTIP and the 2014 amount represents $640,505 under the AIP and $500,000
under his LTIP. For Mr.&nbsp;Berckemeyer the 2015 the amount represents $1,117,978 under the AIP and $1,000,000 under his LTIP and the 2014 amount represents $1,201,808 under the AIP and $1,000,000
under his LTIP. For Mr.&nbsp;Guimar&atilde;es the 2015 amount represents $463,718 under the AIP and $500,000 under his LTIP. For Ms.&nbsp;Singer the 2015 amount represents $809,763 under
the AIP and $500,000 under her LTIP and the 2014 amount represents $868,257 under the AIP and $500,000 under her LTIP.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>"All
Other Compensation" for each Named Executive Officer includes $7,950 for 2016 and 2015, and $7,800 for 2014, contributed by us pursuant to our 401(k) matching
program. For Mr.&nbsp;Guimar&atilde;es only, the 2015&nbsp;401(k) match was $0.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Total
amounts reported for 2016 do not include amounts payable in connection with the 2016 AIP and 2016 LTIP awards, which amounts are expected to be determined in
March 2017.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>For
Mr.&nbsp;Becker, $2,117,841 represents the incremental fair value on the modification date in accordance with Financial Accounting Standards Board Accounting
Standards Codification Topic 718 ("ASC 718") with respect to the reduction to $23.20 of the exercise price per share of certain options granted under the 2013 Plan. See "&#151;2016 Stock Option
Repricing/Retention Equity Grant" and "&#151;2016 Grants of Plan Based Awards" for more information. $1,953,704 represents the grant date fair value, which is an estimated value computed in
accordance with ASC 718, of option awards granted to Mr.&nbsp;Becker in 2016. See "&#151;2016 Grants of Plan Based Awards" for more information. Please refer to Note&nbsp;13, Share-based
Compensation, in our consolidated financial statements included elsewhere in this prospectus for a discussion of the assumptions related to the calculation of such value.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>For
2016, includes $24,987 for executive supplemental disability plan premium paid by us, $10,750 for medical concierge services, as well as other personal expense
reimbursement. For 2015, includes $24,987 for executive supplemental disability plan premiums paid by us and $10,000 for medical concierge services, as well as transportation and personal expense
reimbursement. For 2014, includes $20,934 for executive supplemental disability plan premiums paid by us, $2,371 for medical expense reimbursement and $10,000 for medical concierge services.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amounts reported represent the grant date fair value, which is an estimated value computed in accordance with ASC 718, of RSUs and PSUs granted to the NEOs in
2016. For Mr.&nbsp;Serck-Hanssen this amount represents $504,740 for RSUs, which vest over time, subject to continued employment and $201,900 for PSUs which vest based on achievement of certain
Corporate performance targets and continued </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>292</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=302,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=42967,FOLIO='292',FILE='DISK112:[12ZBH3.12ZBH43513]EK43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ek43513_1_293"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=1>employment
through June&nbsp;17, 2018. For Mr.&nbsp;Berckemeyer, this amount represents $504,740 for RSUs, which vest over time, subject to continued employment and $201,900 for PSUs which vest
based on achievement of certain corporate performance targets and continued employment through June&nbsp;17, 2018. For Ms.&nbsp;Singer this amount represents $250,285 for RSUs, which vest over
time, subject to continued employment and $100,115 for PSUs which vest based on achievement of certain corporate performance targets and continued employment through June&nbsp;17, 2018. Please refer
to Note&nbsp;13, Share-based Compensation, in our consolidated financial statements included elsewhere in this prospectus for a discussion of the assumptions related to the calculation of such
value.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents
the incremental fair value on the modification date in accordance with ASC 718 with respect to the reduction to $23.20 of the exercise price per share of
certain options granted under the 2013 Plan. See "&#151;2016 Stock Option Repricing/Retention Equity Grant" and "&#151;2016 Grants of Plan Based Awards" for more information. Please
refer to Note&nbsp;13, Share-based Compensation, in our consolidated financial statements included elsewhere in this prospectus for a discussion of the assumptions related to the calculation of such
value.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>For
2016, includes $3,609 for executive supplemental disability plan premiums paid by us. For 2015, includes $3,609 for executive supplemental disability plan
premiums paid by us and $713 in distributions on unvested restricted shares. For 2014, includes $3,609 for executive supplemental disability plan premiums paid by us and $397 in distributions on
unvested restricted shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amounts reported represent the grant date fair value, which is an estimated value computed in accordance with ASC 718, of RSUs and PSUs, as applicable, granted
to the NEOs in 2015. For Mr.&nbsp;Serck-Hanssen this amount represents RSUs, which vest over time, subject to continued employment. For Mr.&nbsp;Guimar&atilde;es this amount includes RSUs
and PSUs. PSUs vest based on achievement of certain corporate performance targets. In accordance with ASC 718 we account for PSUs based on the amount probable to vest at each period end date. If we
were to assume the highest level of performance on these PSUs, Mr.&nbsp;Guimar&atilde;es's total Stock Award grant date fair value would be $7,163,617. Please refer to Note&nbsp;13,
Share-based Compensation, in our consolidated financial statements included elsewhere in this prospectus for a discussion of the assumptions related to the calculation of such value.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>For
2016, includes $4,639 for executive supplemental disability plan premiums paid by us and $28,314 for family transportation. For 2015 includes $4,639 for
executive supplemental disability plan premiums paid by us, personal expense reimbursement and $35,306 for family transportation. For 2014, includes $4,639 for executive supplemental disability plan
premiums paid by us, $298 in distributions on unvested restricted shares, and for medical expense reimbursement, personal expense reimbursement and $21,356 for family transportation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>For
2016, includes $4,143 for executive supplemental disability plan premiums paid by us. The 2015 amount represents $98,427 for relocation expenses.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(12)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents
an amount equivalent to the forfeited long-term bonus at target Mr.&nbsp;Guimar&atilde;es would have received from his prior employer and eight
months' cash long-term incentive, as specified in his offer letter.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(13)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>For
Mr.&nbsp;Guimar&atilde;es, the amount shown in the Option Awards column represents the grant date fair value, which is an estimated value computed in
accordance with ASC 718, of stock options, granted to Mr.&nbsp;Guimar&atilde;es in 2015. Performance-vested stock options vest based on achievement of certain corporate performance targets.
In accordance with ASC 718 we account for performance-vested stock options based on the amount probable to vest at each period end date. If we were to assume the highest level of performance on these
performance-vested stock options Mr.&nbsp;Guimar&atilde;es's total Option Award grant date fair value would be $13,050,927. Please refer to Note&nbsp;13, Share-based Compensation, in our
consolidated financial statements included elsewhere in this prospectus for a discussion of the assumptions related to the calculation of such value.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(14)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>For
2016, includes $7,302 for executive supplemental disability plan premiums paid by us. For 2015 includes $7,302 for executive supplemental disability plan
premiums paid by us and $1,070 distributions on unvested restricted shares. For 2014, includes $7,302 for executive supplemental disability plan premiums paid by us, $596 distributions on unvested
restricted shares, $8,012 for medical expense reimbursement, and other personal expense reimbursement. </FONT></DD></DL>
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Arrangements with Certain Named Executive Officers  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Chairman and Chief Executive Officer Compensation</U>.&nbsp;&nbsp;&nbsp;&nbsp;While our CEO plays an important role in advising the Compensation
Committee with respect to compensation decisions for the other Named Executive Officers, the Compensation Committee evaluates the performance of our CEO using its sole discretion. The Compensation
Committee believes that our CEO's compensation package is market-based and performance-aligned and that it facilitates Mr.&nbsp;Becker's retention and motivation, which the Compensation Committee
believes to be critical to our continued success. In March 2016, the Compensation Committee evaluated our and our CEO's 2015 financial and non-financial performance. Overall, the Compensation
Committee believes that the performance of our CEO during 2015 was exceptional and that, with his continued leadership, the Company is well positioned for continued growth and investor value creation.
Because of its assessment of Mr.&nbsp;Becker's overall performance during 2015, in March 2016, the Compensation Committee awarded Mr.&nbsp;Becker a cash award under the AIP as described above
under "&#151;Annual Incentive Compensation Opportunity" and awarded Mr.&nbsp;Becker a merit-based salary increase for 2016. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive DCP.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to the leveraged buyout in 2007, Mr.&nbsp;Becker had options to purchase shares of our common stock and PSUs, and
another
founder of Sterling Partners had options to purchase shares of our common stock, which, based on a value of $60.50 per share, would have entitled </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>293</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=303,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=814453,FOLIO='293',FILE='DISK112:[12ZBH3.12ZBH43513]EK43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ek43513_1_294"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Becker
to $78,116,588 and such other founder of Sterling Partners to $48,622,060 if such options, and in Mr.&nbsp;Becker's case, PSUs, were cashed out in connection with the leveraged
buyout. Pursuant to Mr.&nbsp;Becker's letter agreement with L Curve Sub&nbsp;Inc., Wengen and us, dated August&nbsp;16, 2007, and an Amended and Restated Commitment Letter, dated June&nbsp;3,
2007, among another founder of Sterling Partners, Wengen and the other parties thereto, Mr.&nbsp;Becker and one of the other founders of Sterling Partners agreed to cancel such options and, in
Mr.&nbsp;Becker's case, PSUs, in exchange for us establishing a deferred compensation plan for each of them, under which plans these two individuals had rights to receive cash payments in subsequent
years. We established a deferred compensation account balance plan (each an "Executive DCP") with an account value of $78,116,588 for the benefit of Mr.&nbsp;Becker and an Executive DCP with an
account value of $48,622,060 for the benefit of one of the other founders of Sterling Partners. Since 2007 each Executive DCP has been administered as described below. On the closing date of the
leveraged buyout, each Executive DCP was credited with a number of phantom shares of our common stock equal to the number of shares that Mr.&nbsp;Becker or such other founder of Sterling Partners,
as applicable, could have acquired in the leveraged buyout if all of the options and PSUs, as applicable, had been cancelled in exchange for a number of shares (the "Phantom Shares"), equal to the
quotient of (x)&nbsp;the aggregate cash payment that Mr.&nbsp;Becker and such other founder of Sterling Partners, as the case may be, would have received (based on a per share value of $60.50) on
a pre-tax basis, in respect of such cancelled options and PSUs, as applicable, on the closing date of leveraged buyout divided by (y)&nbsp;the value of one share of Laureate common stock as it
existed immediately after giving effect to the leveraged buyout. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of Mr.&nbsp;Becker and one of the other founders of Sterling Partners have been fully vested at all times since the leveraged buyout in his respective Executive DCP. Pursuant to
the Executive DCP, the value of Mr.&nbsp;Becker's Executive DCP was based on the underlying value of our common stock, subject to a maximum 5% compound annual return until the earliest of an initial
public offering of our shares of common stock, September&nbsp;17, 2014 or a change in control of the Company. On December&nbsp;30, 2016, the Company's obligations under the Executive DCP were
satisfied in full. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;17, 2014 (the "Distribution Date"), we made a cash payment to Mr.&nbsp;Becker in the amount of $50&nbsp;million and the number of Phantom Shares in his Executive
DCP was reduced accordingly. The remaining Phantom Shares in Mr.&nbsp;Becker's Executive DCP had an imputed value of $61.4&nbsp;million as of December&nbsp;31, 2014. Under the terms of the
arrangement, $53.0&nbsp;million was payable on September&nbsp;17, 2015, and the remainder was payable on September&nbsp;17, 2016. The participants agreed to extend the payment due on
September&nbsp;17, 2015 (the "2015 Executive DCP Obligation"), the first anniversary of the Distribution Date, until December&nbsp;31, 2015. The participants also agreed to extend
the payment due on September&nbsp;17, 2016 (the "2016 Executive DCP Obligation") until December&nbsp;31, 2016, in order to agree with us on a form of payment that we believe more closely aligns
with our long-term interests and the long-term interests of our securityholders. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with an agreement we entered into with Mr.&nbsp;Becker on December&nbsp;24, 2015, on December&nbsp;29, 2015 (the "2015 Executive DCP Closing Date"), we satisfied the
2015 Executive DCP Obligation to Mr.&nbsp;Becker by paying him $53.8&nbsp;million, including $3.8&nbsp;million in interest from the Distribution Date to the 2015 Executive DCP Closing Date. The
payment consisted of $22.6&nbsp;million in cash and $31.2&nbsp;million aggregate principal amount of Senior Notes. Any remaining Phantom Shares in Mr.&nbsp;Becker's Executive DCP were to have
been distributed to Mr.&nbsp;Becker on September&nbsp;17, 2016. The remaining Phantom Shares in Mr.&nbsp;Becker's Executive DCP had an imputed value of $10.6&nbsp;million as of
December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with an agreement we entered into with Mr.&nbsp;Becker on December&nbsp;30, 2016, on December&nbsp;30, 2016 (the "2016 Executive DCP Closing Date"), we satisfied the
2016 Executive DCP Obligation to Mr.&nbsp;Becker by paying him $11.1&nbsp;million, including $0.5&nbsp;million in interest from September&nbsp;17, 2015 to the 2016 Executive DCP Closing Date.
The payment consisted of $4.6&nbsp;million in cash and $6.4&nbsp;million aggregate principal amount of Senior Notes. See "&#151;2016 Nonqualified Deferred </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>294</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=304,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=175157,FOLIO='294',FILE='DISK112:[12ZBH3.12ZBH43513]EK43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ek43513_1_295"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Compensation."
Following the satisfaction of the 2016 Executive DCP Obligation, the Company's obligations under the Executive DCPs were satisfied in full. </FONT></P>

<P style="font-family:times;">


<FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Profits Interests.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Additionally, in connection with the leveraged buyout and in connection with Mr.&nbsp;Becker's service as
Chairman and
Chief Executive Officer of Laureate, Wengen granted Mr.&nbsp;Becker a profits interest in Wengen ("Executive Profits Interests" or "EPI"), allowing Mr.&nbsp;Becker the potential to share in a
portion of Wengen's profits. As of December&nbsp;31, 2014, all the Executive Profits Interests were vested. Upon the consummation of this offering, all of Mr.&nbsp;Becker's Executive Profits
Interests will be liquidated and exchanged for a number of shares of our Class&nbsp;B common stock currently held by Wengen having an aggregate fair market value equal to that portion of Wengen's
share in us to which Mr.&nbsp;Becker would have been entitled on account of the liquidated Executive Profits Interests (the "EPI Shares"). The Company will grant to Mr.&nbsp;Becker options (the
"EPI Options") to purchase 2,773,098&nbsp;shares (representing that number of shares of our Class&nbsp;B common stock necessary, when added to the shares transferred by Wengen pursuant to the
previous sentence above, for Mr.&nbsp;Becker to have the same ownership percentage of us that the Executive Profits Interests represented in the profits of Wengen) of the Company's Class&nbsp;B
common stock. If the initial public offering price is equal to or greater than $21.32, then the exercise price of EPI Options shall be equal to the initial public offering price and the EPI Options
shall remain exercisable until the date that is three years and six months
following the consummation of this offering, unless earlier terminated in accordance with the terms of the EPI Option agreement or the 2013 Plan, as applicable. If the initial public offering price is
less than $21.32, then the exercise price of the EPI Options shall be equal to (i)&nbsp;the initial public offering price with respect to 50% of the shares of our Class&nbsp;B common stock subject
to the EPI Option and (ii)&nbsp;$21.32 with respect to 50% of the shares of our Class&nbsp;B common stock subject to the EPI Option and the EPI Options shall remain exercisable until
December&nbsp;31, 2019, unless earlier terminated in accordance with the terms of the EPI Option agreement or the 2013 Plan, as applicable. Assuming an initial public offering price of $18.50 per
share, the midpoint of the range set forth on the cover page of this prospectus, Mr.&nbsp;Becker will receive zero EPI Shares.

 </FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the leveraged buyout, an entity affiliated with the Sterling Founders, of which Mr.&nbsp;Becker owns approximately 24%, received profits interests in Wengen as
compensation for services provided in connection with the leveraged buyout. Effective upon completion of this offering, all of these profits interests will be liquidated in exchange for the transfer
to this affiliated entity by Wengen of zero&nbsp;shares of our Class&nbsp;B common stock held by Wengen, assuming an offering price of $18.50&nbsp;per share, the midpoint of the range set forth
on the cover page of this prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to an agreement the Sterling Founders entered into on January&nbsp;20, 1999 in connection with a partnership formed by them (the "Founders' Agreement"), the Sterling Founders
share equally, on a net after-tax basis, in certain equity-based compensation they receive, in the aggregate, in connection with services rendered by any of them to certain entities, including
Laureate. The Founders' Agreement provides, in certain circumstances, and subject to contractual restrictions, that securities received by a Sterling Founder as compensation for services rendered by
him to certain entities shall be assigned or transferred to the Sterling Founders pro-rata, or a partnership they form, as soon as practicable after such assignment or transfer is permitted by
contract and applicable law. The Founders' Agreement further provides that if such securities or other property are not transferable or assignable, the rights to receive the net proceeds of such
property upon disposition shall be so transferred or assigned. Prior to any such transfer or assignment, each Sterling Founder controls the voting and disposition of any such securities received by
such Sterling Founder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result, each Sterling Founder has an economic interest in any share-based compensation received by Mr.&nbsp;Becker in connection with his employment by the Company or any holdings
he has in the Company, including any dividends on, or the proceeds from the sale of, the shares of Class&nbsp;B common stock issuable upon the exercise of the EPI Options by Mr.&nbsp;Becker. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>295</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=305,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=733222,FOLIO='295',FILE='DISK112:[12ZBH3.12ZBH43513]EK43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ek43513_1_296"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>President and Chief Operating Officer Compensation</U>.&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;6, 2015, the Company entered into an offer letter
with Enderson Guimar&atilde;es pursuant to which Mr.&nbsp;Guimar&atilde;es agreed to serve as the Company's
President and Chief Operating Officer, effective as of September&nbsp;1, 2015. The following description of the offer letter is qualified in its entirety by the full terms and conditions of the
offer letter. The offer letter is filed as an exhibit to the registration statement of which this prospectus forms&nbsp;a part and is incorporated herein by reference. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salary and Incentive Compensation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the offer letter, Mr.&nbsp;Guimar&atilde;es's base salary was $900,000 annually and his
target AIP award is 130% of annual base salary. Effective March&nbsp;1, 2016, the Compensation Committee increased Mr.&nbsp;Guimar&atilde;es's annual base salary to $906,017. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTIP.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Guimar&atilde;es is also eligible to participate in a cash LTIP plan valued at $1,000,000 in 2016 and $1,500,000 in 2017,
subject to the terms of the plan as amended from time to time. Goals are tied to achievement of Adjusted Financing EBITDA goals in the Laureate long range plans for 2016 and 2017. Payment will be
based on achievement of at least 98% of the Adjusted Financing EBITDA target for each year. Payment, if earned, will be made as soon as administratively practicable after the end of the performance
period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Grant.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Guimar&atilde;es is eligible to participate in the 2013 Plan, as amended from time to time. Pursuant to the
offer
letter, his annual long term equity incentive target is equal to 408% of annual base salary. Mr.&nbsp;Guimar&atilde;es's offer letter provided, subject to approval by the Compensation
Committee, for an equity award to be valued at $18.36&nbsp;million on the date of grant, representing the first five years of annual long-term equity incentive awards delivered on a "front-loaded"
basis, in a mixture of time and performance vesting stock options and PSUs, each with respect to our common stock (with the value for the stock options to be determined using the Company's standard
Black-Scholes assumptions applied as of the date of grant and the value for the PSUs to be determined by dividing the target value for the PSUs by the fair market value of our common stock on the
grant date as determined by the Compensation Committee in accordance with its equity grant policy). These equity awards vest ratably over a five-year period, subject to continued employment. In
addition to the forgoing, Mr.&nbsp;Guimar&atilde;es's offer letter also provided for a grant of 62,500 time-based vesting RSUs under the 2013 Plan that will vest in full on
December&nbsp;31, 2017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;17, 2015, the Compensation Committee approved the grant of 650,141 time-based stock options, 332,608 performance-based stock options, 174,392 PSUs, and 62,500 RSUs to
Mr.&nbsp;Guimar&atilde;es. The time-based stock options granted to Mr.&nbsp;Guimar&atilde;es vest in equal annual installments over a five year period beginning on
December&nbsp;31, 2015, subject to continued employment on each applicable vesting date. Performance based stock options granted to Mr.&nbsp;Guimar&atilde;es vest in equal annual
installments over a five-year period based on satisfaction of the annual Equity Value Target described above, subject to continued employment on each applicable vesting date. See
"&#151;Outstanding Equity Awards" for information about the vesting terms of our outstanding options. The PSUs granted to Mr.&nbsp;Guimar&atilde;es vest in equal annual installments
over a five-year period subject to satisfaction of the Equity Value Target described above, subject to continued employment. The portion of the initial grant
of PSUs subject to achievement of each of the 2015 and 2016 Equity Value Targets will first be eligible to vest after the publication of audited financial statements for 2016. The remaining portion of
the PSUs is eligible to vest based on achievement of the applicable 2017, 2018, and 2019 Equity Value Targets. All the RSUs granted to Mr.&nbsp;Guimar&atilde;es will vest on
December&nbsp;31, 2017, subject to continued employment. In consideration of a decrease in the estimated fair market value of the Company's common stock after the September 2015 equity grant, on
December&nbsp;16, 2015 the Compensation Committee approved an additional grant of 10,937 RSUs and 30,518 PSUs to Mr.&nbsp;Guimar&atilde;es. The terms of the December 2015 grants are
substantially the same as the terms of the September 2015 grants. If Mr.&nbsp;Guimar&atilde;es's employment is terminated without cause (other than due to death or disability) prior to
December&nbsp;31, 2017, the 73,437 RSUs granted to Mr.&nbsp;Guimar&atilde;es in 2015 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>296</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=306,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=924550,FOLIO='296',FILE='DISK112:[12ZBH3.12ZBH43513]EK43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ek43513_1_297"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>will
vest immediately, provided Mr.&nbsp;Guimar&atilde;es signs a required separation and release agreement within the time period specified in the agreements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Guimar&atilde;es will receive severance equal to one year of base salary and target bonus if his employment is
terminated without cause within 24&nbsp;months of the beginning of his employment, provided he signs a required separation and release agreement within the time period specified in the offer letter. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Guimar&atilde;es was eligible for our standard U.S. employee benefits package on the first day of the month following
one full calendar month of employment. We provided provisional housing for up to six months and reasonable relocation expenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Eilif Serck-Hanssen Offer Letter</U>.&nbsp;&nbsp;&nbsp;&nbsp;At the time Mr.&nbsp;Serck-Hanssen was hired as our Executive Vice President, Chief
Financial Officer in July 2008, our other executive officers were parties to retention agreements entered into in connection with the leveraged buyout, which have since expired, that provided, among
other things, for a lump sum severance benefit in the event we terminated the executive's employment without cause. Because Mr.&nbsp;Serck-Hanssen was being hired as an executive officer at a time
when these retention agreements were still in effect, the Compensation Committee thought it appropriate to authorize Mr.&nbsp;Serck-Hanssen's written offer of employment to include a provision
entitling Mr.&nbsp;Serck-Hanssen to the same lump sum severance benefit in the event we terminate his employment without cause. See "&#151;Potential Payouts Upon Termination or Change in
Control&#151;Involuntary Termination Without Cause" for a discussion of the severance benefits available to Mr.&nbsp;Serck-Hanssen. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Grants of Plan-Based Awards in 2016  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth information regarding grants of plan-based awards to our Named Executive Officers in 2016. The grants include award
opportunities for our Named Executive Officers under our AIP for performance during 2016, equity awards made in October to the Named Executive Officers other than Mr.&nbsp;Guimar&atilde;es
and Berckemeyer, and the incremental fair value on the modification date of June&nbsp;17 of repricing certain stock options granted under the 2013 Plan. See "&#151;Compensation Discussion and
Analysis&#151;Elements of Laureate's Compensation Program&#151;Incentive Opportunity" and "&#151;2016 Stock Option Repricing/Retention Equity Grant" above for further discussion
of these grants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>297</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=307,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=411359,FOLIO='297',FILE='DISK112:[12ZBH3.12ZBH43513]EK43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ek43513_1_298"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ek43513_grants_of_plan_based_awards"> </A>
<A NAME="toc_ek43513_2"> </A>
<BR></FONT><FONT SIZE=2><B>  GRANTS OF PLAN BASED AWARDS    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="35pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="41pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=4 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=4 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>All Other<BR>
Stock<BR>
Awards:<BR>
Number of<BR>
Shares of<BR>
Stock or<BR>
Units<BR>
(#) </B></FONT></TH>
<TH ROWSPAN=4 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=4 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>All Other<BR>
Option<BR>
Awards:<BR>
Number of<BR>
Securities<BR>
Underlying<BR>
Options<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated Future Payouts<BR>
Under Non-Equity<BR>
Incentive Plan Awards </B></FONT></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated Future Payouts<BR>
Under Equity<BR>
Incentive Plan Awards </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=3 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=3 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Grant Date<BR>
Fair Value<BR>
of Stock<BR>
and Option<BR>
Awards<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exercise or<BR>
Base Price<BR>
of Option<BR>
Awards<BR>
($/share) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Grant<BR>
Date </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Award<BR>
Type </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Threshold<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Maximum<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Threshold<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Maximum<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Douglas L. Becker</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2/10/16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>AIP(1)(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,221,892</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2,443,784</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/2/13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Options(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>802,212</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>23.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2,117,841</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Time Options(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>114,790</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>23.36</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>1,382,072</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Performance Options(5)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>23,739</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>47,477</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>47,477</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>23.36</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>571,632</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Eilif Serck-Hanssen</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>2/10/16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>AIP(1)(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
504,879</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
1,009,758</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/2/13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Options(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>254,777</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>23.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>672,613</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>RSUs(6)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>21,607</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>504,739</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>PSUs(7)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>4,321</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>8,643</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>8,643</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>201,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Ricardo M. Berckemeyer</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>2/10/16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>AIP(1)(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
835,877</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
1,671,755</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/2/13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Options(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>256,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>23.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>676,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>RSUs(6)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>21,607</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>504,745</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>PSUs(7)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>4,321</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>8,643</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>8,643</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>8,642</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>201,895</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Enderson Guimar&atilde;es</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>2/10/16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>AIP(1)(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
1,177,821</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
2,355,643</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>9/17/15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Options(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>982,750</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>23.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>746,890</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Paula Singer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>2/10/16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>AIP(1)(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
696,564</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
1,393,129</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/2/13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>Options(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>256,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>23.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>676,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>RSUs(6)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10,714</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>250,285</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>PSUs(7)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>2,143</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>4,285</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>4,285</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>100,115</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>This
row discloses estimated possible future payouts under our 2016 AIP. The Compensation Committee approved the 2016 AIP target award opportunities for the Named
Executive Officers at its February&nbsp;10, 2016 meeting. The target awards were equal to a percentage of each Named Executive Officer's base salary on December&nbsp;31, 2016. The percentage of
base salary for each Named Executive Officer's 2016 AIP target award was: Mr.&nbsp;Becker 120%, Mr.&nbsp;Serck-Hanssen 85%; Mr.&nbsp;Berckemeyer 120%; Mr.&nbsp;Guimar&atilde;es 130%;
and Ms.&nbsp;Singer 100%. The maximum 2016 AIP opportunity for each Named Executive Officer was equal to 200% of his or her 2016 AIP target award. See "&#151;Annual Cash Incentive
Opportunity" above for more information regarding the AIP.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>As
of the date of this prospectus, the Compensation Committee has not yet assessed 2016 performance under any of our performance-based compensation programs.
Accordingly, 2016 AIP awards have not been determined at this time. The Company intends to file&nbsp;a Current Report on Form&nbsp;8-K or otherwise disclose the 2016 performance-based compensation
after the Compensation Committee has assessed 2016 performance under our performance-based compensation programs and individual incentive awards are determined.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>On
June&nbsp;17, 2016, the board of directors approved the repricing of certain stock options granted under 2013 Plan. The exercise price of stock options granted
on October&nbsp;31, 2013 was reduced from $34.52 to $23.20. The exercise price of stock options granted on September&nbsp;17, 2015 was reduced from $26.32 to $23.20. The amounts in column Grant
Date Fair Value of Stock and Option Awards represent the incremental fair value on the modification date with respect to the repricing of these options. This incremental fair value is also reported in
the Options Awards column of the Summary Compensation Table.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Granted
under the 2013 Plan. These time-based vesting options have a 10-year term and will vest on June&nbsp;17, 2018, subject to continued employment (with
limited exceptions for termination of employment due to death, permanent disability and qualifying termination following a change of control).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Granted
under the 2013 Plan. These performance options have a 10-year term and 50% will be eligible to vest based upon achievement of the applicable Equity Value
Target for each of 2016 and 2017, subject in each case to continued employment through June&nbsp;17, 2018 (with limited exceptions for termination of employment due to death, permanent disability
and qualifying termination following a change of control).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Granted
under the 2013 Plan. These RSUs will vest on June&nbsp;17, 2018, subject to continued employment (with limited exceptions for termination of employment due
to death, permanent disability and qualifying termination following a change of control).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Granted
under the 2013 Plan. 50% of these PSUs will be eligible to vest based upon achievement of the applicable Equity Value Target for each of 2016 and 2017,
subject in each case to continued employment through June&nbsp;17, 2018 (with limited exceptions for termination of employment due to death, permanent disability and qualifying termination following
a change of control). </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Outstanding Equity Awards at 2016 Year End  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information concerning unexercised options, PSUs, RSUs and restricted shares that have not vested as of the end of
the most recently completed fiscal year for each Named Executive Officer. Each outstanding award is represented by a separate row, which indicates the number of securities underlying the award,
including awards that have been transferred other than for value (if any). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
option awards, the table discloses the number of shares underlying both exercisable and unexercisable options, as well as the exercise price and the expiration date. For stock unit
awards, the table provides the total number of units that have not vested and the aggregate market value of shares of stock issuable upon vesting of these units that have not vested. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>298</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=308,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=858710,FOLIO='298',FILE='DISK112:[12ZBH3.12ZBH43513]EK43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ek43513_1_299"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
computed the market value of stock unit awards by multiplying the Compensation Committee's estimate of the fair market value of our common stock at the end of the most recently
completed fiscal year ($22.64) by the number of shares of stock or units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
options granted under the 2013 Plan have a ten-year term and must have an exercise price of no less than fair market value on the date of grant. The Compensation Committee has
adopted an equity grant policy that requires the Compensation Committee to have received an independent appraisal of our common stock from a nationally recognized investment banking firm that is based
on our financial results within one calendar quarter of the option grant date ("current appraisal") before granting options under the 2013 Plan. When granting options, the Compensation Committee
reviews the current appraisal and, if the Compensation Committee determines that no facts have arisen since the delivery of the current appraisal that would make the current appraisal unreasonable,
sets a fair market value for our shares it believes to be reasonable and supportable considering the data included in the current appraisal. Pursuant to its equity grant policy, the exercise price for
all options is equal to the fair market value set by the Compensation Committee in accordance with its equity grant policy. The value of our stock options to each grantee is entirely dependent on
stock price appreciation beyond the date of grant and the ability to sell the shares acquired upon exercise of options. See "Certain Relationships and Related Party Transactions&#151;Management
Stockholder's Agreements" for a discussion of the voting and transfer restrictions applicable to shares acquired upon exercise of vested options. On June&nbsp;17, 2016, the board of directors
approved a repricing of certain stock options issued under the 2013 Plan. See "&#151;2016 Stock Option Repricing/Retention Equity Grant." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth information regarding outstanding equity awards held by our Named Executive Officers as of the end of 2016, including equity awards granted under our 2007
Plan and 2013 Plan to the Named Executive Officers. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>299</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=309,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=295122,FOLIO='299',FILE='DISK112:[12ZBH3.12ZBH43513]EK43513A.;43',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_em43513_1_300"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="em43513_outstanding_equity_awards_at_fiscal_year_end"> </A>
<A NAME="toc_em43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="35pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="35pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option Awards </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Stock Awards </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name


<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Original<BR>
Grant<BR>
Date </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Securities<BR>
Underlying<BR>
Unexercised<BR>
Options (#)<BR>
Exercisable(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Securities<BR>
Underlying<BR>
Unexercised<BR>
Options (#)<BR>
Unexercisable(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity<BR>
Incentive<BR>
Plan<BR>
Awards:<BR>
Number of<BR>
Securities<BR>
Underlying<BR>
Unexercised<BR>
Unearned<BR>
Options<BR>
(#)(3) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option<BR>
Exercise<BR>
Price($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option<BR>
Expiration<BR>
Date </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number<BR>
of Shares<BR>
or Units<BR>
of Stock<BR>
That Have<BR>
Not Vested<BR>
(#)(4) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Market<BR>
Value of<BR>
Shares or<BR>
Units of<BR>
Stock<BR>
That Have<BR>
Not Vested<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity<BR>
Incentive<BR>
Plan<BR>
Awards:<BR>
Number<BR>
of<BR>
Unearned<BR>
Shares,<BR>
Units or<BR>
Other<BR>
Rights<BR>
That Have<BR>
Not Vested<BR>
(#)(5) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity<BR>
Incentive<BR>
Plan<BR>
Awards:<BR>
Market<BR>
or Payout<BR>
Value of<BR>
Unearned<BR>
Shares,<BR>
Units<BR>
or Other<BR>
Rights<BR>
That Have<BR>
Not Vested<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Douglas L. Becker</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/2/13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>595,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>114,601</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>91,681</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/2/23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>72,506</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,641,536</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>114,790</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>47,477</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23.36</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/25/26</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:8pt;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Eilif Serck-Hanssen</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
8/5/08</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
281,250</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
21.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
8/5/18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/2/13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>189,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>36,396</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>29,117</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/2/23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23,027</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>521,343</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5/14/15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>20,380</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>461,403</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,607</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>489,182</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,643</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>195,678</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:8pt;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Ricardo Berckemeyer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
10/2/07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
402,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
18.36</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
10/2/17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/2/13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>190,357</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>36,607</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>29,285</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/2/23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23,160</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>524,354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>21,607</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>489,188</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,642</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>195,672</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:8pt;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Enderson Guimar&atilde;es</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
9/17/15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
326,578</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
390,085</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
266,087</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
23.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
9/17/25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
62,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
1,415,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
174,392</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
3,948,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12/16/15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10,937</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>247,625</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>30,518</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>690,945</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:8pt;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Paula Singer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
10/2/07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
445,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
18.36</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
10/2/17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/2/13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>190,357</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>36,607</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>29,285</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/2/23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23,160</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>524,354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10/25/16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>10,714</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>242,571</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,285</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>97,029</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
numbers in this column represent vested time and vested performance options.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
numbers in this column represent unvested time options. The vesting dates of unvested time options are as follows: Mr.&nbsp;Becker&#151;114,601 on
December&nbsp;31, 2017 and 114,790 on June&nbsp;17, 2018; Mr.&nbsp;Serck-Hanssen&#151;36,396 on December&nbsp;31, 2017; Mr.&nbsp;Berckemeyer&#151;36,607 on December&nbsp;31,
2017; Mr.&nbsp;Guimar&atilde;es&#151;130,028 on December&nbsp;31, 2017, 130,028 on December&nbsp;31, 2018 and 130,029 on December&nbsp;31, 2019; and
Ms.&nbsp;Singer&#151;36,607 on December&nbsp;31, 2017.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
numbers in this column represent unvested performance options as of December&nbsp;31, 2016. The terms of our outstanding performance options provide that
vesting occurs only after audited financial statements for the applicable target year are available and the Compensation Committee can determine the extent to which the performance goal has or has not
been achieved, and in the case of performance options granted on October&nbsp;25, 2016 only, subject to continued employment through June&nbsp;18, 2018. The number of performance options subject
to annual performance target is as follows: Mr.&nbsp;Becker&#151;45,840 for 2016, 45,840 for 2017, 23,738 subject to 2016 performance but not eligible to vest until June&nbsp;17, 2018, and
23,739 subject to 2017 performance but not eligible to vest until June&nbsp;17, 2018; Mr.&nbsp;Serck-Hanssen&#151;14,558 for 2016 and 14,559 for 2017;
Mr.&nbsp;Berckemeyer&#151;14,642 for 2016 and 14,643 for 2017; Mr.&nbsp;Guimar&atilde;es&#151;66,521 for 2016, 66,522 for 2017, 66,522 for 2018 and 66,522 for 2019; and
Ms.&nbsp;Singer&#151;14,642 for 2016 and 14,643 for 2017. As of the date of this prospectus, the Compensation Committee has not yet assessed 2016 performance under any of our
performance-based compensation programs. Accordingly, the vesting of performance options subject to 2016 performance targets has not been determined at this time. The Company intends to file&nbsp;a
Current Report on Form&nbsp;8-K or otherwise disclose the 2016 performance-based compensation after the Compensation Committee has assessed 2016 performance under our performance-based compensation
programs and individual incentive awards are determined.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
numbers in this column represent unvested RSUs. The market value of the RSUs is equivalent to $22.64 per share, the estimated fair market value of our common
stock as of December&nbsp;31, 2016, as set by the Compensation Committee in accordance with its equity grant policy. The vesting dates of unvested RSUs are as follows:
Mr.&nbsp;Serck-Hanssen&#151;20,380 on May&nbsp;14, 2018 and 21,607 on June&nbsp;17, 2018; Mr.&nbsp;Berckemeyer&#151;21,607 on June&nbsp;17, 2018;
Mr.&nbsp;Guimar&atilde;es&#151;73,437 on December&nbsp;31, 2017; and Ms.&nbsp;Singer&#151;10,714 on June&nbsp;17, 2018.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
numbers in this column represent unvested PSUs. The market value of the PSUs is equivalent to $22.64 per share, the estimated fair market value of our common
stock as of December&nbsp;31, 2016, as set by the Compensation Committee in accordance with its equity grant policy. The terms of our outstanding PSUs provide that vesting occurs only after audited
financial statements for the applicable target year are available and the Compensation Committee can determine the extent to which the performance goal has or has not been achieved, and in the case of
PSUs granted on October&nbsp;25, 2016 only, subject to continued employment through June&nbsp;17, 2018. The number of PSUs subject to annual performance target is as follows:
Mr.&nbsp;Becker&#151;36,253 for 2016 and 36,253 for 2017; Mr.&nbsp;Serck-Hanssen&#151;11,513 for 2016, 11,514 for 2017, 4,321 subject to 2016 performance but not eligible to vest
until June&nbsp;17, 2018, and 4,322 subject to 2017 performance but not eligible to vest until June&nbsp;17, 2018; Mr.&nbsp;Berckemeyer&#151;11,580 for 2016, 11,580 for 2017, 4,321
subject to 2016 performance but not eligible to vest until June&nbsp;17, 2018, and 4,321 subject to 2017 performance but not eligible to vest until June&nbsp;17, 2018;
Mr.&nbsp;Guimar&atilde;es&#151;40,982 for 2016, 40,982 for 2017, 40,982 for 2018 and 40,982 for 2019; and Ms.&nbsp;Singer&#151;11,580 for 2016 and 11,580 for 2017, 2,142
subject to 2016 performance but not eligible to vest until June&nbsp;17, 2018, and 2,143 subject to 2017 performance but not eligible to vest until June&nbsp;17, 2018. For
Mr.&nbsp;Guimar&atilde;es only, the PSUs subject to the 2015 annual performance target cannot vest, if at all, until after publication of the Company's audited consolidated financial
statements for fiscal 2016. As of the date of this prospectus, the Compensation Committee has not yet assessed 2016 performance under any of our performance-based compensation programs. Accordingly,
the vesting of PSUs subject to 2016 performance targets has not been determined at this time. The Company intends to file&nbsp;a Current Report on Form&nbsp;8-K or otherwise disclose the 2016
performance-based compensation after the Compensation Committee has assessed 2016 performance under our performance-based compensation programs and individual incentive awards are determined.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
exercise price of this stock option was modified to $23.20 on June&nbsp;17, 2016. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>300</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=310,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=486647,FOLIO='300',FILE='DISK112:[12ZBH3.12ZBH43513]EM43513A.;21',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_em43513_1_301"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Option Exercises and Restricted Stock Vested During Fiscal 2016  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table includes certain information with respect to vesting of restricted shares during fiscal 2016. We have omitted the columns
pertaining to Option Awards as they are inapplicable, because no Named Executive Officer exercised any options during fiscal 2016. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="em43513_option_exercises_and_stock_vested"> </A>
<A NAME="toc_em43513_2"> </A>
<BR></FONT><FONT SIZE=2><B>  OPTION EXERCISES AND STOCK VESTED    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="16pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Stock Awards </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number<BR>
of Shares<BR>
Acquired on<BR>
Vesting(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Value<BR>
Realized on<BR>
Vesting($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Douglas L. Becker</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36,253</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>842,520</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Eilif Serck-Hanssen</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,513</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>374,108</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ricardo Berckemeyer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,580</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>269,125</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enderson Guimar&atilde;es</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Paula Singer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19,080</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>433,698</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>36,253
PSUs vested on April&nbsp;15, 2016, upon achievement of the 2015 Equity Value Target. The fair market value of our common stock as determined by the
Compensation Committee in accordance with its equity grant policy on April&nbsp;15, 2016 was $23.24.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>11,513
shares of restricted stock vested on January&nbsp;28, 2016 and 5,000 PSUs vested on April&nbsp;15, 2016, upon achievement of the 2015 Equity Value Target.
The fair market value of our common stock as determined by the Compensation Committee in accordance with its equity grant policy on January&nbsp;28, 2016, and April&nbsp;15, 2016 was $22.40 and
$23.24, respectively.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>11,580
PSUs vested on April&nbsp;15, 2016, upon achievement of the 2015 Equity Value Target. The fair market value of our common stock as determined by the
Compensation Committee in accordance with its equity grant policy on April&nbsp;15, 2016 was $23.24.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>11,580
shares of restricted stock vested on January&nbsp;28, 2016 and 7,500&nbsp;PSUs vested on April&nbsp;15, 2016, upon achievement of the 2015 Equity Value
Target. The fair market value of our common stock as determined by the Compensation Committee in accordance with its equity grant policy on January&nbsp;28, 2016, and April&nbsp;15, 2016 was
$22.40 and $23.24, respectively.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2016 Pension Benefits  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Named Executive Officer participates in any defined benefit pension plan or arrangement provided by Laureate. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2016 Nonqualified Deferred Compensation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Post-2004 DCP permits eligible employees the opportunity to defer up to 85% of their base salaries and 100% of any bonus, or annual cash
and/or long-term incentive awards, which may be allocated to notional investments selected by the participants that are similar to investment alternatives available in our 401(k)&nbsp;Retirement
Savings Plan and pay out following termination of employment or other selected payout schedule, which payouts will be made in a lump sum or in installments, at the election of the participants. The
minimum annual deferral amount under the Post-2004&nbsp;DCP is $5,000. Each year, a participant may elect to receive that year's deferral balance in a future year while the participant is still
employed (a scheduled in-service withdrawal) or after employment terminates (a retirement payment). Each year, we have the ability, but not the obligation, to make matching </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>301</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=311,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=883022,FOLIO='301',FILE='DISK112:[12ZBH3.12ZBH43513]EM43513A.;21',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_em43513_1_302"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>employer
contributions to each participant's Post-2004 DCP account if the participant made salary reduction contributions to the 401(k)&nbsp;Retirement Savings Plan, received less than the full
match under the 401(k)&nbsp;Retirement Savings Plan on the salary reduction contribution because of the limit in Section&nbsp;401(a)(17) of the Code on compensation and made at least a $5,000
minimum contribution to his or her 401(k) Retirement Savings Plan account. To date, we have not chosen to make a matching contribution to any participant's Post-2004 DCP account, nor have we chosen to
make any other discretionary employer contributions permitted under the Post-2004 DCP. In the event of death or disability prior to terminating employment, the participant's Post-2004 DCP balance will
be distributed (to the participant's beneficiaries, in the case of death), in a lump sum the February following the year in which death or disability occurs. In the event of termination of employment,
Post-2004 DCP balances will be distributed in a lump sum or in up to ten annual installments (based on the termination payment election the participant had previously made for each Post-2004 DCP
annual year contribution), beginning in February following the year in which the participant's employment was terminated. If there is a separation of service without an effective termination payment
election for a Plan year, that Plan year's deferral balance will be paid in a lump sum in the February following the year of separation of service. Mr.&nbsp;Becker also participates in a deferred
compensation plan that was frozen and closed to new participants in December 2004 (the "Pre-2005 DCP"). No contributions were made to the Pre-2005 DCP in 2016. The payout terms of the Pre-2005 DCP are
like those of the Post-2004 DCP. No other Named Executive Officer participates in the Pre-2005 DCP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the leveraged buyout in 2007, Mr.&nbsp;Becker had options to purchase shares of our common stock and PSUs, which, based on a value of $60.50 per share, would have entitled
Mr.&nbsp;Becker to $78.1&nbsp;million if such options and PSUs were cashed out in connection with the leveraged buyout. In connection with the leveraged buyout, Mr.&nbsp;Becker agreed to cancel
his options and PSUs in exchange for us establishing a deferred compensation plan for him, under which Mr.&nbsp;Becker had rights to receive cash payments in subsequent years. We established
Mr.&nbsp;Becker's Executive DCP with an account value of $78.1&nbsp;million. On the closing date of the leveraged buyout, Mr.&nbsp;Becker's Executive DCP was credited with a number of phantom
shares of our common stock equal to the number of shares that Mr.&nbsp;Becker could have acquired in the leveraged buyout if all of the options and PSUs had been cancelled in exchange for Phantom
Shares equal to the quotient of (x)&nbsp;the aggregate cash payment that Mr.&nbsp;Becker would have received (based on a per share value of $60.50) on a pre-tax basis, in respect of such cancelled
options and PSUs on the closing date of the leveraged buyout divided by (y)&nbsp;the value of one share of Laureate common stock as it existed immediately after giving effect to the leveraged
buyout. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Becker
has been fully vested at all times since the leveraged buyout in his Executive DCP. Pursuant to the Executive DCP, the value of Mr.&nbsp;Becker's Executive DCP was
based on the underlying value of our common stock, subject to a maximum 5% compound annual return until the earliest of an initial public offering of our shares of common stock, September&nbsp;17,
2014 or a change in control of the Company. As of December&nbsp;31, 2016 the Company's obligations under the Executive DCP have been satisfied in full. See "&#151;Compensation Discussion and
Analysis&#151;Arrangements with Certain Named Executive Officers&#151;Chairman and Chief Executive Officer Compensation" above for further discussion of the Executive DCP and the
payments made in 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
regarding Mr.&nbsp;Becker's and Ms.&nbsp;Singer's participation in the Post-2004 DCP and Mr.&nbsp;Becker's participation in the Pre-2005 DCP and the Executive DCP is
included in the following table. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>302</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=312,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=996551,FOLIO='302',FILE='DISK112:[12ZBH3.12ZBH43513]EM43513A.;21',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_em43513_1_303"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="em43513_nonqualified_deferred_compensation"> </A>
<A NAME="toc_em43513_3"> </A>
<BR></FONT><FONT SIZE=2><B>  NONQUALIFIED DEFERRED COMPENSATION    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="75pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Executive<BR>
Contributions<BR>
in Last FY<BR>
($)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Registrant<BR>
Contributions<BR>
in Last FY<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Aggregate<BR>
Earnings (Loss)<BR>
in Last<BR>
FY($)(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Aggregate<BR>
Withdrawals/<BR>
Distributions<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Aggregate<BR>
Balance at Last<BR>
FYE($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Douglas L. Becker(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,231,301</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,059,241</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,410,008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Eilif Serck-Hanssen</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ricardo M. Berckemeyer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enderson Guimar&atilde;es</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Paula Singer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>121,464</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54,853</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,198,469</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
amount included in this column is included in the "Salary" column of the Summary Compensation Table for 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Amounts
in this column are not reported as compensation for fiscal year 2016 in the "Summary Compensation Table" because they do not reflect above-market or
preferential earnings. Deferrals may be allocated among different investment crediting options.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Amounts
shown comprise Mr.&nbsp;Becker's participation in the Executive DCP, our Post-2004 DCP and our Pre-2005 DCP. Mr.&nbsp;Becker's earnings and balance under
the Executive DCP in 2016 were $447,258 and $0, respectively. Mr.&nbsp;Becker's earnings and balance under the Post-2004 DCP during 2016 were $521,995 and $5,599,159, respectively.
Mr.&nbsp;Becker's earnings and balance under the Pre-2005 DCP during 2016 were $262,048 and $2,810,849, respectively.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Potential Payments Upon Termination or Change in Control  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below reflects potential payments to each of our Named Executive Officers in various termination and change in control scenarios based
on compensation, benefits and equity levels in effect on December&nbsp;30, 2016, which was the last business day of fiscal 2016. The amounts shown assume that the termination or change in control
event was effective as of December&nbsp;30, 2016. For stock valuations, we have assumed that the price per share is the fair market value of our stock at December&nbsp;30, 2016, as determined by
the Compensation Committee in accordance with its equity grant policy, which was $22.64. The table below excludes any amounts payable to the Named Executive Officer to the extent that these amounts
are available generally to all salaried employees and do not discriminate in favor of our executive officers. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Potential Payments upon Termination  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Payments Regardless of Manner of Termination</U>.&nbsp;&nbsp;&nbsp;&nbsp;Regardless of the termination scenario, the Named Executive Officers will
receive earned but unpaid base salary through the employment termination date, along with any other accrued or vested payments or benefits owed under any of our plans or agreements covering the Named
Executive Officer as governed by the terms of those plans or agreements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Payments Upon Termination Due to Death or Disability</U>.&nbsp;&nbsp;&nbsp;&nbsp;In the event of a termination due to death or disability, with
respect to each Named Executive Officer, all unvested RSUs, PSUs or options will be forfeited, except that: (i)&nbsp;any such unvested RSUs or time options that would have vested subsequent to, but
during the same calendar year as, the death or disability will become vested; and (ii)&nbsp;any unvested performance options or PSUs that would, but for the termination of employment due to death or
disability, have vested had the applicable performance goal for the calendar year during which the death or disability occurred been achieved will remain outstanding until the Compensation Committee
determines whether the applicable performance goal has been achieved and will become vested if and when the Compensation Committee determines that the applicable performance goal has </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>303</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=313,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=913439,FOLIO='303',FILE='DISK112:[12ZBH3.12ZBH43513]EM43513A.;21',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_em43513_1_304"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>been
achieved or will terminate on the date the Compensation Committee determines that the applicable performance goal has not been achieved, and the balance of the unvested portion of the performance
option or PSU will terminate as of the date of termination of employment due to death or disability. In the event of a termination due to death or disability, vested options may (by the employee's
beneficiary in the case of death) be exercised only for a period of two years from the termination due to death or disability of the Named Executive Officer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of termination due to death or disability, Mr.&nbsp;Becker's or Ms.&nbsp;Singer's Post-2004 DCP balance or Mr.&nbsp;Becker's Pre-2005 DCP balance will be distributed
(to his or her beneficiaries, in the case of death), in a lump sum the February following the year in which his or her death or disability occurs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Involuntary Termination and Resignation for Good Reason</U>.&nbsp;&nbsp;&nbsp;&nbsp;If a Named Executive Officer's employment is terminated by us
without cause or he or she resigns for good reason all unvested RSUs, PSUs and options will be forfeited; provided, however, that if the termination occurs subsequent to the end of a fiscal year but
prior to the publication of our audited financial statements for such year and the Compensation Committee determines, upon publication of such financial statements, that one or more tranches of
performance-vested stock options or PSUs would have vested and become nonforfeitable based upon the audited financial statements for such year, that portion of the performance-vested stock options or
PSUs that would otherwise have become vested and nonforfeitable had the termination occurred after the date of the Compensation Committee's determination will become vested and nonforfeitable upon
such determination, and he or she will have 90&nbsp;days from the termination date to exercise any vested options held on the termination date. Notwithstanding the foregoing, upon the termination of
Mr.&nbsp;Guimar&atilde;es's employment as a result of: (x)&nbsp;termination by the Company without cause prior to December&nbsp;31, 2017, provided he executes and allows to become
effective a customary release agreement, (y)&nbsp;his death during 2017; or (z)&nbsp;his termination due to permanent disability during 2017, all of the RSUs granted to him in September and
December of 2015 will become vested and nonforfeitable on the effective date of such qualifying termination. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
each Named Executive Officer other than Mr.&nbsp;Becker, "good reason" is defined as (i)&nbsp;a reduction in base salary (other than a general reduction in base salary that
affects all similarly situated employees), (ii)&nbsp;a substantial diminution in the Named Executive Officer's title, duties and responsibilities, other than any isolated, insubstantial and
inadvertent failure by the Company or its subsidiaries that is not in bad faith, or (iii)&nbsp;a transfer of the Named Executive Officer's primary workplace by more than 50 miles from his or her
current workplace; provided, however, that in any event, such conduct is not cured within ten business days after the Named Executive Officer gives the Company notice of such event. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
Mr.&nbsp;Becker, "good reason" is defined as (i)&nbsp;demotion from the position of CEO, or his duties and responsibilities are materially and substantially diminished as a
whole; (ii)&nbsp;a reduction in his base salary;
(iii)&nbsp;the removal of or failure to reelect him as a member of the board of directors other than as a result of his voluntary resignation or choice not to stand for reelection or reappointment
or as required by applicable law; (iv)&nbsp;requiring him to be based (excluding travel responsibilities in the ordinary course of business) at any office or location more than 25 miles from our
Baltimore office; (v)&nbsp;the failure by any successor to expressly assume all of our obligations under his employment agreement, if any; or (vi)&nbsp;after a change in control, his duties are
inconsistent in any material respect with his position (including, without limitation, his status, office, title, or reporting relationship), authority, control, duties or responsibilities immediately
prior to the change in control. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Mr.&nbsp;Serck-Hanssen's employment is terminated by us without cause, he will receive a lump sum cash payment equal to 18&nbsp;months' base salary and 150% of the target cash
award under the AIP for the fiscal year in which the termination occurs, if Mr.&nbsp;Serck-Hanssen executes and allows to become effective a customary release agreement, which includes a two-year
covenant not to compete or disclose confidential information, as required in his offer letter. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>304</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=314,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=964055,FOLIO='304',FILE='DISK112:[12ZBH3.12ZBH43513]EM43513A.;21',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_eo43513_1_305"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, on or prior to September&nbsp;1, 2017, the Company terminates Mr.&nbsp;Guimar&atilde;es's or Mr.&nbsp;Berckemeyer's employment without cause,
provided the executive executes and allows to become effective a customary release agreement, the Company will pay to the executive a lump sum cash payment in an amount equal to the sum of
(i)&nbsp;a full year of the executive's annual base salary at the rate in effect at the time of his termination, and (ii)&nbsp;100% of the target cash bonus award under the AIP in effect at the
time of such termination, less applicable taxes and withholdings, as required in their Executive Retention Agreements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
each Named Executive Officer, other than Mr.&nbsp;Becker, "cause" means (i)&nbsp;gross negligence or willful malfeasance in connection with the performance of his or her duties;
(ii)&nbsp;conviction of, or pleading guilty or nolo contendere to, any felony; (iii)&nbsp;theft, embezzlement, fraud or other similar conduct by the executive in connection with the performance of
his or her duties; or (iv)&nbsp;a willful and material breach of any other applicable agreements including, without limitation, engaging in any action in breach of any applicable restrictive
covenants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
Mr.&nbsp;Becker's case, "cause" means (i)&nbsp;gross negligence or willful malfeasance in connection with the performance of his duties (other than in the event he had a
reasonable good faith belief that the act, omission or failure to act in question was not a violation of law), in each case, that would be reasonably likely to have a material adverse effect on our
business; (ii)&nbsp;the abuse of drugs or alcohol or conduct involving moral turpitude that would be reasonably likely to have a material adverse effect on our business; (iii)&nbsp;his
misappropriation of any material business opportunity; provided, however, that,
solely for this purpose, he shall not be deemed to have misappropriated a material business opportunity by virtue of any action taken by Sterling Capital (an affiliate of Sterling) or any of its
affiliates, unless he knows of such action before the date it occurs (or, if earlier, before the date of a binding commitment to complete such action) and he fails to disclose such action to our
directors; (iv)&nbsp;his being barred or prohibited by the SEC or any other governmental authority from holding the position of CEO; or (v)&nbsp;the willful and material breach of any other
applicable agreements with Laureate or Wengen including, without limitation, engaging in any action in breach of any applicable restrictive covenants. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Payments Upon Voluntary Resignation or Termination for Cause</U>.&nbsp;&nbsp;&nbsp;&nbsp;If any Named Executive Officer resigns without good reason
or is terminated by the Company for cause, he or she will forfeit all unvested equity grants and, if he or she resigns without good reason, all vested but unexercised options held at the time of
termination will be exercisable for a period of 90&nbsp;days post-termination. If employment is terminated by the Company for cause, all vested awards also will be forfeited. Vested stock options
will remain exercisable for a period of two years post-termination of employment for any participant, including any Named Executive Officer, who (a)&nbsp;has a minimum of five continuous years of
service with us and (b)&nbsp;provides at least six months' prior written notice of his or her resignation. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Potential Payments Upon a Change in Control  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to a change in control all unvested restricted shares will vest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Named Executive Officer ceases to be an eligible individual under the 2013 Plan coincident with or within 18&nbsp;months after a change in control as a result of an involuntary
termination without cause or the Named Executive Officer's resignation with good reason (a "Qualifying Termination"), to the extent not already vested or previously forfeited, (1)&nbsp;that portion
of time vested options and that portion of the RSUs that would otherwise have become vested and exercisable on or before the third anniversary of the effective date of the Qualifying Termination will
become vested and exercisable immediately prior to the effective date of the Qualifying Termination and the balance of the unvested portion of the time vested options will terminate without becoming
vested, and (2)&nbsp;that portion of performance options and PSUs that would otherwise have become vested and exercisable had we achieved the applicable performance goal in the three fiscal years
(or, if shorter, the remaining initial </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>305</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=315,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=851830,FOLIO='305',FILE='DISK112:[12ZBH3.12ZBH43513]EO43513A.;35',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eo43513_1_306"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>target
years) ending coincident with or immediately subsequent to the effective date of the Qualifying Termination will become vested and exercisable immediately prior to the effective date of the
Qualifying Termination and the balance of the unvested portion of the performance options or PSUs will terminate without becoming vested. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="196pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="16pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Benefit </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Without<BR>
Cause/Good<BR>
Reason<BR>
Termination </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Termination<BR>
due to<BR>
Death or<BR>
Disability(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Change in<BR>
Control plus<BR>
Qualifying<BR>
Termination(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Douglas L. Becker</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Pre-2005 DCP and Post-2004 DCP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,079,447</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Acceleration of PSU vesting(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,641,536 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,079,447</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,641,536</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Eilif Serck-Hanssen</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash Severance(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
1,648,282</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
1,648,282</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Acceleration of RSU vesting</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>950,586</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Acceleration of PSU vesting(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>717,020 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,648,282</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,315,888</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Ricardo M. Berckemeyer</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash Severance(5)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
1,532,442</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
1,532,442</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Acceleration of RSU vesting</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>489,188</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Acceleration of PSU vesting(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>720,026 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,532,442</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,741,655</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enderson Guimar&atilde;es</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash Severance(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
2,083,838</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
2,083,838</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Acceleration of RSU vesting</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,662,625</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,662,625</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Acceleration of PSU vesting(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,639,179 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,746,463</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,385,642</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Paula Singer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Post-2004 DCP</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
1,173,684</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Acceleration of RSU vesting</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>242,571</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Acceleration of PSU vesting(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>621,383 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


</FONT>
</TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,173,684</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>863,954</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Vesting
of certain unvested time and performance stock options will accelerate because of termination due to death or disability or upon a Qualifying
Termination within 18&nbsp;months following a Change in Control. However, all unvested stock options held by the Named Executive Officers on December&nbsp;30, 2016 had exercise prices greater than
or equal to the fair market value of our common stock, as determined by the Compensation Committee in accordance with its equity grant policy as of such date, of $22.64. Accordingly, there is no
intrinsic value associated with the accelerated vesting of such stock options.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
connection with a Qualifying Termination within 18&nbsp;months following a Change in Control, that portion of unvested PSUs that would otherwise have
become vested and exercisable had we achieved the Equity Value Target in the three fiscal years (or, if shorter, the remaining initial target years) ending coincident with or immediately subsequent to
the effective date of the Qualifying Termination will become vested and exercisable immediately prior to the effective date of the Qualifying Termination. Represents the aggregate fair market value,
as determined by the Compensation Committee in accordance with its equity grant policy, of unvested PSUs outstanding on December&nbsp;30, 2016 and subject to the 2016 and 2017 Equity Value Target.
The terms of the PSUs provide that any unvested PSUs that would, but for the termination due to death or disability, have vested had the Equity Value Target for the calendar year during which the
death or disability occurred been achieved will remain outstanding until the Compensation Committee determines whether the Equity Value Target for such year has been achieved. Because the </FONT></DD></DL>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>306</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=316,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=569773,FOLIO='306',FILE='DISK112:[12ZBH3.12ZBH43513]EO43513A.;35',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eo43513_1_307"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=2>information
in this table assumes such termination due to death or disability occurred as of December&nbsp;30, 2016, there is no acceleration of PSU vesting.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
a lump sum severance payment equal to 18&nbsp;months' base salary and 150% of Mr.&nbsp;Serck-Hanssen's target cash incentive award as of
December&nbsp;30, 2016, if Mr.&nbsp;Serck-Hanssen executes the customary release agreement, which includes a two-year covenant not to compete or disclose confidential information, as required by
his offer letter.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
connection with a Qualifying Termination within 18&nbsp;months following a Change in Control, that portion of unvested RSUs that would otherwise have
become vested and exercisable in the three fiscal years (or, if shorter, the remaining initial years) ending coincident with or immediately subsequent to the effective date of the Qualifying
Termination will become vested and exercisable immediately prior to the effective date of the Qualifying Termination. Represents the aggregate fair market value, as determined by the Compensation
Committee in accordance with its equity grant policy, of unvested PSUs outstanding on December&nbsp;30, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
a lump sum severance payment equal to one year of base salary and cash bonus at target as specified in the executive's Executive Retention
Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
vesting of Mr.&nbsp;Guimar&atilde;es's RSUs will accelerate if his employment is terminated without cause (other than due to death or
disability) prior to December&nbsp;30, 2017.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Director Compensation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the compensation paid to or earned by our directors in 2016. We have omitted from this table the columns
for Options Awards, Non-Equity Incentive Plan Compensation and Change in Pension Value and Nonqualified Deferred Compensation Earnings, as no amounts are required to be reported in any of those
columns for any director during 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
non-employee director is entitled to receive an annual retainer of $50,000. This retainer may be paid in the form of cash, common stock or RSUs, at the election of the director. The
number of shares of common stock or RSUs is determined based on the fair market value of our common stock on the date of board approval, with vesting quarterly in arrears. Newly elected, non-employee,
independent directors may elect to receive shares equal to up to three additional years of annual retainers at the time of their initial election to our board of directors and may elect to defer
vesting of these shares. Each director who is subject to U.S. federal income taxes and is not contractually obligated to remit his director compensation to the Wengen Investor on whose behalf he
serves is eligible to participate in our Post-2004 DCP and defer receipt of his annual compensation in accordance with the terms of the Post-2004 DCP. No Wengen-affiliated director deferred any
portion of his 2016 compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, our compensation program for non-employee independent directors provided for the following annual cash retainers in 2016, which were paid quarterly in arrears. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Member </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Chair </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Audit Committee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compensation Committee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Committee on Education</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newly
elected, non-employee, independent directors are also eligible to receive an annual stock retainer worth $120,000, in the form of restricted shares or RSUs, with the number of
shares determined based on the fair market value of our common stock as determined by the Compensation Committee in accordance with its equity grant policy on the initial issuance date. Newly elected,
non-employee, independent directors may elect to receive restricted shares or RSUs equal to up to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>307</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=317,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=90219,FOLIO='307',FILE='DISK112:[12ZBH3.12ZBH43513]EO43513A.;35',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eo43513_1_308"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>three
additional years of annual stock retainers at the time of their initial election to our board of directors and may elect to defer vesting of these shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
April 2016, the Compensation Committee approved additional cash compensation for the Company's non-employee, independent directors. For non-employee, independent directors first
receiving a stock retainer in 2013, the Compensation Committee approved a one-time additional cash payment of $165,000, payable in 2016. For non-employee, independent directors first receiving a stock
retainer in 2014, the Compensation Committee approved a one-time additional cash payment of $165,000, payable in January 2017, in each case provided the director continues to serve on the payment
date. Beginning in 2017, non-employee, independent directors will be eligible to receive an annual retainer in an aggregate amount equal to $225,000 per year. The annual retainer will be payable 50%
in cash and 50% in shares of restricted stock, with the number of shares of restricted stock determined based on the fair market value of our common stock on the grant date. The shares of restricted
stock will vest quarterly in arrears. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of our directors received separate compensation for attending meetings of our board of directors or any committees thereof. Our CEO, Mr.&nbsp;Becker, is the only director who is
also an employee of Laureate. Mr.&nbsp;Becker is not entitled to separate compensation for his service on our board of directors. Non-employee directors are reimbursed for travel and other expenses
directly related to director activities and responsibilities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eo43513_2016_director_compensation"> </A>
<A NAME="toc_eo43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  2016 DIRECTOR COMPENSATION    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="107pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="81pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fees Earned or Paid in<BR>
Cash ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Stock Awards ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>All Other<BR>
Compensation ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Douglas L. Becker(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brian F. Carroll(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,915</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>77,415</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Andrew B. Cohen(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,915</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,915</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Darren M. Friedman(5)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>60,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>60,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>John A. Miller(6)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,915</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,915</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>George Mu&ntilde;oz(7)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>190,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>190,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Judith Rodin(8)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>215,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>215,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jonathan D. Smidt(9)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,915</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>64,915</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ian K. Snow(10)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Steven M. Taslitz(11)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>60,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>60,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Quentin Van Doosselaere(12)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,915</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>59,915</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Robert B. Zoellick(13)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Becker
is not entitled to receive compensation for his service on our Board of Directors.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Carroll
received $7,500 in cash as committee fees. Mr.&nbsp;Carroll elected to receive his annual retainer in stock.


<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Each
director who elected to receive his annual retainer in stock received 2,151&nbsp;shares of our common stock. All of these shares were fully-vested on
December&nbsp;31, 2016.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Cohen
elected to receive his annual retainer in stock. Mr.&nbsp;Cohen was required by prior agreement with&nbsp;CPV to have all shares issued
in payment of his director's fees issued to CPV. Therefore, we issued to&nbsp;CPV 2,151&nbsp;shares of our common stock as compensation for Mr.&nbsp;Cohen's services as a director during 2016.



<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Friedman
received $10,000 in cash as committee fees and elected to receive his $50,000 annual retainer in cash. Mr.&nbsp;Friedman was required
by prior agreement with StepStone to have his 2016 director's fees paid to StepStone.

 </FONT></DD>

</DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>308</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=318,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=404452,FOLIO='308',FILE='DISK112:[12ZBH3.12ZBH43513]EO43513A.;35',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eo43513_1_309"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Miller
elected to receive his annual retainer in stock.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Mu&ntilde;oz
received $25,000 in cash as committee fees. Mr.&nbsp;Mu&ntilde;oz also elected to receive director compensation
for 2013-2016 in an initial grant of 19,698&nbsp;restricted shares on June&nbsp;28, 2013. These restricted shares are issued and outstanding at December&nbsp;31, 2016 but 4,924&nbsp;shares are
subject to transfer restrictions and substantial risk of forfeiture until the vesting criteria associated with the restricted shares will have been met on March&nbsp;6, 2017. Notwithstanding the
foregoing sentence, if Mr.&nbsp;Mu&ntilde;oz's service as a director terminates because of death or disability, any portion of these restricted shares that were granted in consideration of
his service prior to or during the calendar year in which such death or disability occurs will become vested and nonforfeitable on the termination date, and the balance of the unvested restricted
shares will terminate without becoming vested. Mr.&nbsp;Mu&ntilde;oz received a one-time $165,000 cash payment during 2016.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Dr.&nbsp;Rodin
received $50,000 in cash as committee fees. Dr.&nbsp;Rodin elected to receive director compensation for 2013-2016 in an initial grant of
19,698&nbsp;shares of restricted stock on August&nbsp;6, 2013. These restricted shares are issued and outstanding at December&nbsp;31, 2016 but 4,924&nbsp;shares are subject to transfer
restrictions and substantial risk of forfeiture until the vesting criteria associated with the restricted shares will have been met on March&nbsp;6, 2017. Notwithstanding the foregoing sentence, if
Dr.&nbsp;Rodin's service as a director terminates because of death or disability, any portion of these restricted shares that were granted in consideration of her service prior to or during the
calendar year in which such death or disability occurs will become vested and nonforfeitable on the termination date, and the balance of the unvested restricted shares will terminate without becoming
vested. Dr.&nbsp;Rodin received a one-time $165,000 cash payment during 2016.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Smidt
received $15,000 in cash as committee fees. Mr.&nbsp;Smidt elected to receive his annual retainer in stock.



<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Snow
received $15,000 in cash as committee fees and elected to receive his $50,000 annual retainer in cash. Mr.&nbsp;Snow was required by
prior agreement with Snow Phipps to have his 2016 director's fees paid to Snow Phipps.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Taslitz
received $10,000 in cash as committee fees and elected to receive his $50,000 annual retainer in cash. Mr.&nbsp;Taslitz was required
by prior agreement with Sterling Partners to have his director's fees paid to Sterling Partners or an affiliate of its choosing. As a result of the Founders' Agreement, each Sterling Founder,
including Mr.&nbsp;Taslitz, is entitled to receive an equal share of, on an after tax basis, any dividends on, or the proceeds from the sale of, the EPI Shares and the shares of our Class&nbsp;B
common stock underlying the EPI Options. These prospective proceeds are not included in the compensation set forth in the table above. The shares of Class&nbsp;B common stock to be transferred from
Wengen to an affiliate of the Sterling Founders in exchange for the liquidation of certain of its profits interests in Wengen and the other shares of our Class&nbsp;B common stock currently held by
Sterling Founders or their affiliates are not subject to the Founders Agreement.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Van
Doosselaere received $10,000 in cash as committee fees. Mr.&nbsp;Van Doosselaere elected to receive his annual retainer in stock.
Mr.&nbsp;Van Doosselaere was required by prior agreement with Bregal to have all shares issued in payment of his director's fees issued to Bregal. Therefore, we issued to Bregal 2,151&nbsp;shares
of our common stock as compensation for Mr.&nbsp;Van Doosselaere's services as a director during 2016.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(13)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Zoellick
elected to receive director compensation for 2014, 2015 and 2016 in an initial grant of 18,558&nbsp;shares of restricted stock on
July&nbsp;15, 2014. The fair market value of our common stock on the grant date as determined by the Compensation Committee in accordance with its equity grant policy was $29.92&nbsp;per share.
These restricted shares are issued and outstanding at December&nbsp;31, </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>309</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=319,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=102833,FOLIO='309',FILE='DISK112:[12ZBH3.12ZBH43513]EO43513A.;35',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eo43513_1_310"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=2>2016
but were subject to transfer restrictions and substantial risk of forfeiture until the vesting criteria associated with the restricted shares was met. All of these restricted shares vested and
became nonforfeitable on January&nbsp;1, 2017. Mr.&nbsp;Zoellick also will receive a $165,000 one-time cash payment in January 2017.  </FONT></P>

</UL>
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Compensation Committee Interlocks and Insider Participation in Compensation Decisions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven Taslitz, a member of the Compensation Committee, is the Senior Managing Director of Sterling Partners, and Douglas Becker, our
Chairman and CEO, is a director of Sterling Fund Management,&nbsp;LLC, the management affiliate of Sterling Partners. During 2016 no other members of the Compensation Committee (i)&nbsp;had a
relationship with us other than as a director and, in certain cases, a stockholder nor (ii)&nbsp;was (A)&nbsp;an officer or employee or a former officer, (B)&nbsp;a participant in a "related
person" transaction or (C)&nbsp;an executive officer of another entity where one of our executive officers served on the board of directors. See "Certain Relationships and Related Party
Transactions" for a discussion of certain transactions to which affiliates of the members of the Compensation Committee were party. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>310</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=320,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=299958,FOLIO='310',FILE='DISK112:[12ZBH3.12ZBH43513]EO43513A.;35',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_eq43513_1_311"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eq43513_security_ownership_of_certain___sec02525"> </A>
<A NAME="toc_eq43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information with respect to the beneficial ownership of our common stock at December&nbsp;1,
2016, and as adjusted to reflect the sale of Class&nbsp;A common stock in this offering, for:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each person who we know beneficially owns more than five percent of our outstanding capital stock; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each of our current directors and director designees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each of our Named Executive Officers; and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all of our current directors, director designees and executive officers as a group. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
address of each beneficial owner listed in the table unless otherwise noted is c/o&nbsp;Laureate Education,&nbsp;Inc., 650 South Exeter Street, Baltimore, Maryland 21202. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that
the persons and entities named in the table below have sole voting and investment power with respect to all shares of common stock that they beneficially own, subject to applicable community property
laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicable
percentage ownership is based on 133,333,558&nbsp;shares of Class&nbsp;B common stock outstanding at December&nbsp;1, 2016, including 31,905&nbsp;shares subject to
forfeiture and substantial restriction on transfer, and assuming the reclassification of our existing common stock into an equivalent number of shares of our Class&nbsp;B common stock. The table
below does not include any shares of Class&nbsp;A common stock issuable upon conversion of our Series&nbsp;A Preferred Stock. In computing the number of shares of common stock beneficially owned
by a person and the percentage ownership of that person, we deemed outstanding shares of common stock subject to options held by that person that are currently exercisable or exercisable within
60&nbsp;days of December&nbsp;1, 2016. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person. No shares of Class&nbsp;A
common stock will be outstanding prior to the offering. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="16pt" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares Beneficially Owned After the Offering </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares Beneficially Owned<BR>
Prior to the Offering </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Assuming No Exercise of<BR>
the Underwriters'<BR>
Option </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Assuming Full Exercise<BR>
of the Underwriters'<BR>
Option </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:90pt;"><FONT SIZE=1><B>Name of Beneficial Owner(1)

<!-- COMMAND=ADD_SCROPPEDRULE,90pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Total<BR>
Common<BR>
Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Voting<BR>
Power(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Total<BR>
Common<BR>
Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Voting<BR>
Power(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Total<BR>
Common<BR>
Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Voting<BR>
Power(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Wengen Alberta, Limited Partnership(2)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>126,189,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>94.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>94.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>77.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>92.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>75.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>92.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Douglas L. Becker(3)(4)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>676,847</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Brian F. Carroll(3)(5)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,844</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Andrew B. Cohen(3)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 William&nbsp;L. Cornog(3)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pedro del Corro(3)(6)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>59,578</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Darren M. Friedman(3)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>John A. Miller(3)(7)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,221</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 George Mu&ntilde;oz(8)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,698</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dr.&nbsp;Judith Rodin(9)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,698</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Jonathan D. Smidt(3)(10)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,844</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ian K. Snow(3)(11)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,656</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Steven M. Taslitz(3)(12)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,889</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Quentin Van Doosselaere(3)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>311</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=321,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=885639,FOLIO='311',FILE='DISK112:[12ZBH3.12ZBH43513]EQ43513A.;65',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eq43513_1_312"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="16pt" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares Beneficially Owned After the Offering </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares Beneficially Owned<BR>
Prior to the Offering </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Assuming No Exercise of<BR>
the Underwriters'<BR>
Option </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Assuming Full Exercise<BR>
of the Underwriters'<BR>
Option </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:90pt;"><FONT SIZE=1><B>Name of Beneficial Owner(1)

<!-- COMMAND=ADD_SCROPPEDRULE,90pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Total<BR>
Common<BR>
Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Voting<BR>
Power(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Total<BR>
Common<BR>
Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Voting<BR>
Power(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Total<BR>
Common<BR>
Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage<BR>
of Voting<BR>
Power(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Robert B. Zoellick(13)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,558</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Eilif Serck-Hanssen(14)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>517,136</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Ricardo Berckemeyer(15)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>634,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enderson Guimar&atilde;es(16)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>326,578</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Paula Singer(17)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>704,941</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All Current Directors, Director Designees and Executive Officers as a Group (25 persons)(3)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,220,640</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Less
than one percent.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Upon
completion of this offering, no beneficial owner listed in this table will own any shares of our Class&nbsp;A common stock. Percentage total voting
power represents voting power with respect to all shares of our Class&nbsp;A common stock and Class&nbsp;B common stock, as a single class. Each holder of Class&nbsp;B common stock shall be
entitled to ten votes per share of Class&nbsp;B common stock and each holder of Class&nbsp;A common stock shall be entitled to one vote per share of Class&nbsp;A common stock on all matters
submitted to our stockholders for a vote. The Class&nbsp;A common stock and Class&nbsp;B common stock vote together as a single class on all matters submitted to a vote of our stockholders, except
as may otherwise be required by law or our amended and restated certificate of incorporation. The Class&nbsp;B common stock is convertible at any time by the holder into shares of Class&nbsp;A
common stock on a share-for-share basis. The Class&nbsp;A common stock and Class&nbsp;B common stock will automatically convert into a single class of common stock on the date on which the number
of outstanding shares of Class&nbsp;B common stock represents less than 15% of the aggregate combined number of outstanding shares of Class&nbsp;A common stock and Class&nbsp;B common stock. See
"Description of Capital Stock."

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
shares of Class&nbsp;B common stock which are directly held by Wengen. The limited partnership interests in Wengen are held by certain
investors including the Wengen Investors. The general partner of Wengen is Wengen Investments Limited, which is governed by a board of directors composed of Mr.&nbsp;Becker and representatives of
KKR, CPV, Bregal, StepStone, Sterling Partners and Snow Phipps. As a result of such representation, the Wengen Investors control the voting of the shares of Class&nbsp;B common stock held by Wengen
in the election of certain directors and may be deemed to share beneficial ownership over the securities beneficially owned by Wengen. Does not include 1,328,366 shares of Class&nbsp;B common stock
subject to proxies given by current and
former directors and employees to Wengen to vote their shares of Class&nbsp;B common stock (collectively, the "Wengen Proxy").


 </FONT>
<BR>




<P style="font-family:times;"><FONT SIZE=2>The
following persons hold, through their interests in Wengen, over 5% of our common stock: KKR 2006 Fund (Overseas), Limited Partnership and KKR Partners II (International), L.P.; the Sterling
Parties; CPV; Bregal; Caisse de d&eacute;p&ocirc;t et placement du Qu&eacute;bec; affiliates of Moore Capital Management, LP; and affiliates of Makena Capital
Management,&nbsp;LLC.

</FONT></P>


<P style="font-family:times;"><FONT SIZE=2>KKR
2006 Fund (Overseas), Limited Partnership and KKR Partners II (International),&nbsp;L.P. hold limited partnership interests in Wengen which relate to approximately 22,889,952 and 952,623
underlying shares of Class B common stock held by Wengen, respectively, and may also be deemed to have voting and investment power over such portion of the securities owned by Wengen as a </FONT></P>

</DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>312</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=322,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=821444,FOLIO='312',FILE='DISK112:[12ZBH3.12ZBH43513]EQ43513A.;65',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eq43513_1_313"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=2>result
of their ability to direct Wengen with respect to certain voting and disposition of such securities. KKR PI-II&nbsp;GP Limited is the general partner of KKR Partners II
(International),&nbsp;L.P. KKR Associates 2006 (Overseas), Limited Partnership is the general partner of KKR 2006 Fund (Overseas), Limited Partnership. KKR 2006 Limited is the general partner of KKR
Associates 2006 (Overseas), Limited Partnership. KKR Fund Holdings&nbsp;L.P. is the sole shareholder of KKR 2006 Limited. KKR Fund Holdings&nbsp;GP Limited is a general partner of KKR Fund
Holdings&nbsp;L.P. KKR Group Holdings&nbsp;L.P. is the sole shareholder of KKR Fund Holdings&nbsp;GP Limited and a general partner of KKR Fund Holdings&nbsp;L.P. KKR Group Limited is the
general partner of KKR Group Holdings&nbsp;L.P. KKR&nbsp;&amp;&nbsp;Co.&nbsp;L.P. is the sole shareholder of KKR Group Limited. KKR Management&nbsp;LLC is the general partner of
KKR&nbsp;&amp;&nbsp;Co.&nbsp;L.P. Messrs.&nbsp;Henry R. Kravis and George R. Roberts are the designated members of KKR Management&nbsp;LLC. In such capacities, each of the entities and
individuals referenced in this paragraph may also be deemed to be the beneficial owners having shared voting power and shared investment power with respect to the securities as described above. The
address of each of the persons and entities listed in this paragraph, except Mr.&nbsp;Roberts, is c/o Kohlberg Kravis Roberts&nbsp;&amp;&nbsp;Co.&nbsp;L.P., 9 West 57th&nbsp;Street, New York,
New York 10019. The principal business address for Mr.&nbsp;Roberts is c/o Kohlberg Kravis
Roberts&nbsp;&amp;&nbsp;Co.&nbsp;L.P., 2800 Sand Hill Road, Suite&nbsp;200, Menlo Park, California 94025. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Sterling
Capital Partners II,&nbsp;L.P., Sterling Capital Partners III,&nbsp;L.P., SP-L Affiliate,&nbsp;LLC, Douglas L. Becker, Steven M. Taslitz and certain of their respective affiliates hold
limited partnership interests in Wengen which collectively relate to approximately 9,582,614 underlying shares of Class B common stock held by Wengen, and may also be deemed to have voting and
investment power over their respective pro rata shares of such portion of the securities owned by Wengen as a result of their respective abilities to direct Wengen with respect to certain voting and
disposition of such securities. SC Partners II,&nbsp;L.P. is the sole general partner of Sterling Capital Partners II,&nbsp;L.P., and Sterling Capital Partners II,&nbsp;LLC is the sole general
partner of SC Partners II,&nbsp;L.P. SC Partners III,&nbsp;L.P. is the sole general partner of Sterling Capital Partners III,&nbsp;L.P., and Sterling Capital Partners III,&nbsp;LLC is the sole
general partner of SC Partners III,&nbsp;L.P. Sterling Capital Partners II,&nbsp;L.P., Sterling Capital Partners III,&nbsp;L.P. and SP-L Affiliate,&nbsp;LLC are ultimately controlled by
Messrs.&nbsp;Taslitz and Becker and other principals of Sterling Partners. Each of the aforementioned entities and individuals may also be deemed to be the beneficial owners having voting power
and/or investment power with respect to securities of the Company owned directly by Wengen as described above. The business address of each of the persons and entities listed in this footnote, except
Mr.&nbsp;Becker, is c/o Sterling Partners, 401 N. Michigan Avenue, Chicago, Illinois 60611. The business address of Mr.&nbsp;Becker is c/o Laureate Education,&nbsp;Inc., 650 S. Exeter Street,
Baltimore, Maryland 21202.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>CPV
Holdings,&nbsp;LLC, Point72 Capital International,&nbsp;Ltd., Point72 Capital,&nbsp;L.P. and Point72 GDF,&nbsp;Ltd. hold, directly and indirectly, limited partnership interests in Wengen
which collectively relate to approximately 16,087,099 underlying shares of Class B common stock held by Wengen, and may also be deemed to have voting and investment power over such portion of the
securities owned by Wengen as a result of their ability to direct Wengen with respect to certain voting and disposition of such securities. Pursuant to certain investment management agreements,
Point72 Asset Management,&nbsp;L.P. maintains voting and investment power with respect to the securities held by Point72 Capital International,&nbsp;Ltd., Point72 Capital,&nbsp;L.P. and Point72
GDF,&nbsp;Ltd. Point72 Capital Advisors,&nbsp;Inc. is the general partner of Point72 Asset Management,&nbsp;L.P. Steven A. Cohen is the sole shareholder of Point72 Capital Advisors,&nbsp;Inc.
and the managing member of CPV Holdings,&nbsp;LLC. In such capacities, each of Point&nbsp;72 Asset Management, L.P., Point&nbsp;72 Capital Advisors, Inc. and Steven&nbsp;A. Cohen may also be
deemed to be the beneficial owners having shared voting power and shared investment power with respect to the securities as described above. The address of each of the persons and entities listed in
this paragraph, except CPV Holdings,&nbsp;LLC, is c/o Point72,&nbsp;L.P., 72 Cummings Point Road, Stamford, Connecticut 06902. The address of CPV Holdings,&nbsp;LLC is c/o Cohen Private
Ventures,&nbsp;LLC, 510 Madison Avenue, New York, New York 10022. </FONT></P>

</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>313</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=323,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=978963,FOLIO='313',FILE='DISK112:[12ZBH3.12ZBH43513]EQ43513A.;65',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eq43513_1_314"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<UL>

<P style="font-family:times;"><FONT SIZE=2>Bregal
Europe Co-Investment Limited Partnership holds, directly and indirectly, limited partnership interests in Wengen which relate to approximately 11,915,410 underlying shares of Class B common
stock held by Wengen, and may also be deemed to have voting and investment power over such portion of the securities owned by Wengen as a result of its ability to direct Wengen with respect to certain
voting and disposition of such securities. The General Partner of Bregal Europe Co-Investment Limited Partnership is Bregal General Partner Jersey Limited. The directors of Bregal General Partner
Jersey Limited are: Paul Andrew Bradshaw, John Hammill, John David Drury, Andrew Crawford, Wolter Rudolf Brenninkmeijer and Edwin Theo Niers. In such capacities, each of the entities and individuals
referenced in this paragraph may also be deemed to be the beneficial owners having shared voting power and shared investment power with respect to the securities as described above. The address of
Bregal Europe Co-Investment Limited Partnership is Quartermile One, 15 Lauriston Place, Edinburgh, EH3&nbsp;9EP, United Kingdom. The address of Bregal General Partner Jersey Limited and the
principal business address of each of Messrs.&nbsp;Paul Andrew Bradshaw, John Hammill, and Andrew Crawford is 2nd&nbsp;Floor, Windward House, La Route de la Liberation, St.&nbsp;Helier,
JE2&nbsp;3BQ, Jersey, Channel Islands. The principal business address of each of Messrs.&nbsp;John David Drury and Wolter Rudolf Brenninkmeijer is 81 Fulham Road, 3rd&nbsp;Floor, London
SW3&nbsp;6RD, United Kingdom. The principal business address of Mr.&nbsp;Ewin Niers is Grafenauweg 10, CH-6300, Zug, Switzerland. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Caisse
de d&eacute;p&ocirc;t et placement du Qu&eacute;bec holds, directly and indirectly, limited partnership interests in Wengen which relate to approximately 11,491,277
underlying shares of Class B common stock held by Wengen, and may be deemed to have voting and investment power over such portion of the securities owned by Wengen as a result of its ability to direct
Wengen with respect to certain voting and disposition of such securities. The principal business address for Caisse de d&eacute;p&ocirc;t et placement du Qu&eacute;bec is
1000, place Jean-Paul-Riopelle, Montreal (Qu&eacute;bec) H2Z&nbsp;2B3, Canada.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Kendall
Family Investments,&nbsp;LLC, MMF Moore ET Investments,&nbsp;LP and MEM Moore ET Investments,&nbsp;LP hold, directly and indirectly, limited partnership interests in Wengen which
collectively relate to approximately 11,054,982 underlying shares of Class B common stock held by Wengen, and may be deemed to have voting and investment power over their respective pro rata shares of
such portion of the securities owned by Wengen as a result of their respective abilities to direct Wengen with respect to certain voting and disposition of such securities. Louis&nbsp;M. Bacon is
the chief executive officer
and director of Moore Capital Management,&nbsp;LP, which serves as discretionary investment manager to MMF Moore ET Investments,&nbsp;LP and MEM Moore ET Investments,&nbsp;LP, and the majority
equity holder of Kendall Family Investments,&nbsp;LLC. The principal business address of Moore Capital Management,&nbsp;LP is 11 Times Square, New York, New York 10036.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Makena
Capital Holdings M,&nbsp;L.P. and Makena Contingent Capital Account,&nbsp;L.P. hold, directly and indirectly, limited partnership interests in Wengen which collectively relate to
approximately 6,765,025 underlying shares of Class&nbsp;B common stock held by Wengen, and may be deemed to have voting and investment power over their respective pro rata shares of such portion of
the securities owned by Wengen as a result of their respective abilities to direct Wengen with respect to certain voting and disposition of such securities. Makena Capital Management,&nbsp;LLC is
the general partner of Makena Capital Holdings M,&nbsp;L.P. and Makena Contingent Capital Account,&nbsp;L.P. The principal business address of Makena Capital Management,&nbsp;LLC is 2755 Sand
Hill Road, Suite&nbsp;200, Menlo Park, California 94025.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
director is or has formerly been affiliated with an investor in Wengen. Does not include the Class&nbsp;B common stock held of record by Wengen and
the 1,328,366&nbsp;shares of Class&nbsp;B common stock subject to the Wengen Proxy. See footnote&nbsp;2 for further information on beneficial ownership of securities indirectly held through
Wengen. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>314</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=324,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=305390,FOLIO='314',FILE='DISK112:[12ZBH3.12ZBH43513]EQ43513A.;65',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eq43513_1_315"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
shares issuable upon exercise of options to purchase 595,929 shares of Class&nbsp;B common stock that are exercisable within 60 days of the date
of the above table. Includes 12,490 shares of Class B common stock held by the 2002 GST Exempt Harvest Trust, a trust for the benefit of certain members of Mr.&nbsp;Becker's family.
Mr.&nbsp;Becker disclaims beneficial ownership of these shares. Does not include shares issuable upon exercise of options to purchase 2,773,098&nbsp;shares of Class&nbsp;B common stock that are
exercisable within 60&nbsp;days of the date of the above table that will be granted to Mr.&nbsp;Becker upon completion of this offering in connection with the liquidation of certain of
Mr.&nbsp;Becker's Executive Profits Interests and all of which are subject to the provisions of the Founders' Agreement. Does not include 13,889 shares of Class&nbsp;B common stock held by
Sterling Fund Management,&nbsp;LLC, an affiliate of Sterling Partners. Mr.&nbsp;Becker shares voting and dispositive power with respect to the shares of Class&nbsp;B common stock held by this
affiliate of the Sterling Founders, together with Mr.&nbsp;Taslitz and the other Sterling Founders. Does not include an indeterminable number of shares of the Company or proceeds therefrom, that is
allocable to Mr.&nbsp;Becker from Mr.&nbsp;Becker's ownership of an entity that is entitled indirectly to carried interests on certain shares of the Company or proceeds therefrom, upon the
distribution or sale of such shares by certain direct owners of Wengen.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
4,611 shares of Class&nbsp;B common stock reserved for issuance upon distribution of Mr.&nbsp;Carroll's Post-2004 DCP account when he retires
from the Company's board of directors. Includes 538&nbsp;shares of Class&nbsp;B common stock subject to forfeiture pursuant to the terms of a restricted stock agreement between Mr.&nbsp;Carroll
and the Company. These 538 shares became vested and non-forfeitable as of December&nbsp;31, 2016.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
limited partnership interests in Wengen held, directly and indirectly, by Mr.&nbsp;del Corro which relate to approximately 59,578 underlying
shares of Class&nbsp;B common stock held by Wengen, over which he may be deemed to have voting and investment power as a result of his ability to direct Wengen with respect to certain voting and
disposition of such securities.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
538 shares of Class B common stock subject to forfeiture pursuant to the terms of a restricted stock agreement between Mr.&nbsp;Miller and the
Company. These 538 shares became vested and non-forfeitable as of December&nbsp;31, 2016.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
4,924 shares of Class&nbsp;B common stock subject to forfeiture pursuant to the terms of a restricted stock agreement between
Mr.&nbsp;Mu&ntilde;oz and the Company. Subject to Mr.&nbsp;Mu&ntilde;oz's continued service, these shares will vest and become non-forfeitable as of March&nbsp;6, 2017.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
4,924 shares of Class&nbsp;B common stock subject to forfeiture pursuant to the terms of a restricted stock agreement between Dr.&nbsp;Rodin
and the Company. Subject to Dr.&nbsp;Rodin's continued service, these shares will vest and become non-forfeitable as of March&nbsp;6, 2017.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
538 shares of Class B common stock subject to forfeiture pursuant to the terms of a restricted stock agreement between Mr.&nbsp;Smidt and the
Company. These 538 shares became vested and non-forfeitable as of December&nbsp;31, 2016.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
3,837 shares of Class&nbsp;B common stock held by Snow Phipps. Does not include the limited partnership interests in Wengen held, directly and
indirectly, by Snow Phipps which relate to approximately 3,552,293 underlying shares of Class B common stock held by Wengen, over which such portion of securities Mr.&nbsp;Snow may be deemed to have
voting and investment power as a result of Snow Phipps's ability to direct Wengen with respect to certain voting and disposition of such securities. Mr.&nbsp;Snow serves as the Chief Executive
Officer of Snow Phipps Group, LLC. Mr.&nbsp;Snow disclaims beneficial ownership of the shares held, directly or indirectly, by Snow Phipps. Includes 2,819 shares of Class&nbsp;B common stock
reserved for issuance upon distribution of Mr.&nbsp;Snow's Post-2004 DCP account when he retires from the Company's board of directors. See "&#151;Executive Compensation&#151;Director
Compensation."

 </FONT></DD>

</DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>315</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=325,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1027671,FOLIO='315',FILE='DISK112:[12ZBH3.12ZBH43513]EQ43513A.;65',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eq43513_1_316"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">

<DL compact>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
13,889 shares of Class&nbsp;B common stock held by Sterling Fund Management,&nbsp;LLC, an affiliate of Sterling Partners, of which
Mr.&nbsp;Taslitz serves as a Senior Managing Director. Mr.&nbsp;Taslitz disclaims beneficial ownership of these shares. Does not include 80,918 shares of Class&nbsp;B common stock held by
Mr.&nbsp;Becker, 595,929 shares of Class&nbsp;B common stock issuable upon the exercise of stock options that are held by Mr.&nbsp;Becker and exercisable within 60&nbsp;days of the date of the
above table or 2,773,098 shares of Class&nbsp;B common stock underlying 2,773,098&nbsp;of the options the Company will grant to Mr.&nbsp;Becker upon completion of this offering in connection
with the liquidation and exchange of certain of his executive profits interests in Wengen. Pursuant to the Founders' Agreement, (i)&nbsp;these shares are required to be assigned or transferred to
Mr.&nbsp;Taslitz, or a partnership in which he shares control, as soon as practicable after such assignment or transfer is permitted by contract and applicable law, (ii)&nbsp;if these shares are
not transferable or assignable, Mr.&nbsp;Taslitz, or a partnership in which he shares control, has the right to receive the net proceeds of such shares upon disposition and (iii)&nbsp;until such
shares are transferred or assigned to Mr.&nbsp;Taslitz, or a partnership in which he shares control, he or that partnership controls the voting and disposition of these shares. Does not include an
indeterminable number of shares of the Company or proceeds therefrom, that is allocable to Mr.&nbsp;Taslitz from Mr.&nbsp;Taslitz's ownership of an entity that is entitled indirectly to carried
interests on certain shares of the Company or proceeds therefrom, upon the distribution or sale of such shares by certain direct owners of Wengen.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(13)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
18,558 shares of Class&nbsp;B common stock subject to forfeiture pursuant to the terms of a restricted stock agreement between
Mr.&nbsp;Zoellick and the Company. All of the shares vested and became non-forfeitable as of January&nbsp;1, 2017.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(14)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
shares issuable upon exercise of options to purchase 470,513 shares of Class&nbsp;B common stock that are exercisable within 60&nbsp;days of
the date of the above table.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(15)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
shares issuable upon exercise of options to purchase 592,857 shares of Class&nbsp;B common stock that are exercisable within 60&nbsp;days of
the date of the above table.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(16)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
shares issuable upon exercise of options to purchase 326,578 shares of Class B common stock that are exercisable within 60 days of the date of the
above table.


<BR><BR></FONT></DD>



<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(17)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
shares issuable upon exercise of options to purchase 635,357 shares of Class&nbsp;B common stock that are exercisable within 60&nbsp;days of
the date of the above table.

</FONT></DD>

</DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>316</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=326,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=54124,FOLIO='316',FILE='DISK112:[12ZBH3.12ZBH43513]EQ43513A.;65',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_es43513_1_317"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="es43513_certain_relationships_and_related_party_transactions"> </A>
<A NAME="toc_es43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Management Stockholder's Agreements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the stockholders of the Company who are employees or directors or former employees or directors of the Company has entered into
a stockholder's agreement (each, a "Management Stockholder's Agreement") with the Company and Wengen that gives Wengen a proxy to vote such holder's shares of the Company's Class&nbsp;B common
stock. In addition to the voting proxy on shares held by current and former employees and directors of the Company, the Management Stockholder's Agreement executed by each current and former employee
who owns stock or has been granted options to purchase stock of the Company contains provisions that prohibit the employee or
former employee (i)&nbsp;at any time during or after employment with the Company or its subsidiaries, from disclosing or using any confidential information pertaining to the business of the Company
or any of its subsidiaries or the Wengen Investors or any of their respective affiliates, except when required to perform his or her duties to the Company or one of its subsidiaries, by law or
judicial process; (ii)&nbsp;at any time during employment with the Company or its subsidiaries and for a period of two years thereafter, from directly or indirectly acting as a proprietor, investor,
director, officer, employee, substantial stockholder, consultant, or partner in any business that directly competes, at the relevant determination date, with the post-secondary business of the Company
or any of their respective affiliates in any geographic area where the Company or its affiliates manufactures, produces, sells, leases, rents, licenses or otherwise provides products or services; and
(iii)&nbsp;at any time during employment with the Company or its subsidiaries and for a period of two years thereafter, from directly or indirectly (a)&nbsp;soliciting customers or clients of the
Company, any of its subsidiaries, the Wengen Investors or any of their respective affiliates to terminate their relationship with the Company, any of its subsidiaries, the Wengen Investors or any of
their respective affiliates or otherwise soliciting such customers or clients to compete with any business of the Company, any of its subsidiaries, the Wengen Investors or any of their respective
affiliates or (b)&nbsp;soliciting or offering employment to any person who is, or has been at any time during the 12&nbsp;months immediately preceding the termination of the employee's employment,
employed by the Company or any of its affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent
to the initial public offering of the Company's common stock, the Management Stockholder's Agreements permit each of the stockholders of the Company who are employees or
directors or former employees or directors of the Company to participate in any sale of the Company's common stock by Wengen or any of the Wengen Investors that is registered under the Securities Act
(the "piggyback registration rights"), subject to customary underwriters' restrictions including pro rata reduction and execution of customary custody and lockup agreements. The piggyback registration
rights provided in the Management Stockholder's Agreements expire upon a change in control of the Company. The registration rights also provide for our indemnification of the stockholders and their
affiliates in connection with the "piggyback" registration of their securities. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Agreements with Wengen  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wengen Securityholders' Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Wengen Investors are subject to the Wengen Securityholders' Agreement, pursuant to which the
general partner
of Wengen is permitted to develop and implement an initial public offering of our securities and certain of the Wengen Investors have the right to appoint members to the board of directors of Wengen's
general partner and Laureate. The Company and Wengen have agreed that, effective upon the closing of this offering, the Wengen Securityholders' Agreement will be amended and restated to make the
Company a party thereto and to provide that certain of the Wengen Investors will continue to have the right to elect a majority of our board of directors and coordinate the sale of all shares of our
Class&nbsp;B common currently held by Wengen which may be distributed to the Wengen Investors from time to time. The right of Wengen to designate
directors shall survive the dissolution of Wengen and shall become rights of the Wengen Investors until they hold less than 40% of the outstanding common stock of Laureate. In addition, the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>317</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=327,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=764183,FOLIO='317',FILE='DISK112:[12ZBH3.12ZBH43513]ES43513A.;47',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_es43513_1_318"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


right of KKR, Sterling Capital Partners&nbsp;II, L.P., Bregal and CPV to designate directors shall survive the dissolution of Wengen.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Rights Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Wengen and the Wengen Investors are parties to a registration rights agreement (the "Registration Rights
Agreement"),
pursuant to which the Wengen Investors have been granted certain registration rights in connection with this offering. Pursuant to the existing Registration Rights Agreement, the Wengen Investors were
granted the right, beginning 180&nbsp;days following the completion of this offering to cause us, at our expense, to use our reasonable best efforts to register certain shares of common stock held
by the Wengen Investors and any securities issued in replacement of or in exchange for such shares of common stock for public resale, subject to certain limitations as set forth in the Registration
Rights Agreement. The exercise of this "demand" right is limited to ten requests in the aggregate. In the event that we register any of our common stock following completion of this offering, the
Wengen Investors and management (pursuant to a provision in the Management Stockholder's Agreements) have a "piggyback right" which allows them to require us to use our reasonable best efforts to
include shares of our common stock held by them in such registration, subject to certain limitations. The existing Registration Rights Agreement also provides for our indemnification of the Wengen
Investors and management in connection with the registration of their securities. The Company has agreed, effective upon the consummation of this offering, to become a party to the Registration Rights
Agreement. A copy of this agreement has been filed as an exhibit to the registration statement of which this prospectus is a part. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFUAD Shared Services Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In June 2008, Laureate entered into an agreement with the College of the Christian Brothers of New
Mexico to provide
a line of credit of $2.8&nbsp;million that was to mature on the earlier of six months from the date of the loan or upon Laureate's acquisition of assets from the Christian Brothers relative to
College of Santa Fe (now known as the Santa Fe University of Arts and Design, or SFUAD). The agreement was subsequently amended to increase the line of credit to $3.8&nbsp;million. The interest on
the line of credit was 10% per annum payable in arrears on the line of credit termination date. The amounts outstanding under the agreement were secured by land adjacent to the SFUAD campus. During
2009, Laureate transferred the SFUAD line of credit to a newly formed subsidiary. This subsidiary was sold to Wengen for cash of $2.7&nbsp;million, equal to the outstanding principal and interest on
the line of credit. No gain or loss was recognized on the transfer. In connection with the sale of the newly formed subsidiary to Wengen in 2009, Laureate entered into a shared services agreement with
SFUAD. During 2014, Laureate entered into a new shared services agreement with SFUAD that replaced the shared services agreement previously entered into in 2009. Laureate provides SFUAD with certain
management consulting, legal, tax, finance, accounting, treasury,
human resources, and network entry services. The new shared services agreement has a term of five years and automatically renews for two year periods thereafter, unless terminated by either party. As
of December&nbsp;31, 2015, Laureate had recorded a receivable from SFUAD of $0.7&nbsp;million related to the shared services agreement, substantially all of which was collected subsequent to
year-end. As of September&nbsp;30, 2016, Laureate recorded a related party receivable from SFUAD of $0.2&nbsp;million. A copy of this agreement has been filed as an exhibit to the registration
statement of which this prospectus is a part. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2013, 14 Laureate institutions entered into global partnership agreements with SFUAD, which have an initial term of five years and provide Laureate students with educational
opportunities to study certain academic programs at SFUAD. Under the terms of these agreements, the partnering Laureate institutions commit to pay SFUAD an annual amount each calendar year, which
SFUAD then bills to the Laureate institutions on a quarterly basis. The global partnership agreements can be unilaterally canceled by either SFUAD or the Laureate institutions with at least six months
prior written notice. Any remaining unpaid commitment amount for that calendar year is contractually owed to SFUAD. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, Laureate recorded a
related party payable to SFUAD of $0.5&nbsp;million and $0.2&nbsp;million, respectively, for unpaid commitments that we are obligated to pay to SFUAD under the global partnership agreements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>318</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=328,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=850772,FOLIO='318',FILE='DISK112:[12ZBH3.12ZBH43513]ES43513A.;47',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_es43513_1_319"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Agreements with Holders of Series&nbsp;A Preferred Stock  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Subscription Agreement  </I></B></FONT></P>


</UL>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;4, 2016, we signed the Subscription Agreement with six investors, including KKR and Snow Phipps, pursuant to which
we agreed to issue an aggregate of 400,000 shares of Series&nbsp;A Preferred Stock in a private offering for total gross proceeds of $400&nbsp;million and total net proceeds of approximately
$383&nbsp;million. Closing of the first tranche of funding for this transaction occurred on December 20, 2016 and we received net proceeds, after issuance costs, of approximately $328 million. One
investor funded a portion of its purchase price equal to $57&nbsp;million (approximately $55 million net of issuance costs) on January&nbsp;18, 2017 and the remainder on January&nbsp;23,
2017. The proceeds from the Series&nbsp;A Preferred Stock offering have and will be used to pay transaction expenses, including structuring fees to certain of the purchasers of the Series&nbsp;A
Preferred Stock (including a fee of $1.8&nbsp;million to KKR), to repay any portion of our outstanding debt (other than any debt held by our stockholders, employees, officers or directors, including
their affiliates), and for working capital and general corporate purposes.


</FONT></P>


<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the closing and funding of the purchase price of the Series&nbsp;A Preferred Stock offering in full, which was a qualified equity issuance under our Senior Secured Credit
Facilities, the applicable LIBOR margin for the 2021 Extended Term Loan under our Senior Secured Credit Facilities was reduced to 7.5% and the applicable ABR margin was reduced to 6.5%. The applicable
LIBOR margin for the revolving credit line under our Senior Secured Credit Facilities was reduced to 3.75% and the applicable ABR margin was reduced to 2.75%. In addition, the additional scheduled
payment on such 2021 Extended Term Loan in the amount of $62.5&nbsp;million will not be required under our Senior Secured Credit Facilities.


</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Subscription Agreement requires us to repay any portion of our outstanding debt (other than any debt held by our stockholders, employees, officers, or directors, including their
affiliates) in an amount equal to at least the total proceeds received by the Company under the Subscription Agreement less the amount used to pay our transaction expenses and other fees by not later
than the 18&nbsp;month anniversary of the closing date. However, to the extent the outstanding debt repaid pursuant to the Subscription Agreement repaid consists of revolving loans, we may
subsequently redraw such revolving loans. We are not permitted to use any funds paid received pursuant to the Subscription Agreement to acquire the assets or securities of another entity or to
purchase, redeem, retire or otherwise acquire, or make any payment in respect of, directly or indirectly, any of our equity securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agreed to indemnify each purchaser of Series&nbsp;A Preferred Stock from and against any and all losses incurred by or asserted against any of them by virtue of, among
other things, any breach of representations or warranties made by the Company in the Subscription Agreement, any breach, non-compliance or non-fulfillment in any material respect of any covenant or
agreement of the Company, or any fraud by the Company. In addition, each purchaser of Series&nbsp;A Preferred Stock, severally (and not jointly and severally), agreed to indemnify and hold harmless
the Company from and against all losses incurred by or asserted against the Company by virtue of any breach of any representation or warranty made by such purchaser of Series&nbsp;A Preferred Stock
or any fraud of such purchaser of Series&nbsp;A Preferred Stock. We will not be liable to any purchaser of Series&nbsp;A Preferred Stock for any amounts in excess of the purchase price paid by
such purchaser. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the transactions contemplated by the Subscription Agreement, on the Closing Date, the Company will execute both a stockholders agreement (the "Stockholders Agreement")
and a registration rights agreement (the "Series&nbsp;A Registration Rights Agreement"). The following summary of the Subscription Agreement, Stockholders Agreement and Series&nbsp;A Registration
Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the provisions of the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>319</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=329,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=387285,FOLIO='319',FILE='DISK112:[12ZBH3.12ZBH43513]ES43513A.;47',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_es43513_1_320"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Subscription
Agreement, Stockholders Agreement and Series&nbsp;A Registration Rights Agreement, each of which are filed as exhibits to the registration statement of which this prospectus is a part. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stockholders Agreement  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Stockholders Agreement provides that the shares of Series&nbsp;A Preferred Stock are (i)&nbsp;subject to certain restrictions
on transfer, including in advance of a QPO, to our competitors and certain other third parties, (ii)&nbsp;have customary preemptive rights with respect to proposed issuances of our debt and equity
securities, and (iii)&nbsp;have tag along rights with respect to any proposed transfer of shares of our capital stock by Wengen. In addition, subject to maintaining certain ownership thresholds and
until the closing of this offering, the holders of the Series&nbsp;A Preferred Stock have the right to designate one person to be a non-voting observer to attend meetings of the Board of the
Directors. As long as a Series&nbsp;A Investor holds shares of the Company's capital stock and until the consummation of this offering, the Series&nbsp;A Investors are entitled to certain
information from the Company. All of the foregoing rights, other than the tag along rights, will terminate upon consummation of this offering. The tag along rights terminate upon the earlier to occur
of (x)&nbsp;the redemption of all of the shares of Series&nbsp;A Preferred Stock in accordance with the terms of the Certificate of Designations and (y)&nbsp;the earlier of (A)&nbsp;the date
on which the closing of our first follow-on public offering following this offering in which the holders of the Series&nbsp;A Preferred Stock receive net proceeds not less than the Priority Amount
is consummated pursuant to the Certificate of Designations and the Series&nbsp;A Registration Rights Agreement and (B)&nbsp;if then converted, the date which is 120&nbsp;days (or if a
registration is suspended, postponed or otherwise not available pursuant to the terms of the Series&nbsp;A Registration Rights Agreement, then an additional number of days equal to the length of
such suspension, postponement or lack of availability) after the date on which an amount of Conversion Stock (as defined in the Stockholders Agreement) equal to or more than the Priority Amount has
been registered pursuant to an effective registration statement in accordance with the terms of the Series&nbsp;A Registration Rights Agreement, or if earlier, the date on which at least the
Priority Amount under such registration statement has been sold. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
Closing, and so long as the shares of Series&nbsp;A Preferred Stock are outstanding, the Company will be subject to financial covenants relating to total net leverage and
trailing 12&nbsp;months revenue and Adjusted EBITDA (as defined in the Stockholders Agreement). Failure by the Company to satisfy these covenants would result in the holders of the Series&nbsp;A
Preferred Stock obtaining certain remedies, including (i)&nbsp;the ability to appoint an individual to advise the Board of Directors on improving the Company's growth and profitability and
(ii)&nbsp;consent to (A)&nbsp;the incurrence of capital expenditures in excess of agreed upon thresholds as set forth in the Stockholders Agreement, (B)&nbsp;additional indebtedness and
(C)&nbsp;acquisitions of assets and the establishment of new schools by the Company. In addition, we would be required to implement a one-time cost reduction program. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Series&nbsp;A Registration Rights Agreement  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Series&nbsp;A Registration Rights Agreement, the holders of the shares of Series&nbsp;A Preferred Stock are
entitled to certain demand registration rights following conversion of the shares or within 45&nbsp;days of the shares becoming required or entitled to be converted. The holders of two-thirds of the
shares of Series&nbsp;A Preferred Stock are entitled to make up to two demands, excluding short form demands, that we register the resale of such shares, subject to the right of the Company to
convert a demand registration made by the holders of the Series&nbsp;A Preferred Stock into a follow-on public offering in which the holders of the Series&nbsp;A Preferred Stock receive net
proceeds not less than the Priority Amount. The holders of Series&nbsp;A Preferred Stock also have certain piggyback registration rights with respect to registration statements and rights to require
us to register for resale such securities pursuant to Rule&nbsp;415 under the Securities Act. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>320</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=330,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=819098,FOLIO='320',FILE='DISK112:[12ZBH3.12ZBH43513]ES43513A.;47',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_es43513_1_321"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
underwritten offerings, the holders of the Series&nbsp;A Preferred Stock have priority to participate in any demand or piggyback registration up to the Priority Amount or until the
Priority Amount is satisfied. Once the Priority Amount is registered or satisfied, the shares of the holders of the Series&nbsp;A Preferred Stock, Wengen and certain other stockholders with
registration rights will then be included in the registration on a pro rata basis based upon the number of shares requested to be included in the offering, followed by the shares of the Company
requested to be included in the offering; provided, however, that the shares of the Company will have priority over the shares of the holders of the Series&nbsp;A Preferred Stock, Wengen and certain
other stockholders with registration rights for underwritten piggyback registrations initiated by the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will bear the expenses incurred in connection with the filing of any such registration statements in connection with the exercise of demand and piggyback registration rights
by the holders of the Series&nbsp;A Preferred Stock. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Payments for Airplane Usage Costs  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2015, 2014 and 2013, we incurred costs of $0.3&nbsp;million, $0.2&nbsp;million and $0.4&nbsp;million, respectively, for the
business use of a private airplane that is owned in part by our Chief Executive Officer. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Relationship with KKR Capital Markets  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2013, we made payments to KKR Capital Markets&nbsp;LLC, an affiliate of KKR, of $0.7&nbsp;million for services rendered in
connection with the refinancing of our debt and new debt issuances. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
2013, KKR Corporate Lending&nbsp;LLC, an affiliate of KKR Capital Markets&nbsp;LLC, has been a participating lender under the Company's existing revolving credit facilities and
as of September&nbsp;30, 2016 had received interest payments and amendment consent fees of approximately $2.6&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, KKR Capital Markets&nbsp;LLC has acted as a financial adviser in connection with this offering and we have agreed to pay KKR Capital Markets&nbsp;LLC a one-time fee of
$1.5&nbsp;million for its services. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Relationship with KKR Credit  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since 2013, investment funds or accounts managed or advised by KKR Credit Advisors (US)&nbsp;LLC ("KKR Credit") were participating
lenders under the Company's existing credit agreements and as of September&nbsp;30, 2016 had received aggregate principal payments of $14.8&nbsp;million and interest and amendment fee payments of
$30.4&nbsp;million. Since 2013, investment funds or accounts managed or advised by KKR Credit were also holders of notes issued by the Company and as of September&nbsp;30, 2016 had received
principal payments of approximately $32.5&nbsp;million and interest payments, consent fees and early redemption premiums of approximately $14.7&nbsp;million. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016, investment funds or accounts managed or advised by KKR Credit held a portion of the Company's first lien term loan. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Relationship to KKR Capstone Americas&nbsp;LLC  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have historically utilized KKR Capstone, a consulting company that works exclusively with KKR's portfolio companies, for consulting
services, and paid to KKR Capstone related fees and expenses. References to "KKR Capstone" are to KKR Capstone Americas&nbsp;LLC and their affiliates, which are owned and controlled by their senior
management team. KKR Capstone is not a subsidiary or affiliate of KKR. KKR Capstone operates under several consulting agreements with KKR and uses the "KKR" name under license from KKR. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>321</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=331,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=671430,FOLIO='321',FILE='DISK112:[12ZBH3.12ZBH43513]ES43513A.;47',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_es43513_1_322"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Agreement with Sterling Affiliate  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreements with I/O Data Centers,&nbsp;LLC ("I/O") pursuant to which I/O will provide modular data center solutions to the
Company. During the nine months ended September&nbsp;30, 2016 and the nine months ended September&nbsp;30, 2015, we incurred costs of $0.7&nbsp;million and $0.4&nbsp;million, respectively, for
these agreements. In 2015, 2014 and 2013, we incurred costs for these agreements of $0.5&nbsp;million, $0.5&nbsp;million and $0.4&nbsp;million, respectively. Mr.&nbsp;Taslitz, one of our
directors and a Senior Managing Director of Sterling Partners, is a director of I/O. Messrs.&nbsp;Becker and Taslitz, Sterling Partners and certain of its affiliates own, directly or through
investment vehicles, an aggregate of approximately 65% of the outstanding equity in I/O. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conflicts of Interest Policy  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee reviews all relationships and transactions in which the Company and our directors and executive officers or their
immediate family members are participants to determine whether such persons have a direct or indirect material interest in any particular transaction. The Company's legal staff is primarily
responsible for the development and implementation of processes and controls to obtain information from the directors and executive officers with respect to related person transactions and for then
determining, based on the facts and circumstances, whether the Company or a related person has a direct or indirect material interest in the transaction. The Audit Committee of the board of directors
reviews and approves or ratifies any related person transaction that meets this standard. In the course of the Audit Committee's review and approval or ratification of a disclosable related person
transaction, the committee considers:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the nature of the related person's interest in the transaction; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the material terms of the transaction, including the amount and type of transaction; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the importance of the transaction to the related person; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the importance of the transaction to the Company; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> whether the transaction would impair the judgment of a director or executive officer to act in the best interest of the Company; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any other matters the committee deems appropriate. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
member of the Audit Committee who is a related person with respect to a transaction under review may not participate in the deliberations or vote respecting approval or ratification
of the transaction, provided that such director may be counted in determining the presence of a quorum at a meeting of the committee that considers the transaction. The current Wengen Securityholders'
Agreement requires approval of six directors for related party transactions having a value of at least $25&nbsp;million. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>322</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=332,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1002350,FOLIO='322',FILE='DISK112:[12ZBH3.12ZBH43513]ES43513A.;47',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_eu43513_1_323"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eu43513_description_of_capital_stock"> </A>
<A NAME="toc_eu43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF CAPITAL STOCK    <BR>    </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following descriptions of our capital stock and certain provisions of our amended and restated certificate of incorporation and
amended and restated bylaws are summaries and are qualified by reference to the amended and restated certificate of incorporation and the amended and restated bylaws that will be in effect upon
completion of this offering. Copies of these documents will be filed with the SEC as exhibits to our registration statement, of which this prospectus forms&nbsp;a part. The descriptions of the
common stock and preferred stock reflect changes to our capital structure that will occur upon the completion of this offering. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the completion of this offering, our amended and restated certificate of incorporation will provide for three classes of common stock: Class&nbsp;A common stock, Class&nbsp;B
common stock and common stock. No shares of common stock will be issued or outstanding until the date on which the number of outstanding shares of Class&nbsp;B common stock represents less than 15%
of the aggregate number of shares of then outstanding Class&nbsp;A common stock and Class&nbsp;B common stock, at which time all outstanding shares of Class&nbsp;A common stock and
Class&nbsp;B common stock will automatically convert into shares of common stock. Each share of common stock outstanding prior to this offering will be reclassified as a share of Class&nbsp;B
common stock. We intend to effect a 4 to 1 reverse stock split of our common stock prior to the effectiveness of the registration statement of which this prospectus is a part. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the closing of this offering, the total amount of our authorized capital stock will consist of&nbsp;1,625,000,000&nbsp;shares, of which 700,000,000 shares will be designated
as Class&nbsp;A common stock, 175,000,000 shares will be designated as Class&nbsp;B common stock, 700,000,000 shares will be undesignated common stock, all with a par value of $0.004 per share,
and 50,000,000 shares will be designated as preferred stock, with a par value of $0.001 per share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016, we had outstanding 133,300,971&nbsp;shares of Class&nbsp;B common stock, which excludes 31,905&nbsp;shares of Class&nbsp;B common stock subject
to forfeiture and substantial restrictions on transfer and assumes the reclassification of all outstanding shares of our existing common stock into shares of Class&nbsp;B common stock immediately
prior to the completion of this offering. Our outstanding capital stock was held by approximately 195&nbsp;stockholders of record as of September&nbsp;30, 2016. As of September&nbsp;30, 2016, we
also had outstanding options to acquire 10,860,526&nbsp;shares of common stock held by employees, directors and consultants, all of which will become options to acquire an equivalent number of
shares of Class&nbsp;B common stock, immediately prior to the completion of this offering. Upon completion of this offering there will be 400,000&nbsp;shares of Series&nbsp;A Preferred Stock
outstanding. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Class&nbsp;A and Class&nbsp;B Common Stock  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Voting Rights  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of our Class&nbsp;A and Class&nbsp;B common stock have identical rights, except that holders of our Class&nbsp;A common
stock are entitled to one vote per share and holders of our Class&nbsp;B common stock are entitled to ten votes per share. Holders of shares of Class&nbsp;A common stock and Class&nbsp;B common
stock will vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, except that there will be separate votes of holders of
shares of our Class&nbsp;A common stock and Class&nbsp;B common stock in the following circumstances:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if we propose to amend our certificate of incorporation to alter or change the powers, preferences or special rights of the shares of
Class&nbsp;A or Class&nbsp;B common stock so as to affect them adversely or to increase or decrease the par value of the shares of a class of our stock; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if we propose to treat the shares of Class&nbsp;A or Class&nbsp;B common stock differently with respect to any dividend or
distribution of cash, property or shares of our stock paid or distributed by us; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>323</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=333,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=128114,FOLIO='323',FILE='DISK112:[12ZBH3.12ZBH43513]EU43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eu43513_1_324"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if we propose to treat the shares of Class&nbsp;A or Class&nbsp;B common stock differently with respect to any subdivision or
combination of the shares of Class&nbsp;A or Class&nbsp;B common stock; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if we propose to treat the shares of Class&nbsp;A or Class&nbsp;B common stock differently in connection with a change in control,
liquidation, dissolution, distribution of assets or winding down of the Company with respect to any consideration into which the shares are converted or any consideration paid or otherwise distributed
to our stockholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the completion of this offering, under our amended and restated certificate of incorporation, we may not increase or decrease the authorized number of shares of Class&nbsp;A
common stock or Class&nbsp;B common stock without the affirmative vote of the holders of the majority of the combined voting power of the outstanding shares of Class&nbsp;A common stock and
Class&nbsp;B common stock, voting together as a
single class. In addition, under our amended and restated certificate of incorporation, we may not issue any shares of Class&nbsp;B common stock, other than (1)&nbsp;upon exercise of options,
warrants, or similar rights to acquire common stock outstanding, (2)&nbsp;in connection with deferred compensation and executive profit interest arrangements in existence immediately prior to the
completion of this offering and (3)&nbsp;in connection with stock dividends, stock splits and similar transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have not provided for cumulative voting for the election of directors in our amended and restated certificate of incorporation. </FONT></P>

<UL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Economic Rights  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in our amended and restated certificate of incorporation or as required by applicable law,
shares of our Class&nbsp;A common stock and Class&nbsp;B common stock will have the same rights and privileges and rank equally, share ratably and be identical in all respects as to all matters,
including, without limitation, those described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of Class&nbsp;A
common stock
and Class&nbsp;B common stock will be entitled to share equally, identically and ratably, on a per share basis, with respect to any dividends that our board of directors may determine to issue from
time to time, unless different treatment of the shares of such class is approved by the affirmative vote of the holders of the majority of the outstanding shares of Class&nbsp;A common stock and
Class&nbsp;B common stock, each voting separately as a class. In the event a dividend is paid in the form of shares of common stock or rights to acquire shares of common stock, the holders of
Class&nbsp;A common stock shall receive shares of Class&nbsp;A common stock, or rights to acquire shares of Class&nbsp;A common stock, as the case may be, and the holders of Class&nbsp;B
common stock shall receive shares of Class&nbsp;B common stock, or rights to acquire shares of Class&nbsp;B common stock, as the case may be. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon our liquidation, dissolution or winding-up, the holders of Class&nbsp;A common stock and Class&nbsp;B common
stock will
be entitled to share equally, identically and ratably in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock, unless different
treatment of the shares of such class is approved by the affirmative vote of the holders of the majority of the outstanding shares of Class&nbsp;A common stock and Class&nbsp;B common stock, each
voting separately as a class. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change of Control Transactions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon (1)&nbsp;the closing of the sale, exchange, transfer or other disposition of all or substantially
all of our
assets, (2)&nbsp;the consummation of a merger, consolidation, business combination or other similar transaction which results in our voting securities outstanding immediately prior to the
transaction (or the voting securities issued with respect to our voting securities outstanding immediately prior to the transaction) representing less than a majority of the combined voting power and
outstanding capital stock of the voting securities of the Company or the surviving or acquiring entity, or (3)&nbsp;the recapitalization, liquidation, dissolution or other similar transaction which </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>324</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=334,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=452231,FOLIO='324',FILE='DISK112:[12ZBH3.12ZBH43513]EU43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eu43513_1_325"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>results
in the voting securities outstanding immediately prior to the transaction representing less than a majority of the of the combined voting power and outstanding capital stock of the Company or
the surviving entity or parent entity, the holders of Class&nbsp;A common stock and Class&nbsp;B common stock will be treated equally and identically with respect to shares of Class&nbsp;A
common stock or Class&nbsp;B common stock owned by them, unless different treatment of the shares of each class is approved by the affirmative vote of the holders of a majority of the outstanding
shares of Class&nbsp;A common stock and Class&nbsp;B common stock, each voting separately as a class. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subdivisions and Combinations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If we subdivide or combine in any manner outstanding shares of Class&nbsp;A common stock or Class&nbsp;B
common
stock, the outstanding shares of the other class will be subdivided or combined in the same proportion and manner, unless different treatment of the shares of each class is approved by the affirmative
vote of the holders of a majority of the outstanding shares of Class&nbsp;A common stock and Class&nbsp;B common stock, each voting separately as a class. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conversion  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share of Class&nbsp;B common stock is convertible at any time at the option of the holder into one share of Class&nbsp;A
common stock. In addition, each share of Class&nbsp;B common stock will convert automatically into one share of Class&nbsp;A common stock upon any transfer, whether or not for value, except for
certain transfers described in our amended and restated certificate of incorporation, including transfers for tax and estate planning purposes, including to trusts, corporations and partnerships
controlled by a holder of Class&nbsp;B common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the death or permanent incapacity of a holder of Class&nbsp;B common stock who is a natural person, the Class&nbsp;B common stock held by that person or his or her permitted
estate planning entities will convert automatically into Class&nbsp;A common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
converted into Class&nbsp;A common stock, the Class&nbsp;B common stock will not be reissued. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Class&nbsp;A common stock and Class&nbsp;B common stock will each convert automatically into a single class of common stock on the date on which the number of outstanding shares
of Class&nbsp;B common stock represents less than 15% of the aggregate combined number of outstanding shares of Class&nbsp;A common stock and Class&nbsp;B common stock. Following the conversion,
no additional shares of Class&nbsp;A common stock or Class&nbsp;B common stock will be issued and each share of common stock will have one vote per share and the rights of the holders of all
outstanding common stock will be identical. This provision of our amended and restated certificate of incorporation may be amended only by the affirmative vote of the outstanding shares of the
Class&nbsp;A common stock and the outstanding shares of the Class&nbsp;B common stock, each voting as a separate class. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Preferred Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors is authorized, without further stockholder action, to classify or reclassify any unissued portion of our
authorized shares of common stock to provide for the issuance of shares of other classes or series, including preferred stock in one or more series. We may issue preferred stock from time to time in
one or more classes or series, with the exact terms of each class or series established by our board. The powers and relative, participating, optional and other special rights, if any, and any
qualifications, limitations or restrictions of the shares of such series will be fixed by the certificate of designation relating to each series. Certificates of designation relating to each series
will specify the terms of the preferred stock, including, but not limited to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the distinctive designation and the maximum number of shares in the series; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms on which dividends, if any, will be paid; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the voting rights, if any, on the shares of the series; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>325</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=335,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=823447,FOLIO='325',FILE='DISK112:[12ZBH3.12ZBH43513]EU43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eu43513_1_326"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms and conditions, if any, on which the shares of the series shall be convertible into, or exchangeable for, shares of any
other class or classes of capital stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms on which the shares may be redeemed, if at all; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the liquidation preference, if any;&nbsp;and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any or all other preferences, rights, restrictions, including restrictions on transferability, and qualifications of shares of the
series. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of preferred stock may delay, deter or prevent a change in control. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Series&nbsp;A Preferred Stock  </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;4, 2016, we signed the Subscription Agreement, pursuant to which we agreed to issue an aggregate of 400,000 shares
of the Series&nbsp;A Preferred Stock in a private offering for total gross proceeds of $400&nbsp;million and total net proceeds of approximately $383&nbsp;million. Closing occurred on
December&nbsp;20, 2016 and we received net proceeds, after issuance costs, of approximately $328&nbsp;million. One investor funded a portion of its purchase price equal to $57&nbsp;million
(approximately $55&nbsp;million net of issuance costs) on January&nbsp;18, 2017 and the remainder on January&nbsp;23, 2017. To accomplish the designation and issuance of the Series&nbsp;A
Preferred Stock, we filed&nbsp;a Certificate of Designations with the Secretary of State of the State of Delaware. The following summary of the Series&nbsp;A Preferred Stock and Certificate of
Designations of the Company does not purport to be complete and is qualified in its entirety by reference to the provisions of applicable law and to the Certificate of Designations, which is filed as
an exhibit to the registration statement of which this prospectus is a part.


</FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"Certain Relationships and Related Party Transactions" for a detailed description of each of the Subscription Agreement, the Stockholders Agreement and the Series&nbsp;A
Registration Rights Agreement. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dividends  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends compound quarterly and, if not paid in shares of Series&nbsp;A Preferred Stock on a quarterly basis or in cash, accrue
when, as and if declared by the board of directors of the Company, on each share of Series&nbsp;A Preferred Stock as follows: (i)&nbsp;from the issue date and continuing through and including the
second anniversary of the issue date, 10.0% per year; (ii)&nbsp;from the second anniversary of the issue date and continuing through and including the third anniversary of the issue date, 13.0% per
year; and (iii)&nbsp;from the third anniversary of the issue date and thereafter, 16.0% per year. Unless we elect to pay the dividend in cash, dividends are automatically paid to the holder thereof
in shares of Series&nbsp;A Preferred Stock or accrue. For any period in which dividends on the Series&nbsp;A Preferred Stock are paid in cash, the dividend rate is reduced by 75 basis points. </FONT></P>

<UL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Liquidation Rights  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;A Preferred Stock will, with respect to its special and relative rights and preferences, including conversion,
redemption, payment of dividends and distributions of
assets, rank senior to all Junior Securities. The holders of shares of Series&nbsp;A Preferred Stock are entitled to the payment of their liquidation preference in cash in certain circumstances,
including upon the sale of the Company or the sale of all or substantially all of the Company's assets, and upon a change in control of Wengen. If, upon a sale of the Company, the consideration
received by the holders of our common stock consists of or includes equity securities in a publicly traded company with (i)&nbsp;a market capitalization of at least $5,000,000,000 and (ii)&nbsp;a
public float of at least $2,000,000,000, in each case on a </FONT><FONT SIZE=2><I>pro forma</I></FONT><FONT SIZE=2>, post-transaction basis, the holders of the Series&nbsp;A Preferred Stock have
agreed that receipt of their </FONT><FONT SIZE=2><I>pro rata</I></FONT><FONT SIZE=2> portion of such equity securities (plus any related cash payments) will satisfy in full the Company's liquidation
preference payment obligation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>326</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=336,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=614256,FOLIO='326',FILE='DISK112:[12ZBH3.12ZBH43513]EU43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eu43513_1_327"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conversion  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in the Certificate of Designations, the shares of Series&nbsp;A Preferred Stock may not be convertible into any
other class or series of our capital stock. Each holder of shares of Series&nbsp;A Preferred Stock may elect to convert all of its shares of Series&nbsp;A Preferred Stock into shares of our common
stock upon the closing of a sale of the Company or Wengen and in the event Wengen no longer exclusively controls us, in each case at a 15% discount to the implied equity value of the Company at the
closing of the applicable transaction. In addition, both the Company and each holder of shares of Series&nbsp;A Preferred Stock may elect to convert all of the shares of Series&nbsp;A Preferred
Stock into shares of our Class&nbsp;A common stock at any time after our initial public offering commencing on the earlier to occur of one day following the first anniversary of the closing of our
initial public offering and the Follow-on Conversion Date (as defined in the Certificate of Designations). The shares of Series&nbsp;A Preferred Stock shall generally convert at a 15% discount to
the lesser of the price per share at which the Company's shares of common stock are sold to the public or the 30&nbsp;day trailing price per share of our Class&nbsp;A common stock, but in no case
shall the conversion price be less than 75% of the price at which the shares of our Class&nbsp;A common stock are sold to the public. In certain circumstances after a QPO that closes after
August&nbsp;15, 2017, the holders of shares of Series&nbsp;A Preferred Stock may convert their shares sooner if certain conditions are satisfied. In the event of a QPO, any shares of
Series&nbsp;A Preferred Stock that remain outstanding on the date that is one day following the first anniversary of the closing of the QPO are automatically converted into shares of our
Class&nbsp;A common stock. In certain circumstances, the Company and the holders of the Series&nbsp;A Preferred Stock have the right to delay a conversion for a period of 90&nbsp;days following
a proposed conversion date. We are not permitted to convert any shares of Series&nbsp;A Preferred Stock until there is an effective registration statement available to the holders of the
Series&nbsp;A Preferred Stock which provide the holders the opportunity to register at least an amount of shares of our Class&nbsp;A common stock equal to the Priority Amount. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Redemption  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, at our option, may redeem in whole at any time or in part from time to time, and after the fifth anniversary of the issue date,
each holder may request that we redeem all (but not less than all), of such holder's shares of Series&nbsp;A Preferred Stock then outstanding, at a redemption price per share equal to 115% of the
sum of the issue amount per share plus any accrued and unpaid dividends. After a QPO, we may only redeem shares of Series&nbsp;A Preferred Stock if on the date when notice of redemption is given,
shares of our Class&nbsp;A common stock are trading at or below a specified threshold. If we fail to redeem the shares of Series&nbsp;A Preferred Stock when required after the fifth anniversary of
the issue date, the holders of the Series&nbsp;A Preferred Stock are entitled to appoint two additional members to our board of directors and the dividend rate generally increases to 18.0% per
annum. For a period of 120&nbsp;days following the appointment of such directors, we must work in good faith with the holders of the Series&nbsp;A Preferred Stock to structure a mutually agreeable
capital fundraising transaction to redeem the then outstanding shares of Series&nbsp;A Preferred Stock. If, after such 120&nbsp;day period, any shares of Series&nbsp;A Preferred Stock remain
outstanding, the holders of the Series&nbsp;A Preferred Stock may request that the directors increase the size of our board of directors by two seats and nominate and appoint to those two additional
seats the individuals nominated by the holders of the Series&nbsp;A Preferred Stock. If the directors fail to nominate and appoint the individuals as requested by the holders of the Series&nbsp;A
Preferred Stock within five business days after the request is made, the holders of the Series&nbsp;A Preferred Stock may nominate a number of individuals to our board of directors such that after
such nomination the holders of the Series&nbsp;A Preferred Stock control a majority of our board of directors and, after which, the holders of Series&nbsp;A Preferred Stock may cause a sale of the
Company and/or cause the Company to raise debt or equity capital in an amount sufficient to redeem the remaining outstanding shares of Series&nbsp;A Preferred Stock. In the event of such a sale or
capital raise, Wengen has, among other things, agreed to vote its shares of our capital stock in favor of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>327</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=337,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=131503,FOLIO='327',FILE='DISK112:[12ZBH3.12ZBH43513]EU43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eu43513_1_328"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
transaction and granted a proxy to an individual designated by the holders of the Series&nbsp;A Preferred Stock to vote its shares of our common stock in favor of such a transaction. A "QPO"
means (a)&nbsp;on or prior to August&nbsp;15, 2017, an initial underwritten public offering of common stock by the Company with net cash proceeds to the Company of not less than $450,000,000 and
(b)&nbsp;after August&nbsp;15, 2017, an initial underwritten public offering of common stock by the Company with net cash proceeds to the Company of not less than $250,000,000. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Educational Approvals  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that any Educational Law (as defined in the Certificate of Designations) requires that the parties obtain an Educational
Approval (as defined in the Certificate of Designations) in order to consummate certain transactions or actions described in the Certificate of Designations, we will obtain such Educational Approval
and the holders of the Series&nbsp;A Preferred Stock agreed to cooperate in good faith with us to obtain them. The process of determining which Educational Approvals may be required will be
initiated at least nine months before the fifth anniversary of the first date on which a share of Series&nbsp;A Preferred Stock is issued, including applying for and seeking to obtain any such
Education Approvals at least six months prior to any contemplated change in the composition of our board of directors, any Forced Liquidation Event (as defined in the Certificate of Designations),
exercise of any proxy, or any certain other events or series of transactions set forth in the Certificate of Designations. To the extent that any Educational Law requires us to obtain Educational
Approvals prior to consummating any of certain transactions set forth in the Certificate of Designations, we will obtain such Educational Approvals and the holders of the Series&nbsp;A Preferred
Stock will cooperate in good faith with us to obtain them prior to such transaction effective date. The Company will incur any costs, fees and expenses reasonably required in connection with obtaining
such Educational Approvals. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Voting Rights; Protective Provisions  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of Series&nbsp;A Preferred Stock do not have any voting rights except as required by law and with respect to certain
extraordinary actions, including, among others, to (i)&nbsp;enter into certain transactions with affiliates, (ii)&nbsp;pay any dividend or other distribution on shares of our Class&nbsp;A common
stock, (iii)&nbsp;amend or repeal any provision of our Certificate of Incorporation or Bylaws so as to adversely affect the rights, preferences, privileges or voting powers of the Series&nbsp;A
Preferred Stock, including any amendment that would increase or decrease the authorized number of shares of Series&nbsp;A Preferred Stock, (iv)&nbsp;if it is not a follow-on public offering after
this offering in which the holders of the Series&nbsp;A Preferred Stock receive net proceeds not less than the Priority Amount, the first public offering of our common stock following this offering,
and (v)&nbsp;any proposed initial public offering that is not a QPO. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Public Benefit Corporation Status  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 2015, we redomiciled in Delaware as a public benefit corporation as a demonstration of our long-term commitment to our
mission to benefit our students and society. Public benefit corporations are a relatively new class of corporations that are intended to produce a public benefit and to operate in a responsible and
sustainable manner. Under Delaware law, public benefit corporations are required to identify in their certificate of incorporation the public benefit or benefits they will promote and their directors
have a duty to manage the affairs of the corporation in a manner that balances the pecuniary interests of the stockholders, the best interests of those materially affected by the corporation's
conduct, and the specific public benefit or public benefits identified in the public benefit corporation's certificate of incorporation. Public benefit corporations organized in Delaware are also
required to publicly disclose at least biennially a report that assesses their benefit performance. In connection with this report, our Board of Directors is required to set objectives and standards
to assess our benefit performance and to assess our performance based on those standards. While a Delaware </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>328</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=338,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=194003,FOLIO='328',FILE='DISK112:[12ZBH3.12ZBH43513]EU43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eu43513_1_329"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>public
benefit corporation may provide in its certificate of incorporation that it will measure the corporation's benefit performance against an objective third-party standard, our certificate of
incorporation does not contain that requirement and we expect that our Board of Directors will measure our benefit performance against the objectives and standards it sets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not believe that an investment in the stock of a public benefit corporation differs materially from an investment in a corporation that is not designated as a public benefit
corporation. We believe that our ongoing efforts to achieve our public benefit goals will not materially affect the financial interests of our stockholders. Holders of our Class&nbsp;A common stock
will have voting, dividend and other economic rights that are the same as the rights of stockholders of a corporation that is not designated as a public benefit corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
public benefit, as provided in our certificate of incorporation, is: to produce a positive effect (or a reduction of negative effects) for society and persons by offering diverse
education programs delivered online and on premises operated in the communities that we serve. By doing so, we believe that we provide greater access to cost-effective, high-quality higher education
that enables more students to achieve their academic and career aspirations. Most of our operations are outside the United States, where there is a large and growing imbalance between the supply and
demand for quality higher education. Our stated public benefit is firmly rooted in our company mission and our belief that when our students succeed, countries prosper and societies benefit. Becoming
a public benefit corporation
underscores our commitment to our purpose and our stakeholders, including students, regulators, employers, local communities and stockholders. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Exclusive Venue  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation, as it will be in effect upon the closing of this offering, will require, to the
fullest extent permitted by law, that (i)&nbsp;any derivative action or proceeding brought on our behalf, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any of our
directors, officers or other employees to us or our stockholders, (iii)&nbsp;any action asserting a claim against us arising pursuant to any provision of the DGCL or our amended and restated
certificate of incorporation or the bylaws or (iv)&nbsp;any action asserting a claim against us governed by the internal affairs doctrine will have to be brought only in the Court of Chancery in the
State of Delaware unless we otherwise consent in writing to an alternative form. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in
the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Anti-takeover Effects of Provisions of our Amended and Restated Certificate of Incorporation,
our Certificate of Designations, our Bylaws and Delaware Law  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation, Certificate of Designations and bylaws, as they will be in effect upon
completion of this offering, also contain provisions that may delay, defer or discourage another party from acquiring control of us. We expect that these provisions, which are summarized below, will
discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of
directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give our board of directors the power to discourage
acquisitions that some stockholders may favor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized but Unissued Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The authorized but unissued shares of common stock and preferred stock are available for future
issuance without
stockholder approval, subject to any limitations imposed by Nasdaq listing standards. These additional shares may be used for a variety of corporate finance transactions, acquisitions and employee
benefit plans. The existence of authorized but unissued </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>329</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=339,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=129831,FOLIO='329',FILE='DISK112:[12ZBH3.12ZBH43513]EU43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eu43513_1_330"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>and
unreserved common stock and preferred stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requirements for Advance Notification of Stockholder Meetings, Nominations and Proposals.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in the Wengen
Securityholders'
Agreement, our amended and restated certificate of incorporation and bylaws will provide that stockholders at an annual meeting may only consider proposals or nominations specified in the notice of
meeting or brought before the meeting by or at the direction of our board of directors or by a qualified stockholder of record on the record date for the meeting and who has delivered timely written
notice in proper form to our secretary of the stockholder's intention to bring such business before the meeting. Our amended and restated certificate of incorporation will provide that, subject to
applicable law, special meetings of the stockholders may be called only by a resolution adopted by the affirmative vote of the majority of the directors then in office provided, however, at any time
Wengen or any affiliate beneficially owns, in the aggregate, at least 40% of the total number of outstanding shares of stock of the Company, special meetings of our stockholders shall also be called
at the request of Wengen or such affiliate pursuant to a resolution adopted by a majority of board of directors or the chairman of the board of directors. Our bylaws will prohibit the conduct of any
business at a special meeting other than as specified in the notice for such meeting. In addition, any stockholder who wishes to bring business before an annual meeting or nominate directors must
comply with the advance notice and duration of ownership requirements set forth in our bylaws and provide us with certain information. These provisions may have the effect of deferring, delaying or
discouraging hostile takeovers or changes in control of us or our management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Combinations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have opted out of Section&nbsp;203 of the DGCL; however, our amended and restated certificate of
incorporation contains
similar provisions providing that we may not engage in certain "business combinations" with any "interested stockholder" for a three-year period following the time that the stockholder became an
interested stockholder, unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> prior to such time, our board of directors approved either the business combination or the transaction which resulted in the
stockholder becoming an interested stockholder; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> at or subsequent to that time, the business combination is approved by our board of directors and by the affirmative vote of holders
of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding voting stock that is not owned by the interested stockholder. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
a "business combination" includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. Subject to certain
exceptions, an "interested stockholder" is a person who, together with that person's affiliates and associates, owns, or within the previous three years owned, 15% or more of our voting stock. For
purposes of this section only, "voting stock" has the meaning given to it in Section&nbsp;203 of the DGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
certain circumstances, this provision will make it more difficult for a person who would be an "interested stockholder" to effect various business combinations with a corporation
for a three-year period. This provision may encourage companies interested in acquiring our Company to negotiate in advance with our board of directors because the stockholder approval requirement
would be avoided if our board of directors approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions also may
have the effect of preventing changes in our board of directors and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
amended and restated certificate of incorporation provides that Wengen and the parties to the Wengen Securityholders' Agreement and their affiliates and any of their respective
direct or indirect </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>330</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=340,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=689971,FOLIO='330',FILE='DISK112:[12ZBH3.12ZBH43513]EU43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eu43513_1_331"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>transferees
and any group as to which such persons are a party do not constitute "interested stockholders" for purposes of this provision. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
election to opt out of Section&nbsp;203 of the DGCL will be effective one year after the date of filing our amended and restated certificate of incorporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Cumulative Voting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DGCL provides that stockholders are not entitled to the right to cumulate votes in the election of directors
unless our
amended and restated certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation will not expressly provide for cumulative voting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Action by Written Consent.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;228 of the DGCL, any action required to be taken at any annual or
special meeting
of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of
outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were
present and voted, unless our amended and restated certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation will provide that stockholder action by
written consent will be permitted only if the action to be effected by such written consent and the taking of such action by such written consent have been previously approved by the board of
directors. Following the conversion of all of our Class&nbsp;B common stock into Class&nbsp;A common stock, our amended and restated certificate of incorporation will provide that our stockholders
may not act by written consent, which may lengthen the amount of time required to take stockholder actions. As a result, a holder controlling a majority of our capital stock would not be able to amend
our certificate of incorporation or bylaws or remove directors without holding a meeting of our stockholders called in accordance with our bylaws. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment of Amended and Restated Certificate of Incorporation or Bylaws.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DGCL provides generally that the affirmative vote of a
majority of the
shares entitled to vote on any matter is required to amend a corporation's certificate of incorporation or bylaws, unless a corporation's certificate of incorporation or bylaws, as the case may be,
requires a greater percentage. Upon completion of this offering, our bylaws may be amended or repealed by a majority vote of our board of directors or by the affirmative vote of the holders of at
least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the votes which all our stockholders would be entitled to cast in any annual election of directors. In addition, the affirmative vote of the holders of at least
66<SUP>2</SUP>/<SMALL>3</SMALL>% of the votes which all our stockholders would be entitled to cast in any election of directors will be required to amend or repeal or to adopt any provisions inconsistent with
the provisions of our certificate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;A Preferred Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Certificate of Designations provides that, among other things and in certain circumstances, the
shares of
Series&nbsp;A Preferred Stock are convertible into shares of our Class&nbsp;A common stock and redeemable by the holders of the Series&nbsp;A Preferred Stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Benefit Corporation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a public benefit corporation, an affirmative vote of 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding
stock is required to
effect a non-cash merger with an entity that is not a public benefit corporation with an identical public benefit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing provisions of our amended and restated certificate of incorporation, Certificate of Designations and bylaws could discourage potential acquisition proposals and could delay
or prevent a change in control. These provisions are intended to enhance the likelihood of continuity and stability in the composition of our board of directors and in the policies formulated by our
board of directors and to discourage certain types of transactions that may involve an actual or threatened change of control. These provisions are designed to reduce our vulnerability to an
unsolicited acquisition proposal. The provisions also are intended to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others
from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of our shares of Class&nbsp;A </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>331</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=341,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=180874,FOLIO='331',FILE='DISK112:[12ZBH3.12ZBH43513]EU43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_eu43513_1_332"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>common
stock that could result from actual or rumored takeover attempts. Such provisions also may have the effect of preventing changes in our management or delaying or preventing a transaction that
might benefit you or other minority stockholders. See "Risk Factors&#151;Risks Relating to Investing in Our Class&nbsp;A Common Stock&#151;Provisions in our certificate of
incorporation and bylaws and the Delaware General Corporation Law could make it more difficult for a third party to acquire us and could discourage a takeover and adversely affect the holders of our
Class&nbsp;A common stock." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Limitations on Liability and Indemnification of Officers and Directors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for
monetary damages for breaches of directors' fiduciary duties, subject to certain exceptions. Our amended and restated certificate of incorporation includes a provision that eliminates the personal
liability of directors for monetary damages for any breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL.
The effect of these provisions is to eliminate the rights of us and our stockholders, through stockholders' derivative suits on our behalf, to recover monetary damages from a director for breach of
fiduciary duty as a director, including breaches resulting from grossly negligent behavior. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
amended and restated bylaws provide that we must generally indemnify, and advance expenses to, our directors and officers to the fullest extent authorized by the DGCL. We also are
expressly authorized to carry directors' and officers' liability insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these
indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
limitation of liability, indemnification and advancement provisions in our amended and restated certificate of incorporation and amended and restated bylaws may discourage
stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against
directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the
costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dissenters' Rights of Appraisal and Payment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, with certain exceptions, our stockholders will have appraisal rights in connection with a merger or consolidation of
Laureate. Pursuant to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive payment of the fair value
of their shares as determined by the Delaware Court of Chancery. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stockholders' Derivative Actions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative
action, provided that the stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder's stock thereafter devolved by
operation of law and such suit is brought in the Court of Chancery in the State of Delaware. See "&#151;Exclusive Venue" above. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transfer Agent and Registrar  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the completion of this offering, the transfer agent and registrar for our Class&nbsp;A common stock will be American Stock
Transfer&nbsp;&amp; Trust Company,&nbsp;LLC. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock Exchange Listing  </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Class&nbsp;A common stock has been approved for listing on Nasdaq under the symbol "LAUR."

 </FONT>

</P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>332</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=342,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=927059,FOLIO='332',FILE='DISK112:[12ZBH3.12ZBH43513]EU43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ew43513_1_333"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ew43513_description_of_certain_indebtedness"> </A>
<A NAME="toc_ew43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF CERTAIN INDEBTEDNESS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following descriptions of indebtedness are only summaries of material provisions of the respective terms of
such indebtedness, and are qualified in their entirety by reference to the provisions of the credit agreements, indenture and other instruments evidencing such indebtedness. See "Where You Can Find
More Information."</I></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Secured Credit Facilities  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Overview  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;16, 2011, we amended and restated our credit agreement dated as of August&nbsp;17, 2007, in order to, among other
things, extend maturity dates. Pursuant to the Amended and Restated Credit Agreement, certain lenders in the syndicate: (1)&nbsp;extended the maturity dates applicable to $155.0&nbsp;million of
our then-existing $400.0&nbsp;million revolving line of credit facility from August 2013 to June 2016, (2)&nbsp;converted $245.0&nbsp;million of then-existing revolving loans and revolving
credit commitments into term loans with a maturity date in June 2018, and (3)&nbsp;extended the maturity dates applicable to three series of our term loans, totaling $858.9&nbsp;million of
aggregate principal, from August 2014 to June 2018. In addition, some existing lenders increased the amount of their senior secured multi-currency revolving credit facility commitments and new lenders
became lenders with respect to the senior secured multi-currency revolving credit facility with a maturity date in June 2016. The maturity date for the senior secured multi-currency revolving credit
facility was further extended to June&nbsp;7, 2019, subject to a springing maturity date as further described below pursuant to the Sixth Amendment entered into on July&nbsp;7, 2016, as described
below. As a result of this amendment and restatement, the credit facilities under our Amended and Restated Credit Agreement on June&nbsp;16, 2011 were composed of the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $300.0&nbsp;million revolving line of credit facility; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $1,269.7&nbsp;million senior secured term loan facility, consisting of the following series: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $1,103.9&nbsp;million 2018 Extended Term Loans;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $129.1&nbsp;million Closing Date Term Loan;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $19.1&nbsp;million Delayed Draw Term Loan; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> $17.6&nbsp;million Series&nbsp;A New Term Loan. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term loan lenders holding a majority of the term loans agreed to extend the maturity date of such term loans to March&nbsp;17, 2021, subject to a springing maturity date as further
described below, pursuant to that certain Fifth Amendment entered into on June&nbsp;3, 2016, as described below. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


$25.0&nbsp;Million Series&nbsp;A-2018 New Term Loan; Increase in Revolving Line of Credit
Facility  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;22, 2011, we entered into a joinder agreement to the Amended and Restated Credit Agreement to borrow an additional
$25.0&nbsp;million on the same terms as the 2018 Extended Term Loans (the "Series&nbsp;A-2018 New Term Loan"), including interest rates and quarterly principal payment dates. We also entered into
a joinder agreement to the Amended and Restated Credit Agreement to increase the borrowing capacity under our revolving line of credit facility to $350.0&nbsp;million. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


$250.0&nbsp;Million Series&nbsp;B New Term Loans  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;18, 2013, we entered into a joinder agreement and the First Amendment to the Amended and Restated Credit Agreement to
borrow an additional $250.0&nbsp;million on the same terms as the 2018 Extended Term Loans with the issuance of the Series&nbsp;B New Term Loans, including interest rates and quarterly principal
payment dates. This additional loan was issued at an original issue </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>333</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=343,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=99657,FOLIO='333',FILE='DISK112:[12ZBH3.12ZBH43513]EW43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ew43513_1_334"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>discount
of $1.25&nbsp;million, and we paid debt issuance costs of $2.9&nbsp;million in connection with the borrowing, both of which will be amortized to interest expense over the term of the
loan. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


$310.0&nbsp;Million Series&nbsp;B Additional Term Loans  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;23, 2013, we entered into a joinder agreement and the Second Amendment to the Amended and Restated Credit Agreement to
borrow an additional $310.0&nbsp;million on the same terms as the 2018 Extended Term Loans with the issuance of the Series&nbsp;B Additional Term Loans, including interest rates and quarterly
principal payment dates. This additional loan was issued at an original debt premium of $1.55&nbsp;million, and we paid debt issuance costs of $3.9&nbsp;million in connection with the borrowing,
both of which will be amortized to interest expense over the term of the loan. In addition, third-party costs of $0.4&nbsp;million were charged to general and administrative expenses for the year
ended December&nbsp;31, 2013. The proceeds from this borrowing were used to repay all of the outstanding Senior Subordinated Notes. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Third Amendment to Amended and Restated Credit Agreement; New Series&nbsp;2018 Extended Term
Loans  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;3, 2013, we entered into a Third Amendment to Amended and Restated Credit Agreement (the "Third Amendment"), pursuant
to which the outstanding 2018 Extended Term Loans, Series&nbsp;A-2018 New Term Loan, Series&nbsp;B New Term Loans and Series&nbsp;B Additional Term Loans were refinanced with New
Series&nbsp;2018 Extended Term Loans effectively reducing the margin applicable to our 2018 Extended Term Loans, Series&nbsp;A-2018 New Term Loan, Series&nbsp;B New Term Loans and
Series&nbsp;B Additional Term Loans from 4.00% to 3.75% for LIBOR loans and from 3.00% to 2.75% for ABR loans. In addition to lowering the margin on these term loans, the amendment provided
additional flexibility for mortgage financings. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


$200.0&nbsp;Million Additional New Series&nbsp;2018 Extended Term Loans  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;16, 2013, we entered into a joinder agreement to borrow an additional $200.0&nbsp;million on the same terms as the
New Series&nbsp;2018 Extended Term Loans. This additional loan was issued at an original debt discount of $0.5&nbsp;million, and we paid debt issuance costs of $2.2&nbsp;million in connection
with the borrowing, both of which will be amortized to interest expense over the term of the loan. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Fourth Amendment to Amended and Restated Credit Agreement and Amendment to the U.S.
Obligations Security Agreement and the U.S. Pledge Agreement  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;7, 2015, we entered into the Fourth Amendment, pursuant to which the maturity date of the senior secured multi-currency
revolving credit facility was extended from June 2016 to March 2018 and the Amended and Restated Credit Agreement was amended to (a)&nbsp;provide for compliance with the Consolidated Senior Secured
Debt to Consolidated EBITDA Ratio, as defined in the senior secured credit agreement, solely with respect to the revolving line of credit facility, which financial covenant is to be tested quarterly
provided that following a Qualifying IPO (as defined in the Amended and Restated Credit Agreement) or certain private offerings of common stock or preferred stock, if the consolidated total debt to
consolidated EBITDA ratio is less than or equal to 4.75 to 1.0 on the last day of the respective test period, the maintenance financial covenant shall only apply if 25% or more of the revolving line
of credit facility is utilized and (b)&nbsp;revise certain covenants relating to restricted payments, investments and other matters such that such covenants are more restrictive. The U.S.
Obligations Security Agreement and U.S. Pledge Agreement were amended to extend the secured obligations to include cash management programs and to increase the secured amount of obligations relating
to cash management programs from $2&nbsp;million to $20&nbsp;million. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>334</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=344,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=524950,FOLIO='334',FILE='DISK112:[12ZBH3.12ZBH43513]EW43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ew43513_1_335"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Fifth Amendment to Amended and Restated Credit Agreement  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;3, 2016, we entered into the Fifth Amendment to the Amended and Restated Credit Agreement (the "Fifth Amendment"),
pursuant to which certain lenders (the "Extending Lenders") holding approximately $1.526&nbsp;billion of the Company's approximately $1.810&nbsp;billion of term loans then outstanding agreed to
extend the maturity date from June 2018 to March 2021 (the "2021 Extended Term Loan"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendment and extension set forth in the Fifth Amendment became effective on July&nbsp;29, 2016 upon the satisfaction of the following conditions, among
others:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the closing of both (i)&nbsp;the sale of the Glion and Les Roches hospitality management schools and (ii)&nbsp;the sale of the
ownership interest in LIUF; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the contemporaneous voluntary prepayment by the Company of $300.0&nbsp;million of the 2021 Extended Term Loan; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the further amendment of the Amended and Restated Credit Agreement pursuant to which the revolving credit lenders thereunder holding
revolving credit commitment in an aggregate principal amount satisfactory to the Company and Iniciativas Culturales de Espa&ntilde;a S.L., a subsidiary of the Company (the "Foreign Borrower"),
agreed to extend the maturity date to June&nbsp;7, 2019. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the effective date of the Fifth Amendment, the outstanding principal amount of the 2021 Extended Term Loan, after giving effect to the $300.0&nbsp;million voluntary prepayment and
the principal amortization payments made on or about June&nbsp;30, 2016 pursuant to the terms of the Amended and Restated Credit Agreement, was approximately $1.222&nbsp;billion and the
outstanding principal amount of the non-extending term loans was approximately $283.3&nbsp;million. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
stated maturity date of the 2021 Extended Term Loan is March&nbsp;17, 2021; provided that the maturity date will be subject to a customary "springing maturity" 91&nbsp;days prior
to September&nbsp;1, 2019 in the event that the Senior Notes (other than not more than $250&nbsp;million thereof) are not repaid or sufficiently extended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2021 Extended Term Loan have an interest rate equal to LIBOR&nbsp;+&nbsp;7.50%, or if borrowed as ABR loans, ABR&nbsp;+&nbsp;6.50%. The margins shall be increased by 0.50%
each quarter, commencing with the fiscal quarter ending September&nbsp;30, 2016; provided that in no event shall the LIBOR margin exceed 8.50% or the ABR margin exceed 7.50%. Upon the consummation
of certain equity offerings, the LIBOR margin will be immediately reduced to 7.50% and the ABR margin will be immediately reduced to 6.50%. There is no "floor" on LIBOR or ABR (other than the Federal
Funds Rate may not be less than zero) for the 2021 Extended Term Loan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fifth Amendment also provides that if the Company prepays all or part of the 2021 Extended Term Loan on or prior to the first anniversary of the effective date of the Fifth
Amendment, (other than schedule amortization payments, the voluntary prepayment of $300.0&nbsp;million, which is contemporaneous with the effectiveness of the Fifth Amendment, or the additional
payment described
below), the Company will be obligated to pay a prepayment premium of 1.0% of the amount of 2021 Extended Term Loan that are prepaid. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to our 2021 Extended Term Loan, we are required to make fixed quarterly principal payments in an aggregate amount equal to approximately $3.06&nbsp;million per quarter.
The Fifth Amendment also provides that if certain equity offerings of the Company do not occur on or before August&nbsp;15, 2017, the Company will be required to make, on August&nbsp;16, 2017, an
additional scheduled payment of principal on the 2021 Extended Term Loan in the amount of $62.5&nbsp;million. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>335</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=345,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=829798,FOLIO='335',FILE='DISK112:[12ZBH3.12ZBH43513]EW43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ew43513_1_336"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Revolving Line of Credit Facility  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under our senior secured multi-currency revolving credit facility bear interest at a rate per annum which, at our option,
can be either a LIBOR or an ABR plus, in each case, a margin. LIBOR loans under our senior secured multi-currency revolving credit facility accrue interest at the applicable LIBOR rate plus a 3.75%
margin, subject to adjustment as described below. The LIBOR rate with respect to our senior secured multi-currency revolving credit facility is subject to a "floor" equal to 1.25%. Interest on ABR
revolving borrowings accrues at the ABR (which is the higher of the Federal Funds rate plus 0.50% or the prime rate for the agent bank) plus a 2.75% margin, subject to adjustment as described below.
The ABR with respect to our senior secured multi-currency revolving credit facility is subject to a "floor" equal to 2.25%. For LIBOR revolving borrowings, the interest period is set at our option for
a period of one, two, three, six or (if such a period is available to all lenders under the applicable LIBOR borrowing) nine or 12&nbsp;months, and the cost of funds component of any LIBOR revolving
borrowing is subject to change when the underlying indices change. Once the interest period is set, the interest rate is fixed until the selected interest period ends, subject to customary "break"
cost provisions. ABR revolving borrowings and interest thereon are payable quarterly in arrears and the interest rate on any ABR revolving borrowing is subject to change when the underlying indices
change. In addition, our Amended and Restated Credit Agreement provides for the payment of a commitment fee based on the daily unused portion of our senior secured multi-currency revolving credit
facility. The commitment fee rate of 0.625% per annum is payable quarterly in arrears. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;7, 2016 we entered into a Sixth Amendment to the Amended and Restated Credit Agreement (the "Sixth Amendment") to extend the maturity date of the revolving credit facility
to June&nbsp;7, 2019, subject to the closing of the Fifth Amendment and other conditions needing to be satisfied. The Sixth Amendment also reduced the borrowing capacity of the revolving line of
credit facility from $350.0&nbsp;million to $325.0&nbsp;million. The conditions for the effectiveness of the Sixth Amendment were
satisfied and the Sixth Amendment became effective on July&nbsp;29, 2016. If on the date that is 91&nbsp;days prior to September&nbsp;1, 2019 more than $250.0&nbsp;million of the principal
amount of the Senior Notes due 2019 is outstanding, then the maturity date of the revolving line of credit facility shall be the date that is 91&nbsp;days prior to September&nbsp;1, 2019. Further,
if on the date that is 91&nbsp;days prior to the maturity date of the 2018 Extended Term Loan more than $250.0&nbsp;million of the principal amount of the 2018 Extended Term Loan is outstanding,
then the maturity date of the revolving line of credit facility shall be the date that is 91&nbsp;days prior to the 2018 Extended Term Loan maturity date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Sixth Amendment, the margins on the LIBOR loans and ABR loan under our senior secured multi-currency revolving credit facility shall be increased by 0.50% per quarter,
commencing with the quarter ending September&nbsp;30, 2016, provided in not event shall such LIBOR loan margin exceed 4.75% and ABR loan margin exceed 3.75%. Upon the consummation of certain equity
offerings, such LIBOR loan margin and ABR loan margin shall be immediately reduced to 3.75% and 2.75%, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
September&nbsp;30, 2016, the total amount outstanding under our senior secured multi-currency revolving credit facility was $160.0&nbsp;million, which consisted of
$160.0&nbsp;million in LIBOR loans at an interest rate of 6.25%. At December&nbsp;31, 2015, the total amount outstanding under our senior secured multi-currency revolving credit facility was
$269.3&nbsp;million, which consisted of $269.3&nbsp;million in LIBOR loans at an interest rate of 5.00%. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2021 Extended Term Loan  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described above, of the $1,810.1&nbsp;million term loans that were outstanding as of June&nbsp;3, 2016 when the Fifth Amendment
was executed, the term loan lenders holding $1.526&nbsp;million of such term loans agreed to extend the maturity date of their term loans to March&nbsp;17, 2021 (such extended term </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>336</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=346,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=49307,FOLIO='336',FILE='DISK112:[12ZBH3.12ZBH43513]EW43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ew43513_1_337"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>loans
being referred to herein as the 2021 Extended Term Loan). The terms of the 2021 Extended Term Loan are described above. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


New Series&nbsp;2018 Extended Term Loan  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the amendment and restatement on June&nbsp;16, 2011, the aggregate amount of the 2018 Extended Term Loans was
$1,103.9&nbsp;million. Pursuant to the Third Amendment, the 2018 Extended Term Loans, Series&nbsp;A-2018 New Term Loan, Series&nbsp;B New Term Loans and Series&nbsp;B Additional Term Loans
were refinanced with New Series&nbsp;2018 Extended Term Loans. The interest rate for our New Series&nbsp;2018 Extended Term Loan is set at a rate per annum which, at our option, can be either the
LIBOR rate or the ABR rate, plus in each case, a margin. The New Series&nbsp;2018 Extended Term Loans have the same terms as the 2018 Extended Term Loans, other than the interest rate as described
below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the Third Amendment to the Amended and Restated Credit Agreement in October 2013, the margin for LIBOR loans is 3.75% and the margin for ABR loans is 2.75%. The LIBOR rate is
subject to a "floor" equal to 1.25% and the ABR is subject to a "floor" equal to 2.25%. For LIBOR loans, the interest period is set at our option for a period of one, two, three, six or (if such a
period is available to all lenders under the applicable LIBOR borrowing) nine or 12&nbsp;months. Once the interest period is set, the interest rate is fixed until the selected interest period ends.
ABR loans and interest thereon are payable quarterly in arrears and the interest rate on any ABR loan is subject to change when the underlying indices change. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to our New Series&nbsp;2018 Extended Term Loans, we are required to make fixed quarterly principal payments. All unpaid principal and interest on these loans (to the
extent not extended as the 2021 Extended Term Loan on the Fifth Amendment Effective Date) shall be paid in full in June 2018. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, these loans
had an aggregate outstanding balance of $282.6&nbsp;million (net of original issue discount of $0.1&nbsp;million) and $1,814.8&nbsp;million (net of original issue discount of
$0.1&nbsp;million) respectively, and an interest rate of 5.00% at each date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portions of our New Series&nbsp;2018 Extended Term Loans that were not extended as the 2021 Extended Term Loan pursuant to the Fifth Amendment continue to have a maturity date of
June 2018. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Closing Date Term Loan  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the $675.0&nbsp;million Closing Date Term Loan made to us upon the closing of the original credit agreement, $651.4&nbsp;million
was outstanding immediately prior to the June&nbsp;16, 2011 effective date of the Amended and Restated Credit Agreement. Of that amount, approximately $522.3&nbsp;million was converted into the
2018 Extended Term Loans, and approximately $129.1&nbsp;million
remained outstanding and was not converted into the 2018 Extended Term Loans. We were required to make fixed quarterly principal payments on the Closing Date Term Loan of approximately $334,000. The
Closing Date Term Loan was paid in full on November&nbsp;16, 2012 with proceeds from the issuance of the Senior Notes. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Delayed Draw Term Loan  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the $100.0&nbsp;million Delayed Draw Term Loan made to us under the terms of the original credit agreement, approximately
$97.5&nbsp;million was outstanding immediately prior to the June&nbsp;16, 2011 effective date of the Amended and Restated Credit Agreement. Of that amount, approximately $78.4&nbsp;million was
converted into the 2018 Extended Term Loans, and approximately $19.1&nbsp;million remained outstanding and was not converted into the 2018 Extended Term Loans. We were required to make quarterly
principal payments equal to 0.25% of the principal balance outstanding on the Delayed Draw Term Loan. The Delayed Draw Term Loan was paid in full on November&nbsp;16, 2012 with proceeds from the
issuance of the Senior Notes. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>337</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=347,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=523615,FOLIO='337',FILE='DISK112:[12ZBH3.12ZBH43513]EW43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ew43513_1_338"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Series&nbsp;A New Term Loan  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the $280.0&nbsp;million Series&nbsp;A New Term Loan made pursuant to the terms of a joinder to the original credit agreement,
$275.8&nbsp;million was outstanding immediately prior to the June&nbsp;16, 2011 effective date of the Amended and Restated Credit Agreement. Of that amount, approximately $258.2&nbsp;million was
converted into the 2018 Extended Term Loans, and approximately $17.6&nbsp;million remained outstanding and was not converted into the 2018 Extended Term Loans. We were required to make fixed
quarterly principal payments on the Series&nbsp;A New Term Loan of approximately $45,000. The Series&nbsp;A New Term Loan was paid in full on November&nbsp;16, 2012 with proceeds from the
issuance of the Senior Notes. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Default Interest  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that we fail to pay all or a portion of the principal and interest amounts when due, the interest rates under our Senior
Secured Credit Facilities will be increased by 2.00% from the date of such non-payment to the date on which the payment is paid in full. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Secured Credit Facilities Outstanding  </I></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2016, the $1,661.7&nbsp;million balance of the Senior Secured Credit Facilities consists of $1,219.1
million in the 2021 Extended Term Loan, $282.6&nbsp;million in the New Series&nbsp;2018 Extended Term Loan and the Additional New Series&nbsp;2018 Extended Term Loans, and the senior secured
multi-currency revolving credit facility of $160.0&nbsp;million. As of December&nbsp;31, 2015, the $2,084.1&nbsp;million balance of the Senior Secured Credit Facilities consists of
$1,814.8&nbsp;million in the New Series&nbsp;2018 Extended Term Loan and the Additional New Series&nbsp;2018 Extended Term Loans, and the senior secured multi-currency revolving credit facility
of $269.3&nbsp;million. Upon the closing and funding of the purchase price of the Series&nbsp;A Preferred Stock offering in full, which was a qualified equity issuance under our Senior Secured
Credit Facilities, the applicable LIBOR margin for the 2021 Extended Term Loan under our Senior Secured Credit Facilities was reduced to 7.5% and the applicable ABR margin was reduced to 6.5%. The
applicable LIBOR margin for the revolving credit line under our Senior Secured Credit Facilities was reduced to 3.75% and the applicable ABR margin was reduced to 2.75%. In addition, the additional
scheduled payment on such 2021 Extended Term Loan in the amount of $62.5&nbsp;million will not be required under our Senior Secured Credit Facilities.

 </FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Secured Credit Facilities Borrowers and Guarantors  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The senior secured multi-currency revolving credit facility, the New Series&nbsp;2018 Extended Term Loan and the Additional New
Series&nbsp;2018 Extended Term Loans are collectively referred to as the Senior Secured Credit Facilities. Laureate Education,&nbsp;Inc. (the "U.S. Borrower") is the borrower under our Senior
Secured Credit Facilities. Iniciativas Culturales de Espa&ntilde;a S.L. (the "Foreign Borrower") is a borrower only under the senior secured multi-currency revolving credit facility of our
Senior Secured Credit Facilities, which is $100.0&nbsp;million of the $325.0&nbsp;million total senior secured multi-currency revolving credit facility. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of Laureate's required U.S. legal entities, excluding Walden University, Kendall College, NewSchool of Architecture and Design, The National Hispanic University and
St.&nbsp;Augustine, are guarantors of the Senior Secured Credit Facilities, and all of the guarantors' assets, both real and intangible, are pledged as collateral. Certain Walden assets are also
pledged as collateral, including all of Walden's U.S. receivables other than Title IV student loans, and all of its copyrights, patents, and trademarks. As of September&nbsp;30, 2016 and
December&nbsp;31, 2015, the carrying value of the Walden receivables and intangibles pledged as collateral was $420.8&nbsp;million and $404.3&nbsp;million, respectively. Additionally, not more
than 65% of the shares held by U.S. guarantors in nondomestic subsidiaries are pledged as collateral. There is also a separate guarantee and pledge agreement for the Foreign </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>338</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=348,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=70601,FOLIO='338',FILE='DISK112:[12ZBH3.12ZBH43513]EW43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ew43513_1_339"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Borrower
sub-facility of the senior secured multi-currency revolving credit facility (the "Spanish Tranche"). The Spanish Tranche is secured by certain of the Foreign Borrower's assets, including
intercompany loans and shares owned in other non-domestic subsidiaries, to secure the foreign obligations and guaranteed by certain non-domestic subsidiaries. Of the $325.0&nbsp;million revolving
line of credit facility noted above, we can borrow up to $100.0&nbsp;million under the Spanish Tranche. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certain Covenants  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior long-term debt contains certain negative covenants including, among others: (1)&nbsp;limitations on additional
indebtedness; (2)&nbsp;limitations on dividends; (3)&nbsp;limitations on asset sales, including the sale of ownership interests in subsidiaries and sale-leaseback transactions; and
(4)&nbsp;limitations on liens, guarantees, loans or investments. On July&nbsp;7, 2015, pursuant to the Fourth Amendment, the Amended and Restated Credit Agreement was amended to provide for a
consolidated senior secured debt to consolidated EBITDA maintenance financial covenant, solely with respect to the revolving line of credit facility, which financial covenant is to be tested quarterly
provided that from and after a Qualifying IPO (as defined in the Amended and Restated Credit Agreement) or certain private offerings of common stock or preferred stock and, if that the consolidated
total debt to consolidated EBITDA ratio is thereafter less than or equal to 4.75 to 1.0 on the last day of the respective test period, the maintenance financial covenant shall only apply if 25% or
more of the revolving line of credit facility is utilized. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;4, 2014, we notified our lenders of the 2013 Audited Financial Statement Delivery Default. The reason for the 2013 Audited Financial Statement Delivery Default is the
additional time needed to completely and accurately reflect several items in the 2013 Consolidated Financial Statements. We cured the 2013 Audited Financial Statement Delivery Default by delivering
the 2013 consolidated financial statements to the administrative agent on April&nbsp;14, 2014, the date that the 2013 consolidated
financial statements were issued, which was within the 30-day grace period provided for in the Amended and Restated Credit Agreement. There are no events causing noncompliance with these covenants as
of the issuance date of this prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Notes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;25, 2012, we completed an offering of $350.0&nbsp;million aggregate principal amount of 9.250% Senior Notes due 2019.
We used the net proceeds received from the debt offering to repay a portion of our senior secured multi-currency revolving credit facility. On November&nbsp;13, 2012, we completed an offering of
$1,050.0&nbsp;million aggregate principal amount of additional Senior Notes. The notes are treated as a single series with the $350.0&nbsp;million of Senior Notes that were issued in July 2012. We
used the net proceeds from the sale of the additional Senior Notes to purchase certain outstanding notes, and to fully repay certain debt instruments under our senior secured term loan facility. Of
the total $1,400.0&nbsp;million of Senior Notes, $350.0&nbsp;million were issued in July 2012 at par, while the remaining $1,050.0&nbsp;million were issued in November 2012 at a price of 97.750%
of face amount, resulting in an original debt discount of $23.6&nbsp;million, which is amortized to interest expense over the maturity of the notes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;29, 2015, we issued $50.1&nbsp;million aggregate principal amount of additional Senior Notes to the participants in the Executive DCP in partial settlement of the
2015 Executive DCP Obligation. The notes are treated as a single series with the $1,400.0&nbsp;million of Senior Notes that were issued in July and November 2012. See Note&nbsp;13, Share-based
Compensation in our consolidated financial statements included elsewhere in this prospectus for further information on our deferred compensation obligations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016, the outstanding balance on the Senior Notes was $1,376.7&nbsp;million, net of the remaining debt discount of $9.6&nbsp;million. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>339</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=349,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=216716,FOLIO='339',FILE='DISK112:[12ZBH3.12ZBH43513]EW43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ew43513_1_340"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;15, 2016, we entered into Note Exchange Agreements with certain Existing Holders of the Senior Notes pursuant to which we will exchange $250.0&nbsp;million in aggregate
principal amount of Senior Notes for shares of our Class&nbsp;A common stock. We expect the exchange to be completed within one year and one day after the consummation of this offering. The number
of shares of Class&nbsp;A common stock issuable will equal 104.625% of the aggregate principal amount of Senior Notes to be exchanged, or $261.6&nbsp;million, divided by the initial public
offering price per share of Class&nbsp;A common stock in this offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Note Exchange Agreements, on June&nbsp;15, 2016, we also repurchased from the Existing Holders $62.5&nbsp;million aggregate principal amount of Senior Notes at par
value, plus accrued and unpaid interest and special interest. Within 60&nbsp;days after the consummation of this offering, at the option of the Existing Holders or their transferees, we will
repurchase up to an additional $62.5&nbsp;million aggregate principal amount of Senior Notes at the redemption price set forth in the indenture governing the Senior Notes that is applicable as of
the date of pricing of this offering, plus accrued and unpaid interest and special interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Senior Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured senior basis, by each of our wholly owned domestic subsidiaries that guarantee
Laureate's obligations under the Senior Secured Credit Facilities. The Senior Notes rank junior to the Senior Secured Credit Facilities, to the extent of the value of the collateral securing such
facility. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Senior Notes have a stated maturity of September&nbsp;1, 2019. From and after September&nbsp;1, 2015, we may redeem all or part of the Senior Notes at redemption prices starting
at 106.938% of the principal amount thereof and decreasing from there ratably each year thereafter until September&nbsp;1, 2018, plus accrued and unpaid interest. From and after September&nbsp;1,
2018, we may redeem all or part of the Senior Notes at a redemption price of 100%, plus accrued and unpaid interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
and its guarantors agreed to (1)&nbsp;file&nbsp;a registration statement with the SEC with respect to a registered offer to exchange the Senior Notes for new notes having
terms substantially identical in all material respects to the outstanding notes (except that the new notes will not contain transfer restrictions or provide for special interest); or
(2)&nbsp;file&nbsp;a shelf registration for the resale of the notes. We were required to use all commercially reasonable efforts to cause the registration statement to be declared effective on or
before July&nbsp;25, 2014. Since the registration statement was not declared effective by July&nbsp;25, 2014, we have incurred additional interest at a rate equal to 0.25% per annum for the first
90-day period of the outstanding indenture indebtedness on the outstanding notes, 0.50% per annum for the next 90-day period, and 0.75% thereafter, as liquidated damages until the registration
statement is declared effective and the exchange offer is completed. Accordingly, we have recorded a liability for the amount of special interest on the Senior Notes that we have determined to be
probable and estimable based on our expected timing of registration as of each balance sheet date. As of September&nbsp;30, 2016, we had a total contingent liability for additional interest on the
Senior Notes of $7.0&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described under "Use of Proceeds," we intend to use the net proceeds from this offering to repay, redeem or repurchase our outstanding Senior Notes, our term loans under our Senior
Secured Credit Facilities and/or the seller notes used to partially finance the acquisition of FMU Group. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Debt  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Lines of Credit  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual Laureate subsidiaries have the ability to borrow pursuant to unsecured lines of credit and similar short-term borrowing
arrangements (collectively, "lines of credit"). The lines of credit are available for working capital purposes and enable us to borrow for and repay until those lines mature. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>340</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=350,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=975530,FOLIO='340',FILE='DISK112:[12ZBH3.12ZBH43513]EW43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ew43513_1_341"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
rates on our lines of credit ranged from 1.75% to 20.00% at September&nbsp;30, 2016 and our weighted-average short-term borrowing rate was 7.59% at September&nbsp;30, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
aggregate lines of credit (outstanding balances plus available borrowing capacity) were $119.6&nbsp;million as of September&nbsp;30, 2016. At September&nbsp;30, 2016,
the aggregate outstanding balances on our lines of credit were $64.7&nbsp;million, which are included in the current portion of long-term debt. Accordingly, the available borrowing capacity under
our lines of credit was $54.9&nbsp;million at September&nbsp;30, 2016. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Notes Payable  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable include mortgages payable that are secured by certain fixed assets. The notes payable have varying maturity dates and
repayment terms through 2030. These loans contain certain financial maintenance covenants and as of September&nbsp;30, 2016, Laureate is in
compliance with these covenants. Interest rates on notes payable ranged from 3.00% to 19.03% at September&nbsp;30, 2016. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;21, 2007, UVM Mexico entered into an agreement with a bank for a loan of MXN 2,750.0&nbsp;million (approximately $250.0&nbsp;million at that time). Under the terms
of the loan, UVM Mexico could borrow the total amount of the loan through one or more draws, provided that each draw of the loan was evidenced by a promissory note. On July&nbsp;1, 2008, Laureate
made a draw in the amount of MXN&nbsp;2,575.6&nbsp;million ($250.0&nbsp;million at July&nbsp;1, 2008) to acquire UNITEC Mexico. The loan was originally scheduled to mature on July&nbsp;1,
2015. UVM Mexico began semi-annual repayments of MXN&nbsp;257.6&nbsp;million on July&nbsp;15, 2010. In order to align the payments with the new loan described below, in May 2014 the loan
maturity date was extended to May&nbsp;15, 2021, and the repayments were suspended until May&nbsp;16, 2016, when UVM Mexico was scheduled to resume semiannual repayments of
MXN&nbsp;120.4&nbsp;million. These payments will continue through maturity in 2021. Interest is payable monthly and accrued at the 28-day Mexican Interbanking Offer Rate ("TIIE"), plus the
applicable margin. The applicable margin for the interest calculation is established based on the ratio of debt to EBITDA, as defined in the agreement. In May 2016, this loan was combined with the
loan from May 2012, as further described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2012, UVM Mexico entered into an agreement with a bank for a loan of MXN 900.0&nbsp;million, in order to fund payment of the amounts owed to the former noncontrolling interest
holders of Plansi under the terms of the agreement to purchase their remaining 10% interest in Plansi. The loan carried a variable interest rate and was originally scheduled to mature on
May&nbsp;15, 2019. In May 2014, the loan maturity date was extended to May&nbsp;15, 2021, and the repayments were suspended until May&nbsp;16, 2016. In May 2016, this loan was combined with the
loan from 2007, as further described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;12, 2016, the outstanding loans from 2007 and 2012 were refinanced and combined into one loan. The maturity date of the combined loan was extended to May&nbsp;15, 2023.
The repayments of the principal, which were originally suspended until May&nbsp;16, 2016, were further suspended until May&nbsp;15, 2018. The new refinanced loan carries a variable interest rate
based on the 28-day Mexican Interbanking Offer Rate ("TIIE"), plus the applicable margin. The applicable margin for the interest calculation is established based on the ratio of debt to EBITDA, as
defined in the agreement. Interest is paid monthly commencing on May&nbsp;15, 2016. As of September&nbsp;30, 2016, the interest rate on the loan was 7.71%, and the outstanding balance on the loan
was $114.1&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the loans above, in August 2015, UVM Mexico entered into an agreement with a bank for a loan of MXN 1,300&nbsp;million (approximately $79.0&nbsp;million at the time of
the loan). The loan carries a variable interest rate (6.86% at September&nbsp;30, 2016) and matures in August 2020. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
has also obtained financing to fund the construction of two new campuses at one of our institutions in Peru, UPC. As of September&nbsp;30, 2016, the outstanding balance on the
loans was </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>341</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=351,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=910090,FOLIO='341',FILE='DISK112:[12ZBH3.12ZBH43513]EW43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ew43513_1_342"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>$51.9&nbsp;million,
and had a weighted average interest rate of 7.97%. These loans have varying maturity dates with the final payment due in October 2022. As of September&nbsp;30, 2016,
$24.6&nbsp;million of the outstanding balances on the loans were payable to one of the institutional investors referred to in our consolidated financial statements included elsewhere in this
prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2014, Laureate obtained $7.5&nbsp;million of financing to fund the construction of a new campus at one of our institutions in Panama. In December 2014, we borrowed an additional
$5.0&nbsp;million. In June 2015, we borrowed an additional $12.5&nbsp;million. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, the outstanding balance of this loan was
$25.0&nbsp;million and $25.0&nbsp;million, respectively. This loan is payable to one of the institutional investors referred to in our consolidated financial statements included elsewhere in this
prospectus. It has a fixed interest rate of 8.11% and matures in 2024. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
has outstanding notes payable at HIEU in China. As of September&nbsp;30, 2016, the outstanding balance on the loans was $83.9&nbsp;million. The interest rates on these loans
range from 4.75% to 7.84% per annum as of September&nbsp;30, 2016. These notes are repayable in installments with the final installment due in November 2019. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
has outstanding notes payable at a real estate subsidiary in Chile. As of September&nbsp;30, 2016, the outstanding balance on the loans was $65.2&nbsp;million. The interest
rates on these loans range from 5.04% to 9.58% per annum as of September&nbsp;30, 2016. These notes are repayable in installments with the final installment due in August 2028. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2013, Laureate acquired THINK and financed a portion of the purchase price for THINK by borrowing AUD 45.0&nbsp;million ($34.5&nbsp;million at September&nbsp;30, 2016)
under a syndicated facility agreement in the form of two term loans of AUD 22.5&nbsp;million each. The syndicated facility agreement also provides for additional borrowings of up to
AUD&nbsp;20.0&nbsp;million ($15.3&nbsp;million at September&nbsp;30, 2016) under a capital expenditure facility and a working capital facility. The first term loan ("Facility A") has a term of
five years and principal is payable in quarterly installments of AUD&nbsp;1.1&nbsp;million ($0.9&nbsp;million at September&nbsp;30, 2016) beginning on March&nbsp;31, 2014. The second term
loan ("Facility B") has a term of five years and the total principal balance of AUD&nbsp;22.5&nbsp;million is payable at its maturity date of December&nbsp;20, 2018. The two term loans bear
interest at a variable rate plus a margin of up to 3.2% for Facility A and 3.5% for Facility B that is determined based on THINK's leverage ratio, and interest is payable periodically. As of
September&nbsp;30, 2016, the interest rates on Facility A and Facility B were 4.60% and 4.63%, respectively. The terms of the syndicated facility agreement required THINK to enter into an interest
rate swap within 45&nbsp;days from the agreement's December&nbsp;20, 2013 effective date, in order to convert at least 50% of the AUD 45.0&nbsp;million of term loan debt from a variable interest
rate to a fixed interest rate. Accordingly, on January&nbsp;31, 2014 THINK executed an interest rate swap agreement to satisfy this requirement and converted AUD&nbsp;22.5&nbsp;million
($17.3&nbsp;million at September&nbsp;30, 2016) of the variable rate component of the term loan debt to a fixed interest rate of 3.86%. This interest rate swap was not designated as a hedge for
accounting purposes. As of September&nbsp;30, 2016, $14.7&nbsp;million was outstanding under these loan facilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2016, these loan facilities were amended and restated. As a result of this amendment and a repayment of AUD 11.0&nbsp;million ($8.1&nbsp;million at the date of
payment):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Facility A has been amended to be a term loan of AUD 10.0&nbsp;million ($7.7&nbsp;million at September&nbsp;30, 2016), and
principal is repayable in quarterly installments of AUD 0.8&nbsp;million </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>342</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=352,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=432475,FOLIO='342',FILE='DISK112:[12ZBH3.12ZBH43513]EW43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ew43513_1_343"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>($0.6&nbsp;million
at September&nbsp;30, 2016) beginning on September&nbsp;30, 2016. The final balance is repayable at its maturity date of December&nbsp;20, 2018;
and</FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Facility B has been amended to be a revolving facility of up to AUD 15.0&nbsp;million ($11.5&nbsp;million at September&nbsp;30,
2016) and any balance outstanding is repayable at its maturity date of December&nbsp;20, 2018. This facility bears interest at a variable rate plus a margin of 2.75%. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
above-described interest rate swap agreement related to these facilities remains not designated as a hedge for accounting purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
September 2014, Laureate acquired FMU and financed a portion of the purchase price by borrowing amounts under two loans that totaled BRL 259.1&nbsp;million ($110.3&nbsp;million at
the borrowing date). The loans require semi-annual principal payments beginning at BRL 6.5&nbsp;million in October 2014 and increasing to a maximum of BRL 22.0&nbsp;million beginning in October
2017 and continuing through their maturity dates in April 2021. As of September&nbsp;30, 2016, the outstanding balance of these loans was $66.5&nbsp;million. Both loans mature on April&nbsp;15,
2021 and bear interest at an annual variable rate of CDI plus 3.7% (approximately 18% at September&nbsp;30, 2016). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;18, 2015, the Company entered into an agreement with two banks to borrow a total of EUR&nbsp;100 million ($106.5&nbsp;million at the borrowing date) as described
in Note&nbsp;9, Debt, in our consolidated financial statements included elsewhere in this prospectus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Capital Lease Obligations and Sale-Leaseback Financings  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital leases and sale-leaseback financings, primarily relating to real estate obligations, are included in debt and have been
recorded using interest rates ranging from 1.00% to 42.87%. During 2015 and 2014, we had additions to assets and liabilities recorded as sale-leaseback financings and build-to-suit arrangements of
$8.1&nbsp;million and $67.8&nbsp;million, respectively, including additions through acquisition. We had assets under capital leases and sale-leaseback financings of $203.0&nbsp;million at
September&nbsp;30, 2016, net of accumulated amortization. The amortization expense for capital lease assets is recorded in depreciation and amortization expense. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate maturities of our total future value and present value of the minimum capital lease payments and payments related to sale-leaseback financings at September&nbsp;30, 2016
were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Future Value of<BR>
Minimum Lease<BR>
Payments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Interest </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Present Value of<BR>
Minimum Lease<BR>
Payments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(amounts in thousands)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October&nbsp;1, 2016 - September&nbsp;30, 2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>43,407</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,770</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12,637</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October&nbsp;1, 2017 - September&nbsp;30, 2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>56,462</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,326</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,136</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October&nbsp;1, 2018 - September&nbsp;30, 2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42,766</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,655</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,111</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October&nbsp;1, 2019 - September&nbsp;30, 2020</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37,594</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,395</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,199</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>October&nbsp;1, 2020 - September&nbsp;30, 2021</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>44,184</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,284</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thereafter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>281,776</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>103,474</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>178,302 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total capital lease debt</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>506,189</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>246,520</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>259,669 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>343</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=353,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1036729,FOLIO='343',FILE='DISK112:[12ZBH3.12ZBH43513]EW43513A.;26',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ey43513_1_344"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ey43513_material_u.s._federal_tax_cons__mat03085"> </A>
<A NAME="toc_ey43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  MATERIAL U.S. FEDERAL TAX CONSEQUENCES<BR>  FOR NON-U.S. HOLDERS OF CLASS A COMMON STOCK    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general discussion of the material U.S. federal income and estate tax consequences to Non-U.S. Holders with respect
to the acquisition, ownership and disposition of our Class&nbsp;A common stock. In general, a "Non-U.S. Holder" is any holder of our Class&nbsp;A common stock other than the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an individual citizen or resident of the United States, including an alien individual who is a lawful permanent resident of the United
States or meets a certain "substantial presence" test under section&nbsp;7701(b)(3) of the Code; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a corporation (or an entity treated as a corporation for U.S. federal income tax purposes) created or organized in the United States
or under the laws of the United States, any state thereof, or the District of Columbia; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a partnership (or an entity treated as a partnership for U.S. federal income tax purposes); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an estate, the income of which is subject to U.S. federal income tax regardless of its source; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a trust, if (i)&nbsp;a U.S. court can exercise primary supervision over the administration of the trust and one or more U.S. persons
can control all substantial decisions of the trust, or (ii)&nbsp;the trust has a valid election to be treated as a U.S. person in effect. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the "substantial presence test", an individual holder of our Class&nbsp;A common stock may, in many cases, be deemed to be a resident alien, as opposed to a nonresident alien, by
virtue of being present in the United States for at least 31&nbsp;days in the calendar year and for an aggregate of at least 183&nbsp;days during a three-year period ending in the current calendar
year. For these purposes, all the days present in the current year, one-third of the days present in the immediately preceding year, and one-sixth of the days present in the second preceding year are
counted. Resident aliens are subject to U.S. federal income tax as if they were U.S. citizens. Such an individual is urged to consult his or her own tax advisor regarding the U.S. federal income tax
consequences of the acquisition, ownership or disposition of our Class&nbsp;A common stock. If a business entity that is treated as a partnership for U.S. federal income tax purposes (a
"partnership") is a beneficial owner of our Class&nbsp;A common stock, the treatment of a member of the partnership will generally depend upon the status of the partner and the activities of the
partnership. </FONT><FONT SIZE=2><B>Members of partnerships holding our Class&nbsp;A common stock are particularly urged to consult their tax advisors regarding the tax consequences of acquiring,
holding, and disposing of shares of Class&nbsp;A common stock</B></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion is based on current provisions of the Code, Treasury Regulations promulgated under the Code, judicial opinions, published positions of the Internal Revenue Service, or
IRS, and all other applicable authorities, all of which are subject to change, possibly with retroactive effect. This discussion does not address all aspects of U.S. federal income and estate taxation
or any aspects of state, local, or non-U.S. taxation, nor does it consider any specific facts or circumstances that may apply to particular Non-U.S. Holders that may be subject to special treatment
under the U.S. federal income tax laws, such as controlled foreign corporations, passive foreign investment companies, insurance
companies, tax-exempt organizations, qualified foreign pension funds, financial institutions, brokers, dealers in securities, U.S. expatriates, persons holding our Class&nbsp;A common stock as part
of a hedging, integrated, conversion or constructive sale transaction or a straddle, traders in securities that elect to use a mark-to-market method of accounting, persons liable for the alternative
minimum tax or persons who acquired our Class&nbsp;A common stock as compensation for services. This discussion assumes that the Non-U.S. Holder will hold our Class&nbsp;A common stock as a
capital asset, generally property held for investment. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>344</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=354,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=847171,FOLIO='344',FILE='DISK112:[12ZBH3.12ZBH43513]EY43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ey43513_1_345"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROSPECTIVE
INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISORS REGARDING THE U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. INCOME AND OTHER TAX CONSIDERATIONS OF ACQUIRING, HOLDING, AND
DISPOSING OF SHARES OF CLASS A COMMON STOCK. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dividends  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions on our Class&nbsp;A common stock will constitute dividends for U.S. federal income tax purposes to the extent paid from
our current and accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent those distributions exceed our current and accumulated earnings and profits,
they will constitute a return of capital and will first reduce the recipient's basis in our Class&nbsp;A common stock, but not below zero, and then will be treated as gain from the sale of stock as
described below under "&#151;Gain on Sale or Other Disposition of Class&nbsp;A Common Stock." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, dividends paid to a Non-U.S. Holder will be subject to U.S. withholding tax at a rate equal to 30% of the gross amount of the dividend, unless (i)&nbsp;the dividends are
taxed at a lower rate prescribed by an income tax treaty between the United States and the Non-U.S. Holder's country of residence or (ii)&nbsp;the dividends are effectively connected with a trade or
business carried on by the Non-U.S. Holder within the United States. Under applicable Treasury Regulations, a Non-U.S. Holder will be required to satisfy certain certification requirements, generally
by providing to the applicable withholding agent an IRS Form&nbsp;W-8BEN or IRS Form&nbsp;W-8BEN-E, or any successor form, directly or through an intermediary, in order to claim a reduced rate of
withholding under an applicable income tax treaty. If tax is withheld in an amount in excess of the amount prescribed by an applicable income tax treaty, a refund of the excess amount may generally be
obtained by filing an appropriate claim for refund with the IRS. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
that are effectively connected with a U.S. trade or business (and, if required by an applicable tax treaty, are attributable to a U.S. permanent establishment (or, in certain
cases involving individual holders, a U.S. fixed base) maintained by the recipient) generally will not be subject to U.S. withholding tax if the Non-U.S. Holder files an IRS Form&nbsp;W-8ECI, or any
successor form, with the applicable withholding agent, but instead such dividends generally will be subject to U.S. federal income tax on a net income basis in the same manner as if the Non-U.S.
Holder were a resident of the United States. A corporate Non-U.S. Holder that receives effectively connected dividends may be subject to an additional branch profits tax at a rate of 30%, or a lower
rate prescribed by an applicable income tax treaty, with respect to effectively connected dividends (subject to adjustment). </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Gain on Sale or Other Disposition of Class&nbsp;A Common Stock  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, a Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable
disposition of the Non-U.S. Holder's shares of Class&nbsp;A common stock unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the gain is effectively connected with a trade or business carried on by the Non-U.S. Holder within the United States (and, if
required by an applicable tax treaty, is attributable to a U.S. permanent establishment (or, in certain cases involving individual holders, a U.S. fixed base) maintained by the Non-U.S. Holder); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Non-U.S. Holder is an individual who holds shares of Class&nbsp;A common stock as capital assets and is present in the United
States for 183&nbsp;days or more in the taxable year of disposition and certain other conditions are met; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our Class&nbsp;A common stock constitutes a U.S. real property interest by reason of our status as a "United States real property
holding corporation," or USRPHC, for U.S. federal income tax </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>345</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=355,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=174506,FOLIO='345',FILE='DISK112:[12ZBH3.12ZBH43513]EY43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ey43513_1_346"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>purposes
at any time within the shorter of the five-year period preceding the disposition or the Non-U.S. Holder's holding period for our Class&nbsp;A common stock. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Non-U.S. Holder is described in the first bullet above, it will be required to pay tax on the net gain derived from the sale under regular graduated U.S. federal income tax rates
applicable to U.S. persons, and a corporate Non-U.S. Holder described in the first bullet above may be subject to an additional branch profits tax at a 30% rate or such lower rate as may be specified
by an applicable income tax treaty. If the Non-U.S. Holder is an individual described in the second bullet above, he or she will be required to pay a flat 30% (or such lower rate as may be prescribed
by an applicable income tax treaty) tax on the gain derived from the sale, which gain may be offset by United States source capital losses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that we are not currently and will not become a USRPHC. However, because the determination of whether we are a USRPHC depends on the fair market value of our U.S. real
property relative to the fair market value of our other business assets, there can be no assurance that we will not become a USRPHC in the future. Even if we become a USRPHC, however, as long as our
Class&nbsp;A common stock is regularly traded on an established securities market, such Class&nbsp;A common stock will be treated as a U.S. real property interest only if the Non-U.S. Holder
actually or constructively held more than 5% of our Class&nbsp;A common stock at any time within the shorter of the five-year period preceding the disposition or the Non-U.S. Holder's holding period
for our Class&nbsp;A common stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Information Reporting and Backup Withholding  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, the applicable withholding agent must report annually to the IRS the amount of dividends paid to a Non-U.S. Holder, the name
and address of the recipient, and the amount, if any, of tax withheld. A similar report is sent to the recipient. These information reporting requirements apply even if withholding was not required
because the dividends were effectively connected dividends or withholding was reduced by an applicable income tax treaty. Under tax treaties or other agreements, the IRS may make its reports available
to tax authorities in the recipient's country of residence. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments
made to a Non-U.S. Holder that is not an exempt recipient generally will be subject to backup withholding, currently at a rate of 28%, unless a Non-U.S. Holder certifies as to
its foreign status, which certification may be made on IRS Form&nbsp;W-8BEN or W-8BEN-E (and the applicable withholding agent does not have actual knowledge or reason to know the holder is a U.S.
person), or the Non-U.S. Holder otherwise establishes an exemption from backup withholding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
from the disposition of Class&nbsp;A common stock by a Non-U.S. Holder effected by or through a United States office of a broker will be subject to information reporting and
backup withholding, currently at a rate of 28% of the gross proceeds, unless the Non-U.S. Holder certifies to the payor under penalties of perjury as to, among other things, its address and status as
a Non-U.S. Holder (and the broker does not have actual knowledge or reason to know the holder is a U.S. person) or otherwise establishes an exemption. Generally, United States information reporting
and backup withholding will not apply to a payment of disposition proceeds if the transaction is effected outside the United States by or through a non-U.S. office of a broker. However, if the broker
is, for U.S. federal income tax purposes, a U.S. person (including a foreign branch or office of such person), a controlled foreign corporation, a foreign person who derives 50% or more of its gross
income for specified periods from the conduct of a U.S. trade or business, specified U.S. branches of foreign banks or insurance companies or a foreign partnership with certain connections to the
United States, information reporting but not backup withholding will apply unless:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the broker has documentary evidence in its files that the holder is a Non-U.S. Holder (and the broker has no actual knowledge or
reason to know to the contrary) and other conditions are met; or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>346</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=356,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=756995,FOLIO='346',FILE='DISK112:[12ZBH3.12ZBH43513]EY43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ey43513_1_347"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the holder otherwise establishes an exemption. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backup
withholding is not an additional tax. Rather, the amount of tax withheld is applied to the U.S. federal income tax liability of persons subject to backup withholding. If backup
withholding results in an overpayment of U.S. federal income taxes, a refund may be obtained, provided the required documents are filed with the IRS. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Additional Withholding Requirements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Sections&nbsp;1471 through 1474 of the Code, such Sections being commonly referred to as FATCA, a 30% U.S. federal withholding
tax may apply to any dividends paid on Class&nbsp;A common stock, and, for a disposition of Class&nbsp;A common stock occurring after December&nbsp;31, 2018, the gross proceeds from such
disposition, in each case paid to (i)&nbsp;a "foreign financial institution" (as specifically defined in the Code) which does not provide sufficient documentation, typically on IRS
Form&nbsp;W-8BEN-E, evidencing either (x)&nbsp;an exemption from FATCA, or (y)&nbsp;its compliance (or deemed compliance) with FATCA (which may alternatively be in the form of compliance with an
intergovernmental agreement with the United States) in a manner that avoids withholding, or (ii)&nbsp;a "non-financial foreign entity" (as specifically defined in the Code) which does not provide
sufficient documentation, typically on IRS Form&nbsp;W-8BEN-E, evidencing either (x)&nbsp;an exemption from FATCA, or (y)&nbsp;adequate information regarding certain substantial United States
beneficial owners of such entity (if any). If a dividend payment is both subject to withholding under FATCA and subject to the withholding tax discussed above under "&#151;Dividends," the
withholding under FATCA may be credited against, and therefore reduce, such other withholding tax. Investors should consult their own tax advisor regarding these requirements and whether they may be
relevant to the ownership and disposition of our Class&nbsp;A common stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Estate Tax  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Class&nbsp;A common stock owned or treated as owned by an individual who is not a citizen or resident of the United States (as
specifically defined for U.S. federal estate tax purposes) at the time of death will be includible in the individual's gross estate for U.S. federal estate tax purposes, unless an estate tax treaty
between the United States and the decedent's country of residence provides otherwise. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>347</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=357,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=990619,FOLIO='347',FILE='DISK112:[12ZBH3.12ZBH43513]EY43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ey43513_1_348"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ey43513_shares_eligible_for_future_sale"> </A>
<A NAME="toc_ey43513_2"> </A>
<BR></FONT><FONT SIZE=2><B>  SHARES ELIGIBLE FOR FUTURE SALE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the completion of our leveraged buyout in August 2007, there has not been any public market for our capital stock, and we cannot
predict what effect, if any, market sales of shares of Class&nbsp;A common stock or the availability of shares of Class&nbsp;A common stock for sale will have on the market price of our
Class&nbsp;A common stock. Nevertheless, sales of substantial amounts of shares of Class&nbsp;A common stock, including shares issued upon the exercise of outstanding options, in the public
market, or the perception that such sales could occur, could materially adversely affect the market price of our Class&nbsp;A common stock and could impair our future ability to raise capital
through the sale of our equity or equity-related securities at a time and price that we deem appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the completion of this offering, we will have outstanding an aggregate of&nbsp;29,000,000 shares of Class&nbsp;A common stock and 133,300,971 shares of Class&nbsp;B common
stock, assuming no exercise of the underwriters' option to purchase additional shares and no exercise of outstanding options. Of these outstanding shares, the 29,000,000 shares of Class&nbsp;A
common stock to be sold in this offering will be freely tradable without restriction or further registration under the Securities Act, except that any shares purchased in this offering by our
"affiliates," as that term is defined under Rule&nbsp;144 of the Securities Act, may be sold only in compliance with the limitations described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Class&nbsp;B common stock outstanding after this offering will be restricted as a result of securities laws or lock-up agreements as described below. Following the
expiration of the lock-up period, all shares will be eligible for resale in compliance with Rule&nbsp;144 or Rule&nbsp;701. "Restricted securities" as defined under Rule&nbsp;144 were issued and
sold by us in reliance on exemptions from the registration requirements of the Securities Act. These shares may be sold in the public market only if registered or pursuant to an exemption from
registration, such as Rule&nbsp;144 or Rule&nbsp;701 under the Securities Act. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Note Exchange Agreements, we will exchange $250.0&nbsp;million in aggregate principal amount of Senior Notes for shares of our Class&nbsp;A common stock. We expect
the exchange to be completed within one year and one day after the consummation of this offering, subject to certain exceptions that could result in the exchange being completed prior to that time.
The number of shares of Class&nbsp;A common stock issuable will equal 104.625% of the aggregate principal amount of Senior Notes to be exchanged, or $261.6&nbsp;million, divided by
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, the initial public offering price per share of Class&nbsp;A common stock. Assuming an initial public offering price of $18.50 per share, which is the midpoint of the range set
forth
on the cover page of this prospectus, and assuming the completion of the exchange transaction on the one-year anniversary of this offering, we expect to issue an aggregate of 14,138,514 shares of
Class&nbsp;A common stock. The shares of Class&nbsp;A common stock issued upon completion of the exchange will not be subject to any lock up agreements and may be sold pursuant to Rule&nbsp;144
under the Securities Act, depending on their holding period and subject to restrictions in the case of shares held by persons deemed to be our affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the holders of the shares of Series&nbsp;A Preferred Stock may convert their shares of Series&nbsp;A Preferred Stock into shares of our Class&nbsp;A common stock
within one year and one day after the consummation of this offering, subject to certain exceptions that could result in the holders being able to convert their shares of Series&nbsp;A Preferred
Stock prior to that time. The number of shares of Class&nbsp;A common stock issuable upon conversion will depend upon, among other things, the number of shares of Class&nbsp;A common stock sold
and the initial public offering price per share of Class&nbsp;A common stock in this offering. Assuming an initial public offering price of $18.50 per share, which is the midpoint of the range set
forth on the cover page of this prospectus, and assuming all interest is paid in cash through the conversion date and the completion of the exchange transaction on the one-year anniversary of this
offering, we expect to issue an aggregate of 25,437,202 shares of Class&nbsp;A common stock. Depending on when and in what manner the shares of Series&nbsp;A Preferred Stock are converted, the
shares of Class&nbsp;A common stock issued upon conversion may or may not be subject to any lock up agreements and may be sold pursuant to Rule&nbsp;144 under the Securities Act, depending on
their holding </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>348</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=358,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1047220,FOLIO='348',FILE='DISK112:[12ZBH3.12ZBH43513]EY43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ey43513_1_349"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>period
and subject to restrictions in the case of shares held by persons deemed to be our affiliates. As restrictions on resale end, the market price of our Class&nbsp;A common stock could decline
if the holders of restricted shares sell them or are perceived by the market as intending to sell them. For more information on our Series&nbsp;A Preferred Stock, see "Description of Capital
Stock&#151;Preferred Stock&#151;Series&nbsp;A Preferred Stock." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Rule&nbsp;144  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, under Rule&nbsp;144 as in effect on the date of this prospectus, once we have been subject to public company reporting
requirements for at least 90&nbsp;days, a person who is not deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90&nbsp;days preceding a sale and
who has beneficially owned the shares of our Class&nbsp;A common stock proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates, is
entitled to sell those shares of our Class&nbsp;A common stock without complying with the manner of sale, volume limitation or notice provisions of Rule&nbsp;144, subject to compliance with the
public information requirements of Rule&nbsp;144. If such a person has beneficially owned the shares of our Class&nbsp;A common stock proposed to be sold for at least one year, including the
holding period of any prior owner other than our affiliates, then that person is entitled to sell those shares of our Class&nbsp;A common stock without complying with any of the requirements of
Rule&nbsp;144. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, under Rule&nbsp;144, as currently in effect, our affiliates or persons selling shares of our Class&nbsp;A common stock on behalf of our affiliates are entitled to sell
upon the expiration of the lock-up agreements described below, within any three-month period beginning 90&nbsp;days after the date of this
prospectus, a number of shares of our Class&nbsp;A common stock that does not exceed the greater of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 1% of the number of shares of our Class&nbsp;A common stock then outstanding, which will equal approximately 290,000 shares
immediately after completion of this offering, or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the average weekly trading volume of the shares of our Class&nbsp;A common stock on the applicable stock exchange during the four
calendar weeks preceding the filing of a notice on Form&nbsp;144 with respect to such sale. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
under Rule&nbsp;144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to
the availability of current public information about us. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Rule&nbsp;701  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;701 under the Securities Act, as in effect on the date of this prospectus, permits resales of shares in reliance upon
Rule&nbsp;144 but without compliance with certain restrictions of Rule&nbsp;144, including the holding period requirement. Most of our employees, executive officers or directors who acquired
shares under a written compensatory plan or contract may be entitled to rely on the resale provisions of Rule&nbsp;701, but all holders of Rule&nbsp;701 shares are required to wait until
90&nbsp;days after the date of this prospectus before selling their shares. However, substantially all Rule&nbsp;701 shares are subject to lock-up agreements as described below and under
"Underwriting" and will become eligible for sale upon the expiration of the restrictions set forth in those agreements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock Option and Incentive Plans  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to file one or more registration statements on Form&nbsp;S-8 under the Securities Act following this offering to register
the Class&nbsp;A common stock that is issuable upon
exercise of stock options outstanding or under our stock option and incentive plans or issuable upon conversion of the Class&nbsp;B common stock that is issuable upon exercise of existing options.
These registration statements are expected to become effective upon filing. Shares covered by these registration statements will then be eligible for sale in the public markets, subject to any
applicable lock-up agreements and to Rule&nbsp;144 limitations applicable to affiliates. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>349</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=359,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=539376,FOLIO='349',FILE='DISK112:[12ZBH3.12ZBH43513]EY43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ey43513_1_350"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Lock-up Agreements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this offering, we, our directors and executive officers and holders of substantially all of our outstanding common
stock (including Wengen and the IFC Investors (other than the Korean Investment Corporation, which holds 1,390,902 shares of our common stock)) have agreed not to (i)&nbsp;offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly
or indirectly, any shares of Class&nbsp;A common stock or any securities convertible into or exercisable or exchangeable for shares of Class&nbsp;A common stock; (ii)&nbsp;file any registration
statement with the SEC relating to the offering of any shares of Class&nbsp;A common stock or any securities convertible into or exercisable or exchangeable for Class&nbsp;A common stock or
(iii)&nbsp;enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Class&nbsp;A common stock, without the consent
of the representatives of the underwriters for a period of 180&nbsp;days from the date of this prospectus, subject to certain exceptions. For additional information, see "Underwriting." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
restrictions in the immediately preceding paragraph do not apply to certain transfers including, but not limited to, transfers of shares of our Class&nbsp;A common stock or
securities convertible into or exchangeable for shares of our Class&nbsp;A common stock (i)&nbsp;acquired in open market transactions after completion of this offering, subject to certain
conditions, (ii)&nbsp;to satisfy tax withholding requirements, subject to certain conditions, (iii)&nbsp;pursuant to our equity incentive plans described elsewhere in this prospectus,
(iv)&nbsp;pursuant to an establishment of a Rule&nbsp;10b5-1 plan, subject to certain conditions and (v)&nbsp;in certain other transactions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>350</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=360,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=720506,FOLIO='350',FILE='DISK112:[12ZBH3.12ZBH43513]EY43513A.;30',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ez43513_1_351"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ez43513_underwriting"> </A>
<A NAME="toc_ez43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  UNDERWRITING    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms and subject to the conditions contained in an underwriting agreement
dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017, we have agreed to
sell to the underwriters named below, for whom Credit Suisse Securities (USA)&nbsp;LLC, Morgan Stanley&nbsp;&amp;&nbsp;Co.&nbsp;LLC and Barclays Capital&nbsp;Inc. are acting as representatives,
the following respective numbers of shares of Class&nbsp;A common stock: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:43pt;"><FONT SIZE=1><B>Underwriter

<!-- COMMAND=ADD_SCROPPEDRULE,43pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number<BR>
of Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit Suisse Securities (USA)&nbsp;LLC</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Morgan Stanley&nbsp;&amp;&nbsp;Co.&nbsp;LLC</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Barclays Capital&nbsp;Inc.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Macquarie Capital (USA)&nbsp;Inc.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>J.P. Morgan Securities&nbsp;LLC</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>BMO Capital Markets Corp.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Citigroup Global Markets&nbsp;Inc.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goldman, Sachs&nbsp;&amp;&nbsp;Co.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Robert W. Baird&nbsp;&amp;&nbsp;Co. Incorporated</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Barrington Research Associates,&nbsp;Inc.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Piper Jaffray&nbsp;&amp;&nbsp;Co.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stifel, Nicolaus&nbsp;&amp; Company, Incorporated</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>William Blair&nbsp;&amp; Company, L.L.C.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Banco Bradesco BBI&nbsp;S.A.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>BTG Pactual US Capital,&nbsp;LLC.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29,000,000 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriting agreement provides that the underwriters are obligated to purchase all the shares of Class&nbsp;A common stock in the offering if any are purchased, other than those
shares covered by the option to purchase additional shares described below. The underwriting agreement also provides that if an underwriter defaults, the purchase commitments of non-defaulting
underwriters may be increased or the offering may be terminated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have granted to the underwriters a 30-day option to purchase on a pro rata basis up to 4,350,000 additional shares from us at the initial public offering price less the underwriting
discounts and commissions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters propose to offer the shares of Class&nbsp;A common stock initially at the public offering price on the cover page of this prospectus and to selling group members at
that price less a selling concession of up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share. After the initial public offering the representatives may change the public offering price and selling concession and
discount
to broker/dealers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes the compensation and estimated expenses we will pay: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="35pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="35pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Per Share </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Without<BR>
Option </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>With<BR>
Option </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Without<BR>
Option </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>With<BR>
Option </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting discounts and commissions paid by us</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie
Capital (USA)&nbsp;Inc., which is a FINRA member, has acted as a financial adviser in connection with our preparation for this offering. We have agreed to pay Macquarie
Capital (USA)&nbsp;Inc. a one-time fee of $2.2&nbsp;million for its services. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;20, 2016, we issued and sold 23,000 shares of our Series&nbsp;A Preferred Stock to an affiliate of Macquarie Capital (USA)&nbsp;Inc., an underwriter in this
offering, in a private placement at a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>351</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=361,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=523392,FOLIO='351',FILE='DISK112:[12ZBH3.12ZBH43513]EZ43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ez43513_1_352"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>purchase
price of $1,000.00 per share for aggregate proceeds of $23.0&nbsp;million. The 23,000 shares of Series&nbsp;A Preferred Stock are deemed to be underwriting compensation pursuant to FINRA
Rule&nbsp;5110. Such securities may not be sold during this offering or sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call
transaction that would result in the effective economic disposition of the shares for a period of 180&nbsp;days immediately following the date of effectiveness of this offering or commencement of
sales of this offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie
Capital (USA)&nbsp;Inc. has been granted the right to participate in future financings by the Company; this right is deemed to constitute 1% in underwriting compensation for
this offering pursuant to FINRA Rule&nbsp;5110. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
estimate that our out-of-pocket expenses for this offering will be approximately $9&nbsp;million. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed to reimburse the underwriters for expenses of approximately $20,000 related to clearance of this offering with the Financial Industry Regulatory Authority,&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters have informed us that they do not intend sales to discretionary accounts to exceed 5% of the total number of shares of Class&nbsp;A common stock offered by them. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed that we will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, or file with the Securities and Exchange Commission a registration
statement under the Securities Act relating to, any shares of our Class&nbsp;A common stock or securities convertible into or exchangeable or exercisable for any shares of our Class&nbsp;A common
stock, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing, without the prior written consent of the representatives for a period of 180&nbsp;days after the
date of this prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
directors and executive officers and holders of substantially all of our outstanding common stock (including Wengen and the IFC Investors (other than the Korean Investment
Corporation, which holds 1,390,902 shares of our common stock)), have agreed that they will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any shares of our
Class&nbsp;A common stock or securities convertible into or exchangeable or exercisable for any shares of our Class&nbsp;A common stock, enter into a transaction that would have the same effect,
or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of our Class&nbsp;A common stock, whether any of these
transactions are to be settled by delivery of our Class&nbsp;A common stock or other securities, in cash or otherwise, or publicly disclose the intention to make any offer, sale, pledge or
disposition, or to enter into any transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of the representatives for a period of 180&nbsp;days after the date
of this prospectus, subject to certain exceptions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
restrictions in the immediately preceding paragraph do not apply to certain transfers including, but not limited to, transfers of shares of our Class&nbsp;A common stock or
securities convertible into or exchangeable for shares of our Class&nbsp;A common stock (i)&nbsp;acquired in open market transactions after completion of this offering, subject to certain
conditions, (ii)&nbsp;to satisfy tax withholding requirements, subject to certain conditions, (iii)&nbsp;pursuant to our equity incentive plans described elsewhere in this prospectus,
(iv)&nbsp;pursuant to an establishment of a Rule&nbsp;10b5-1 plan, subject to certain conditions and (v)&nbsp;in certain other transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed to indemnify the underwriters against liabilities under the Securities Act, or contribute to payments that the underwriters may be required to make in that respect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Class&nbsp;A common stock has been approved for listing on Nasdaq under the symbol "LAUR".


</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the offering, there has been no public market for our Class&nbsp;A common stock. The initial public offering price will be determined through negotiations between us and the
representatives. In </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>352</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=362,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=128108,FOLIO='352',FILE='DISK112:[12ZBH3.12ZBH43513]EZ43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ez43513_1_353"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>determining
the initial public offering price, we and the representatives expect to consider a number of factors including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the information set forth in this prospectus and otherwise available to the underwriters; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our prospects and the history and prospects for the industry in which we compete; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an assessment of our management; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our prospects for future earnings; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the recent market prices of, and demand for, publicly-traded common stock of generally comparable companies; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the general condition of the securities markets at the time of the offering; and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> other factors deemed relevant by the underwriters and us. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
we nor the underwriters can assure investors that an active trading market will develop for our Class&nbsp;A common stock, or that shares of our Class&nbsp;A common stock
will trade in the public market at or above the initial public offering price. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the offering the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions, penalty bids and passive market
making in accordance with Regulation&nbsp;M under the Exchange Act. </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified
maximum. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Over-allotment involves sales by the underwriters of shares in excess of the number of shares the underwriters are obligated to
purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of shares over-allotted
by the underwriters is not greater than the number of shares that they may purchase in the option to purchase additional shares. In a naked short position, the number of shares involved is greater
than the number of shares in the option to purchase additional shares. The underwriters may close out any covered short position by either exercising their option to purchase additional shares and/or
purchasing shares in the open market. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Syndicate covering transactions involve purchases of the Class&nbsp;A common stock in the open market after the distribution has
been completed in order to cover syndicate short positions. In determining the source of shares to close out the short position, the underwriters will consider, among other things, the price of shares
available for purchase in the open market as compared to the price at which they may purchase shares through the option to purchase additional shares. If the underwriters sell more shares than could
be covered by the option to purchase additional shares, a naked short position, the position can only be closed out by buying shares in the open market. A naked short position is more likely to be
created if the underwriters are concerned that there could be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the
offering. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Penalty bids permit the representatives to reclaim a selling concession from a syndicate member when the Class&nbsp;A common stock
originally sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> In passive market making, market makers in the Class&nbsp;A common stock who are underwriters or prospective underwriters may,
subject to limitations, make bids for or purchases of our Class&nbsp;A common stock until the time, if any, at which a stabilizing bid is made. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>353</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=363,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=260955,FOLIO='353',FILE='DISK112:[12ZBH3.12ZBH43513]EZ43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ez43513_1_354"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
stabilizing transactions, over-allotment transactions, syndicate covering transactions, penalty bids and passive market making may have the effect of raising or maintaining the
market price of our Class&nbsp;A common stock or preventing or retarding a decline in the market price of the Class&nbsp;A common stock. As a result the price of our Class&nbsp;A common stock
may be higher than the price that might otherwise exist in the open market. These transactions may be effected on Nasdaq or otherwise and, if commenced, may be discontinued at any time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
prospectus in electronic format may be made available on the web sites maintained by one or more of the underwriters, or selling group members, if any, participating in this offering
and one or more of the underwriters participating in this offering may distribute prospectuses electronically. The representatives may agree to allocate a number of shares to underwriters and selling
group members for sale to their online brokerage account holders. Internet distributions will be allocated by the
underwriters and selling group members that will make internet distributions on the same basis as other allocations. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Relationships  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may
include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities. Certain of the underwriters
and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for us or our affiliates, for which they
received or will receive customary fees and expenses. Certain of the underwriters or their affiliates are lenders under our senior secured multi-currency credit facility. For example,
Citibank,&nbsp;N.A., an affiliate of Citigroup Global Markets Inc., acts as an administrative agent under our senior secured multi-currency revolving credit facility. Affiliates of certain of the
underwriters hold a portion of the Senior Notes and/or the term loans under our Senior Secured Credit Facilities, and as a result, may receive a portion of the proceeds from this offering. See "Use of
Proceeds." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and
equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers and may at any time hold long and
short positions in such securities and instruments. Such investment and securities activities may involve our securities and instruments. The underwriters and their respective affiliates may also make
investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, loan or
short positions in such securities and instrument. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Selling Restrictions  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Notice to Prospective Investors in Canada  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as
defined in National Instrument&nbsp;45-106 Prospectus Exemptions or subsection&nbsp;73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National
Instrument&nbsp;31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares must be made in accordance with an exemption from, or in a transaction not
subject to, the prospectus requirements of applicable securities laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damage if this prospectus (including any amendment thereto)
contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's
province or territory. The </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>354</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=364,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=952540,FOLIO='354',FILE='DISK112:[12ZBH3.12ZBH43513]EZ43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ez43513_1_355"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>purchaser
should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to section&nbsp;3A.3 of National Instrument&nbsp;33-105 Underwriting Conflicts (NI&nbsp;33-105), the underwriters are not required to comply with the disclosure
requirements of NI&nbsp;33-105 regarding underwriter conflicts of interest in connection with this offering. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Notice to Prospective Investors in the European Economic Area  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In relation to each Member State of the European Economic Area (each, a "Relevant Member State"), no offer of shares may be made to the
public in that Relevant Member State other than: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
any legal entity which is a qualified investor as defined in the Prospectus Directive;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), subject to obtaining the prior consent
of the representatives; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
any other circumstances falling within Article&nbsp;3(2) of the Prospectus Directive, </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>provided
that no such offer of shares shall require us or the representatives to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus Directive. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
person in a Relevant Member State who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed that it is a "qualified
investor" within the meaning of the law in that Relevant Member State. In the case of any shares being offered to a financial intermediary as that term is used in Article&nbsp;3(2) of the Prospectus
Directive, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a non-discretionary basis
on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares to the public other than their offer or resale
in a Relevant Member State to qualified investors as so defined or in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer or resale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We,
the representatives and their affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus has been prepared on the basis that any offer of shares in any Relevant Member State will be made pursuant to an exemption under the Prospectus Directive from the
requirement to publish a prospectus for offers of shares. Accordingly any person making or intending to make an offer in that Relevant Member State of shares which are the subject of the offering
contemplated in this prospectus may only do so in circumstances in which no obligation arises for us or any of the underwriters to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus
Directive in relation to such offer. Neither we nor the underwriters have authorized, nor do they authorize, the making of any offer of shares in circumstances in which an obligation arises for us or
the underwriters to publish a prospectus for such offer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of the above provisions, the expression an "offer to the public" in relation to any shares in any Relevant Member State means the communication in any form and by any
means of sufficient information on the terms of the offer and the shares to be offered so as to enable an investor to decide to purchase or subscribe the shares, as the same may be varied in that
Member State by any measure implementing the Prospectus Directive in the Relevant Member State and the expression "Prospectus Directive" means Directive 2003/71/EC (as amended, including the Directive
2010/73/EU), and includes any relevant implementing measure in the Relevant Member State. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>355</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=365,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=291726,FOLIO='355',FILE='DISK112:[12ZBH3.12ZBH43513]EZ43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ez43513_1_356"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Notice to Prospective Investors in the United Kingdom  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently
made may only be directed at persons who are "qualified investors" (as defined in the Prospectus Directive) (i)&nbsp;who have professional experience in matters relating to investments falling
within Article&nbsp;19 (5)&nbsp;of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") and/or (ii)&nbsp;who are high net worth companies (or
persons to whom it may otherwise be lawfully communicated) falling within Article&nbsp;49(2)(a) to (d)&nbsp;of the Order (all such persons together being referred to as "relevant persons"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
person in the United Kingdom that is not a relevant person should not act or rely on the information included in this document or use it as basis for taking any action. In the United
Kingdom, any investment or investment activity that this document relates to may be made or taken exclusively by relevant persons. Any person in the United Kingdom that is not a relevant person should
not act or rely on this document or any of its contents. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Notice to Prospective Investors in Switzerland  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX"), or on any other stock
exchange or regulated trading facility in Switzerland. This document does not constitute a prospectus within the meaning of, and has been prepared without regard to the disclosure standards for
issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27
ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating
to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
this document nor any other offering or marketing material relating to the offering, us or the shares have been or will be filed with or approved by any Swiss regulatory
authority. In particular this document will not be filed with, and the offer of shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, and the offer of the shares
has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment
schemes under the CISA does not extend to acquirers of the shares. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Notice to Prospective Investors in Hong Kong  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than
(a)&nbsp;to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b)&nbsp;in other circumstances which do
not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32)&nbsp;of Hong Kong or which do not constitute an offer to the public within the meaning of that
Ordinance. No advertisement, invitation or document relating to the shares has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong
Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong)
other than with respect to shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance
(Cap. 571) and any rules made under that Ordinance. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Notice to Prospective Investors in Singapore  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any
other document or material in connection with the offer or sale, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>356</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=366,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=375194,FOLIO='356',FILE='DISK112:[12ZBH3.12ZBH43513]EZ43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ez43513_1_357"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>or
invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or
purchase, whether directly or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities and Futures Act, Chapter&nbsp;289 of
Singapore (the "SFA"), (ii)&nbsp;to a relevant person pursuant to Section&nbsp;275(1), or any person pursuant to Section&nbsp;275(1A), and in accordance with the conditions specified in
Section&nbsp;275, of the SFA or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where
the shares are subscribed or purchased under Section&nbsp;275 of the SFA by a relevant person which is:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a corporation (which is not an accredited investor (as defined in Section&nbsp;4A of the SFA)) the sole business of which is to hold
investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust
is an individual who is an accredited investor, </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>securities
(as defined in Section&nbsp;239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months
after that corporation or that trust has acquired the shares pursuant to an offer made under Section&nbsp;275 of the SFA except:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> to an institutional investor or to a relevant person defined in Section&nbsp;275(2) of the SFA, or to any person arising from an
offer referred to in Section&nbsp;275(1A) or Section&nbsp;276(4)(i)(B) of the SFA; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> where no consideration is or will be given for the transfer; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> where the transfer is by operation of law; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> as specified in Section&nbsp;276(7) of the SFA; or</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> as specified in Regulation&nbsp;32 of the Securities and Futures (Offers of Investments) (Shares and Debentures)
Regulations&nbsp;2005 of Singapore. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>357</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=367,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=639946,FOLIO='357',FILE='DISK112:[12ZBH3.12ZBH43513]EZ43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<A NAME="page_ez43513_1_358"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ez43513_legal_matters"> </A>
<A NAME="toc_ez43513_2"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the shares of Class&nbsp;A common stock offered hereby will be passed upon for us by DLA Piper&nbsp;LLP (US),
Baltimore, Maryland, and the validity of the shares of Class&nbsp;A common stock offered hereby will be passed upon for the underwriters by Simpson Thacher&nbsp;&amp; Bartlett&nbsp;LLP, New York,
New York. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ez43513_experts"> </A>
<A NAME="toc_ez43513_3"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements of Laureate Education,&nbsp;Inc., as of December&nbsp;31, 2015 and 2014 and for each of the three years in
the period ended December&nbsp;31, 2015 included elsewhere in this Prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public
accounting firm, given on the authority of said firm as experts in auditing and accounting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements of FMU&nbsp;Group as of September&nbsp;12, 2014 and for the period from January&nbsp;1, 2014 through September&nbsp;12, 2014 included elsewhere in this
Prospectus have been so included in reliance of the report of PricewaterhouseCoopers Auditores Independentes, S&atilde;o&nbsp;Paulo, Brazil, independent accountants, given on the authority
of said firm as experts in auditing and accounting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements of Sociedade Educacional Sul-Rio-Grandense&nbsp;Ltda. as of December&nbsp;31, 2013 and 2012 and for each of the two years in the period ended
December&nbsp;31, 2013 included elsewhere in this Prospectus have been so included in reliance of the report of PricewaterhouseCoopers Auditores Independentes, Porto&nbsp;Alegre, RS, Brazil,
independent accountants, given on the authority of said firm as experts in auditing and accounting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ez43513_where_you_can_find_more_information"> </A>
<A NAME="toc_ez43513_4"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the SEC a registration statement on Form&nbsp;S-1 under the Securities Act with respect to the shares of
Class&nbsp;A common stock offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or
the exhibits and schedules filed therewith. For further information about us and the Class&nbsp;A common stock offered hereby, we refer you to the registration statement and the exhibits and
schedules filed thereto. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not
necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement. Following
this offering, we will be required to file periodic reports, proxy statements, and other information with the SEC pursuant to the Exchange Act. You may read and copy this information at the Public
Reference Room of the SEC, 100&nbsp;F Street, N.E., Room&nbsp;1580, Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at
1-800-SEC-0330. The SEC also maintains a website that contains reports, proxy statements and other information about issuers, like us, that file electronically with the SEC. The address of that site
is www.sec.gov. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may obtain a copy of any of our filings, at no cost, by writing or telephoning us at: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Laureate
Education,&nbsp;Inc.<BR>
650 S. Exeter Street<BR>
Baltimore, Maryland 21202<BR>
(410)&nbsp;843-6100<BR>
Attn: Corporate Secretary </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
website is accessible through www.laureate.net. Information on, or accessible through, our website is not part of, and is not incorporated into, this prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>358</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=368,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=636794,FOLIO='358',FILE='DISK112:[12ZBH3.12ZBH43513]EZ43513A.;34',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fa43513_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fa43513_index_to_consolidated_financial_statements"> </A>
<BR></FONT><FONT SIZE=2><B>  Index to Consolidated Financial Statements    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="FA43513_TOC"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="35pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Laureate Education, Inc. Audited Financial Statements</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Report"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Report of Independent Registered Accounting Firm</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Report"><FONT SIZE=2>F-2</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Operations1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Statements of Operations for the years ended December&nbsp;31, 2015, 2014 and 2013</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Operations1"><FONT SIZE=2>F-3</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Income1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Statements of Comprehensive Income for the years ended December&nbsp;31, 2015, 2014 and 2013</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Income1"><FONT SIZE=2>F-4</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Balance1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Balance Sheets as of December&nbsp;31, 2015 and 2014</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Balance1"><FONT SIZE=2>F-5</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Equity1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Statements of Stockholders' Equity for the years ended December&nbsp;31, 2015, 2014 and 2013</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Equity1"><FONT SIZE=2>F-7</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Flows1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Statements of Cash Flows for the years ended December&nbsp;31, 2015, 2014 and 2013</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Flows1"><FONT SIZE=2>F-8</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Notes1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notes to Consolidated Financial Statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Notes1"><FONT SIZE=2>F-9</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Laureate Education, Inc. Unaudited Financial Statements</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#laOperation"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Statements of Operations for the nine months ended September&nbsp;30, 2016 and September&nbsp;30,
2015</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#laOperation"><FONT SIZE=2>F-127</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#laIncome"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Statements of Comprehensive Income for the nine months ended September&nbsp;30, 2016 and September&nbsp;30,
2015</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#laIncome"><FONT SIZE=2>F-128</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#laBalsheet"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Balance Sheets as of September&nbsp;30, 2016 and December&nbsp;31, 2015</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#laBalsheet"><FONT SIZE=2>F-129</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#laCashflow"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated Statements of Cash Flows for the nine months ended September&nbsp;30, 2016 and September&nbsp;30,
2015</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#laCashflow"><FONT SIZE=2>F-131</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#laNotes"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notes to Unaudited Consolidated Financial Statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#laNotes"><FONT SIZE=2>F-132</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>FMU Group Combined Audited Financial Statements</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Report4"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Independent Auditor's Report</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Report4"><FONT SIZE=2>F-188</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Income4"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Combined Statement of Comprehensive Income for the period from January&nbsp;1, 2014 through September&nbsp;12,
2014</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Income4"><FONT SIZE=2>F-189</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Balance4"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Combined Balance Sheet as of September&nbsp;12, 2014</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Balance4"><FONT SIZE=2>F-190</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Equity4"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Combined Statement of Invested Equity for the period from January&nbsp;1, 2014 through September&nbsp;12,
2014</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Equity4"><FONT SIZE=2>F-191</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Flows4"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Combined Statement of Cash Flows for the period from January&nbsp;1, 2014 through September&nbsp;12, 2014</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Flows4"><FONT SIZE=2>F-192</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Notes4"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notes to Combined Financial Statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Notes4"><FONT SIZE=2>F-193</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Sociedade Educacional Sul-Rio-Grandense Ltda. Audited Financial Statements</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#IAR"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Independent Auditor's Report</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#IAR"><FONT SIZE=2>F-211</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#SO"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Statements of Operations for the years ended December&nbsp;31, 2013 and 2012</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#SO"><FONT SIZE=2>F-212</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#BS"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance Sheets as of December&nbsp;31, 2013 and 2012</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#BS"><FONT SIZE=2>F-213</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#SE"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Statements of Quotaholder's Equity for the years ended December&nbsp;31, 2013 and 2012</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#SE"><FONT SIZE=2>F-214</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#CI"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Statements of Comprehensive Income for the years ended December&nbsp;31, 2013 and 2012</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#CI"><FONT SIZE=2>F-215</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#Cf"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Statements of Cash Flows for the years ended December&nbsp;31, 2013 and 2012</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Cf"><FONT SIZE=2>F-216</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#NOtes5"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notes to Financial Statements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#NOtes5"><FONT SIZE=2>F-217</FONT></A></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=369,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=948217,FOLIO='F-1',FILE='DISK112:[12ZBH3.12ZBH43513]FA43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fc43513_1_2"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;">


<FONT SIZE=2><B> <A NAME="Report"></A>Report of Independent Registered Public Accounting Firm

  </B></FONT>

</P>

<P style="font-family:times;"><FONT SIZE=2>To
the Board of Directors and Stockholders<BR>
of Laureate Education&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations, comprehensive income, stockholders' equity and cash flows present
fairly, in all material respects, the financial position of Laureate Education,&nbsp;Inc. and its subsidiaries at December&nbsp;31, 2015 and December&nbsp;31, 2014, and the results of their
operations and their cash flows for each of the three years in the period ended December&nbsp;31, 2015 in conformity with accounting principles generally accepted in
the United States of America. In addition, in our opinion, the financial statement schedule listed in the index appearing under Item&nbsp;16(b) presents fairly, in all material respects, the
information set forth therein when read in conjunction with the related consolidated financial statements. These financial statements and financial statement schedule are the responsibility of the
Company's management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits. We conducted our audits of these statements in
accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in Note&nbsp;2 to the consolidated financial statements, the Company changed the manner in which it classifies deferred financing costs in 2016. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>


/s/ PricewaterhouseCoopers&nbsp;LLP

</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


Baltimore, Maryland<BR>
March&nbsp;25, 2016, except for the change in the manner in which the Company classifies deferred financing costs as discussed in Note&nbsp;2, as to which the date is May&nbsp;20, 2016, and
except for the change in composition of reportable segments as discussed in Note&nbsp;6, as to which the date is December&nbsp;14, 2016, and except for the effects of the reverse stock split as
discussed in Note&nbsp;1, as to which the date is January&nbsp;31, 2017.

 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=370,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=46398,FOLIO='F-2',FILE='DISK112:[12ZBH3.12ZBH43513]FC43513A.;16',USER='HYUNG',CD='31-JAN-2017;09:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fe43513_1_3"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Operations1"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fe43513_laureate_education,_inc._and_s__lau03649"> </A>
<A NAME="toc_fe43513_1"> </A></FONT> <FONT SIZE=2><B><BR>  LAUREATE EDUCATION,&nbsp;INC. AND SUBSIDIARIES    <BR>    <BR>    Consolidated Statements of Operations    <BR>    <BR>    IN THOUSANDS    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Revenues</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,291,659</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,414,682</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,913,881</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Costs and expenses:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,760,016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,838,179</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,418,449</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General and administrative expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>194,686</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>151,215</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>141,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on impairment of assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>125,788</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,582 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Operating income</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>336,957</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>299,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>320,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,822</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,805</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(398,042</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(385,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(350,196</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(22,984</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,361</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Loss) gain on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,607</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,631</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other income (expense), net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,499</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange loss, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(149,178</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(109,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,102</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Loss) income from continuing operations before income taxes and equity in net income (loss) of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(200,610</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(201,671</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax (expense) benefit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(117,730</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(91,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in net income (loss) of affiliates, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(905</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Loss from continuing operations</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(90,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from discontinued operations, net of tax of $0 for all years</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>796</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sales of discontinued operations, net of tax of $0, $0 and $1,864, respectively</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,350 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net loss</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(85,076</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net (income) loss attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(403</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,162</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,398 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net loss attributable to Laureate Education, Inc</B></FONT><FONT SIZE=2>.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(316,248</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(158,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(69,678</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Basic and diluted earnings (loss) per share:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from continuing operations attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.44</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.64</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from discontinued operations attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.04 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic and diluted net loss per share attributable to common stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.44</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=371,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=107741,FOLIO='F-3',FILE='DISK112:[12ZBH3.12ZBH43513]FE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fg43513_1_4"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Income1"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fg43513_laureate_education,_inc._and_s__lau04037"> </A>
<A NAME="toc_fg43513_1"> </A></FONT> <FONT SIZE=2><B><BR>  LAUREATE EDUCATION,&nbsp;INC. AND SUBSIDIARIES    <BR>    <BR>    Consolidated Statements of Comprehensive Income    <BR>    <BR>    IN THOUSANDS    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net loss</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(85,076</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other comprehensive (loss) income:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency translation adjustment, net of tax of $0 for all years</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(386,310</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(307,101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(193,589</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized gain (loss) on derivative instruments, net of tax of $0 for all years</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,629</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(733</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minimum pension liability adjustment, net of tax of $982, $715 and $1,235, respectively</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,966</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,994</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,585 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total other comprehensive loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(377,715</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(314,828</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(188,337</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Comprehensive loss</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(693,560</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(477,281</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(273,413</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net comprehensive loss (income) attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,234</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8,759</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,936 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Comprehensive loss attributable to Laureate Education, Inc</B></FONT><FONT SIZE=2>.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(690,326</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(486,040</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(256,477</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=372,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=325172,FOLIO='F-4',FILE='DISK112:[12ZBH3.12ZBH43513]FG43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fi43513_1_5"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Balance1"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fi43513_laureate_education,_inc._and_s__lau04181"> </A>
<A NAME="toc_fi43513_1"> </A></FONT> <FONT SIZE=2><B><BR>  LAUREATE EDUCATION,&nbsp;INC. AND SUBSIDIARIES    <BR>    <BR>    Consolidated Balance Sheets    <BR>    <BR>    IN THOUSANDS, except per share amounts    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:48pt;"><FONT SIZE=1><B>December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,48pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current assets:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents (includes VIE amounts of $120,944 and $122,712, see Note&nbsp;2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>458,673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>461,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash and investments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>160,585</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>149,438</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receivables:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts and notes receivable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>441,051</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>452,509</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other receivables</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>35,788</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>40,239</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Related party receivables</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,336</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,743</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(158,006</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(164,764</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receivables, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>326,169</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>341,727</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>87,895</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>95,835</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax receivable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,048</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,595</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid expenses and other current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>85,314</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>94,259 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current assets (includes VIE amounts of $307,043 and $315,579, see Note&nbsp;2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,135,684</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,153,438</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notes receivable, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>59,272</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,728</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Land</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>419,977</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>470,993</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buildings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,294,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,340,333</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture, equipment and software</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,142,176</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,161,892</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leasehold improvements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>384,655</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>391,435</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Construction in-progress</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93,260</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>121,978</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,043,431</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(972,312</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,290,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,514,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Land use rights, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,336</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,992</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,115,897</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,469,795</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,361,125</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,461,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93,064</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred costs, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58,169</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>59,494</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>80,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>87,741</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>234,782</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>308,935</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term assets held for sale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>141,856 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets (includes VIE amounts of $1,346,908 and $1,449,560, see Note&nbsp;2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,439,116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,358,124 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=373,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=402920,FOLIO='F-5',FILE='DISK112:[12ZBH3.12ZBH43513]FI43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fi43513_1_6"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
LAUREATE EDUCATION,&nbsp;INC. AND SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Consolidated Balance Sheets (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> IN THOUSANDS, except per share amounts  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:48pt;"><FONT SIZE=1><B>December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,48pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities and stockholders' equity</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current liabilities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>111,749</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>107,385</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>371,621</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>392,088</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued compensation and benefits</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>237,659</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>252,133</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred revenue and student deposits</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>482,723</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>471,755</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current portion of long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>192,354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>233,286</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current portion of due to shareholders of acquired companies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,050</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26,048</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,463</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>82,165</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income taxes payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48,369</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,998</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,310</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,968</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>688</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>40,489 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current liabilities (includes VIE amounts of $305,067 and $388,588, see Note&nbsp;2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,548,183</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,669,315</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt, less current portion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,318,934</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,253,487</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Due to shareholders of acquired companies, less current portion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>165,669</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>222,013</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,880</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,410</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income taxes payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>169,951</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>155,728</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>507,477</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>570,364</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,326</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>287,524</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>329,128 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities (includes VIE amounts of $455,373 and $505,330, see Note&nbsp;2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,031,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,257,700</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51,746</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>43,876</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholders' equity:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred stock, par value $0.001 per share&#151;authorized 50,000 shares, no shares issued and outstanding as of December&nbsp;31, 2015 and
December&nbsp;31, 2014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock, par value $0.004&nbsp;per share&#151;authorized 175,000&nbsp;shares, issued and outstanding shares of 133,255 and 132,973 as of
December&nbsp;31, 2015 and December&nbsp;31, 2014, respectively</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>532</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional paid-in capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,686,451</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,688,877</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated deficit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,409,548</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,093,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated other comprehensive loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(952,677</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(579,041</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Laureate Education,&nbsp;Inc. stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>324,759</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,017,068</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,480 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>355,426</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,056,548 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities and stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,439,116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,358,124 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=374,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=989094,FOLIO='F-6',FILE='DISK112:[12ZBH3.12ZBH43513]FI43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fk43513_1_7"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Equity1"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fk43513_laureate_education,_inc._and_s__lau04071"> </A>
<A NAME="toc_fk43513_1"> </A></FONT> <FONT SIZE=2><B><BR>  LAUREATE EDUCATION,&nbsp;INC. AND SUBSIDIARIES    <BR>    <BR>    Consolidated Statements of Stockholders' Equity    <BR>    <BR>    IN THOUSANDS    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="35pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Laureate Education,&nbsp;Inc. Stockholders </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares of<BR>
common<BR>
stock<BR>
outstanding </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Common<BR>
stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Additional<BR>
paid-in<BR>
capital </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>(Accumulated<BR>
deficit)<BR>
retained<BR>
earnings </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Accumulated<BR>
other<BR>
comprehensive<BR>
(loss) income </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Noncontrolling<BR>
interests </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total<BR>
stockholders'<BR>
equity </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Balance at December&nbsp;31, 2012</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>126,577</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>506</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,537,054</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(865,331</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(76,132</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>36,579</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,632,676</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Capital contribution from parent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13,568</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13,568</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Non-cash stock compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>41,140</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>41,140</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash dividends to stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(22,872</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(22,872</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Common stock issued net of stock issuance cost</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,791</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>199,697</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>199,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Exercise of put, vesting of restricted stock and exercise of stock options, net of shares withheld to satisfy minimum employee tax withholding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,971</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Changes in noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(87,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(5,879</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(93,872</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Dividends to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>195</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,304</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,109</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Capital contributions from noncontrolling interest holders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,823</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,823</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Accretion of redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(9,797</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(9,797</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Reclassification of comprehensive income to redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9,672</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9,672</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Reclassification of redeemable noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,571</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,571</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(69,678</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(15,398</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(85,076</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Foreign currency translation adjustment, net of tax of $0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(192,051</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(193,589</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Unrealized gain on derivatives, net of tax of $0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Minimum pension liability adjustment, net of tax of $1,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,585</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,585 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Balance at December&nbsp;31, 2013</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>132,470</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,669,044</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(935,009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(268,810</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>43,382</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,509,137</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Non-cash stock compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>40,693</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>40,693</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash distributions to stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(5,271</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(5,271</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Equity to liability award modification</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,986</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,986</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Exercise of stock options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>964</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>964</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Vesting of restricted stock and exercise of stock options, net of shares withheld to satisfy minimum employee tax withholding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>465</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,240</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Changes in noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4,498</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,769</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(729</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Dividends to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,461</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,050</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,411</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Capital contributions from noncontrolling interest holders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,821</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>166</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,987</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Accretion of redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(9,187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(9,187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Reclassification of comprehensive income to redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(119</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(119</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(158,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4,162</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Foreign currency translation adjustment, net of tax of $0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(302,504</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4,597</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(307,101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Unrealized loss on derivatives, net of tax of $0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(733</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(733</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Minimum pension liability adjustment, net of tax of $715</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,994</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,994</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Balance at December&nbsp;31, 2014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>132,973</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>532</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,688,877</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,093,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(579,041</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>39,480</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,056,548</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Non-cash stock compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>34,120</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>34,120</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash distributions to stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(18,975</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(18,975</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Exercise of stock options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>111</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,040</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,040</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Vesting of restricted stock and exercise of stock options, net of shares withheld to satisfy minimum employee tax withholding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>163</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,869</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,868</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Changes in noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,554</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>442</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,253</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Dividends to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,147</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(95</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Capital contributions from noncontrolling interest holders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,382</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,382</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Accretion of redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(13,041</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(13,041</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Reclassification of comprehensive income to redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4,613</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(4,613</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net (loss) income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(316,248</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>403</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Foreign currency translation adjustment, net of tax of $0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(382,673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,637</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(386,310</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Unrealized gain on derivatives, net of tax of $0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,629</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,629</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Minimum pension liability adjustment, net of tax of $982</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,966</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,966 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Balance at December&nbsp;31, 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>133,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,686,451</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,409,548</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(952,677</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>30,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>355,426 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=375,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=752996,FOLIO='F-7',FILE='DISK112:[12ZBH3.12ZBH43513]FK43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fm43513_1_8"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="Flows1"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fm43513_laureate_education,_inc._and_s__lau03622"> </A>
<A NAME="toc_fm43513_1"> </A></FONT> <FONT SIZE=2><B><BR>  LAUREATE EDUCATION,&nbsp;INC. AND SUBSIDIARIES    <BR>    <BR>    Consolidated Statements of Cash Flows    <BR>    <BR>    IN THOUSANDS    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:102pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,102pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Cash flows from operating activities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(315,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(162,453</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(85,076</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Adjustments to reconcile net loss to net cash provided by operating activities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>282,946</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>288,331</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>242,725</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Loss on impairment of assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>125,788</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>33,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>(Gain) loss on sale of subsidiary and disposal of property and equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(5,141</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,006</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(7,181</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Loss (gain) on derivative instruments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,988</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(29,801</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(44,208</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>331</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>22,984</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,361</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Non-cash interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>55,786</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>52,908</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>46,650</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Non-cash share-based compensation expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>39,021</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>49,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>49,512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Bad debt expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>107,162</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>110,302</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>102,661</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Deferred income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(15,563</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(163,257</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(16,207</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Unrealized foreign currency exchange loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>124,487</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>98,767</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>790</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Non-cash loss (gain) from non-income tax contingencies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>182</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,355</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9,336</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Non-cash expense (income) from profit-sharing legislation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>937</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(22,755</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,389</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,646</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,410</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,501</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:12pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Changes in operating assets and liabilities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:19pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Restricted cash</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(932</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(12,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:19pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Receivables</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(225,027</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(166,008</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(95,295</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:19pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Inventory, prepaid expenses and other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(15,533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(28,517</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(35,452</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:19pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Accounts payable and accrued expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15,237</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13,034</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26,574</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:19pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Income tax receivable/payable, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13,673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>63,564</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(11,871</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:19pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Deferred revenue and other liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>105,131</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>22,796</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>50,427 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net cash provided by operating activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>170,486</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>269,156</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>277,202 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Cash flows from investing activities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Purchase of property and equipment and land use rights</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(344,056</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(416,746</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(500,886</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Expenditures for deferred costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(22,802</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(19,672</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(18,645</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Receipts from sale of property and equipment and subsidiary</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>204,076</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,565</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>66,960</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Property insurance recoveries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,198</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Business acquisitions, net of cash acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(287,945</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(177,550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Payments of contingent consideration for acquisitions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,275</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(5,674</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Proceeds from (investments in) affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,047</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(8,789</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Payments from (to) related parties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,849</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,745</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(8,724</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Change in restricted cash and investments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(15,452</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>224,424</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(235,775</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Proceeds from sale or maturity of available-for-sale securities, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,478</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,448</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net cash used in investing activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(173,642</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(489,181</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(889,083</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Cash flows from financing activities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Proceeds from issuance of long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>628,512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>589,476</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,304,527</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Payments on long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(528,025</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(358,086</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(644,125</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Payments of deferred purchase price for acquisitions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(25,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(41,052</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(30,544</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Payments to purchase noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(5,351</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(9,567</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(15,950</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Capital contributions from parent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13,568</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Payments of dividends</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(20,472</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(6,526</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(22,872</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Sale of common stock, net of issuance costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>199,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Proceeds from exercise of stock options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,040</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>964</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Withholding of shares to satisfy minimum employee tax withholding for vested stock awards and exercised stock options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,868</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,240</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Payments of debt issuance costs and modification fees</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(13,020</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(3,282</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(30,618</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Interest paid to lenders on issuance of the Senior Notes due 2019</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(29,138</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Noncontrolling interest holder's loan to subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,772</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,393</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>(Distributions to) and capital contributions from noncontrolling interest holders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,855</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>11,672 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net cash provided by financing activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>34,424</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>172,586</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>756,663 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Cash flows from discontinued operations</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net cash provided by operating activities of discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>344 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net cash provided by discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>344 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Effects of exchange rate changes on cash</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(34,179</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(50,877</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(12,531</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net change in cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,911</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(98,316</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>132,595</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash and cash equivalents at beginning of period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>461,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>559,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>427,305 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Cash and cash equivalents at end of period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>458,673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>461,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>559,900 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=376,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1029464,FOLIO='F-8',FILE='DISK112:[12ZBH3.12ZBH43513]FM43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fo43513_1_9"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="Notes1"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fo43513_laureate_education,_inc._and_s__lau04534"> </A>
<A NAME="toc_fo43513_1"> </A></FONT> <FONT SIZE=2><B><BR>  Laureate Education,&nbsp;Inc. and Subsidiaries    <BR>    <BR>    Notes to Consolidated Financial Statements    <BR>    <BR>    (Dollars and shares in thousands)    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;1. Description of Business  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate Education,&nbsp;Inc. and subsidiaries (hereinafter Laureate, we, us, our, or the Company) provide higher education programs and services to students through an international
network of licensed universities and higher education institutions (institutions). We are a subsidiary of Wengen Alberta, Limited Partnership (Wengen), an Alberta limited partnership, which acquired
Laureate on August&nbsp;17, 2007 through a merger using leveraged buyout financing (the LBO). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;5, 2008, Wengen formed LEI Holdings Cooperatie U.A. and subsidiaries (Cooperatie) through an equity infusion. Cooperatie's subsidiary LEI International
Holdings,&nbsp;B.V. (LIHBV) and LIHBV's subsidiaries including Laureate Education Asia Limited (Laureate Asia), provided higher education programs and services to students through a network of
licensed institutions located in the following countries: Australia, China, India, Indonesia, Malaysia, and Thailand. Laureate Asia was a sister company to Laureate, since both entities were
subsidiaries of Wengen. On December&nbsp;18, 2013, the
boards of directors of Wengen and Laureate unanimously authorized a transaction to combine Laureate and Laureate Asia. Accordingly, effective December&nbsp;20, 2013, LIHBV transferred to Wengen 100%
of the issued and outstanding equity of LEI Combination Holdings Limited, LIHBV's newly formed subsidiary and indirect parent of Laureate Asia. Effective December&nbsp;23, 2013, Wengen transferred
100% of the issued and outstanding equity of LEI Combination Holdings Limited to Laureate in exchange for a payment of one United States Dollar (USD). We accounted for this transaction under
Accounting Standards Codification (ASC) 805-50-15-5, "Transactions Between Entities Under Common Control." Accordingly, the accounts of Laureate Asia are retrospectively included in the Laureate
Consolidated Financial Statements. On October&nbsp;1, 2015, we redomiciled in Delaware as a public benefit corporation as a demonstration of our long-term commitment to our mission to benefit our
students and society. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
programs are provided through institutions that are campus-based and internet-based, or through electronically distributed educational programs (online). Our educational
offerings are delivered through four operating segments: Latin America (LatAm), Europe (Europe), Asia, Middle East&nbsp;&amp; Africa (AMEA), and Global Products and Services (GPS). LatAm has locations
in Brazil, Chile, Costa Rica, Honduras, Mexico, Panama and Peru and has contractual relationships with a licensed institution in Ecuador. Europe has locations in Cyprus, France, Germany, Italy,
Morocco, Portugal, Spain and Turkey. The AMEA segment consists of campus-based institutions with operations in Australia, China, India, Malaysia, New Zealand, South Africa and Thailand. AMEA also
manages 11 licensed institutions in the Kingdom of Saudi Arabia and manages one additional institution in China through a joint venture arrangement. The&nbsp;GPS segment includes fully online degree
programs in the United States offered through Walden University,&nbsp;LLC, which is a U.S.-based accredited institution, and through the University of Liverpool and the University of Roehampton in
the United Kingdom.&nbsp;GPS also includes campus-based institutions located in Spain, Switzerland, the United Kingdom and the United States. The&nbsp;GPS segment also manages one hospitality and
culinary institution in China and one hospitality and culinary institution in Jordan through joint venture and other contractual arrangements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
financial statements reflect a 4 to 1 reverse stock split of our common stock that we intend to effect prior to the effectiveness of our registration statement on Form&nbsp;S-1. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=377,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=219839,FOLIO='F-9',FILE='DISK112:[12ZBH3.12ZBH43513]FO43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fo43513_1_10"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States (GAAP) requires our management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these
estimates. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Principles of Consolidation and Investments in Affiliates  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Consolidated Financial Statements include all accounts of Laureate, our majority-owned subsidiaries, and educational institutions
that are part of our network and, although not owned by Laureate, are VIEs pursuant to ASC Topic 810-10, "Consolidation." As of December&nbsp;31, 2015, the Laureate network includes 16 VIE
institutions in nine countries. Laureate has determined it is the "primary beneficiary" of these VIEs, as such term is defined in ASC 810-10-20, and has consolidated the financial results of
operations, assets and liabilities, and cash flows of these VIEs in the Company's Consolidated Financial Statements. Intercompany accounts and transactions have been eliminated in consolidation. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Noncontrolling Interests  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A noncontrolling interest is the portion of a subsidiary that is not attributable to us either directly or indirectly. A noncontrolling
interest can also be referred to as a minority interest. We recognize noncontrolling interest holders' share of equity and net income or loss separately in Noncontrolling interests in the Consolidated
Balance Sheets and Net (income) loss attributable to noncontrolling interests in the Consolidated Statements of Operations. For the VIEs in our network, we generally do not recognize a noncontrolling
interest. A noncontrolling interest is only recognized when a VIE's economics are shared with a third party (e.g.,&nbsp;when the transferor of the control of the VIE retained a portion of the
economics associated with it). </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The VIE Arrangements  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate consolidates in its financial statements certain internationally based educational organizations that do not have shares or
other equity ownership interests. Although these educational organizations may be considered not-for-profit entities in their home countries and they are operated in compliance with their respective
not-for-profit legal regimes, we believe they do not meet the definition of a not-for-profit entity under GAAP, and we treat them as "for-profit" entities for accounting purposes. These entities
generally cannot declare dividends or distribute their net assets to the entities that control them. We believe that we fully comply with all local laws and regulations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
ASC Topic 810-10, "Consolidation," we have determined that these institutions are VIEs and that Laureate is the primary beneficiary of these VIEs because we have, as further
described herein: (1)&nbsp;the power to direct the activities of the VIEs that most significantly affect their educational and economic performance, and (2)&nbsp;the right to receive economic
benefits from contractual and other arrangements with the VIEs that could potentially be significant to the VIEs. We account for the acquisition of the right to control a VIE in accordance with ASC
805. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=378,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=829165,FOLIO='F-10',FILE='DISK112:[12ZBH3.12ZBH43513]FO43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fo43513_1_11"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
with all of our educational institutions, the VIE institutions' primary source of income is tuition fees paid by students, for which the students receive educational services and
goods that are proportionate
to the prices charged. Laureate maintains control of these VIEs through its rights to designate a majority of the governing entities' board members, through which we have the legal ability to direct
the activities of the entities. Laureate maintains a variable interest in these VIEs through mutual contractual arrangements at market rates and terms that provide them with necessary products and
services, and/or intellectual property, and has the ability to enter into additional such contractual arrangements at market rates and terms. We also have the ability to transfer our rights to govern
these VIEs, or the entities that possess those rights, to other parties, which could yield a return if and when these rights are transferred. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generally do not have legal entitlement to distribute the net assets of the VIEs. Generally, in the event of liquidation or the sale of the net assets of the VIEs, the net proceeds
can only be transferred either to another VIE institution with similar purposes or to the state. In the unlikely case of liquidation or a sale of the net assets of the VIE, we may be able to retain
the residual value by naming another Laureate-controlled VIE resident in the same jurisdiction as the recipient, if one exists; however we generally cannot name a for-profit entity as the recipient.
Moreover, because the institution generally would be required to provide for the continued education of its students, liquidation would not be a likely course of action and would be unlikely to result
in significant residual assets available for distribution. However, we operate our VIEs as going concern enterprises, maintain control in perpetuity, and have the ability to provide additional
contractual arrangements for educational and other services priced at up to market rates with Laureate-controlled service companies. Typically, we are not legally obligated to make additional
investments in the VIE institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
for-profit entities provide necessary products and services, and/or intellectual property, to all institutions in the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network, including the VIE institutions, through contractual arrangements at market rates and terms, which are accretive to Laureate. We periodically modify the
rates we charge under these arrangements to ensure that they are priced at or below fair market value and to add additional services. If it is determined that contractual arrangements with any
institution are not on market terms, it could have an adverse regulatory impact on such institution. We believe these arrangements improve the quality of the academic curriculum and the students'
educational experience. There are currently four types of contractual arrangements: (i)&nbsp;intellectual property (IP) royalty arrangements; (ii)&nbsp;network fee arrangements;
(iii)&nbsp;management service arrangements; and (iv)&nbsp;lease arrangements.  </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under
the IP royalty arrangements, institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network pay to
Laureate royalty payments for the use of Laureate's tradename and best practice policies and procedures.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Institutions
in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network gain access to other network resources,
including academic content, support with curriculum design, online programs, professional development, student exchange and access to dual degree programs, through network fee arrangements whereby the
institutions pay stipulated fees to Laureate for such access. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=379,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=211642,FOLIO='F-11',FILE='DISK112:[12ZBH3.12ZBH43513]FO43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fo43513_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Institutions
in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network contract with Laureate and pay fees under
management services agreements for the provision of support and managerial services including access to management, legal, tax, finance, accounting, treasury and other services, which in some cases
Laureate provides through shared service arrangements in certain jurisdictions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Laureate
for-profit entities, including for-profit entities in which the VIEs are investors, own various campus real estate properties and have entered
into long-term lease contracts with the respective institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network, whereby they pay market-based rents
for the use of the properties in the conduct of their educational operations. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues
recognized by Laureate's for-profit entities from these contractual arrangements with our consolidated VIEs were approximately $106,005, $113,500 and $111,580 for the years
ended December&nbsp;31, 2015, 2014 and 2013, respectively. These revenues are eliminated in consolidation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
our accounting policy, we allocate all of the income or losses of these VIEs to Laureate unless there is a noncontrolling interest where the economics of the VIE are shared with a
third party. The income or losses of these VIEs allocated to Laureate represent the earnings after deducting charges related to contractual arrangements with our for-profit entities as described
above. We believe that the income remaining at the VIEs after these charges accretes value to our rights to control these entities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
VIEs are generally exempt from income taxes. As a result, the VIEs generally do not record deferred tax assets or liabilities or recognize any income tax expense in the
Consolidated Financial Statements. No deferred taxes are recognized by the for-profit service companies for the remaining income in these VIEs as the legal status of these entities generally prevents
them from declaring dividends or making distributions to their sponsors. However, these for-profit service companies record income taxes related to revenues from their contractual arrangements with
these VIEs. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Risks in relation to the VIEs  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that all of the VIE institutions in the Laureate network are operated in full compliance with local law and that the
contractual arrangements with the VIEs are legally enforceable; however, these VIEs are subject to regulation by various agencies based on the requirements of local jurisdictions. These agencies, as
well as local legislative bodies, review and update laws and regulations as they deem necessary or appropriate. We cannot predict the form of any laws that may be enacted, or regulations that
ultimately may be adopted in the future, or what effects they might have on our business, financial condition, results of operations and cash flows. If local laws or regulations were to change, if the
VIEs were found to be in violation of existing local laws or regulations, or if the regulators were to question the financial sustainability of the VIEs and/or whether the contractual arrangements
were at fair value, local government agencies could, among other actions:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> revoke the business licenses and/or accreditations of the VIE institutions; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=380,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=359205,FOLIO='F-12',FILE='DISK112:[12ZBH3.12ZBH43513]FO43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fo43513_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> void or restrict related-party transactions, such as the contractual arrangements between Laureate and the VIE institutions; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> impose fines that significantly impact business performance or other requirements with which the VIEs may not be able to comply; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> require Laureate to change the VIEs' governance structures, such that Laureate would no longer maintain control of the activities of
the VIEs; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> disallow a transfer of our rights to govern these VIEs, or the entities that possess those rights, to a third party for consideration. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
ability to conduct our business would be negatively affected if local governments were to carry out any of the aforementioned or other similar actions. In any such case,
Laureate may no longer be able to consolidate the VIEs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected
Consolidated Statements of Operations information for these VIEs was as follows, net of the charges related to the above-described contractual arrangements: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Selected Statements of Operations information:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues, by segment:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>417,711</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>458,080</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>566,154</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>128,605</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>130,353</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>115,800</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>136,051</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>139,146</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93,690 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>682,367</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>727,579</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>775,644</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,019</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>54,821</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,159</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income (loss), by segment:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(14,778</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(50,028</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,728</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,591</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(11,243</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,660</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,249</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,756 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,062</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(56,885</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,144</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,760</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(51,471</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,111</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(50,941</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included
in Net income (loss) for the VIEs in the table above is non-operating investment income that was recorded by three of the Chilean institutions relating to investments that these
institutions have in a for-profit, education-related real estate subsidiary of Laureate in Chile. This non-operating investment income, which eliminated in consolidation, totaled $10,297, $11,981 and
$11,021 for the years ended December&nbsp;31, 2015, 2014 and 2013, respectively. Also, of Laureate's impairment charges of $125,788 and $33,582 for the years ended December&nbsp;31, 2014 and 2013,
respectively, $47,965 and $1,987 related to the VIEs. In 2014, the impairment charges related to VIE institutions were all within the LatAm segment. In 2013, the impairment charges all related to VIE
institutions within the AMEA segment. See Note&nbsp;7, Goodwill and Other Intangible Assets, for further discussion of the impairment charges recorded. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=381,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=188210,FOLIO='F-13',FILE='DISK112:[12ZBH3.12ZBH43513]FO43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fo43513_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table reconciles the Net income (loss) attributable to Laureate Education,&nbsp;Inc. as presented in the table above, to the amounts in our Consolidated Statements of
Operations: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income (loss) attributable to Laureate Education,&nbsp;Inc.:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Variable interest entities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(50,941</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>118,001</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>291,212</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>211,742</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate and eliminations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(445,787</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(398,562</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(322,481</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(316,248</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(158,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(69,678</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents selected assets and liabilities of the consolidated VIEs. Except for Goodwill, the assets in the table below include the assets that can be used only to
settle the obligations for the VIEs. The liabilities in the table are liabilities for which the creditors of the VIEs do not have recourse to the general credit of Laureate. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected
Consolidated Balance Sheet amounts for these VIEs were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>VIE </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Consolidated </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>VIE </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Consolidated </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance Sheets data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>120,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>458,673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>122,712</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>461,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,099</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>677,011</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>192,867</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>691,854 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>307,043</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,135,684</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>315,579</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,153,438</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>196,869</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,115,897</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>256,668</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,469,795</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>104,952</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,361,125</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>118,652</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,461,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>284</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93,064</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>738,019</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,774,213</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>758,377</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,180,065 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,346,908</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,439,116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,449,560</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,358,124</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>305,067</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,548,183</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>388,588</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,669,315</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt and other long-term liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>150,306</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,483,761</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>116,742</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,588,385 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>455,373</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,031,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>505,330</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,257,700</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>891,535</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>355,426</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>944,230</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,056,548</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>874,610</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>324,759</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>920,073</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,017,068</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
VIEs' Cash and cash equivalents balances are generally required to be used only for the benefit of the operations of these VIEs. These balances are included in Cash and cash
equivalents in our Consolidated Balance Sheets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a consequence of student protests and political disturbances during 2011 and 2012, the former Chilean government announced several proposed reforms to the higher education system. The
reforms, if adopted, could have included changing the current accreditation system to make it more demanding, revising the student financing system to provide a single financing system for students in
all higher education institutions (replacing the government-sponsored student financing program known as the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=382,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=4785,FOLIO='F-14',FILE='DISK112:[12ZBH3.12ZBH43513]FO43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fo43513_1_15"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Cr&eacute;dito
con Aval del Estado, the CAE Program), establishing a system of information transparency for higher education, creating an agency to promote accountability by higher education
institutions, changing certain corporate governance rules for universities (such as the need for a minimum number of independent directors), and establishing procedures for the approval of
transactions between higher education institutions and related parties. Other legislative reforms were promoted by members of the Chilean Congress but were not supported by the previous Chilean
government, including proposals to restrict related party transactions between higher education institutions and entities that control them. In November and December 2013, Chile held national
elections. The presidential election was won by former president Michelle Bachelet, who assumed office on March&nbsp;11, 2014, and a political coalition led
by Ms.&nbsp;Bachelet won the elections for both houses of the Chilean Congress, in each case for the four years starting March&nbsp;11, 2014. Although the election platform of the new government
mentioned that stronger regulation of higher education was required, it did not contain specific commitments with respect to the abovementioned reforms, other than the creation of a special agency to
oversee higher education institutions' compliance with law and regulations. In the second quarter of 2014, the new government announced the withdrawal of all of the prior administration's higher
education proposals and its intent to submit new bills to the Chilean Congress. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;14, 2015, the Ministry of Education published on its website a "working document" (Documento de Trabajo) entitled "Bases for Reform to the National System of Higher
Education", in which it set out a proposed framework for the higher education legislation that it is considering introducing and requested public comment on the proposals not later than
August&nbsp;20, 2015. The principal elements of the proposal include a new regulatory framework for higher education (including a Superintendency of Higher Education), a mandatory common admissions
process for all higher education institutions, a mandatory unified accreditation system for all institutions and programs, a new public financing system with the ultimate goal of providing free
tuition for all undergraduate students at qualifying higher education institutions that choose to participate, and a prohibition on related party transactions. In order for a higher education
institution to be eligible for its undergraduate students to receive free tuition, among other things, the institution would have to be organized as a not-for-profit entity, not have any for-profit
entities as members or sponsors of the institution, and own a specified percentage of its fixed assets (which percentage has not yet been specified). The proposals described in the Documento de
Trabajo have not been transformed into a legislative proposal and we cannot predict whether any legislative proposal that the Ministry of Education introduces would contain any or all of these terms,
or that the Chilean Congress would enact any such legislative proposal. However, if these proposals, or other reform proposals that may be made, were to be enacted, it could have a material adverse
effect on our results of operations and financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;27, 2015, the Chilean Congress passed the 2016 budget law (the Budget Law). By means of the Budget Law, the administration sought to implement a policy to grant free
access to higher education to students from the first five income deciles who attend certain universities or technical vocational (tech/voc) institutions. For university students, the Budget Law would
have required them to be enrolled in universities that either are members of the </FONT><FONT SIZE=2><I>Consejo de Rectores de las Universidades Chilenas</I></FONT><FONT SIZE=2> (the CRUCh) or are
private universities that are not members of the CRUCh that, on September&nbsp;30, 2015, met the following requirements: (a)&nbsp;being accredited for four years or more; (b)&nbsp;not being
related to for-profit legal entities; and (c)&nbsp;having a representative of the students or non-academic personnel as a member of their governing body. For tech/voc students, the Budget </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=383,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=7885,FOLIO='F-15',FILE='DISK112:[12ZBH3.12ZBH43513]FO43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fo43513_1_16"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Law
would have required them to be enrolled in institutions organized as not-for-profit legal entities that were accredited for four or more years. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;21, 2015, the Constitutional Tribunal (CT) declared portions of the Budget Law dealing with higher education institutions to be unconstitutional, in particular those
portions that would require students to attend institutions with specific characteristics in order to obtain free tuition as, under the Chilean Constitution, that would constitute arbitrary
discrimination affecting students who are in the same economic condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
a few hours before the CT published the text of its decision, the administration submitted to the Chilean Congress a bill modifying the Budget Law that establishes different
conditions to access free higher education (the </FONT><FONT SIZE=2><I>ley corta</I></FONT><FONT SIZE=2> or Short Law). The Short Law was approved by Congress two days after its submission, on
December&nbsp;23, 2015, and published on December&nbsp;26, 2015. The Short Law is effective only during 2016 and was not subject to a constitutional challenge. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Short Law, for university students to be eligible for free tuition, they must come from the first five income deciles and enroll either in a State-owned university or in a
private university that on December&nbsp;27, 2015 was accredited for at least four years and controlled by individuals or not-for-profit legal entities. The Short Law excludes tech/voc students from
eligibility for free tuition in 2016. However, the Short Law provides that free tuition for tech/voc students will be implemented within three years provided that they attend tech/voc institutions
that are accredited for at least four years and are organized as not-for-profit legal entities. The Short Law provided that tech/voc institutions that are currently organized as for-profit entities
should, not later than December&nbsp;27, 2015, state their intention to reorganize as not-for-profit entities in order to be eligible to participate in the free tuition program when it is
implemented. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the period between the effective date of the Short Law and such time as students at tech/voc institutions become eligible to participate in the free tuition program, the Short Law
modified the allocations of the </FONT><FONT SIZE=2><I>Nuevo Milenio</I></FONT><FONT SIZE=2> Scholarship (NMS). The Short Law divided this scholarship program into three parts: (i)&nbsp;NMS I,
which grants students who met certain personal conditions scholarships of up to Chilean Peso (CLP) 600 per year; (ii)&nbsp;NMS II, which grants students scholarships of up to CLP 850 per year,
provided the students come from the first five income deciles and the tech/voc institution in which they are enrolled is organized as a not-for-profit legal entity or, if the tech/voc institution is
not so organized, the institution has stated in writing its intention to become a not-for-profit entity and to be accredited; and (iii)&nbsp;NMS III, which grants students scholarships of up to CLP
900 per year, provided that such students and the institution in which they enroll meet the requirements for NMS II and the tech/voc institution is, on December&nbsp;31, 2015, accredited for four
years or more. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Chilean universities and tech/voc institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network do not meet each of these tests, so
students at these institutions will not be eligible for free tuition or NMS II or NMS III scholarships under the Short Law. It is possible that the provisions of the Short Law could have a material
adverse effect on our results of operations and financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Chilean government has also announced that it intends to submit higher education reform legislation during the first half of 2016, which may include making permanent the provisions
of the Short Law as well as other provisions, such as the creation of a Superintendency of Higher Education. We anticipate that any such proposed legislation would, if adopted, introduce significant
changes to the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=384,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=568368,FOLIO='F-16',FILE='DISK112:[12ZBH3.12ZBH43513]FO43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fo43513_1_17"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>regulatory
environment for higher education in Chile and could have a material adverse effect on our results of operations and financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Chilean Congress also recently approved legislation that provides for the appointment of a provisional administrator or closing administrator to handle the affairs of failing
universities or universities found to have breached their bylaws. In addition, the Chilean Congress has recently approved legislation that would permit, but not require, universities and
technical/vocational institutes to include in their bylaws provisions contemplating the participation of students, professors and employees in the governance of the institution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2012, an investigative committee of the Chilean Chamber of Deputies issued a preliminary report on the Chilean higher education system alleging that certain universities,
including the three universities that Laureate controls in Chile, have not complied with the requirements of Chilean law that universities be not-for-profit. Among the irregularities cited in the
report are high salaries to board members or top executives, outsourcing of services to related parties, and that universities are being bought and sold by foreign and economic groups. The
investigative committee referred its report to the Ministry of Education and to the Public Prosecutor of Chile to determine whether there has been any violation of the law. The Public Prosecutor
appointed a regional prosecutor to investigate whether any criminal charges should be brought for alleged violations of the laws on higher education and, more than three years later, no charges have
been brought by the regional prosecutor against any institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network. On July&nbsp;19, 2012, the
Chilean Chamber of Deputies rejected the report of the investigative committee. In December 2012, in light of the criminal prosecution of the former president of the National Accreditation Commission
for alleged bribery, the Chilean Chamber of Deputies mandated its Education Commission to be an investigative committee regarding the functioning of the National Accreditation Commission, especially
with respect to compliance with the National Accreditation Commission's duty to oversee higher education entities. The Education Commission delivered a report, which was approved by the Chamber of
Deputies on October&nbsp;1, 2013, containing several recommendations to improve regulation of the higher education accreditation system. Additionally, the Chilean Chamber of Deputies approved the
creation of a special investigative committee to resume the investigation of higher education performed by the investigative committee that issued the June 2012 report that was previously rejected by
the Chamber of Deputies. On January&nbsp;15, 2014, that investigative committee approved a new report recommending, among other things, improvements to the Chilean higher education system
regulations, amendments to the higher education financing system, particularly the CAE Program, imposition of criminal penalties for violation of the requirement that universities be not-for-profit,
and support of legislation that would prohibit related party transactions, prohibit the transfer of control of universities, and require universities to have independent board members. The report was
approved by the full Chamber of Deputies on April&nbsp;1, 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;18, 2014, the Ministry of Education disclosed that on November&nbsp;15, 2013 and February&nbsp;11, 2014, it had initiated internal investigations into Universidad
de Las Am&eacute;ricas Chile (UDLA Chile) and Universidad Andr&eacute;s Bello (UNAB Chile), respectively. The investigations were initiated upon referrals from the National Education
Council and the National Accreditation Commission, which had conveyed to the Ministry of Education their concerns regarding certain agreements entered into by UDLA Chile and UNAB Chile with their
controlling entities, including </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=385,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=827112,FOLIO='F-17',FILE='DISK112:[12ZBH3.12ZBH43513]FO43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fo43513_1_18"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>concerns
about the amount and real use made by the universities of the services provided under those agreements. The investigations are an initial step by the Ministry of Education to determine
whether the Ministry should begin formal sanction proceedings against the universities. The Ministry of Education also disclosed that it had delivered relevant documentation on the matter to the
Public Prosecutor. In January 2016, the Ministry of Education announced that it had closed the investigation into UNAB. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
we believe that all of our institutions in Chile are operating in full compliance with Chilean law, we cannot predict the extent or outcome of any educational reforms that may be
implemented in Chile, whether the Ministry of Education or the Public Prosecutor will take any action in response to the reports of the Chamber of Deputies investigative committees, or what outcome
may result from any investigations undertaken by the Ministry of Education or Public Prosecutor in response to the referrals from the National Education Council and National Accreditation Commission. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
National System of Quality Assurance in Higher Education is a law that establishes a system of institutional accreditation and a process of accreditation of courses of study or
programs. The National Accreditation Commission is an autonomous entity that delivers opinions on the institutional accreditation of higher education institutions and authorizes the private agencies
in charge of accreditation. Institutional accreditation is required for new students to be eligible to participate in the CAE Program. On October&nbsp;17, 2013, UDLA Chile was notified by the
National Accreditation Commission that its institutional accreditation would not be renewed. UDLA Chile appealed this decision but received a final determination that the appeal was denied on
January&nbsp;22, 2014. UDLA Chile began a new accreditation process during the last quarter of 2015. See also Note&nbsp;25, Subsequent Events. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Affiliates  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When Laureate exercises significant influence over an affiliated entity, but does not control the entity, we account for our
investments using the equity method of accounting.
Significant influence occurs generally through ownership, directly or indirectly, of at least 20% and up to 50% of the voting interests. Under the equity method of accounting, Laureate records the
proportionate share of these investments in Other assets in the Consolidated Balance Sheets. Our proportionate share of income or loss related to these investments is recorded in Equity in net income
(loss) of affiliates, net of tax, in the Consolidated Statements of Operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
investments in which we do not exercise significant influence, generally through ownership of less than 20% of the voting rights, are accounted for using the cost method of
accounting. Under the cost method of accounting, the investment is carried at cost on the Consolidated Balance Sheets in Other assets and income is recognized when dividends are received. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairments
are recognized for an equity or cost method investment when and if the investment suffers an other-than-temporary decline in value. At that time, the investment is adjusted
to its new fair value, and the difference is recognized as a loss in our Consolidated Statements of Operations. For equity method investments, this impairment loss is included in Equity in net income
(loss) of affiliates, net of tax. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=386,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=403641,FOLIO='F-18',FILE='DISK112:[12ZBH3.12ZBH43513]FO43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fo43513_1_19"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Business Combinations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2009, Laureate adopted the accounting guidance for business combinations as prescribed by ASC 805,
"Business Combinations." When we complete a business combination, all tangible and identifiable intangible assets acquired and all liabilities assumed are recorded at fair value. Any excess purchase
price is recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred. If Laureate acquires less than 100% of an entity (a partial acquisition) and
consolidates the entity upon acquisition, all assets and liabilities, including noncontrolling interests, are recorded at their estimated fair value. When a partial acquisition results in Laureate
obtaining control of an entity, Laureate remeasures any previously existing investment in the entity at fair value and records a gain or loss. Partial acquisitions in which Laureate's control does not
change are accounted for as equity transactions. Revenues and the results of operations of the acquired business are included in the accompanying Consolidated Financial Statements commencing on the
date of acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
each of the years presented, Laureate acquired businesses that were accounted for using the acquisition method of accounting. Certain acquisitions require the payment of
contingent amounts of
purchase consideration if specified operating results are achieved in periods subsequent to the acquisition date. For acquisitions consummated on or after January&nbsp;1, 2009, we record such
contingent consideration at fair value on the acquisition date, with subsequent adjustments recognized in Direct costs in our Consolidated Statements of Operations. We classify the subsequent cash
payments of contingencies that are recorded at the acquisition date within financing activities in the Consolidated Statements of Cash Flows. Contingent consideration arrangements related to
acquisitions consummated prior to January&nbsp;1, 2009 result in additional goodwill being recorded upon settlement of the underlying contingencies, with the settlement of these contingencies by
transfer of cash classified within investing activities in the Consolidated Statements of Cash Flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
generally obtains indemnification from the sellers of the higher education institutions upon acquisition for various contingent liabilities that may arise and are related to
pre-acquisition events in order to protect itself from economic losses arising from such exposures. Prior to January&nbsp;1, 2009, we did not record indemnification assets related to any liabilities
recorded as part of the purchase price allocation. Instead, an indemnification asset was recorded when the seller was obligated to make a payment under the indemnification and the amount was
determined to be reasonably assured of collection. In cases in which the contingent liability was extinguished for an amount less than originally established or the related statute of limitations
lapses such that the contingent amount was no longer required to be paid, the remaining liability was reversed, and any difference between the liability's carrying value and settlement amount was
recognized in our Consolidated Statements of Operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
acquisitions consummated on or after January&nbsp;1, 2009, we recognize an indemnification asset at the same time and on the same basis as the related indemnified item, subject to
any contractual limitations and to the extent that collection is reasonably assured, in accordance with ASC 805. In subsequent periods, changes in the indemnified item are offset by changes in the
indemnification asset. We assess the realizability of the indemnification assets each reporting period. However, changes in uncertain income tax positions are recorded as a component of Income tax
(expense) benefit, while related changes to the indemnification asset are included in Operating income in the Consolidated Statements of Operations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=387,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=647551,FOLIO='F-19',FILE='DISK112:[12ZBH3.12ZBH43513]FO43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fq43513_1_20"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued)  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Redeemable Noncontrolling Interests and Equity  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain cases, Laureate initially purchases a majority ownership interest in a company and uses various put and call arrangements
with the noncontrolling interest holders that require or enable us to purchase all or a portion of the remaining minority ownership at a later date. The nature of these Minority Put Arrangements and
our accounting for the redeemable noncontrolling interests are discussed below. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Minority Put Arrangements  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority Put Arrangements give noncontrolling interest holders the right to require Laureate to purchase their shares (i.e.,&nbsp;Put
option). The Put option price is generally established by multiplying an agreed-upon earnings measurement of the acquired company by a negotiated factor within a specified time frame. The future
earnings measurement is based on an agreed-upon set of rules that are not necessarily consistent with GAAP, which we refer to as "non-GAAP earnings." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
accounts for all of these Minority Put Arrangements as temporary equity in an account presented between liabilities and equity called Redeemable noncontrolling interests and
equity on the
Consolidated Balance Sheets. This classification is appropriate because the instruments are contingently redeemable based on events outside Laureate's control. This accounting treatment is in
accordance with ASC 480-10-S99, "Distinguishing Liabilities from Equity." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemable
noncontrolling interests are accreted to their redemption value (Put value) over the period from the date of issuance to the first date on which the Put option is exercisable.
The change in Put value is recorded against Additional paid-in capital since Laureate has an Accumulated deficit. If Laureate had retained earnings, then the change in Put value would be recorded
against retained earnings. In a computation of earnings per share, the accretion of redeemable noncontrolling interests to their redemption value would be a reduction of earnings available to common
stockholders. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Foreign Currency Translation and Transaction Gains and Losses  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The USD is the functional currency of Laureate and our subsidiaries operating in the United States. Our subsidiaries' financial
statements are maintained in their functional currencies. The functional currency of each of our foreign subsidiaries is the currency of the economic environment in which the subsidiary primarily does
business. Our foreign subsidiaries' financial statements are translated into USD using the exchange rates applicable to the dates of the financial statements. Assets and liabilities are translated
into USD using the period-end spot foreign exchange rates. Income and expenses are translated at the weighted-average exchange rates in effect during the period. Equity accounts are translated at
historical exchange rates. The effects of these translation adjustments are reported as a component of Accumulated other comprehensive income (loss) included in the Consolidated Statements of
Stockholders' Equity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
has certain intercompany loans that are deemed to have the characteristics of a long-term investment. That is, the settlement of the intercompany loan is not planned or
anticipated in the foreseeable future. Transaction gains and losses related to these types of loans are recorded as a component of Accumulated other comprehensive income (loss) included in the
Consolidated Statements of Stockholders' Equity. Transaction gains and losses related to all other intercompany loans </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=388,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=413744,FOLIO='F-20',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_21"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>are
included in Foreign currency exchange gain (loss), net in the Consolidated Statements of Operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
any transaction that is in a currency different from the entity's functional currency, Laureate records a gain or loss based on the difference between the exchange rate at the
transaction date and the exchange rate at the transaction settlement date (or rate at period end, if unsettled) as Foreign currency exchange gain (loss), net in the Consolidated Statements of
Operations. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Cash and Cash Equivalents  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate considers all highly liquid investments that are purchased with an original maturity of three months or less to be cash
equivalents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Department of Education of the Hunan Province in China considers it prudent for universities in Hunan to demonstrate that they have adequate cash to meet operational needs for the
remainder of the academic year. Although there is no formal rule or law, it is customary to retain on the university's year-end balance sheet approximately 25% of the cash received from the September
enrollment cycle. It is the Company's position that this is not a restricted cash requirement and therefore this cash has been classified as Cash and cash equivalents on the Company's Consolidated
Balance Sheets. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Restricted Cash and Investments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's United States institutions participate in the United States Department of Education (DOE) Title IV student financing
assistance lending programs (Title IV programs). Restricted cash and investments includes cash equivalents and short-term investments held to collateralize standby letters of credit in favor of the
DOE. Letters of credit are required by the DOE in order to allow our United States institutions to participate in the Title IV program. In addition, Laureate may have restricted cash in escrow pending
potential acquisition transactions, hold a United States deposit for a letter of credit in lieu of a surety bond, or otherwise have cash that is not immediately available for use in current
operations. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Financial Instruments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's financial instruments consist of cash and cash equivalents, restricted cash, accounts and notes receivable, other
receivables, accounts payable, amounts due to shareholders of acquired companies, derivative instruments, debt, capital lease obligations, and redeemable noncontrolling interests and equity. Except
for debt, as discussed in Note&nbsp;9, Debt, the fair value of these financial instruments approximates their carrying amounts reported in the Consolidated Balance Sheets. Additional information
about fair value is provided in Note&nbsp;20, Fair Value Measurement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
cash accounts are maintained with high-quality financial institutions with no significant concentration in any one institution. Our accounts receivable are not concentrated with any
one significant customer. Our United States institutions participate in the DOE Title IV program and certain Chilean institutions in the Laureate network participate in a government-sponsored student
financing program known as the CAE Program. During the course of the year, Laureate could have material receivables related to Title IV and the CAE Program. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=389,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=263308,FOLIO='F-21',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounts and Notes Receivable  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize student receivables when an academic session begins, although students generally enroll in courses prior to the start of
the academic session. Receivables are recognized only to the extent that amounts are due and collection is reasonably assured. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
offers long-term financing through note receivable agreements with students at certain of our institutions. These notes receivable generally are not collateralized. Non-interest
bearing, long-term student receivables are recorded at present value using a discount rate approximating the unsecured borrowing rate for an individual. Differences between the present value and the
principal amount of long-term student receivables are accreted through Interest income over their terms. Certain of our institutions have sold certain long-term student receivables to local financial
institutions. These transactions were deemed sales of receivables and the receivables were derecognized from our Consolidated Balance Sheets. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Chilean institutions in the Laureate network also participate in the CAE Program. In this program, these institutions provide guarantees to third-party financing institutions for
tuition loans made to qualifying students. Refer to Note&nbsp;11, Commitments and Contingencies, for further discussion of this program. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Allowance for Doubtful Accounts  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables are deemed to be uncollectible when they have been outstanding for two years, or earlier when collection efforts have
ceased, at which time they are written off. Prior to that, Laureate records an allowance for doubtful accounts to reduce our receivables to their net realizable value. Our allowance estimation
methodology is based on the age of the receivables, the status of past-due amounts, historical collection trends, current economic conditions, and student enrollment status. In the event that current
collection trends differ from historical trends, an adjustment is made to the allowance account and bad debt expense. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Property and Equipment, and Leased Assets  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment includes land, buildings, furniture, equipment, software, library books, leasehold improvements, and
construction in-progress. We record property and equipment at cost less accumulated depreciation and amortization. Software that is developed for internal use is classified within the line item titled
Furniture, equipment and software in our Consolidated Balance Sheets. Repairs and maintenance costs are expensed as incurred. Assets under construction are recorded in Construction in-progress until
they are available for use. Interest is capitalized as a component of the cost of projects during the construction period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
conduct a significant portion of our operations at leased facilities. Laureate analyzes each lease agreement to determine whether it should be classified as a capital or an operating
lease. We recognize operating lease rent expense on a straight-line basis over the expected term of each lease. In some instances, we enter into arrangements in which the landlord will construct real
estate assets to be used for our business operations. In some cases, we are responsible for construction cost overruns or nonstandard tenant improvements. Laureate reviews these leases to determine
whether we bear substantially all of the construction period risks and, therefore, should be considered for accounting </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=390,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=330568,FOLIO='F-22',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_23"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>purposes
to be the "owner" of the real estate project. If we are deemed to be the owner we are required to capitalize the construction costs on our Consolidated Balance Sheet. Upon completion of the
project, we perform a sale-leaseback analysis pursuant to guidance on accounting for leases to determine if we can remove the assets from our Consolidated Balance Sheet. For some of these leases, we
are considered to have "continuing involvement," which precludes us from derecognizing the assets from our Consolidated Balance Sheet when construction is complete (a failed sale-leaseback). In
conjunction with these leases, we capitalize the construction costs on our Consolidated Balance Sheet and also record financing obligations representing payments owed to the landlord. We do not report
rent expense for the properties which are owned for accounting purposes. For capital leases, we initially record the assets at the lower of fair value or the present value of the future minimum lease
payments, excluding executory costs. If the lease agreement includes a legal obligation that requires the leased premises to be returned in a predetermined condition, we recognize an asset retirement
obligation and a corresponding depreciating asset, when such an asset exists. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
is recorded on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements, including structural improvements, are amortized using the
straight-line method over the lesser of the estimated useful life of the asset or the lease term, including reasonably-assured renewals or purchase options that are considered likely to be exercised.
Laureate includes the amortization of assets recorded under capital leases within depreciation expense. Assets under capital leases are typically amortized over the related lease term using the
straight-line method. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
and amortization periods are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buildings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3 - 50&nbsp;years</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture, equipment and software</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2 - 15&nbsp;years</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leasehold improvements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2 - 25&nbsp;years</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Land Use Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of our institutions in China, Malaysia, Mexico and Turkey have obtained land use rights for certain time periods from
government authorities. Land use rights allow us to use the land to build our campus facilities. Upon expiry of a land use right, it will either be renewed or the land will be returned to the
government authority. Land use rights are stated at cost less accumulated amortization and any recognized impairment loss. Amortization is provided on a straight-line basis over the respective term of
the land use right agreement, and is recorded as rent expense within Direct costs in our Consolidated Statements of Operations. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Direct and Deferred Costs  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct costs reported on the Consolidated Statements of Operations represent the cost of operations, including selling and
administrative expenses, which are directly attributable to specific business units. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
costs on the Consolidated Balance Sheets consist primarily of direct costs associated with online course development and accreditation. Deferred costs associated with the
development of online educational programs are capitalized after technological feasibility has been established. Deferred </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=391,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=939397,FOLIO='F-23',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_24"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>online
course development costs are amortized to Direct costs on a straight-line basis over the estimated period that the associated products are expected to generate revenues. Deferred online course
development costs are evaluated on a quarterly basis through review of the corresponding
course catalog. If a course is no longer listed or offered in the current course catalog, then the costs associated with its development are written off. As of December&nbsp;31, 2015 and 2014, the
unamortized balances of online course development costs were $54,461 and $56,292, respectively. Laureate defers direct and incremental third-party costs incurred for obtaining initial accreditation
and for the renewal of accreditations. These accreditation costs are amortized to Direct costs over the life of the accreditation on a straight-line basis. As of December&nbsp;31, 2015 and 2014, the
unamortized balances of accreditation costs were $3,708 and $3,202, respectively. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December&nbsp;31, 2015 and 2014, Laureate's total Deferred costs were $156,033 and $140,322, respectively, with accumulated amortization of $(97,864) and $(80,828), respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Debt Issuance Costs  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;1, 2016, Laureate adopted ASU 2015-03, which simplified the presentation of debt issuance costs by requiring debt
issuance costs to be presented as a deduction from debt. This makes the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. The recognition and
measurement guidance for debt issuance costs is not affected, therefore these costs will continue to be amortized as interest expense. At adoption, the new guidance was applied retrospectively to all
prior periods presented. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt
issuance costs were paid as a result of certain debt transactions and are presented as a deduction from debt. These debt issuance costs are amortized over the term of the associated
debt instruments. The amortization expense is recognized as a component of Interest expense in the Consolidated Statements of Operations. As of December&nbsp;31, 2015 and 2014, the unamortized
balances of debt issuance costs were $69,294 and $80,094, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Goodwill, Other Intangible Assets and Long-lived Assets  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Goodwill  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill primarily represents the amounts paid by Wengen in excess of the fair value of the net assets acquired in the merger
transaction (see Note&nbsp;7, Goodwill and Other Intangible Assets), plus the excess purchase price over fair value of net assets for businesses acquired after the merger transaction. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill
is evaluated annually as of October&nbsp;1st&nbsp;each year for impairment at the reporting unit level, in accordance with ASC 350, "Intangibles&#151;Goodwill and
Other." We also evaluate goodwill for impairment on an interim basis if events or changes in circumstances between annual tests indicate that the asset may be impaired. Goodwill is impaired when the
carrying amount of a reporting unit's goodwill exceeds its implied fair value. A reporting unit is defined as a component of an operating segment for which discrete financial information is available
and regularly reviewed by management of the segment. We have not made material changes to the methodology used to assess impairment loss during the past three fiscal years. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have the option of first performing a qualitative assessment (i.e.,&nbsp;step zero) before calculating the fair value of the reporting unit (i.e.,&nbsp;step one of the two-step
fair value-based impairment test). If </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=392,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=509370,FOLIO='F-24',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_25"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>we
determine on the basis of qualitative factors that the fair value of the reporting unit is more likely than not less than the carrying amount, the two-step impairment test is required. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we do not perform the qualitative assessment for a reporting unit or determine that it is more likely than not that the fair value of a reporting unit is less than its carrying
amount, a quantitative two-step fair value-based test is performed. In the first step, we estimate the fair value of each reporting unit, utilizing a weighted combination of a discounted cash flow
analysis and a market multiples analysis. If the recorded net assets of the reporting unit are less than the reporting unit's estimated fair value, then there is no goodwill deemed to be impaired. If
the recorded net assets of the reporting unit exceed its estimated fair value, then goodwill is potentially impaired and Laureate calculates the implied fair value of goodwill, by deducting the
estimated fair value of all tangible and identifiable intangible net assets of the reporting unit from the estimated fair value of the reporting unit. If the recorded amount of goodwill exceeds this
implied fair value, the difference is recognized as a Loss on impairment of assets in the Consolidated Statements of Operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
valuation approach utilizes a weighted combination of a discounted cash flow analysis and a market multiples analysis, where available. The discounted cash flow analysis relies on
historical data and internal estimates, which are developed as a part of our long-range plan process, and includes an estimate of terminal value based on these expected cash flows using the generally
accepted Gordon Dividend Growth formula, which derives a valuation using an assumed perpetual annuity based on the reporting unit's residual cash flows. The discount rate is based on the generally
accepted Weighted Average Cost of Capital methodology, and is derived using a cost of equity based on the generally accepted Capital Asset Pricing Model and a cost of debt based on the typical rate
paid by market participants. The market multiples analysis utilizes multiples of business enterprise value to revenues, operating income and earnings before interest, taxes, depreciation and
amortization of comparable publicly traded companies and multiples based on fair value transactions where public information is available. Significant assumptions used in estimating the fair value
include: (1)&nbsp;discount and growth rates, and (2)&nbsp;our long-range plan which includes enrollment, pricing, planned capital expenditures and operating margins. Management reviews the sum of
the estimated fair value of all Laureate's reporting units to Laureate's enterprise value to corroborate the results of its weighted combination approach to determining fair value. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Intangible Assets  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets on the Consolidated Balance Sheets include acquired indefinite-lived Tradenames, which are valued using the
relief-from-royalty method. This method estimates the amount of royalty expense that we would expect to incur if the assets were licensed from a third party. We use publicly available information and
proprietary third-party arm's length agreements that Laureate has entered into with various licensors in determining certain assumptions to assist us in estimating fair value using market participant
assumptions. Any costs incurred to internally develop new tradenames are expensed as incurred. Accreditations are not considered a separate unit of account and their values are embedded in the cash
flows generated by the institution, which are used to value its tradename. The Company does not believe accreditations have significant value on their own due to the fact that they are neither
exclusive nor scarce, and the direct costs associated with obtaining accreditations are not material. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=393,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=63300,FOLIO='F-25',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_26"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indefinite-lived
intangibles are evaluated annually as of October&nbsp;1st&nbsp;of each year for impairment as well as on an interim basis if events or changes in circumstances
between annual tests indicate that the asset may be impaired. The impairment test for indefinite-lived intangible assets generally requires a new determination of the fair value of the intangible
asset using the relief-from-royalty method. If the fair value of the intangible asset is less than its carrying value, the intangible asset is adjusted to its new estimated fair value, and an
impairment loss is recognized. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
intangible assets on the Consolidated Balance Sheets also include intangible assets with finite useful lives such as acquired student rosters and non-compete agreements. We use the
income approach to establish the asset values of these intangible assets. The cost of finite-lived intangible assets is amortized on a straight-line basis over the intangible assets' estimated useful
lives. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Long-lived Assets  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-lived assets, including finite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset or group of assets may not be fully recoverable. These events or changes in circumstances may include, but are not limited to, a significant deterioration
of operating results, a change in regulatory environment, changes in business plans, or adverse changes in anticipated future cash flows. If an impairment indicator is present, we evaluate
recoverability by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to result from the use and eventual disposition of the assets. If the assets are
determined to be impaired, the impairment recognized is the excess of the carrying amount over the fair value of the assets. Fair value is generally determined by the discounted cash flow method. The
discount rate used in any estimate of discounted cash flows is the rate commensurate with a similar investment of similar risk. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Derivative Instruments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the normal course of business, our operations have significant exposure to fluctuations in foreign currency values and interest rate
changes. Accordingly, Laureate mitigates a portion of these risks through a risk-management program that includes the use of derivative financial instruments (derivatives). Laureate selectively enters
into foreign exchange forward contracts to reduce the earnings impact related to receivables and payables that are denominated in foreign currencies. In addition, Laureate uses interest rate swaps to
mitigate certain risks associated with floating-rate debt arrangements. We do not engage in speculative or leveraged transactions, nor do we hold or issue derivatives for trading purposes. Laureate
reports all derivatives on our Consolidated Balance Sheets at fair value. Realized and unrealized gains and/or losses resulting from derivatives are recognized in our Consolidated Statements of
Operations, unless designated and effective as a hedge. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
derivatives that are both designated and effective as cash flow hedges, gains or losses associated with the change in fair value of the derivatives are recognized on our Consolidated
Balance Sheets as a component of Accumulated other comprehensive income (loss) and amortized over the term of the related hedged items. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Revenue Recognition  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's revenues primarily consist of tuition and educational service revenues. We also generate revenues from student fees,
dormitory/residency fees, and education-related activities. Revenues are </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=394,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=49551,FOLIO='F-26',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_27"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>reported
net of scholarships and other discounts, refunds, waivers and the fair value of any guarantees made by Laureate related to student financing programs. Laureate's institutions have various
billing and academic cycles. Collectibility is determined on a student-by-student basis at the time of enrollment. Generally, students cannot re-enroll for the next academic session without
satisfactory resolution of any past-due amounts. Tuition revenues are recognized ratably on a weekly straight-line basis over each academic session. Deferred revenue and student deposits on our
Consolidated Balance Sheets consist of tuition paid prior to the start of academic sessions and unearned tuition amounts recorded as accounts receivable after an academic session begins. If a student
withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations
are reduced over the course of the academic term. We record refunds as a reduction of Deferred revenue and student deposits, as applicable. Once a student withdraws, the Company recognizes revenue on
a cash basis as collectability is not reasonably assured. Dormitory revenues are recognized over the occupancy period. Revenues from the sale of educational products are generally recognized upon
delivery and when collectibility is reasonably assured. Student fees and other revenues, which include revenues from contractual arrangements with unconsolidated institutions, are recognized as earned
over the appropriate service period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows the components of Revenues as a percentage of total net revenue for the periods presented: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,


<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tuition and educational services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,562,704</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>106</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,651,178</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>105</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,064,537</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>104</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Student fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>129,521</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>129,267</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>120,090</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dormitory / residency</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>75,759</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>76,664</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>70,898</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>225,785</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>254,189</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>212,957</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gross revenue</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,993,769</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>116</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,111,298</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>116</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,468,482</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>114</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Discounts / waivers / scholarships</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(702,110</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(696,616</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(554,601</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (14</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,291,659</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,414,682</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,913,881</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Advertising  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate expenses advertising costs as incurred. Advertising expenses were $278,296, $290,830 and $265,383 for the years ended
December&nbsp;31, 2015, 2014 and 2013, respectively, and are recorded in Direct costs in our Consolidated Statements of Operations. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Share-based Compensation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense is based on the grant-date fair value estimated in accordance with the provisions of ASC 718,
"Compensation&#151;Stock Compensation." Laureate recognizes share-based compensation expense, less estimated forfeitures, on a straight-line basis over the requisite service period for time
based awards and graded vesting basis for performance based awards. Laureate estimates forfeitures based on historical activity, expected employee turnover, and other qualitative factors which are
adjusted for changes in estimates and award vesting. All expenses for an award will be recognized by the time it becomes fully vested. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=395,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1044901,FOLIO='F-27',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_28"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
use the Black-Scholes-Merton option pricing model to calculate the fair value of stock options. This option valuation model requires the use of subjective assumptions, including the
estimated fair value of the underlying common stock, the expected stock price volatility, and the expected term of the option. The estimated fair value of the underlying common stock is based on
third-party valuations. Our volatility estimates are based on a peer group of companies. We estimate the expected term of awards to be the weighted average mid-point between the vesting date and the
end of the contractual term. We use this method to estimate the expected term since we do not have sufficient historical exercise data. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
has granted restricted stock, restricted stock units, stock options, and performance awards for which the vesting is based on annual performance metrics of the Company. For
interim periods, we use our year-to-date actual results, financial forecasts, and other available information to estimate the probability of the award vesting based on the performance metrics. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Income Taxes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate records the amount of taxes payable or refundable for the current year. Deferred income tax assets and liabilities are
recorded with respect to temporary differences in the accounting treatment of items for GAAP financial reporting purposes and for income tax purposes. Deferred tax assets and liabilities are measured
using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in earnings in the period in which the new rate is enacted. Where, based on the weight of all available evidence, it is more likely than not that some portion of recorded deferred tax
assets will not be realized, a valuation allowance is established for the amount that, in management's judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than
not to be realized. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
tax position must meet a minimum probability threshold before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than
not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position and having
full knowledge of all relevant information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
earn a significant portion of our income from subsidiaries located in countries outside the United States. Deferred tax liabilities have not been recognized for undistributed foreign
earnings because management believes that the earnings will be indefinitely reinvested outside the United States under the Company's planned tax neutral methods. Our assertion that earnings from our
foreign operations will be indefinitely reinvested is supported by projected working capital and long-term capital plans in each foreign subsidiary location in which the earnings are generated.
Additionally, we believe that we have the ability to indefinitely reinvest foreign earnings based on our domestic operation's cash repatriation strategies, projected cash flows, projected working
capital and liquidity, and the expected availability of capital within the debt or equity markets. If our expectations change based on future developments such that some or all of the undistributed
earnings of our foreign subsidiaries may be remitted to the United States in the foreseeable future, we will be required to recognize deferred tax expense and liabilities on those amounts. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=396,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=713678,FOLIO='F-28',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_29"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
additional information regarding income taxes and deferred tax assets and liabilities, see Note&nbsp;15, Income Taxes. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Contingencies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate accrues for contingent obligations when it is probable that a liability is incurred and the amount or range of amounts is
reasonably estimable. As new facts become known to management, the assumptions related to a contingency are reviewed and adjustments are made, as necessary. Any legal costs incurred related to
contingencies are expensed as incurred. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recently Issued Accounting Standards  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update (ASU) No.&nbsp;2016-02 (ASU 2016-02), Leases (Topic 842)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;25, 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02. Lessees will need to recognize on
their balance sheet a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The liability will be equal to the
present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, the FASB retained a dual model,
requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a
front-loaded expense pattern (similar to current capital leases). Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit
bright lines. The standard is effective for Laureate beginning January&nbsp;1, 2019. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, and
provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. Laureate is evaluating the impact of
ASU 2016-02 on our Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


ASU No.&nbsp;2016-01 (ASU 2016-01), Financial Instruments&#151;Overall (Subtopic
815-10)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January 2016, the FASB issued ASU 2016-01 in order to enhance the reporting model for financial instruments to provide users of
financial statements with more decision-useful information. The amendments in this ASU require all equity investments (except those accounted for under the equity method of accounting or those that
result in consolidation of the investee) to be measured at fair value, with changes in fair value recognized through net income. In addition, the amendments in this ASU require that entities that have
elected to measure financial instruments at fair value must disclose, as a separate item in comprehensive income, the portion of the total change in fair value of a liability resulting from a change
in instrument-specific credit risk. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
ASU is effective for Laureate beginning January&nbsp;1, 2018 and amendments should be applied as a cumulative-effect adjustment to the balance sheet as of the beginning of the
fiscal year of adoption. The amendments related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist as of the date of
adoption of the ASU. We are currently evaluating the impact of ASU 2016-01 on our Consolidated Financial Statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=397,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=953351,FOLIO='F-29',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_30"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


ASU No.&nbsp;2015-17 (ASU 2015-17), Income Taxes (Topic 740)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November 2015, the FASB issued ASU 2015-17 as a part of the Simplification Initiative and in response to concerns that the current
requirement that entities separate deferred income tax liabilities and assets into current and noncurrent amounts results in little or no benefit to users of the financial statements. This
classification does not generally align with the time period in which the recognized deferred tax amounts are expected to be recovered or settled and there are costs incurred by an entity to separate
deferred income tax liabilities and assets into current and noncurrent amounts. The amendments in this ASU aim to simplify this presentation by requiring that deferred tax liabilities and assets be
classified as noncurrent in a classified statement of financial position, which aligns the GAAP presentation of deferred income tax assets and liabilities with International Financial Reporting
Standards (IFRS). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
ASU is effective for Laureate beginning January&nbsp;1, 2017, and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods
presented. Early adoption is permitted as of the beginning of an interim or annual reporting period. We are currently evaluating the impact of ASU 2015-17 on our Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


ASU No.&nbsp;2015-16 (ASU 2015-16), Business Combinations (Topic 805)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;25, 2015, the FASB issued ASU 2015-16 as a part of the Simplification Initiative and in response to concerns that
the requirement to retrospectively apply adjustments made to provisional amounts recognized in a business combination adds costs and complexity to financial reporting, but does not significantly
improve the usefulness of the information provided to users. The amendments in this ASU require that adjustments to provisional amounts that are identified by the acquirer during the measurement
period be recognized in the reporting period in which the adjustment amounts are identified, rather than retrospectively. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments in this ASU also require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization or other
income effects, if
any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The acquirer must also present separately on the face of the
income statement or disclosure in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to
the provisional amounts had been recognized as of the acquisition date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
guidance is effective for Laureate beginning January&nbsp;1, 2016, and should be applied prospectively. Early adoption is permitted for financial statements that have not yet been
made available for issuance. We do not expect ASU 2015-16 to have a material impact on our Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


ASU No.&nbsp;2015-07 (ASU 2015-07), Fair Value Measurement (Topic
820)&#151;Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;1, 2015, the FASB issued ASU 2015-07. Under the amendments in this ASU, investments for which fair value is measured at
net asset value per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. Removing those investments from the fair value hierarchy not only
eliminates the diversity in practice resulting from the way in which </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=398,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=406712,FOLIO='F-30',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_31"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>investments
measured at net asset value per share (or its equivalent) with future redemption dates are classified, but also ensures that all investments categorized in the fair value hierarchy are
classified using a consistent approach. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments in ASU 2015-07 are effective for public business entities for fiscal years beginning after December&nbsp;15, 2015, and interim periods within those fiscal years. A
reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value
per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity's financial statements. Laureate plans to adopt ASU 2015-07 on January&nbsp;1, 2016 and
believes this guidance will apply to the deferred compensation plan assets discussed in Note&nbsp;20, Fair Value Measurement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


ASU No.&nbsp;2015-03 (ASU 2015-03), Interest&#151;Imputation of Interest (Subtopic
835-30): Simplifying the Presentation of Debt Issuance Costs  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;7, 2015, the FASB issued ASU 2015-03, which simplifies the presentation of debt issuance costs by requiring debt
issuance costs to be presented as a deduction from debt. This will make the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. It also addresses the
long-standing conflict with the conceptual framework, since FASB Concepts Statement No.&nbsp;6, "Elements of Financial Statements", requires that assets provide future economic benefit, which debt
issuance costs do not. ASU 2015-03 will also align GAAP with IFRS, which requires transaction costs, including third-party costs and creditor fees, to be deducted from the carrying value of the
financial liability and not recorded as a separate asset. The new guidance is limited to simplifying the presentation of debt issuance costs. The recognition and measurement guidance for debt issuance
costs is not affected. Therefore, these costs will continue to be amortized as interest expense using the effective interest method pursuant to ASC 835-30-35-2 through&nbsp;35-3. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
guidance is effective for Laureate beginning January&nbsp;1, 2016. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the
financial statements. The impact on our December&nbsp;31, 2015 Consolidated Balance Sheet is stated in the 'Direct and Deferred Costs' section above. An entity is also required in the year of
adoption (and in interim periods within that year) to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a
description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt
liability). </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


ASU No.&nbsp;2015-02 (ASU 2015-02) Consolidation (Topic 810)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;18, 2015, the FASB issued ASU 2015-02, in response to stakeholders' concerns about the requirement to consolidate
certain legal entities where the reporting entity's contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal
entity's voting rights, or the reporting entity is not exposed to a majority of the legal entity's economic benefits or obligations. Financial statement users asserted that in certain of those
situations in which consolidation is ultimately required, deconsolidated financial statements are necessary to better analyze the reporting entity's economic and operational results. ASU 2015-02
affects reporting </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=399,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=847133,FOLIO='F-31',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fq43513_1_32"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>entities
that are required to evaluate whether they should consolidate certain legal entities. This ASU provides a revised consolidation model that requires the following: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>modify
the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>eliminate
the presumption that a general partner should consolidate a limited partnership;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>affect
the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party
relationships; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>provide
a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in
accordance with requirements that are similar to those in Rule&nbsp;2a-7 of the Investment Company Act of 1940 for registered money market funds. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASU
2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December&nbsp;15, 2015. For all other
entities, ASU 2015-02 is effective for fiscal years beginning after December&nbsp;15, 2016, and for interim periods within fiscal years beginning after December&nbsp;15, 2017. Early adoption is
permitted. We do not expect ASU 2015-02 to have a material impact on our Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


ASU No.&nbsp;2014-09, (ASU 2014-09): Revenue from Contracts with Customers (Topic 606)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;28, 2014, the FASB issued ASU 2014-09, which supersedes the revenue recognition requirements in Topic 605, </FONT> <FONT SIZE=2><I>"Revenue Recognition"</I></FONT><FONT
SIZE=2> and most industry-specific guidance. The core principle of ASU 2014-09 is that a company will recognize revenue when it transfers
promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. On July&nbsp;9, 2015, the
FASB deferred the effective date of ASU 2014-09. The new revenue standard is effective for fiscal years, and interim periods within those years, beginning after December&nbsp;15, 2017
(January&nbsp;1, 2018 for Laureate) and allows either a full retrospective adoption to all periods presented or a modified retrospective adoption approach with the cumulative effect of initial
application of the revised guidance recognized at the date of initial application. We are beginning to evaluate the adoption alternatives and the impact of ASU 2014-09 on our Consolidated Financial
Statements. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;3. Discontinued Operations and Assets Held for Sale  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Discontinued Operations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2012, Laureate approved a plan to sell Universidad Del Desarrollo Professional, SC (UNIDEP), an institution in Mexico that
was included in the LatAm segment. This subsidiary met the conditions to be reported as discontinued operations in our financial statements, based on the guidance in ASC 205-20, "Presentation of
Financial Statements-Discontinued Operations" (ASC 205-20). The sale of UNIDEP was completed on January&nbsp;23, 2013 for a sale price of
approximately $40,600, or 516,300 Mexican Pesos (MXN), resulting in a gain on sale of $4,350, net of income tax expense of $1,864. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=400,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=222627,FOLIO='F-32',FILE='DISK112:[12ZBH3.12ZBH43513]FQ43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fs43513_1_33"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;3. Discontinued Operations and Assets Held for Sale (Continued)  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNIDEP was sold since it no longer met Laureate's strategic objectives. It will not generate any continuing cash flows for the Company. Summarized operating results of the discontinued
operations for the year ended December&nbsp;31, 2013 are presented in the following table: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>691</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from discontinued operations, net of tax of $0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>796</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of discontinued operations, net of tax of $1,864</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,350</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Assets Held for Sale  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Les Roches and Glion  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fourth quarter of 2014, our&nbsp;GPS segment entered into a sale-leaseback agreement for a portion of the campuses of two
of our institutions in Switzerland, Glion Institute of Higher Education (Glion), and Les Roches International School of Hotel Management (Les Roches). The asset group did not meet the conditions
required in ASC 205-20 to be reported as discontinued operations in our Consolidated Financial Statements as it did not have discrete cash flow information; however the asset group did meet the
criteria for classification as held for sale under ASC 360-10-45-9, "Long-Lived Assets Classified as Held for Sale." Accordingly, as of December&nbsp;31, 2014, the assets were classified as held for
sale and recorded at their carrying value, which was lower than 'fair value less cost to sell'. Of the total $141,856 of Long-term assets held for sale recorded on the Consolidated Balance Sheet at
December&nbsp;31, 2014, $137,878 relates to this Swiss sale-leaseback transaction, including Land of $33,695 and Buildings of $104,183. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the first quarter of 2015, the sale of the assets was completed and Laureate received net proceeds of approximately $182,000, resulting in a gain on sale of approximately $36,000,
which was deferred and will be recognized into income over the lease term of 20&nbsp;years. A portion of the net proceeds was used to repay mortgage debt related to the asset group. During the year
ended December&nbsp;31, 2015, Laureate recorded a Loss on debt extinguishment of $932 as a result of mortgage breakage fees that were paid in connection with the repayment of the mortgage debt. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


INTI Education Holdings Sdn Bhd (INTI)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2014, INTI, in our AMEA segment, had recorded $3,978 of assets held for sale related to our Sarawak campus in
Malaysia. During the first quarter of 2015 the conditions precedent for the transaction were met and the sale was completed, with title to the assets transferred to the buyer. The total purchase price
was Malaysian Ringgit (MYR) 21,850 (approximately US $5,400). INTI recognized a gain on sale of the Sarawak assets of approximately $2,200, which was recorded as a reduction of Direct costs in our
Consolidated Statement of Operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2015 Acquisitions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2015, Laureate consummated the business acquisitions outlined below, which are included in
our Consolidated Financial Statements commencing from the dates of acquisition. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=401,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=947272,FOLIO='F-33',FILE='DISK112:[12ZBH3.12ZBH43513]FS43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fs43513_1_34"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Australia  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July 2015, our AMEA segment acquired the assets and the business of Chifley Business School (CBS) in Australia for a cash purchase
price of Australian Dollar (AUD) 600 (US $464 at the acquisition date), plus debt assumed of AUD 1,000 (US $772 at the acquisition date). We accounted for this as a business combination. Payment of
the debt is to be made in two installments of AUD 500 (US $386 at the acquisition date), in January 2016 and January 2017, and the first installment was paid in January 2016. For this acquisition,
Revenues, Operating income and Net income attributable to Laureate Education,&nbsp;Inc. were immaterial for the year ended December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Portugal  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;27, 2015, we acquired IADE-Instituto de Artes Visuais Design e Marketing,&nbsp;S.A. (IADE),
Ensigest-Gest&atilde;o de Estabelecimentos de Ensino,&nbsp;S.A. (Ensigest), Ensicorporate-Educa&ccedil;&atilde;o Corporativa, Lda. (Ensicorporate), and Gemeo-Gabinete de
Estudos de Mercado e Opini&atilde;o do IPAM, Lda. (Gemeo). IADE, Ensigest, and Ensicorporate operate a total of four higher education institutions in Portugal. Gemeo was a for-profit services
company that conducted market research. In addition, IADE and Ensigest control Europeia ID, a not-for-profit association that we have determined is a VIE and that is consolidated by Laureate since we
are the VIE's primary beneficiary. Hereafter, we collectively refer to all of the entities that were consolidated as a result of this acquisition as IADE Group. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total purchase price of IADE Group was $10,403, which includes an initial cash payment of $6,476, a seller note of $3,238 and a deferred payment of $689 related to a working capital
settlement. The seller note is discussed further in Note&nbsp;5, Due to Shareholders of Acquired Companies. The purchase of IADE Group allows Laureate to expand its existing presence in Portugal.
The goodwill recorded for IADE Group is related to the incremental value this acquisition brings to the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network and
Laureate's existing operations in Portugal by expanding our presence and adding synergies to Laureate's operations. For this acquisition, Revenues of $8,194, Operating income of $971 and Net income of
$806 are included in the Consolidated Statement of Operations for the year ended December&nbsp;31, 2015. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=402,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=334431,FOLIO='F-34',FILE='DISK112:[12ZBH3.12ZBH43513]FS43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fs43513_1_35"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Consolidated Financial Statements include the operating results of IADE Group and CBS from the dates of acquisition. The following table summarizes the estimated fair values of all
assets acquired and liabilities assumed at the dates of acquisition: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>IADE<BR>
Group<BR>
Portugal </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>CBS<BR>
Australia </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,476</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,480</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>368</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,980</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>989</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,969</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,071</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>342</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,413</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term indemnification assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,084</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,084</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>518</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>518 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,080</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,368</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,448</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current portion of long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,124</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,256</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt, less current portion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,553</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,553 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,677</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>904</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,581 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net assets acquired attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,403</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>464</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,867</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Debt assumed</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>772</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>772 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net assets acquired attributable to Laureate Education,&nbsp;Inc. plus debt assumed</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,403</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,639 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net assets acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,403</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>464</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,867</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller notes and deferred payments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,927</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,927</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash paid at acquisition</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,241</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>464</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,705 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2015 Summary  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts recorded in the 2015 acquisitions are provisional as Laureate is in the process of finalizing the amounts recorded for the
assets and liabilities primarily related to intangible assets, goodwill, deferred taxes and tax contingencies. None of the goodwill related to the 2015 acquisitions is expected to be deductible for
income tax purposes. As part of the purchase price allocations for the 2015 acquisitions, Laureate recorded liabilities for taxes other-than-income tax related contingencies of $571 and labor
contingencies of $1,466. In addition, we recorded total long-term indemnification assets of $2,084. Pro forma results of operations for the acquisitions completed during 2015 have not been presented
because the effects of those acquisitions were not material to the Company's financial results. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=403,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=187938,FOLIO='F-35',FILE='DISK112:[12ZBH3.12ZBH43513]FS43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fs43513_1_36"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other 2015 Transactions  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


India  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April 2015, the Company acquired the remaining 5% noncontrolling interest in M-Power for a purchase price of $2,852. This payment
was included in Payments to purchase noncontrolling interests in the Consolidated Statement of Cash Flows. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Malaysia  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2015, we acquired an additional 2.7% noncontrolling interest in INTI Malaysia for $2,499.
This payment was included in Payments to purchase noncontrolling interests in the Consolidated Statement of Cash Flows. This transaction increased Laureate's ownership interest in INTI to
approximately 90%. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2014 Acquisitions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2014, Laureate consummated the business acquisitions outlined below, which are included in
our Consolidated Financial Statements commencing from the dates of acquisition. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


South Africa  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August 2013, we made an investment of $2,237 for a 25% ownership interest in a for-profit entity that controls Monash South Africa
(MSA), a not-for-profit institution in South Africa. In February 2014, Laureate assumed control of MSA and acquired real estate for a total purchase price of $44,386, for a total ownership interest in
the for-profit entity of 75%. The purchase price consisted of the initial investment of $2,237 made in 2013, a cash payment of $6,712, and deferred payments totaling $35,437 (Australian Dollar (AUD)
42,500). Refer to Note&nbsp;5, Due to Shareholders of Acquired Companies for a description of the deferred payments. The goodwill recorded for MSA relates primarily to the incremental value provided
by introducing a new market to our students and adding potential synergies to our network. MSA was converted to a for-profit institution during the first quarter of 2015. For this acquisition,
Revenues of $22,701, Operating income of $1,925 and Net loss of $(397)&nbsp;are included in the Consolidated Statement of Operations for the year ended December&nbsp;31, 2014. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Brazil  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;12, 2014, the Company acquired Faculdade Porto-Alegrense (FAPA), an institution in Porto Alegre, Brazil. The total
purchase price was $4,148, and was paid in the form of two seller notes with a total discounted present value of approximately $3,003, plus an additional deferred payment of approximately $1,145. The
deferred payment of $1,145 was paid in September 2014. Refer to Note&nbsp;5, Due to Shareholders of Acquired Companies, for further description of the two seller notes. The acquisition of FAPA
increases Laureate's presence in Brazil, one of our fastest growing markets, by accelerating campus expansion that was planned at Centro Universit&aacute;rio Ritter dos Reis (UniRitter),
another Laureate institution operating in Porto Alegre. The goodwill recorded for this acquisition relates to the incremental value that FAPA brings to the </FONT><FONT SIZE=2><I>Laureate
International Universities</I></FONT><FONT SIZE=2> network and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=404,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=207812,FOLIO='F-36',FILE='DISK112:[12ZBH3.12ZBH43513]FS43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fs43513_1_37"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
existing Laureate operations in Brazil. For this acquisition, Revenues of $4,078, Operating loss of $(56) and Net loss of $(290)&nbsp;are included in the Consolidated Statement of Operations for
the year ended December&nbsp;31, 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;12, 2014, Laureate acquired an affiliated group of higher educational institutions in Brazil, collectively referred to as FMU. The total purchase price was $387,603,
which was paid with seller notes totaling $96,829 and cash paid at closing of $290,641, net of cash acquired of $133. Refer to Note&nbsp;5, Due to Shareholders of Acquired Companies, for further
description of the seller notes. The cash paid at acquisition included approximately $231,000 of cash, including accrued interest, that had been held by Laureate in an escrow bank account prior to the
acquisition date and was recorded as Restricted cash and investments. The remainder of the cash paid at closing was financed through borrowings from third-party lenders, as described in Note&nbsp;9,
Debt. The original purchase price of FMU was approximately Brazilian Reais (BRL) 1,000,000 (approximately US $427,000 at the acquisition date). The agreement also required all interest earned on the
escrow bank account deposit, which totaled approximately BRL 35,000, to be included in the purchase price paid to the sellers at closing. This total purchase price of BRL 1,035,000 was reduced to
approximately BRL 930,000 as a result of Laureate assuming additional obligations from the sellers of approximately BRL 105,000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the discount of approximately BRL 23,000 to record the seller notes at their net present value, the purchase price recorded for FMU was approximately BRL 907,000 (US $387,603 at
the date of acquisition). FMU is Laureate's largest acquisition to date, and the goodwill recorded for the FMU acquisition relates to the incremental value that FMU provides to the </FONT> <FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network by significantly expanding our presence into the high-quality value institution market in Brazil. For this
acquisition, Revenues of $73,083, Operating income of $8,644 and Net loss of $(4,030) are included in the Consolidated Statement of Operations for the year ended December&nbsp;31, 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=405,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=563294,FOLIO='F-37',FILE='DISK112:[12ZBH3.12ZBH43513]FS43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fs43513_1_38"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Consolidated Financial Statements include the operating results of MSA, FAPA and FMU from the dates of acquisition. The following table summarizes the estimated fair values of all
assets acquired and liabilities assumed at the dates of acquisition: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>MSA South<BR>
Africa </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FAPA<BR>
Brazil </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FMU<BR>
Brazil </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,675</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,156</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,676</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,360</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>985</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34,435</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>65,780</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,435</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>395,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>426,436</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>95,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>95,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,664</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>72,911</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>75,575</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term indemnification assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,811</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,279</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>136,090</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,296</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,857</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>43,153 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>65,402</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,866</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>809,733</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>895,001</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current portion of long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,350</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,871</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,221</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,756</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,706</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>63,473</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>86,935</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt, less current portion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>838</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,343</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,181</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,012</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327,443</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>333,455 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,718</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>422,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>453,792</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,072</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,072 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net assets acquired attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44,386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,148</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>387,603</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>436,137</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Debt assumed</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,188</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,214</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,402 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net assets acquired attributable to Laureate Education,&nbsp;Inc. plus debt assumed</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>46,574</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,148</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>418,817</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>469,539 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net assets acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>44,386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,148</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>387,603</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>436,137</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7,043</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,153</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(133</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(10,329</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller notes and deferred payments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(35,437</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,148</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(96,829</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(136,414</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of existing investment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,237</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,237</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash (received) paid at acquisition</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(331</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,153</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>290,641</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>287,157 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2014 Summary  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2014, we paid $788 of additional purchase price for a working capital settlement related to THINK: Education Group
Pty.&nbsp;Ltd. (THINK), which we acquired on December&nbsp;20, 2013. This payment, in addition to the $287,157 of total net cash paid for the acquisitions of MSA, FAPA and FMU, resulted in
$287,945 of total cash used for Business acquisitions, net of cash acquired, during the year ended December&nbsp;31, 2014, as shown in the Consolidated Statement of Cash Flows. For all of the 2014
acquisitions, the allocations of purchase price consideration are no longer subject to revision, as the measurement period has closed. No material adjustments were made during 2015 to complete the
allocations of purchase price consideration. Except for FMU, the goodwill related to the 2014 acquisitions is not deductible for income tax purposes. As part of the purchase price allocations for the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=406,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=354613,FOLIO='F-38',FILE='DISK112:[12ZBH3.12ZBH43513]FS43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fs43513_1_39"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>2014
acquisitions, Laureate recorded liabilities of $41,222 for uncertain income tax positions and liabilities of $89,172 for contingencies related to taxes other-than-income tax. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Unaudited Proforma Results  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited proforma combined historical results of Laureate, as if MSA, FAPA and FMU had been acquired as of January&nbsp;1, 2013,
are: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,555,876</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,153,505</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(179,920</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(50,589</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
amounts have been calculated after applying Laureate's accounting policies and adjusting the results to reflect additional depreciation and amortization that would have been
charged assuming the fair value adjustments to property, plant, and equipment, and amortizable intangible assets had been recorded as of January&nbsp;1, 2013. In addition, pro forma adjustments have
been made to reflect the impact of certain indemnifications that the sellers agreed to provide us for certain contingent liabilities. These unaudited pro forma combined results of operations have been
prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisitions occurred on the date indicated, or
that may result in the future. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other 2014 Transactions  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Malaysia  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the third quarter of 2014, Laureate acquired an additional 2.9% ownership interest in INTI Education Holdings Sdn Bhd (INTI) for
cash consideration of $3,055. This payment was included in Payments to purchase noncontrolling interests in the Consolidated Statement of Cash Flows for the year ended December&nbsp;31, 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fourth quarter of 2014, Laureate acquired an additional 6.4% ownership interest in INTI for total purchase consideration of approximately $6,783, of which approximately $6,200
was paid in 2014 and $583 was a deferred payment that was paid in 2015. See Note&nbsp;5, Due to Shareholders of Acquired Companies, for further discussion of the deferred payment. The consideration
paid in 2014 was paid with cash of approximately $1,000 and settlement of the approximately $5,200 of related party note receivable and interest that was owed to Laureate by the noncontrolling
interest holder. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Thailand  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2014, we acquired additional ownership interest in Fareast Stamford
International&nbsp;Co.,&nbsp;Ltd. (FES), increasing Laureate's ownership interest in FES from approximately 92% to approximately 99%. FES has the license to operate Stamford International
University (Stamford, together with FES, "STIU"). The purchase price for the additional ownership interest was $312, and is included in Payments to purchase noncontrolling interests in the
Consolidated Statement of Cash Flows for the year ended December&nbsp;31, 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=407,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=718818,FOLIO='F-39',FILE='DISK112:[12ZBH3.12ZBH43513]FS43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fs43513_1_40"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2013 Acquisitions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2013, Laureate consummated the acquisitions outlined below, which are included in our
Consolidated Financial Statements commencing from the dates of acquisition. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


India  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;8, 2013, we acquired an equity interest of approximately 95% in M-Power Energy India Pvt. Limited (M-Power), a
for-profit services company. The total purchase price was $53,940 and included $44,067 in cash paid at closing and a seller note of $9,873. In April 2015, the Company acquired the remaining 5%
noncontrolling interest in M-Power for a purchase price of $2,852. On the April&nbsp;8, 2013 acquisition date of M-Power, we also gained a controlling membership interest of a not-for-profit
society, a VIE, which in turn controls two educational institutions that are also not-for-profit entities which are VIEs: the University of Technology&nbsp;&amp; Management (UTM) and the University of
Petroleum and Energy Studies (UPES). The not-for-profit entities cannot declare dividends. Hereafter we refer to M-Power, the not-for-profit society, UTM and UPES collectively as the "M-Power Group."
As discussed in Note&nbsp;2, Significant Accounting Policies, Laureate has determined that it is the primary beneficiary of these VIEs and has consolidated these VIEs. The goodwill recorded for the
M-Power Group relates primarily to the incremental value this acquisition brings to the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network, by introducing a
new market for Laureate in
India at the time of the acquisition. For this acquisition, Revenues of $18,007, Operating income of $1,309 and Net income of $1,422 are included in the Consolidated Statement of Operations for the
year ended December&nbsp;31, 2013. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


France  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;11, 2013, Laureate assumed control of the European Business School Group (EBS Group) in France by accepting the
designation of Laureate-controlled entities as members with majority voting rights over the governing bodies of the EBS Group. The EBS Group is a VIE that consists of four entities, two of which are
institutions that are legally organized as not-for-profit entities, and two of which are for-profit service companies. Laureate was not required to pay any purchase consideration and is not committed
to make any future payments in connection with this transaction. We believe that the legal control mechanisms give Laureate control over the EBS Group, our contractual arrangements with the EBS Group
represent a variable interest, and that Laureate is the primary beneficiary of this VIE. Accordingly, the liabilities, earnings and losses of the EBS Group were consolidated effective July&nbsp;11,
2013. For this acquisition, Revenues of $8,538, Operating loss of $(748)&nbsp;and Net loss of $(410)&nbsp;are included in the Consolidated Statement of Operations for the year ended
December&nbsp;31, 2013. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


United States  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;21, 2013, Laureate acquired 80% of the ownership and voting rights of the University of St.&nbsp;Augustine for
Health Sciences,&nbsp;LLC (St.&nbsp;Augustine). St.&nbsp;Augustine operates an educational institution with several locations in the United States that provide graduate degree programs in
physical and occupational therapy. The purchase price for the 80% equity interest was </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=408,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=920456,FOLIO='F-40',FILE='DISK112:[12ZBH3.12ZBH43513]FS43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fs43513_1_41"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>$76,800,
which decreased to $75,026 as a result of working capital adjustments required by the purchase agreement. The purchase price included a cash payment at closing of $57,997, a five-year
promissory note for $14,000, and a deferred payment for a final working capital adjustment of $3,029, as discussed below. Details of the promissory note are further discussed in Note&nbsp;5, Due to
Shareholders of Acquired Companies. The remaining 20% noncontrolling interest held by the sellers is subject to a put/call option with an exercise price based on a fixed multiple of Adjusted EBITDA,
as defined in the
agreement. The put/call option is discussed further in Note&nbsp;11, Commitments and Contingencies. The goodwill recorded for St.&nbsp;Augustine can be primarily attributed to the incremental
value this acquisition brings to the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network by being the first Laureate institution in the United States to offer
physical and occupational therapy degree programs. During the first quarter of 2014, Laureate and the seller completed a working capital adjustment that was required by the purchase agreement, which
required Laureate to pay the seller an additional $3,029 in March 2014. For this acquisition, Revenues of $4,068, Operating income of $1,055 and Net income of $131 are included in the Consolidated
Statement of Operations for the year ended December&nbsp;31, 2013. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Australia  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;20, 2013, Laureate acquired the remaining 80% ownership interest of THINK for a purchase price of $114,255, which
includes the fair value of our 20% equity-method investment in THINK. At the date we acquired the remaining 80% ownership interest of THINK, we remeasured our 20% equity-method investment to fair
value and recorded a gain of approximately $5,860, which is classified as Other income (expense), net in the Consolidated Statements of Operations. The investment was remeasured to fair value using a
discounted cash flow approach, factoring in the control premium that was included in the purchase price for the remaining 80% ownership interest. THINK is a portfolio of eight private post-secondary
education providers in Australia that deliver degrees through both campus-based and online institutions, with programs in business, hospitality, design, and health sciences. The investment in THINK
allows Laureate to expand its existing presence in Australia. The goodwill recorded for THINK is related to the incremental value this acquisition brings to the </FONT><FONT SIZE=2><I>Laureate
International Universities</I></FONT><FONT SIZE=2> network and Laureate's existing operations in Australia, by expanding our presence and adding potential synergies to Laureate's operations. For this
acquisition, Revenues of $1,363, Operating loss of $(665)&nbsp;and Net loss of $(727)&nbsp;are included in the Consolidated Statement of Operations for the year ended December&nbsp;31, 2013. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=409,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=629630,FOLIO='F-41',FILE='DISK112:[12ZBH3.12ZBH43513]FS43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fs43513_1_42"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Consolidated Financial Statements include the operating results of M-Power Group, EBS Group, St.&nbsp;Augustine and THINK from the dates of acquisition. The following table
summarizes the estimated fair values of all assets acquired and liabilities assumed at the dates of acquisition: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>M-Power<BR>
Group<BR>
India </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>EBS Group<BR>
France </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>St.&nbsp;Augustine<BR>
USA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>THINK<BR>
Australia </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,820</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,988</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,707</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,837</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>40,352</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,594</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,037</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,424</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34,719</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>126,774</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,272</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49,198</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>88,785</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>159,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,526</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>918</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29,367</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,650</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57,461</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,287</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,885</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,172</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>127</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>945</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>317</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>247</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,636 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>78,339</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,888</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>145,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>168,123</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>404,650</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current portion of long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,833</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>794</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>345</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,620</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,592</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,782</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,330</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47,477</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt, less current portion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,219</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,205</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47,735</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,734</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>72,893</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,273</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>759</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,216 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,560</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,888</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,862</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,868</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>142,178</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,839</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,251 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net assets acquired attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,940</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>75,026</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>114,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>243,221</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Debt assumed</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,052</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,999</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48,080</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>78,485 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net assets acquired attributable to Laureate Education,&nbsp;Inc. plus debt assumed</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57,992</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,999</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>123,106</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>135,609</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>321,706 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net assets acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,940</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>75,026</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>114,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>243,221</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8,066</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,137</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,797</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,296</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(20,296</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller notes and deferred payments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9,873</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(17,029</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(26,902</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of existing investment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(18,473</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(18,473</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash paid (received) at acquisition</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36,001</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,137</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,200</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>90,486</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>177,550 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2013 Summary  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all of the 2013 acquisitions, the allocations of the purchase price consideration are no longer subject to revision, as the
measurement period has closed. No material adjustments were made during 2014 to complete the allocations of purchase price consideration. Except for St.&nbsp;Augustine, none of the goodwill related
to the 2013 acquisitions is expected to be deductible for income tax purposes. As part of the purchase price allocations for the 2013 acquisitions, Laureate recorded liabilities of $2,019 for
uncertain income tax positions and liabilities of $746 for contingencies related to taxes other-than-income tax. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-42</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=410,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=68968,FOLIO='F-42',FILE='DISK112:[12ZBH3.12ZBH43513]FS43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fs43513_1_43"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Unaudited Proforma Results  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited proforma combined historical results of Laureate for 2013, as if St.&nbsp;Augustine and THINK had been acquired as of
January&nbsp;1, 2012, are: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,046,955</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(81,245</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro
forma results of operations for the M-Power Group and EBS Group acquisitions completed during 2013 have not been presented because the effects of those acquisitions were not material
to the Company's financial results. These amounts have been calculated after applying Laureate's accounting policies and adjusting the results to reflect additional depreciation and amortization that
would have been charged assuming the fair value adjustments to property, plant, and equipment, and amortizable intangible assets had been applied. In addition, pro forma adjustments have been made for
the interest incurred for financing the acquisitions. Taxes have also been adjusted for the effect of the items discussed. These unaudited pro forma combined results of operations have been prepared
for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisitions occurred on the date indicated, or that may
result in the future. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other 2013 Transactions  </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Turkey  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January 2013, the Company acquired the remaining 25% noncontrolling interest in CH Holding Netherlands&nbsp;BV (CH Holding). The
total purchase price of $29,000 includes an initial cash payment of $5,000, which was made on January&nbsp;24, 2013, and an additional $24,000 of deferred purchase price payable over the next five
years, as further disclosed in Note&nbsp;5, Due to Shareholders of Acquired Companies. As a result of this transaction, Laureate now owns 100% of CH Holding. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Brazil  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April 2013, Laureate closed a transaction to acquire the remaining 49% ownership interest in Universidade Anhembi Morumbi (UAM
Brazil) for BRL 225,621 (approximately US $95,456 at the transaction date), after receiving approval from the Conselho Administrativo de Defesa Econ&ocirc;mica (CADE). The purchase price was
paid as a deposit in two installments totaling $11,138. The first installment of $1,122 was paid in December 2012. The second installment of $10,016 was paid in the first quarter of 2013. The
remaining balance will be paid in nine equal installments, as further discussed in Note&nbsp;5, Due to Shareholders of Acquired Companies. The payments made in 2013 are classified in Payments to
purchase noncontrolling interests in the Consolidated Statement of Cash Flows for the year ended December&nbsp;31, 2013. As a result of this transaction, Laureate now owns 100% of UAM Brazil. In
addition to acquiring the remaining 49% equity interest from the minority shareholders, Laureate also reduced its future lease obligations over a six-year period since a portion of the consideration
was allocated to prepaid rent. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-43</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=411,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=273758,FOLIO='F-43',FILE='DISK112:[12ZBH3.12ZBH43513]FS43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fu43513_1_44"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Acquisitions (Continued)  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


United States  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July 2013, we invested $5,000 in Coursera, a private education company headquartered in Mountain View, California that operates a
leading massive open online course (MOOC) platform. Laureate's $5,000 investment is recorded in Proceeds from (investments in) affiliates in the Consolidated Statement of Cash Flows for the year ended
December&nbsp;31, 2013, and was part of a series&nbsp;B round of funding totaling $43,000 made by an investor group. As a social entrepreneurship company and leader in the rapidly accelerating
MOOC movement, Coursera partners with top-tier universities and institutions to provide free online courses across a broad range of disciplines, while also acknowledging the important role traditional
institutions play in the future of education. We are accounting for the Coursera investment as a cost-method investment. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


South Africa  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August 2013, we made an investment of $2,237 in Monash South Africa (MSA), an institution in South Africa, which is recorded in
Proceeds from (investments in) affiliates in the Consolidated Statement of Cash Flows for the year ended December&nbsp;31, 2013. In addition to this investment, we also committed to fund additional
amounts of approximately $2,200 in the first quarter of 2014 and approximately $4,500 on December&nbsp;31, 2014, in return for a controlling financial interest in MSA beginning in the first quarter
of 2014. A final payment is due in 2018, the amount of which will be determined based on 7.0 times MSA's 2017 EBITDA, less debt and prior
payments, as defined in the agreement. The maximum amount of the final payment due in 2018 is approximately $11,500. Further, we committed to acquire certain real estate in 2014 for a cash payment of
approximately $4,600 and a note payable of approximately $23,000 that matures in January 2019 and carries an annual interest rate of 6.75%. In February 2014, we completed the planned transactions to
obtain a controlling financial interest in MSA and acquired the real estate we had committed to purchase. Accordingly, under our accounting policy we began consolidating MSA in February 2014. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Spain  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January 2013, Laureate invested an additional $1,549 in HSM Group Management Focus Europe Global S. L. (HSM), an equity-method
investment, which is recorded in Proceeds from (investments in) affiliates in the Consolidated Statement of Cash Flows for the year ended December&nbsp;31, 2013. During the third quarter of 2013,
this additional investment was written down to a carrying value of zero. On March&nbsp;5, 2015, Laureate and HSM's other owners completed the sale of HSM. See Note&nbsp;17, Related Party
Transactions for further discussion. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Due to Shareholders of Acquired Companies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts due to shareholders of acquired companies generally arise in connection with Laureate's acquisition of a majority or all of the ownership interest of certain subsidiaries.
Promissory notes payable to the sellers of acquired companies, referred to as "seller notes," are commonly used as a means of payment for business acquisitions. Seller note payments are generally
classified as Payments of deferred purchase price for acquisitions within financing activities in our Consolidated Statement of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=412,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=724873,FOLIO='F-44',FILE='DISK112:[12ZBH3.12ZBH43513]FU43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fu43513_1_45"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Due to Shareholders of Acquired Companies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Cash
Flows. The amounts due to shareholders of acquired companies, currencies, and interest rates applied were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:48pt;"><FONT SIZE=1><B>December&nbsp;31,


<!-- COMMAND=ADD_SCROPPEDRULE,48pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nominal<BR>
Currency </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Interest Rate % </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Faculdades Metropolitanas Unidas Educacionais (FMU)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>70,512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>89,348</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>BRL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>CDI</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Universidade Anhembi Morumbi (UAM Brazil)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48,172</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>70,894</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>BRL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>CDI&nbsp;+&nbsp;2%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Monash South Africa (MSA)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26,662</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,828</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>AUD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>n/a, 6.75%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CH Holding Netherlands&nbsp;B.V. (CH Holding)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,745</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,421</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>USD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>University of St.&nbsp;Augustine for Health Sciences,&nbsp;LLC (St.&nbsp;Augustine)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>USD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Universidad Tecnologica Centroamericana (UNITEC Honduras)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,764</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>HNL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>IIBC</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>IADE Group</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,994</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>EUR</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Universidad Autonoma de Veracruz, S.C. (Veracruz)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,225</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,607</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>MXN</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>CETES</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Faculdade-Porto-Alegrense (FAPA)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,090</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,769</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>BRL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>IGP-M</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Universidade Europeia (UE)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,541</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,316</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>EUR</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Centro de Desenvolvimento Pessoal e Empresarial&nbsp;Ltda. (CEDEPE)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>464</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>865</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>BRL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>CDI</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Instituto Brasileiro de Medicina de Reabilita&ccedil;&atilde;o (Uni IBMR)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,428</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>BRL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>IPCA</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Think: Education Group Pty.&nbsp;Ltd. (THINK)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,273</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>AUD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Universidad Privada del Norte&nbsp;S.A.C. (UPN)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,275</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>PEN</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>M-Power Group</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,212</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>INR</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INTI Education Holdings Sdn Bhd (INTI)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>583</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>MYR</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>n/a </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total due to shareholders of acquired companies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,719</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>248,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Current portion of due to shareholders of acquired companies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,050</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26,048</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Due to shareholders of acquired companies, less current portion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>165,669</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>222,013</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="378pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>AUD: Australian Dollar</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>CDI: Certificados de Dep&oacute;sitos Interbanc&aacute;rios (Brazil)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>BRL: Brazilian Real</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>CETES: 28&nbsp;day Certificados de la Tesoreria de la Federaci&oacute;n (Mexico)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>EUR: European Euro</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>IIBC: &Iacute;ndice de Inflaci&oacute;n del Banco Central (Honduras)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>HNL: Honduran Lempira</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>IPCA: &Iacute;ndice Nacional de Pre&ccedil;os ao Consumidor Amplo (Brazil)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>INR: Indian Rupee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>IGP-M: General Index of Market Prices (Brazil)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>MXN: Mexican Peso</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>MYR: Malaysian Ringgit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>PEN: Peruvian Nuevo Sol</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>USD: United States Dollar</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-45</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=413,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=236587,FOLIO='F-45',FILE='DISK112:[12ZBH3.12ZBH43513]FU43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fu43513_1_46"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Due to Shareholders of Acquired Companies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate annual maturities of Due to shareholders of acquired companies as of December&nbsp;31, 2015 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,452</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>89,199</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36,169</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29,162</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,160</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thereafter</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,159 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Aggregate maturities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>194,301</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: imputed interest discount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,719 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FMU  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note&nbsp;4, Acquisitions, the acquisition of FMU was partially financed with seller notes having an aggregate
principal amount of BRL 250,000 (US $63,808 at December&nbsp;31, 2015). The maturity date of the notes is September&nbsp;12, 2017, the third anniversary of the acquisition closing date, and the
aggregate principal balance will be adjusted from the closing date until the date of payment based on 100% of the CDI rate. These notes were recorded on the acquisition date at their discounted
present values, which will all be accreted over the term of the notes. As of December&nbsp;31, 2015, the aggregate carrying value of the notes was $70,512. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


UAM Brazil  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note&nbsp;4, Acquisitions, in April 2013 Laureate closed a transaction to acquire the remaining 49% ownership
interest in UAM Brazil. A portion of the acquisition was financed with a seller note in the amount of BRL 200,808 (US $51,253 at December&nbsp;31, 2015), which is scheduled to be paid in nine equal
installments of BRL 22,312 (US $5,695 at December&nbsp;31, 2015), adjusted for inflation based on CDI plus 200 basis points. The initial three installments were paid during the years ended
December&nbsp;31, 2013, 2014, and 2015. The remaining six installments are due annually on August&nbsp;31st&nbsp;of each year. The eighth and ninth installments are subject to acceleration and
will be paid on August&nbsp;31, 2019, along with the seventh installment, if a certain financial performance target is achieved in 2018, as described in the purchase agreement. On the closing date
we recorded the note payable at its discounted present value, which will be accreted over the term of the note. As of December&nbsp;31, 2015, the carrying value of the note was $48,172. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


MSA  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note&nbsp;4, Acquisitions, Laureate financed a portion of the acquisition of MSA with two seller notes and a final
earn-out payment. The first seller note of AUD 5,000 (US $4,072 at payment date) was paid in December 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
second seller note of AUD 25,000 is payable in five installments. The first four installments of AUD 1,000 (US $727 at December&nbsp;31, 2015) are due annually beginning on
January&nbsp;1, 2015, and the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-46</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=414,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=501572,FOLIO='F-46',FILE='DISK112:[12ZBH3.12ZBH43513]FU43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fu43513_1_47"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Due to Shareholders of Acquired Companies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>fifth
installment of AUD 21,000 (US $15,261 at December&nbsp;31, 2015) is due on January&nbsp;1, 2019. Laureate paid the first and second installments of AUD 1,000 each during the years ended
December&nbsp;31, 2014 and 2015. The note carries an annual interest rate of 6.75%, which was deemed to be at market. As of December&nbsp;31, 2015, the carrying value of the second seller note was
US $18,794. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
final earn-out payment is due in 2018, the amount of which will be determined based on 7.0 times MSA's 2017 EBITDA, less debt and prior payments, as defined in the agreement. The
maximum amount of the final installment is AUD 12,500 (US $9,084 at December&nbsp;31, 2015). Since the final earn-out payment bears interest at a lower-than-market rate, we imputed the interest and
recorded the amount on the acquisition date at the total discounted present value, which will be accreted over the remaining term and had an aggregate carrying value of $7,868 at December&nbsp;31,
2015. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


CH Holding  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note&nbsp;4, Acquisitions, in January 2013, Laureate financed a portion of the acquisition of the remaining minority
interest in CH Holding with a seller note. The principal amount of the seller note is $24,000 and repayment is due in five annual installments. The first four installments of $5,000 are due on each of
the first four anniversary dates of closing and the fifth installment of $4,000 is due on the fifth anniversary date of closing. The first three installments of $5,000 were paid in January 2014, 2015,
and 2016, respectively. The seller note is non-interest bearing. Accordingly, at the acquisition date, we imputed the interest and recorded the note payable at its discounted present value of
approximately $17,500, which will be accreted over the term of the note. During the year ended December&nbsp;31, 2015, Laureate recorded accretion on the note, resulting in a carrying value of
$12,745 as of December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


St.&nbsp;Augustine  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note&nbsp;4, Acquisitions, on November&nbsp;21, 2013, Laureate acquired 80% of the ownership and voting rights of
the University of St.&nbsp;Augustine. A portion of the purchase price was financed with a five-year seller note in the amount of $14,000. The promissory note incurs interest at an annual rate of 7%,
which is payable quarterly beginning on January&nbsp;1, 2014, and the entire principal balance is payable on November&nbsp;21, 2018. During the year ended December&nbsp;31, 2015, this note
payable and a receivable from the former owner were reduced by $2,450 following the resolution of certain pre-acquisition matters. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


UNITEC Honduras  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In July 2005, Laureate assumed control of UNITEC Honduras and agreed to cause UNITEC Honduras to honor its severance and retirement
payment obligations with the founders. Pursuant to this agreement, UNITEC Honduras is required until 2020 to make monthly payments, which are adjusted annually for inflation based on the IIBC. The
monthly payment as of December&nbsp;31, 2015 was HNL 2,876 (US $129). We originally recorded the obligation at its present value based on an incremental borrowing rate of 5%. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-47</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=415,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=164967,FOLIO='F-47',FILE='DISK112:[12ZBH3.12ZBH43513]FU43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fu43513_1_48"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Due to Shareholders of Acquired Companies (Continued) </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


IADE Group  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed in Note&nbsp;4, Acquisitions, the acquisition of IADE Group was partially financed with a seller note in the amount of
EUR 3,000 (US $3,293 at December&nbsp;31, 2015). The seller note carries an annual interest rate of 3% and is payable in three equal installments of EUR 1,000 (US $1,098 at December&nbsp;31, 2015)
at 18&nbsp;months after the acquisition date, 36&nbsp;months after the acquisition date, and 60&nbsp;months after the acquisition date. Additionally, during 2015 a working capital adjustment of
EUR&nbsp;639 (US $701 at December&nbsp;31, 2015) was recorded in accordance with the purchase agreement. As of December&nbsp;31, 2015, the total carrying value of the liability was $3,994. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Veracruz  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;14, 2011, Laureate financed a portion of the acquisition of Veracruz with a promissory note payable to the sellers
and deferred payments for then-unresolved tax matters. The principal amount of the promissory note is MXN 38,437 (US $2,225 as of December&nbsp;31, 2015), and the obligation was fully paid at
maturity in January 2016. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


FAPA  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note&nbsp;4, Acquisitions, the acquisition of FAPA was financed in part with two seller notes having an aggregate
principal amount of BRL 9,164 (US $2,339 at December&nbsp;31, 2015). The first seller note of BRL 3,055 (US $780 at December&nbsp;31, 2015) is due on August&nbsp;12, 2018, the fourth anniversary
of the acquisition closing date, and the second seller note of BRL 6,109 (US $1,559 at December&nbsp;31, 2015) is due on August&nbsp;12, 2019, the fifth anniversary of the acquisition closing
date. The principal amount of each seller note shall be adjusted according to the variation of the IGP-M until the notes' maturities. Laureate recorded these seller notes at their discounted present
values at the acquisition date, which will be accreted over the terms of the notes. During the fourth quarter of 2014, an additional working capital adjustment was accrued and then subsequently paid
on February&nbsp;3, 2015 in the amount of BRL 699 ($263 at date of payment). As of December&nbsp;31, 2015, the total carrying value of the notes was $2,090. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


UE, formerly ISLA  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;1, 2011, Laureate financed a portion of the acquisition of UE with two seller notes. The principal amount of the first
seller note was EUR 1,485 (US $1,630 at December&nbsp;31, 2015), and repayment was made in three equal annual installments of EUR 495 (US $543 at December&nbsp;31, 2015) with the final installment
paid in 2014. The first seller note was non-interest bearing. The principal amount of the second seller note is EUR 4,650 (US $5,103 at December&nbsp;31, 2015) and is payable in five installments.
The first three annual installments of EUR 550 (US $604) were paid on December&nbsp;31, 2012, 2013 and 2014. The fourth annual installment of EUR 1,500 (US $1,646) was paid on December&nbsp;31,
2015 and the final annual installment of EUR 1,500 (US $1,646) is payable on December&nbsp;31, 2016. The annual interest rate on the second seller note is 3%. Since the notes bear interest at lower
than market rates, at the acquisition date Laureate recorded the seller notes at the present value of EUR 4,870 (US $6,866 at the date of acquisition), which is being accreted over the terms of the
notes. As of December&nbsp;31, 2015, the carrying value of the remaining note payable was $1,541. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-48</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=416,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=912243,FOLIO='F-48',FILE='DISK112:[12ZBH3.12ZBH43513]FU43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fu43513_1_49"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Due to Shareholders of Acquired Companies (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


CEDEPE  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate financed a portion of the acquisition of CEDEPE with a seller note. The principal amount of the seller note is BRL 4,400 (US
$1,123 at December&nbsp;31, 2015), and repayment is due in five installments. The seller note incurs interest based on the CDI. The first installment of BRL 700 (US $179 at December&nbsp;31, 2015)
was due on January&nbsp;4, 2013. The remaining four installments of BRL&nbsp;925 (US $236 at December&nbsp;31, 2015) are due annually on the anniversary of the acquisition closing date, of which
two installments remain to be paid. Since the note bears interest at lower-than-market rates, Laureate recorded the seller note as of the acquisition date at the present value of BRL 3,872 (US $988),
which will be accreted over the term of the note. As of December&nbsp;31, 2015, the remaining carrying value of the note was $464. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Uni IBMR  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;21, 2009, Laureate acquired a majority interest in Uni IBMR, financing part of the purchase with a seller note.
During the year ended December&nbsp;31, 2015, Uni IBMR settled its due to shareholder liability through the non-cash transfer of a certain building to the former owners of Uni IBMR, in accordance
with the terms of the original purchase agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


THINK  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2014, Laureate has recorded a current liability of $3,273 payable to the former owners of THINK, representing a
contingent consideration payable under the terms of the 2013 purchase agreement. The liability was recorded through a charge to Direct costs since it was not a measurement period adjustment. This
liability was paid in full in January 2015. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


UPN  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the 2007 purchase agreement for UPN, one of Laureate's institutions in Peru, an additional amount of consideration (an
earn-out payment) was payable to the sellers of UPN. On September&nbsp;16, 2013, Laureate made a payment of $11,399 to the sellers. Of the
$11,399, $5,725 related to compensation paid to the sellers and was therefore classified as an operating cash flow on the 2013 Consolidated Statement of Cash Flows. The remaining $5,674 was recorded
within Payments of contingent consideration for acquisitions in the investing activities section of the 2013 Consolidated Statement of Cash Flows. The remaining liability balance of $1,275 as of
December&nbsp;31, 2014 related to contingent consideration due to one of the sellers. Full payment was made during the year ended December&nbsp;31, 2015 and was included in Payments of contingent
consideration for acquisitions in the investing activities section of the 2015 Consolidated Statement of Cash Flows. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


M-Power Group  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note&nbsp;4, Acquisitions, on April&nbsp;8, 2013, Laureate financed a portion of the acquisition of M-Power with a
seller note that carried an annual interest rate of 10%. The principal amount of the seller note was approximately INR 535,000 and repayment was due in four installments. These installments of
approximately INR 153,000 were due and paid in six-month increments starting October&nbsp;8, 2013 with the final installment paid on April&nbsp;8, 2015 (US $1,326 at date of payment). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=417,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=777348,FOLIO='F-49',FILE='DISK112:[12ZBH3.12ZBH43513]FU43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fu43513_1_50"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Due to Shareholders of Acquired Companies (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


INTI  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in Note&nbsp;4, Acquisitions, Laureate acquired an additional 6.4% equity interest in INTI during the fourth quarter of
2014. The total purchase price was approximately $6,783, which included approximately $6,200 of purchase consideration paid in 2014 and estimated additional purchase price of $583. Payment of this
amount was made during the year ended December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;6. Business and Geographic Segment Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's educational services are offered through four operating segments: LatAm, Europe, AMEA, and&nbsp;GPS. Laureate determines its operating segments based on information utilized
by the chief operating decision maker to allocate resources and assess performance. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;2, 2016, we announced a change to our operating segments in order to align our structure more geographically. Our institution in Italy, Nuova Accademia di Belle Arti Milano
(NABA), including Domus Academy, moved from our&nbsp;GPS segment into our Europe segment. Media Design School (MDS), located in New Zealand, moved from our&nbsp;GPS segment into our AMEA segment.
Following the change, the&nbsp;GPS segment will focus on Laureate's fully online institutions operating globally and its campus-based institutions in the United States. This change was reflected in
the segment information beginning in the second quarter of 2016, the period in which the change occurred. In addition, all segment information that is presented for the years ended December&nbsp;31,
2015, 2014 and 2013 in these Consolidated Financial Statements has also been revised to reflect this segment change. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
LatAm segment consists of campus-based institutions and has operations in Brazil, Chile, Costa Rica, Honduras, Mexico, Panama and Peru and has contractual relationships with a
licensed institution in Ecuador. The institutions provide an education that emphasizes applied, professional-oriented fields of study with undergraduate and graduate degree programs. The programs at
these institutions are mainly campus-based and are primarily focused on local students. In addition, the institutions in our LatAm segment have begun introducing online and hybrid (a combination of
online and in-classroom) courses and programs to their curriculum. Brazil and Chile have government-supported financing programs for higher education, while in other countries students generally
finance their own education. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Europe segment consists of campus-based institutions with operations in Cyprus, France, Germany, Italy, Morocco, Portugal, Spain and Turkey. The institutions generate revenues by
providing professional-oriented undergraduate and graduate degree programs. Several institutions have begun to introduce online and hybrid programs. Students in the Europe segment generally finance
their own education. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AMEA segment consists of campus-based institutions with operations in Australia, China, India, Malaysia, New Zealand, South Africa and Thailand. AMEA also manages 11 licensed
institutions in the Kingdom of Saudi Arabia and manages one additional institution in China through a joint venture arrangement. The institutions generate revenues by providing professional-oriented
undergraduate and graduate degree programs. Students in the AMEA segment generally finance their own education. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=418,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=239893,FOLIO='F-50',FILE='DISK112:[12ZBH3.12ZBH43513]FU43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fu43513_1_51"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;6. Business and Geographic Segment Information (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The&nbsp;GPS
segment consists of accredited online institutions, which serve students globally, and campus-based institutions serving students in Spain, Switzerland, the United Kingdom
and the United States. The&nbsp;GPS segment also manages one hospitality and culinary institution in China and one hospitality and culinary institution in Jordan through joint venture and other
contractual arrangements. The online institutions primarily serve working adults with undergraduate and graduate degree programs. The campus-based institutions primarily serve traditional students
seeking undergraduate and graduate degrees, particularly in the fields of hospitality, art and design, culinary, and health sciences. In the United States, students have access to government-supported
financing programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment
transactions are accounted for in a similar manner as third party transactions and are eliminated in consolidation. The "Corporate" amounts presented in the following tables
includes corporate charges that were not allocated to our reportable segments and adjustments to eliminate intersegment items. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
evaluate segment performance based on Adjusted EBITDA, which is a non-GAAP profit measure defined as (Loss) income from continuing operations before income taxes and equity in net
income (loss) of affiliates, adding back the following items: Foreign currency exchange loss, net, Other income (expense), net, (Loss) gain on derivatives, Loss on debt extinguishment, Interest
expense, Interest income, Depreciation and amortization expense, Impairment charges on long-lived assets, Share-based compensation expense and, beginning in 2014, expenses related to our
Excellence-in-Process (EiP) initiative. EiP is an enterprise-wide initiative to optimize and standardize Laureate's processes, creating vertical integration of procurement, information technology,
finance, accounting and human resources. It includes the establishment of regional shared services organizations around the world, as well as improvements to the Company's system of internal controls
over financial reporting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
we review Adjusted EBITDA on a segment basis, we exclude intercompany revenues and expenses, related to network fees and royalties between our segments, that eliminate in
consolidation. We use total assets as the measure of assets for reportable segments. Expenditures for long-lived assets include purchases of property and equipment, purchases of land use rights and
expenditures for deferred costs, which are classified as investing activities in the Consolidated Statements of Cash Flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following tables provide financial information for our reportable segments, including a reconciliation of Adjusted EBITDA to (Loss) income from continuing operations before income
taxes </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=419,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=805728,FOLIO='F-51',FILE='DISK112:[12ZBH3.12ZBH43513]FU43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fu43513_1_52"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;6. Business and Geographic Segment Information (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>and
equity in net income (loss) of affiliates, as reported in the Consolidated Statements of Operations, for the years ended December&nbsp;31, 2015, 2014 and 2013: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>LatAm </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Europe </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMEA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>GPS </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Corporate </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2015:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,415,641</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>486,235</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>422,134</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>979,920</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(12,271</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,291,659</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>463,691</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>78,439</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,869</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>226,804</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(115,395</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>703,408</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>147,975</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32,407</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,260</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>55,497</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,807</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>282,946</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,823,859</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>690,514</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>782,613</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,768,009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>374,121</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,439,116</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expenditures for long-lived assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>230,146</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,239</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40,716</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46,877</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>366,858</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2014:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,532,451</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>533,862</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>405,555</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>954,494</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11,680</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,414,682</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>541,975</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>72,777</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,130</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>222,998</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(94,355</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>773,525</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>152,142</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34,131</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38,035</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>59,071</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,952</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>288,331</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on impairment of assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>125,449</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>273</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>125,788</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,506,531</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>720,211</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>839,651</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,909,293</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>382,438</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,358,124</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expenditures for long-lived assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>269,186</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,694</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>61,834</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,126</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,578</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>436,418</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>2013:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,340,867</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>501,398</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>202,251</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>872,426</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,061</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,913,881</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>466,664</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>72,745</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,843</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>205,581</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(93,675</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>646,472</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>136,758</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,786</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,083</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>52,535</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,563</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>242,725</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on impairment of assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,967</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,095</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,987</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,533</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33,582</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expenditures for long-lived assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>367,167</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42,008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54,384</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,094</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,878</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>519,531</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-52</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=420,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=92805,FOLIO='F-52',FILE='DISK112:[12ZBH3.12ZBH43513]FU43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fu43513_1_53"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;6. Business and Geographic Segment Information (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,


<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted EBITDA of reportable segments:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>463,691</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>541,975</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>466,664</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>78,439</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>72,777</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>72,745</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49,869</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,130</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,843</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>226,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>222,998</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>205,581 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Adjusted EBITDA of reportable segments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>818,803</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>867,880</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>740,147</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reconciling items:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(115,395</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(94,355</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(93,675</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(282,946</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(288,331</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(242,725</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on impairment of assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(125,788</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(33,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Share-based compensation expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(39,021</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(49,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(49,512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EiP expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(44,484</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(10,716</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>336,957</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>299,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>320,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,822</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,805</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(398,042</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(385,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(350,196</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(22,984</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,361</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Loss) gain on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,607</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,631</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other income (expense), net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>195</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,499</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange loss, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(149,178</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(109,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,102</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Loss) income from continuing operations before income taxes and equity in net income (loss) of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(200,610</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(201,671</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,929 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Geographic Information  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No individual customer accounted for more than 10% of Laureate's consolidated revenues. Revenues from customers by geographic area,
primarily generated by students enrolled at institutions in those areas, were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,


<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>External revenue</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>United States</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>731,979</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>718,641</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>647,046</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mexico</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>678,030</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>741,649</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>701,830</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brazil</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>672,372</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>712,921</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>568,443</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Chile</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>536,530</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>585,645</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>629,185</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peru</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>356,684</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>322,938</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>270,519</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Spain</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>200,284</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>234,781</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>230,822</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other foreign countries</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,115,780</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,098,107</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>866,036 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,291,659</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,414,682</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,913,881 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-53</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=421,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=197071,FOLIO='F-53',FILE='DISK112:[12ZBH3.12ZBH43513]FU43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fw43513_1_54"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;6. Business and Geographic Segment Information (Continued)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-lived assets are composed of Property and equipment, net. Laureate's long-lived assets of continuing operations by geographic area were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:48pt;"><FONT SIZE=1><B>December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,48pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Long-lived assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Chile</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>374,101</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>421,904</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peru</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>278,501</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>258,352</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mexico</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>253,459</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>293,331</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brazil</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>211,675</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>300,405</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>United States</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>197,067</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>176,958</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Spain</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>179,957</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>205,510</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>China</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>139,922</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>148,865</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Switzerland</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>79,893</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>79,185</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other foreign countries</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>576,325</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>629,809 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consolidated total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,290,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,514,319 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Goodwill and Other Intangible Assets  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Goodwill  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The change in the net carrying amount of Goodwill from December&nbsp;31, 2013 through December&nbsp;31, 2015 was composed of the
following items: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>LatAm </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Europe </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMEA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>GPS </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance at December&nbsp;31, 2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,465,704</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>142,230</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>137,340</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>631,404</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,376,678</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisitions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>398,587</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,197</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>423,784</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dispositions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(77,094</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(77,094</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency translation adjustments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(212,472</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(38,244</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(18,853</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,996</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(253,573</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments to prior acquisitions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at December&nbsp;31, 2014</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,574,725</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>103,986</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>143,684</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>647,400</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,469,795</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisitions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,980</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>989</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,969</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dispositions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency translation adjustments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(334,714</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(10,570</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(17,439</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(796</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(363,519</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments to prior acquisitions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,652</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,652 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,242,663</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>99,396</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>127,234</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>646,604</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,115,897 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of both December&nbsp;31, 2015 and 2014, accumulated goodwill impairment losses were $136,430, with $77,094, $19,660 and $39,676 relating to our LatAm,&nbsp;GPS and AMEA segments,
respectively. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-54</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=422,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=796147,FOLIO='F-54',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_55"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Goodwill and Other Intangible Assets (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Intangible Assets  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expense for intangible assets subject to amortization was $20,430, $17,697 and $6,527 for the years ended
December&nbsp;31, 2015, 2014 and 2013, respectively. The estimated future amortization expense for intangible assets for the years ending December&nbsp;31, 2016, 2017, 2018, 2019, 2020 and beyond
is $11,225, $7,219, $6,006, $4,357, $3,077 and $20,313, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes our identifiable intangible assets as of December&nbsp;31, 2015: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Gross<BR>
Carrying<BR>
Amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Accumulated<BR>
Amortization </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Net<BR>
Carrying<BR>
Amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Amortization<BR>
Period (Yrs) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Subject to amortization:</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Student rosters</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>94,833</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(85,794</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,039</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-compete agreements</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,085</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,085</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>69,822</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(26,664</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>43,158</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Not subject to amortization:</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,361,125</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,361,125</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,531,865</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(118,543</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,413,322</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes our identifiable intangible assets as of December&nbsp;31, 2014: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Gross<BR>
Carrying<BR>
Amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Accumulated<BR>
Amortization </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Net Carrying<BR>
Amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Amortization<BR>
Period (Yrs) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Subject to amortization:</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Student rosters</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>114,909</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(89,612</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,297</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-compete agreements</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,935</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,935</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>89,016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(21,249</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>67,767</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Not subject to amortization:</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,461,762</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,461,762</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,672,622</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(117,796</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,554,826</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-55</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=423,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=769758,FOLIO='F-55',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_56"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Goodwill and Other Intangible Assets (Continued) </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Impairment Tests  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the Loss on impairment of assets: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairments of Tradenames, by segment:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,650</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,967</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,094</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,632 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Impairments of Tradenames</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,650</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,693 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairments of Goodwill&#151;LatAm segment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>77,094</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairments of Deferred costs and Other intangible assets, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>273</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,478</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairments of long-lived assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>771</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,411 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>125,788</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33,582 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
perform annual impairment tests of our non-amortizable intangible assets, which consist of Goodwill and Tradenames, in the fourth quarter of each year. The impairment charges
discussed below were recorded to reduce the assets' carrying values to fair value. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of our annual impairment testing of the Company's goodwill, fair value measurements were determined primarily using the income approach, based largely on inputs that are
not observable to active markets, which would be deemed "Level&nbsp;3" fair value measurements as defined in Note&nbsp;20, Fair Value Measurement. These inputs include our expectations about
future revenue growth and profitability, marginal income tax rates by jurisdiction, and the rate at which the cash flows should be discounted in order to determine this fair value estimate. Where a
market approach is used, the inputs also include publicly available data about our competitors' financial ratios and transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of our annual impairment testing of the Company's indefinite-lived tradename assets, fair value measurements were determined using the income approach, based largely on
inputs that are not observable to active markets, which would be deemed "Level&nbsp;3" fair value measurements as defined in Note&nbsp;20, Fair Value Measurement. These inputs include our
expectations about future revenue growth and profitability, marginal income tax rates by jurisdiction, and the rate at which the cash flows should be discounted in order to determine the fair value
estimate for indefinite-lived tradenames using a relief-from-royalty method. We use publicly available information and proprietary third-party arm's length agreements that Laureate has entered into
with various licensors in determining certain assumptions to assist us in estimating fair value using market participant assumptions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2014 Loss on Impairment of Assets  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2014, we recorded a total impairment loss of $125,788. Tradenames were impaired in the aggregate amount $47,650 related to two
Chilean institutions in our LatAm segment. Also in our LatAm segment, Goodwill was impaired in the amount of $77,094, which related to our institutions in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-56</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=424,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=484674,FOLIO='F-56',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_57"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Goodwill and Other Intangible Assets (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Costa
Rica, Honduras and Panama. Our Europe segment recorded impairments of deferred costs of $273. Our LatAm and&nbsp;GPS segments recorded impairments of long-lived assets of $705 and $66,
respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of
the total impairment of Tradenames in LatAm, approximately $16,400 related to UDLA Chile. This is an additional impairment to the charge taken in 2013. The primary driver for this
additional charge was the secondary intake of enrollment that occurred during the third quarter of 2014, which provided us with additional information regarding the projected financial performance of
UDLA Chile and that indicated that the financial impact of the loss of accreditation was larger than initially estimated. The Company also revised its estimates around the timing of enrollments
following reaccreditation. As a result, management performed an impairment test and determined that the estimated fair value of the intangible asset was less than its carrying value. Accordingly, the
Company recorded an impairment charge in order to adjust the carrying value of the intangible asset to its new estimated fair value of approximately $24,000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
remaining impairment of Tradenames in LatAm of approximately $31,250 related to UNAB in Chile, in order to adjust the intangible asset to its new estimated fair value of
approximately $76,000. The impairment at UNAB resulted from our expectation of reduced margins and lower pricing, as compared to the assumptions contained in the models previously used to value the
intangible assets. The lower projections reflect weaker operating performance compared to the prior long-range plan, combined with reduced expectations as a result of a regulatory environment that
favors public rather than private supply in higher education. In addition, due to the uncertainty that currently exists in Chile, the Company has decided to reduce its expected capital expenditures
for growth in that market for the foreseeable future. As a result, the long-range plan used to calculate the fair value of the UNAB Tradename asset contains lower growth and profitability assumptions
than the plan used in prior years for such purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Goodwill impairment of $77,094 in LatAm at our institutions in Costa Rica, Honduras and Panama can be attributed to a weaker long-range outlook as compared to the assumptions
contained in the models previously used to value the intangible assets. The primary driver of this weaker outlook is a shortfall in 2014 enrollments which has caused us to decrease our long-term
enrollment projections. The softened enrollment outlook has also resulted in pricing pressure on revenue. Cost cutting measures have been taken by management to mitigate margin erosion. The softer
long-term outlook resulted in a lower valuation for the reporting unit. As a result of the 2014 impairment test, the Goodwill balances at these institutions were entirely written off. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2013 Loss on Impairment of Assets  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2013, we recorded a total impairment loss of $33,582. Tradenames were impaired in the aggregate amount of $25,693 related to
institutions in our LatAm, Europe and&nbsp;GPS segments, which recorded impairments of $21,967, $1,094 and $2,632, respectively. Our AMEA segment recorded impairments of long-lived assets of $1,987
for certain buildings that were impaired in 2013. Our&nbsp;GPS segment also recorded impairments of long-lived assets of $1,424 and impairments of Deferred costs and Other intangible assets, net of
$4,478. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-57</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=425,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=58571,FOLIO='F-57',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_58"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Goodwill and Other Intangible Assets (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
impairment of Tradenames in LatAm related to UDLA Chile. The primary driver for this charge was a reduction in this institution's projected revenue and income following UDLA Chile's
loss of accreditation, as discussed in Note&nbsp;2, Significant Accounting Policies. The current impairment charge is based on management's best estimates using current available and knowable
information about the short and long term implications to the UDLA Chile financial forecast. The current projections assume reaccreditation in 2016. We will continue to monitor the situation and
additional impairment losses may result from greater than expected attrition and failure to obtain reaccreditation in 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Tradenames impairment of $1,094 in our Europe segment related to one institution in Italy, and the Tradenames impairment of $2,632 in our&nbsp;GPS segment related to two
institutions in the U.S. The impairment at the Italian institution of $1,094 resulted from our expectation of reduced margins, as compared to the assumptions contained in the models previously used to
value the intangible assets. The reduced margin expectations result primarily from the ongoing weakness in the European economies, which has caused pricing decreases at certain of the institutions
included in this segment, as well as enrollment declines as compared to the projections used to value the intangible assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the U.S., one of the institutions recorded a Tradenames impairment of $1,300, which primarily resulted from our expectation of further reduced margins and cash flows at one
institution as compared to our initial projections contained in the previous model used to value the intangible assets at this institution during our 2012 impairment testing. These expectations of
further reduced margins and cash flows are largely due to the continuing poor economic conditions in the U.S., continued media focus on the cost of education as compared to earnings potential, as well
as the regulatory environment, which are discussed in Note&nbsp;19, Legal and Regulatory Matters. All of these factors have caused the Company to reduce its expectation of future performance for
this institution. In the first quarter of 2014, one of our U.S. institutions, NHU, decided to stop enrolling new students and teach out the existing cohort of students. This decision was driven in
part by recent regulatory changes. As a result, the Company has written off the entire Tradenames value of $1,332 related to this institution. In addition, NHU&nbsp;LLC, also wrote down capitalized
curriculum, which is recorded in Deferred costs, net by $4,478 and software, which is recorded in Property and equipment, by $1,338, as it was determined that the curriculum and software cannot be
redeployed. There was also an impairment of other long-lived assets in the&nbsp;GPS segment of $86. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Land Use Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has acquired rights to use certain properties for periods ranging from 20 to 899&nbsp;years. The land use rights recorded for AMEA had a combined net carrying value of
$46,544 and $50,290 at December&nbsp;31, 2015 and 2014, respectively. The land use rights recorded for Europe have a net carrying value of $1,983 and $1,572 at December&nbsp;31, 2015 and 2014,
respectively. The land use rights recorded for the LatAm region have a net carrying value of $1,809 and $2,130 at December&nbsp;31, 2015 and 2014, respectively. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-58</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=426,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=930282,FOLIO='F-58',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_59"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Land Use Rights (Continued) </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
land use rights recorded at net carrying value on the Company's Consolidated Balance Sheets are summarized as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:48pt;"><FONT SIZE=1><B>December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,48pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cost</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>52,617</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54,904</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Accumulated amortization</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,281</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(912</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Land use rights, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,336</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>53,992 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization
expense of land use rights was $1,496, $1,547 and $1,737 for the years ended December&nbsp;31, 2015, 2014 and 2013, respectively. As discussed in Note&nbsp;17, Related
Party Transactions, during the year ended December&nbsp;31, 2014, HIEU wrote off land use rights with a net carrying value of approximately $4,350 related to several parcels of land for which it no
longer has land use rights. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, amortization expense related to land use rights for the next five years and thereafter is as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thereafter</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>42,861 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,336 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding long-term debt was as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:48pt;"><FONT SIZE=1><B>December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,48pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Senior long-term debt:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Senior Secured Credit Facility (stated maturity dates March 2018 and June 2018), net of discount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,084,093</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,180,406</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Senior Notes due 2019 (stated maturity date September 2019), net of discount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,436,214</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,382,711 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total senior long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,520,307</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,563,117</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other debt:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lines of credit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>74,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>106,046</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notes payable and other debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>738,684</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>593,605 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total senior and other debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,333,326</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,262,768</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital lease obligations and sale-leaseback financings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>247,256</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>304,099 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,580,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,566,867</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: total unamortized debt issuance costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>69,294</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>80,094</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: current portion of long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>192,354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>233,286 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt, less current portion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,318,934</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,253,487 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-59</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=427,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=224582,FOLIO='F-59',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_60"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, aggregate annual maturities of the senior and other debt, excluding capital lease obligations and sale-leaseback financings, were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:67pt;"><FONT SIZE=1><B>December&nbsp;31, 2015

<!-- COMMAND=ADD_SCROPPEDRULE,67pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Senior and<BR>
Other Debt </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>180,851</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>156,248</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,155,339</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,541,692</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>126,477</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thereafter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>186,656 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,347,263</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: discount, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(13,937</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total senior and other debt</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,333,326 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
estimated fair value of our debt was determined using observable market prices, as the majority of our securities, including the Senior Secured Credit Facility and the Senior Notes
due 2019, are traded in a brokered market. The fair value of our remaining debt instruments approximates carrying value based on their terms. As of December&nbsp;31, 2015 and 2014, our long-term
debt was classified as Level&nbsp;2 within the fair value hierarchy, based on the frequency and volume of trading in the brokered market. The lower estimated fair value at December&nbsp;31, 2015,
as compared to the carrying amount, is primarily due to an approximately $550,000 trading discount related to the $1,436,214 Senior Notes due 2019 and an approximately $300,000 trading discount
related to the $2,084,093 Senior Secured Credit Facility. The estimated fair value of our debt was as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Carrying<BR>
amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated<BR>
fair value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Carrying<BR>
amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated<BR>
fair value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total senior and other debt</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,333,326</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,482,417</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,262,768</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,222,334</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Notes  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Overview  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;13, 2008, Laureate incurred certain indebtedness with an aggregate principal amount of $1,005,822, consisting
of: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$260,000
of senior cash pay notes (the Senior Cash Pay Notes);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$435,822
of senior toggle notes (the Senior Toggle Notes); and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$310,000
of senior subordinated notes (the Senior Subordinated Notes). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proceeds from the issuance of the Senior Cash Pay Notes, the Senior Toggle Notes and the Senior Subordinated Notes were used to repay the outstanding balances of certain loans, plus
accrued interest and associated fees and expenses, originated as part of the 2007 LBO. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-60</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=428,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=190002,FOLIO='F-60',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_61"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;25, 2012, we completed an offering of $350,000 aggregate principal amount of 9.250% Senior Notes due 2019 (the Senior Notes due 2019). The net proceeds received from the
debt offering were $343,000, after payment of underwriter fees of $7,000, and were used to repay a portion of our senior secured multi-currency revolving credit facility. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;13, 2012, we completed an offering of $1,050,000 aggregate principal amount of additional 9.250% Senior Notes due 2019. The notes are treated as a single series with
the $350,000 of 9.250% Senior Notes due 2019 that were issued in July 2012. The Company used the net proceeds from the sale of the additional Senior Notes due 2019 to purchase all of the outstanding
Senior Toggle Notes and the Senior Cash Pay Notes, and to fully repay certain debt instruments under the Company's senior secured term loan facility, including the Closing Date Term Loan, the Delayed
Draw Term Loan, and the Series&nbsp;A New Term Loan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed further in Note&nbsp;13, Share-based Compensation, and Note&nbsp;17, Related Party Transactions, on December&nbsp;29, 2015 we issued $50,046 aggregate principal amount
of Senior Notes due 2019 to the participants of the nonqualified share-based deferred compensation arrangement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Senior Notes due 2019 are fully and unconditionally guaranteed, jointly and severally, on an unsecured senior basis, by each of Laureate's wholly owned domestic subsidiaries that
guarantee Laureate's obligations under the Senior Secured Credit Facility. The Senior Notes due 2019 rank junior to the Senior Secured Credit Facility. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Notes due 2019  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The $1,450,046 Senior Notes due 2019 have a stated maturity of September&nbsp;1, 2019. Laureate could redeem some or all of the
Senior Notes due 2019 at any time prior to September&nbsp;1, 2015, in each case at a price equal to 100% of the principal amount of the notes redeemed plus the applicable "make-whole" premium, and
accrued and unpaid interest and special interest, as discussed in 'Registration of Senior Notes due 2019' below. The make-whole premium is defined as the greater of: (1)&nbsp;1.00% of the notes'
principal amount; and (2)&nbsp;any amount by which the present value of the redemption price of such redeemed notes, plus all required interest payments through September&nbsp;1, 2015, computed
using a discount rate equal to the United States Treasury Rate plus 50 basis points, exceeds the principal amount of such redeemed notes. Prior to September&nbsp;1, 2015, Laureate could redeem up to
40% of the principal amount of the Senior Notes due 2019 at a redemption price equal to 109.250% of the principal amount, plus accrued and unpaid interest to the redemption date, with the net cash
proceeds of one or more equity offerings. From and after September&nbsp;1, 2015, we may redeem all or part of the Senior Notes due 2019 at redemption prices starting at 106.938% of the principal
amount thereof and decreasing from there each year thereafter until September&nbsp;1, 2018, plus accrued and unpaid interest. From and after September&nbsp;1, 2018, we may redeem all or part of
the Senior Notes due 2019 at a redemption price of 100%, plus accrued and unpaid interest. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
interest rate for the Senior Notes due 2019 is fixed at 9.25%, excluding the special interest discussed below, and is payable semi-annually in arrears on March&nbsp;1 and
September&nbsp;1 each year, beginning March&nbsp;1, 2013. Of the total $1,450,046 of Senior Notes due 2019, $350,000 were issued in July 2012 at par, and $1,050,000 were issued in November 2012 at
a price of 97.750% of face amount, resulting in an original debt discount of $23,625, which is being amortized to interest expense over the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-61</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=429,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=614194,FOLIO='F-61',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_62"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>term
of the notes. The remaining $50,046 of Senior Notes due 2019 were issued on December&nbsp;29, 2015 as discussed above. As of December&nbsp;31, 2015, the outstanding balance on the Senior
Notes due 2019 was $1,436,214, net of the remaining debt discount of $13,832. As of December&nbsp;31, 2014, the outstanding balance on the Senior Notes due 2019 was $1,382,711, net of the remaining
debt discount of $17,289. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration
of Senior Notes due 2019&#151;Laureate and its guarantors agreed to (1)&nbsp;file&nbsp;a registration statement with the SEC with respect to a registered offer to
exchange the Senior Notes due 2019 for new notes having terms substantially identical in all material respects to the outstanding notes (except that the new notes will not contain transfer
restrictions or provide for special interest); or (2)&nbsp;file&nbsp;a shelf registration for the resale of the notes. We were required to use all commercially
reasonable efforts to cause the registration statement to be declared effective on or before July&nbsp;25, 2014. Since the registration statement was not declared effective by July&nbsp;25, 2014,
we have incurred special interest at a rate equal to 0.25% per annum for the first 90-day period of the outstanding indenture indebtedness on the outstanding notes, 0.50% per annum for the next 90-day
period, and 0.75% thereafter, as liquidated damages until the registration statement is declared effective and the exchange offer is completed. In December 2015, the Company filed a registration
statement with the SEC with respect to a registered offer to exchange the Senior Notes due 2019. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
requirement to register the Senior Notes due 2019 qualifies as a "registration payment arrangement" under ASC&nbsp;825-20, "Financial Instruments&#151;Registration Payment
Arrangements." ASC&nbsp;825-20 requires us to record a liability if we determine that it is probable that consideration, such as special interest, will be paid to the counterparty under the
registration payment arrangement, and if that consideration can be reasonably estimated. Accordingly, we have recorded a liability for the amount of special interest on the Senior Notes due 2019 that
we have determined to be probable and estimable based on our expected timing of registration as of each balance sheet date. As of December&nbsp;31, 2015 and 2014, we had a total contingent liability
for special interest on the Senior Notes due 2019 of $8,100 and $12,200, respectively, recorded in Accrued expenses and Other long-term liabilities in our Consolidated Balance Sheets, through a
corresponding adjustment to Interest expense in our Consolidated Statement of Operations. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Cash Pay Notes and Senior Toggle Notes  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The $260,000 Senior Cash Pay Notes and the $435,822 Senior Toggle Notes had a stated maturity of August&nbsp;15, 2015. The redemption
prices of these notes started at 105% of the principal amount for the Senior Cash Pay Notes and 105.125% of the principal amount for the Senior Toggle Notes and decreased from there if redeemed after
August&nbsp;15, 2012, plus accrued and unpaid interest. As discussed above, the Senior Cash Pay Notes and Senior Toggle Notes were paid in full during the fourth quarter of 2012 with proceeds from
the issuance of the additional Senior Notes due 2019. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Subordinated Notes  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The $310,000 Senior Subordinated Notes had a stated maturity of August&nbsp;15, 2017. From and after August&nbsp;15, 2012, we could
redeem all or part of the Senior Subordinated Notes at redemption prices starting at 105.875% of the principal amount thereof and decreasing from there each year thereafter, plus accrued and unpaid
interest. The interest rate for the Senior Subordinated Notes was fixed at </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-62</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=430,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=897784,FOLIO='F-62',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_63"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>11.75%,
excluding the special interest discussed below, and was payable semi-annually in arrears on February&nbsp;15 and August&nbsp;15 each year. On April&nbsp;9, 2013, we commenced a tender
offer to purchase for cash any and all of our outstanding 11.75% Senior Subordinated Notes, which had an outstanding balance of $285,944 at that date. Senior Subordinated Notes with a principal amount
of $67,328 were tendered on or before 5:00&nbsp;p.m., New York City time, on April&nbsp;22, 2013 (the Early Tender Date), and the holders of those notes received the full tender offer
consideration of $1.06375 for each $1 principal amount of notes accepted for purchase. Also in April 2013, Laureate called for redemption all remaining Senior Subordinated Notes not purchased in the
tender offer. Accordingly, $218,616 principal amount of Senior Subordinated Notes were repaid on May&nbsp;23, 2013. Holders of all purchased notes also received any accrued and unpaid interest and
special interest on the notes from the last interest payment date to, but not including, the date of payment for purchased notes. As described below, Laureate obtained the proceeds required to repay
the notes by borrowing an additional $310,000 on the same terms as its existing 2018 Extended Term Loan in April 2013. We paid a total of $17,136 of tender premiums and fees and call premiums which
were capitalized as debt issuance costs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration
of Senior Cash Pay Notes, Senior Toggle Notes, and Senior Subordinated Notes</FONT><FONT SIZE=2><I>&#151;</I></FONT><FONT SIZE=2>Laureate and its guarantors agreed
to (1)&nbsp;file&nbsp;a registration statement with the SEC for a registered offer to exchange the Senior Cash Pay Notes, the Senior Toggle Notes, and the Senior Subordinated Notes, for new notes
having terms substantially identical in all material respects to these outstanding notes (except that the new notes will not contain transfer restrictions or provide for special interest); or
(2)&nbsp;file&nbsp;a shelf registration for the resale of the notes. We were required to use all commercially reasonable efforts to cause the registration statement to be declared effective and to
complete the exchange offer on or before January&nbsp;1, 2011. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
did not comply with this SEC filing requirement on or before January&nbsp;1, 2011, and were therefore subject to a "Registration Default" until these notes were repaid. During the
period in which the Registration Default existed, special interest accrued on the outstanding indebtedness under the Senior Cash Pay Notes, the Senior Toggle Notes and the Senior Subordinated Notes at
a rate equal to 0.25% per annum during the first 90-day period, 0.50% for the second 90-day period, 0.75% for the third 90-day period, and 1.0% thereafter, beginning October&nbsp;1, 2011.
Accordingly, we incurred approximately $950 of special interest under this registration payment arrangement during the year ended December&nbsp;31, 2013. Accrual and payment of special interest was
the only remedy available for the Registration Default. We fully repaid the Senior Cash Pay Notes and the Senior Toggle Notes during the fourth quarter of 2012, and fully repaid the Senior
Subordinated Notes during the second quarter of 2013, and therefore no longer incur special interest on these notes. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Secured Credit Facility  </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Overview  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;16, 2011, we amended and restated our Credit Agreement dated as of August&nbsp;17, 2007 (as amended and restated, our
Amended and Restated Credit Agreement), in order to, among other things, extend maturity dates. Pursuant to this amendment and restatement, certain lenders in the syndicate: (1)&nbsp;extended the
maturity dates applicable to $155,000 of our then-existing $400,000 revolving line of credit facility from August 2013 to June 2016, (2)&nbsp;converted $245,000 of then-existing revolving loans and
revolving credit commitments into term loans that will mature in June 2018, and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-63</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=431,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=745367,FOLIO='F-63',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_64"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>(3)&nbsp;extended
the maturity dates applicable to three series term loans, totaling $858,896 of aggregate principal, from August 2014 to June 2018. In addition, some existing lenders increased the
amount of their revolver commitments and new lenders became lenders with respect to the revolving credit facility that originally was scheduled to mature in June 2016 but was extended to March 2018.
As a result of this amendment and restatement, the credit facilities under our Amended and Restated Credit Agreement on June&nbsp;16, 2011 were composed of: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$300,000
revolving line of credit facility; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$1,269,703
senior secured term loan facility, consisting of the following series:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$1,103,896
extended term loan (the 2018 Extended Term Loan);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$129,114
Closing Date Term Loan;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$19,135
Delayed Draw Term Loan; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>$17,558
Series&nbsp;A New Term Loan. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


$25,000 Series&nbsp;A-2018 New Term Loan  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;22, 2011, we entered into a joinder agreement to the Amended and Restated Credit Agreement to borrow an additional
$25,000 on the same terms as the 2018 Extended Term Loan (the Series&nbsp;A-2018 New Term Loan), including interest rates and quarterly principal payment dates. The borrowing capacity under our
revolving line of credit facility was also increased to $350,000. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


$250,000 Series&nbsp;B New Term Loans  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;18, 2013, we entered into the Series&nbsp;B New Term Loan Joinder Agreement and the First Amendment to the Amended
and Restated Credit Agreement to borrow an additional $250,000 on the same terms as the 2018 Extended Term Loan (the Series&nbsp;B New Term Loans), including interest rates and quarterly principal
payment dates. This additional loan was issued at an original issue discount of $1,250, and we paid debt issuance costs of $2,860 in connection with the borrowing, both of which will be amortized to
Interest expense over the term of the loan. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


$310,000 Series&nbsp;B Additional Term Loans  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;23, 2013, we entered into the Series&nbsp;B Additional Term Loan Joinder Agreement and the Second Amendment to the
Amended and Restated Credit Agreement to borrow an additional $310,000 on the same terms as the 2018 Extended Term Loan (the Series&nbsp;B Additional Term Loans), including interest rates and
quarterly principal payment dates. This additional loan was issued at an original debt premium of $1,550, and we paid debt issuance costs of $3,872 in connection with the borrowing, both of which are
being amortized to Interest expense over the term of the loan. In addition, third-party costs of $374 were charged to General and administrative expenses for the year ended December&nbsp;31, 2013.
The proceeds from this borrowing were used to repay all of the outstanding Senior Subordinated Notes, as described above. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-64</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=432,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=165019,FOLIO='F-64',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_65"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Third Amendment to Amended and Restated Credit Agreement  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;3, 2013, we entered into a Third Amendment to Amended and Restated Credit Agreement (the Third Amendment), pursuant
to which we reduced the margin applicable to our 2018 Extended Term Loan, Series&nbsp;A-2018 New Term Loan, Series&nbsp;B New Term Loans and Series&nbsp;B Additional Term Loans from 4.00% to
3.75% for LIBOR loans and from 3.00% to 2.75% for ABR loans. In addition to lowering the margin on these term loans, the amendment provided additional flexibility for mortgage financings. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


$200,000 Additional New Series&nbsp;2018 Extended Term Loans  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;16, 2013, we entered into the Additional New Series&nbsp;2018 Extended Term Loans Joinder Agreement to borrow an
additional $200,000 on the same terms as the 2018 Extended Term Loans as stated in the Third Amendment. This additional loan was issued at an original debt discount of $500, and we paid debt issuance
costs of $2,242 in connection with the
borrowing. The original debt discount and the debt issuance costs are being amortized to Interest expense over the term of the loan. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Revolving Line of Credit Facility  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under our revolver bear interest at a rate per annum which, at our option, can be either a London Interbank Offered Rate
(LIBOR) or an Alternate Base Rate (ABR) plus, in each case, a margin. LIBOR loans under our revolver accrue interest at the applicable LIBOR rate plus a 3.75% margin. The LIBOR rate with respect to
our revolver is subject to a floor of 1.25%. Interest on ABR revolving borrowings accrues at the ABR (which is the higher of the Federal Funds rate plus 0.50% or the prime rate for the agent bank)
plus a 2.75% margin. The ABR with respect to our revolver is subject to a floor of 2.25%. For LIBOR revolving borrowings, the interest period is set at our option for a period of one, two, three, six,
nine or 12&nbsp;months. ABR revolving borrowings have no interest period and the interest rate on any ABR revolving borrowing is subject to change when the underlying indices change. In addition,
our Amended and Restated Credit Agreement provides for the payment of a commitment fee based on the daily unused portion of our revolver. The commitment fee rate of 0.625% per annum is payable
quarterly in arrears. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;7, 2015, we amended our Senior Secured Credit Facility, in order to extend the maturity date of our $350,000 revolving line of credit facility from June 2016 to March
2018. As a result of this amendment, during the third quarter of 2015 we wrote off $331 of unamortized debt issuance costs associated with the old revolver as Loss on debt extinguishment, as several
of the original creditors did not participate in the new revolver. In addition, in July 2015 we paid approximately $11,300 in debt issuance costs related to the modification. The debt issuance costs
that were paid in connection with the modification were capitalized and will be amortized through interest expense over the extended term of the revolver. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December&nbsp;31, 2015, the total amount outstanding under our revolver was $269,261, which consisted entirely of LIBOR loans at an interest rate of 5.00%. At December&nbsp;31,
2014, the total amount outstanding under our revolver was $346,727, which consisted of $301,385 in LIBOR loans at an interest rate of 5.00% and $45,342 in ABR loans at an interest rate of 6.00%. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-65</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=433,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=587169,FOLIO='F-65',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_66"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2018 Extended Term Loan, Series&nbsp;A-2018 New Term Loan, Series&nbsp;B New Term Loans,
Series&nbsp;B Additional Term Loans and Additional New Series&nbsp;2018 Extended Term Loans  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portions of our term loans under the original Credit Agreement that did not remain outstanding as the Closing Date Term Loan,
Delayed Draw Term Loan or Series&nbsp;A New Term Loan (see below) were extended to a maturity date of June 2018. In addition, some existing lenders increased the amount of term loans and new lenders
became lenders with respect to the 2018 Extended Term Loan, which matures in June 2018. Following the amendment and restatement on June&nbsp;16, 2011, the aggregate amount of the 2018 Extended Term
Loan was $1,103,896. The interest rate for our 2018 Extended Term Loan is set at a rate per annum which, at our option, can be either the LIBOR rate or the ABR rate, plus in each case, a margin. As
stated above, the Series&nbsp;A-2018 New Term Loan, Series&nbsp;B New Term Loans, Series&nbsp;B Additional Term Loans and Additional New Series&nbsp;2018 Extended Term Loans all have the same
terms as the 2018 Extended Term Loan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the October 2013 amendment to the Amended and Restated Credit Agreement discussed above, the margin for LIBOR loans is 3.75% and the margin for ABR loans is 2.75%. Prior to the
amendment, the margin for LIBOR loans was 4.00% and the margin for ABR loans was 3.00%. The LIBOR rate is subject to a floor equal to 1.25% and the ABR is subject to a floor equal to 2.25%. For LIBOR
loans, the interest period is set at our option for a period of one, two, three, six, nine, or 12&nbsp;months. Once the interest period is set, the interest rate is fixed until the selected interest
period ends. ABR loans have no interest period and the interest rate on any ABR loan is subject to change when the underlying indices change. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to our 2018 Extended Term Loan, Series&nbsp;A-2018 New Term Loan, Series&nbsp;B New Term Loans, the Series&nbsp;B Additional Term Loans and the Additional New
Series&nbsp;2018 Extended Term Loans, we are required to make fixed quarterly principal payments in an aggregate amount equal to $4,722 per quarter. All unpaid principal and interest on these loans
shall be paid in full in June 2018. As of December&nbsp;31, 2015 and 2014, these loans had an aggregate outstanding balance of $1,814,832 (net of debt discount of $105) and $1,833,679 (net of debt
discount of $147), respectively, and an interest rate of 5.00% at each date. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Default Interest  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that we fail to pay all or a portion of the principal and interest amounts when due, the interest rates under our Senior
Secured Credit Facility will be increased by 2.00% from the date of such non-payment to the date on which the payment is paid in full. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Guarantee  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the effective date of the Amended and Restated Credit Agreement, all obligations under our Senior Secured Credit Facility are
unconditionally guaranteed by the same subsidiaries that were guarantors under the original Credit Agreement. Pursuant to Supplement No.&nbsp;2 to the Guarantee dated as of July&nbsp;15, 2011,
Exeter Street Holdings&nbsp;LLC, a Maryland limited liability company subsidiary, became an additional guarantor of the obligations under our Senior Secured Credit Facility. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-66</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=434,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=762107,FOLIO='F-66',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fw43513_1_67"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Secured Credit Facility Outstanding  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2015, the $2,084,093 balance of the Senior Secured Credit Facility consists of $1,814,832 in the 2018
Extended Term Loan, the Series&nbsp;A-2018 New Term Loan, the Series&nbsp;B New Term Loans, and the Series&nbsp;B Additional Term Loans, and the revolver of $269,261. As of December&nbsp;31,
2014, the $2,180,406 balance of the Senior Secured Credit Facility consists of $1,833,679 in the 2018 Extended Term Loan and the Series&nbsp;A-2018 New Term Loan, and the revolver of $346,727. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Secured Credit Facility Borrowers and Guarantors  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The multi-currency revolving line of credit facility (the revolver), the 2018 Extended Term Loan, the Series&nbsp;A-2018 New Term
Loan, the Series&nbsp;B New Term Loans, the Series&nbsp;B Additional New Term Loans, and the Additional New Series&nbsp;2018 Extended Term Loans, are collectively referred to as the "Senior
Secured Credit Facility." Laureate Education,&nbsp;Inc. (the U.S. Borrower) is the borrower under our Senior Secured Credit Facility. Iniciativas Culturales de Espa&ntilde;a S.L. (the
Foreign Borrower) is a borrower only under the revolver of our Senior Secured Credit Facility. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of Laureate's required United States legal entities, excluding Walden University,&nbsp;LLC (Walden), Kendall College (Kendall), NewSchool of Architecture and Design (NewSchool),
NHU and St.&nbsp;Augustine, are guarantors of the Senior Secured Credit Facility, and all of the guarantors' assets, both real and intangible, are pledged as collateral. Certain Walden assets are
also pledged as collateral, including all of Walden's United States receivables other than Title IV student loans, all of its copyrights, patents, and trademarks. As of December&nbsp;31, 2015 and
2014, the carrying value of the Walden receivables and intangibles pledged as collateral was $404,331 and $390,827, respectively. Additionally, not more than 65% of the shares held by United States
guarantors in non-domestic subsidiaries are pledged as collateral. There is also a separate guarantee and pledge agreement for the Foreign Borrower sub-facility of the revolver (the Spanish Tranche).
The Spanish Tranche is secured by certain of the Foreign Borrower's assets, including intercompany loans and shares owned in other non-domestic subsidiaries, to secure the foreign obligations. Of the
$350,000 revolving line of credit facility noted above, we can borrow up to $100,000 under the Spanish Tranche. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certain Covenants  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior long-term debt contains certain negative covenants including, among others: (1)&nbsp;limitations on additional
indebtedness; (2)&nbsp;limitations on dividends; (3)&nbsp;limitations on asset sales, including the sale of ownership interests in subsidiaries and sale-leaseback transactions; and
(4)&nbsp;limitations on liens, guarantees, loans or investments. In connection with the extension of our revolving line of credit facility in July 2015, we are now subject to a Consolidated Senior
Secured Debt to Consolidated EBITDA, as defined in the bank agreement, financial maintenance covenant beginning in the third quarter of 2015. The maximum ratio, as defined, is 5.3x, 4.5x and 3.5x at
December&nbsp;31, 2015, 2016 and 2017, respectively. The ratio as of December&nbsp;31, 2015 was 3.9x. In addition, notes payable at some of our locations contain financial maintenance covenants.
We are in compliance with our debt covenants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-67</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=435,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=708594,FOLIO='F-67',FILE='DISK112:[12ZBH3.12ZBH43513]FW43513A.;3',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fy43513_1_68"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;4, 2014, we notified our lenders of the occurrence of a default under our Amended and Restated Credit Agreement, due to our failure to deliver our audited Consolidated
Financial Statements for the year ended December&nbsp;31, 2013 within 95&nbsp;days after the fiscal year end (the 2013 Audited Financial Statement Delivery Default). The reason for the 2013
Audited Financial Statement Delivery Default is the additional time needed to completely and accurately reflect several items in the 2013 Consolidated Financial Statements. We cured the 2013 Audited
Financial Statement Delivery Default by delivering the 2013 Consolidated Financial Statements to the administrative agent on April&nbsp;14, 2014, the date that the 2013 Consolidated Financial
Statements were issued, which was within the 30-day grace period provided for in the Amended and Restated Credit Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Loss on Debt Extinguishment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2015, Laureate recorded a Loss on debt extinguishment of $1,263, of which $932 was related to
mortgage breakage fees paid as a part of the Swiss sale leaseback transaction discussed in Note&nbsp;3, Discontinued Operations and Assets Held for Sale, and $331 which was related to the extension
of the maturity date for the $350,000 revolving line of credit facility under the Senior Secured Credit Facility from June 2016 to March 2018, as discussed above. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December&nbsp;31, 2014, Laureate recorded a Loss on debt extinguishment of $22,984 that was almost entirely related to the purchase of previously leased property
in Brazil and settlement of the related lease obligation. In connection with the 2010 acquisition of Universidade Potiguar (UNP), Laureate entered into a lease agreement for certain property, which
was accounted for as a failed sale-leaseback and recorded as a lease asset and liability. The sellers had a right to put the property to Laureate, which they exercised in December 2014. Laureate
recorded the excess of the
approximately $29,300 purchase price over the capital lease liability as Loss on debt extinguishment in accordance with ASC 470-50, "Modifications and Extinguishments." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December&nbsp;31, 2013, we recorded a Loss on debt extinguishment of $1,361 in the accompanying Consolidated Statements of Operations in connection with the Third
Amendment discussed above. This loss relates to the write-off of unamortized debt issuance costs associated with facilities that were deemed to be extinguished. We also paid third-party costs of
$1,510 in connection with the amendment, which were recorded as General and administrative expenses for the year ended December&nbsp;31, 2013. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Debt Issuance Costs  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;1, 2016, Laureate adopted ASU&nbsp;2015-03, which simplified the presentation of debt issuance costs by requiring
debt issuance costs to be presented as a deduction from debt. This makes the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. The recognition and
measurement guidance for debt issuance costs is not affected, therefore these costs will continue to be amortized as interest expense. At adoption, the new guidance was applied retrospectively to all
prior periods presented. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization
of debt issuance costs and accretion of debt discounts that are recorded in Interest expense in the Consolidated Statements of Operations totaled $26,100, $24,400 and
$22,861 for the years ended December&nbsp;31, 2015, 2014 and 2013, respectively. During the years ended December&nbsp;31, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-68</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=436,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=328190,FOLIO='F-68',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_69"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>2015,
2014 and 2013, we paid and capitalized a total of $13,020, $3,282 and $30,618, respectively, in debt issuance costs. As of December&nbsp;31, 2015 and 2014, our unamortized debt issuance costs
were $69,294 and $80,094, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Currency and Interest Rate Swaps  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The interest and principal payments for Laureate's senior long-term debt arrangements are to be paid primarily in USD. Our ability to
make debt service payments is subject to fluctuations in the value of the USD relative to foreign currencies, because a majority of our operating cash used to make these payments is generated by
subsidiaries with functional currencies other than USD. As part of our overall risk management policies, Laureate has entered into a foreign currency swap contract and floating-to-fixed interest rate
swap contracts. See Note&nbsp;14, Derivative Instruments, for further disclosures. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Debt  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Lines of Credit  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual Laureate subsidiaries have the ability to borrow pursuant to unsecured lines of credit and similar short-term borrowing
arrangements (collectively, lines of credit). The lines of credit are available for working capital purposes and enable us to borrow for and repay until those lines mature. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
rates on our lines of credit ranged from 5.08% to 20.00% at December&nbsp;31, 2015, and 4.82% to 20.00% at December&nbsp;31, 2014. Our weighted-average short-term borrowing
rate was 7.98% and 6.75% at December&nbsp;31, 2015 and 2014, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
aggregate lines of credit (outstanding balances plus available borrowing capacity) were $114,706 and $155,777 as of December&nbsp;31, 2015 and 2014, respectively. At
December&nbsp;31, 2015 and 2014, the aggregate outstanding balances on our lines of credit were $74,335 and $106,046, respectively, which are included in the current portion of long-term debt.
Accordingly, the available borrowing capacity under our lines of credit was $40,371 and $49,731 at December&nbsp;31, 2015 and 2014, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Notes Payable  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable include mortgages payable that are secured by certain fixed assets. The notes payable have varying maturity dates and
repayment terms through 2030. These loans contain certain financial maintenance covenants and Laureate is in compliance with these covenants. Interest rates on notes payable ranged from 2.30% to
19.04% and 2.23% to 22.16% at December&nbsp;31, 2015 and 2014, respectively. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;21, 2007, UVM Mexico entered into an agreement with a bank for a loan of MXN&nbsp;2,750,000 (approximately US $250,000 at that time). Under the terms of the loan,
UVM Mexico could borrow the total amount of the loan through one or more draws, provided that each draw of the loan was evidenced by a promissory note. On July&nbsp;1, 2008, Laureate made a draw in
the amount of MXN&nbsp;2,575,600 (US $250,000 at July&nbsp;1, 2008) to acquire Universidad Tecnol&oacute;gica de M&eacute;xico (UNITEC Mexico). The loan was originally scheduled to
mature on July&nbsp;1, 2015. UVM Mexico began semi-annual </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-69</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=437,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=241534,FOLIO='F-69',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_70"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>repayments
of MXN 257,560 (US $19,685) on July&nbsp;15, 2010. In order to align the payments with the new loan described below, in May 2014 the loan maturity date was extended to May&nbsp;15,
2021, and the repayments were suspended until May&nbsp;16, 2016, when UVM Mexico will resume semi-annual repayments of MXN 120,418 (US $6,972 at December&nbsp;31, 2015). These payments will
continue through maturity in 2021. Interest is payable monthly and accrued at the 28-day Mexican Interbanking Offer Rate (TIIE), plus the applicable margin. The applicable margin for the interest
calculation is established based on the ratio of debt to EBITDA, as defined in the agreement. As of December&nbsp;31, 2015 and 2014, the interest rate on the loan was 5.82% and 5.30%, respectively,
and the outstanding balance on the loan was $76,695 and $89,855, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2012, the Company entered into an agreement with a bank for a loan of MXN 900,000 (approximately US $52,111 at December&nbsp;31, 2015), in order to fund payment of the amounts
owed to the former noncontrolling interest holders of Planeaci&oacute;n de Sistemas,&nbsp;S.A. de C.V. (Plansi) under the terms of the agreement to purchase their remaining 10% interest in
Plansi. The loan carries a variable interest rate (5.82% and 5.30% at December&nbsp;31, 2015 and 2014, respectively) and was originally scheduled to mature on May&nbsp;15, 2019. In May 2014, the
loan maturity date was extended to May&nbsp;15, 2021, and the repayments were suspended until May&nbsp;16, 2016. As of December&nbsp;31, 2015 and 2014, this loan had an outstanding balance of
$52,111 and $61,052, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the loans above, in August 2015, UVM Mexico entered into an agreement with a bank for a loan of MXN 1,300,000 (approximately US $79,000 at the time of the loan). The loan
carries a variable interest rate (5.87% at December&nbsp;31, 2015) and matures in August 2020. As of December&nbsp;31, 2015, the outstanding balance of this loan was $75,271. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has also obtained financing to fund the construction of two new campuses at one of our institutions in Peru, Universidad Peruana de Ciencias Aplicadas (UPC Peru). During
2012, we made an initial borrowing of approximately $19,500 in order to begin the construction. Additional borrowings for this construction project of approximately $33,000, $25,000 and $23,000
occurred during 2015, 2014 and 2013, respectively, and during 2015 and 2014 Laureate made repayments of approximately $17,000 and $10,000, respectively. As of December&nbsp;31, 2015 and 2014, the
outstanding balance on the loans was $60,553 and $52,073, respectively, and had a weighted average interest rate of 7.74% and 7.25%, respectively. These loans have varying maturity dates with the
final payment due in October 2022. As of December&nbsp;31, 2015 and 2014, $26,371 and $28,085, respectively, of the outstanding balances on the loans were payable to one of the institutional
investors referred to in Note&nbsp;13, Share-based Compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2014, the Company obtained financing to fund the construction of a new campus at one of our institutions in Panama. As of December&nbsp;31, 2015 and 2014, the outstanding
balance on this loan was $25,000 and $12,500, respectively. This loan is payable to one of the institutional investors referred to in Note&nbsp;13, Share-based Compensation. It has a fixed interest
rate of 8.11% and matures in 2024. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
has outstanding notes payable at HIEU in China. As of December&nbsp;31, 2015 and 2014, the outstanding balance on the loans was $90,426 and $91,022, respectively. The interest
rates on these loans range from 4.75% to 7.84% per annum as of December&nbsp;31, 2015 and from 6.30% to 7.20% per annum as of December&nbsp;31, 2014. These notes are repayable in installments with
the final installment due in November 2019. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-70</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=438,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=501458,FOLIO='F-70',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_71"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
has outstanding notes payable at a real estate subsidiary in Chile. As of December&nbsp;31, 2015 and 2014, the outstanding balance on the loans was $55,047 and $65,839,
respectively. The interest rates on these loans range from 5.64% to 9.58% per annum as of December&nbsp;31, 2015 and from 4.79% to 8.31% per annum as of December&nbsp;31, 2014. These notes are
repayable in installments with the final installment due in August 2028. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in Note&nbsp;4, Acquisitions, Laureate acquired THINK on December&nbsp;20, 2013. Laureate financed a portion of the purchase price for THINK by borrowing AUD 45,000 (US
$32,702 at December&nbsp;31, 2015) under a syndicated facility agreement in the form of two term loans of AUD&nbsp;22,500
each. The syndicated facility agreement also provides for additional borrowings of up to AUD&nbsp;20,000 (US $14,534 at December&nbsp;31, 2015) under a capital expenditure facility and a working
capital facility. The first term loan (Facility A)&nbsp;has a term of five years and principal is payable in quarterly installments of AUD 1,125 (US $818 at December&nbsp;31, 2015) beginning on
March&nbsp;31, 2014. The second term loan (Facility B)&nbsp;has a term of five years and the total principal balance of AUD 22,500 is payable at its maturity date of December&nbsp;20, 2018. The
two term loans bear interest at a variable rate plus a margin of up to 3.2% for Facility A and 3.5% for Facility B that is determined based on THINK's leverage ratio, and interest is payable
periodically. As of December&nbsp;31, 2015, the interest rates on Facility A and Facility B were 4.68% and 4.98%, respectively, and as of December&nbsp;31, 2014, the interest rates on Facility A
and Facility B were 5.19% and 5.49%, respectively. The terms of the syndicated facility agreement required THINK to enter into an interest rate swap within 45&nbsp;days from the agreement's
December&nbsp;20, 2013 effective date, in order to convert at least 50% of the AUD 45,000 of term loan debt from a variable interest rate to a fixed interest rate. Accordingly, on January&nbsp;31,
2014 THINK executed an interest rate swap agreement to satisfy this requirement and converted AUD&nbsp;22,500 (US $16,351 at December&nbsp;31, 2015) of the variable rate component of the term loan
debt to a fixed interest rate of 3.86%. This interest rate swap was not designated as a hedge for accounting purposes. As of December&nbsp;31, 2015 and 2014, $25,696 and $33,137, respectively, was
outstanding under these loan facilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in Note&nbsp;4, Acquisitions, Laureate acquired FMU on September&nbsp;12, 2014 and financed a portion of the purchase price by borrowing amounts under two loans that
totaled BRL 259,139 (approximately US $110,310 at the borrowing date). The loans require semi-annual principal payments beginning at BRL 6,478 in October 2014 and increasing to a maximum of BRL 22,027
beginning in October 2017 and continuing through their maturity dates in April 2021. As of December&nbsp;31, 2015 and 2014, the outstanding balance of these loans was $58,865 and $95,071,
respectively. Both loans mature on April&nbsp;15, 2021 and bear interest at an annual variable rate of CDI plus 3.7% (approximately 18% and 15% at December&nbsp;31, 2015 and 2014, respectively). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;18, 2015, the Company entered into an agreement with two banks to borrow a total of EUR 100,000 (approximately US $106,500 at the agreement date) for a term of
10&nbsp;years at a fixed annual interest rate of 3%. The loan is collateralized by real estate at one of our campuses in Spain and requires 40 quarterly principal payments of EUR 1,875 beginning in
February 2016, and a final principal payment of EUR 25,000 upon maturity of the loan, in November 2025. As of December&nbsp;31, 2015, the outstanding balance on this loan was $107,100. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-71</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=439,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=286977,FOLIO='F-71',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_72"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Debt (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Capital Lease Obligations and Sale-Leaseback Financings  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital leases and sale-leaseback financings, primarily relating to real estate obligations, are included in debt and have been
recorded using interest rates ranging from 1.00% to 42.87%. During 2015 and 2014, we had additions to assets and liabilities recorded as sale-leaseback financings and build-to-suit arrangements of
$8,147 and $67,846, respectively, including additions through acquisition. We had assets under capital leases and sale-leaseback financings of $210,840 and $271,878 at December&nbsp;31, 2015 and
2014, respectively, net of accumulated amortization. The amortization expense for capital lease assets is recorded in Depreciation and amortization expense. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate maturities of our total future value and present value of the minimum capital lease payments and payments related to sale-leaseback financings at December&nbsp;31, 2015
were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Future Value of<BR>
Payments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Interest </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Present Value of<BR>
Payments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40,263</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,503</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46,965</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,187</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,778</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,172</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,034</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,138</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38,940</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,473</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,467</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33,130</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24,367</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,763</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thereafter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>284,021</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>109,414</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>174,607 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>490,491</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>243,235</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>247,256 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;10. Leases  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate conducts a significant portion of its operations from leased facilities. These facilities include our corporate headquarters, other office locations, and many of Laureate's
higher education facilities. The terms of these operating leases vary and generally contain renewal options. Some of the operating leases provide for increasing rents over the terms of the leases.
Laureate also leases certain equipment under noncancelable operating leases, which are typically for terms of 60&nbsp;months or less. Total rent expense under these leases is recognized ratably over
the initial term of each lease. Any difference between the rent payment and the straight-line expense is recorded as an adjustment to the liability or as a prepaid asset. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
has entered into sublease agreements for certain leased office space. These agreements allow us to annually adjust rental income to be received for increases in gross operating
rent and related expenses. The sublease agreements have various expiration dates through 2026. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-72</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=440,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=452086,FOLIO='F-72',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_73"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;10. Leases (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future
minimum lease payments and sublease income at December&nbsp;31, 2015, by year and in the aggregate, under all noncancelable operating leases and subleases are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="78pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Lease Payments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Sublease Income </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>206,646</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,306</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>192,721</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,044</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>177,549</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,078</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>163,818</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,168</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>154,139</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,103</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thereafter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,126,906</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,703 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,021,779</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,402 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rent
expense, net of sublease income, for all cancelable and noncancelable leases was $234,003, $230,941 and $207,841 for the years ended December&nbsp;31, 2015, 2014 and 2013,
respectively. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Commitments and Contingencies  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Noncontrolling Interest Holder Put Arrangements and Company Call Arrangements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following section provides a summary table and description of the various noncontrolling interest holder put arrangements that
Laureate had outstanding as of December&nbsp;31, 2015. As further described in Note&nbsp;2, Significant Accounting Policies, Laureate has elected to accrete changes in the arrangements' redemption
values over the period from the date of issuance to the earliest redemption date. The redeemable noncontrolling interests are recorded at the greater of the accreted redemption value or the
traditional noncontrolling interest. Until the first exercise date, the put instruments' reported values may be lower than the final amounts that will be required to settle the minority put
arrangements. As of December&nbsp;31, 2015, the carrying value of all noncontrolling interest holder put arrangements was $43,149, which includes accreted incremental value of $26,016 in excess of
traditional noncontrolling interests. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-73</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=441,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=141612,FOLIO='F-73',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_74"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the minority put arrangements were all exercisable at December&nbsp;31, 2015, Laureate would be obligated to pay the noncontrolling interest holders an estimated amount of $43,149,
as summarized in the following table: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="89pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:67pt;"><FONT SIZE=1><B>December&nbsp;31, 2015

<!-- COMMAND=ADD_SCROPPEDRULE,67pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nominal<BR>
Currency </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>First<BR>
Exercisable<BR>
Date </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated Value as<BR>
of December&nbsp;31,<BR>
2015 redeemable<BR>
within 12-months: </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Reported<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Noncontrolling interest holder put arrangements</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INTI Education Holdings Sdn Bhd (INTI)&#151;10%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>MYR</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pearl Retail Solutions Private Limited and Creative Arts Education Society (Pearl)&#151;45%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>INR</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,666</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,666</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>University of St.&nbsp;Augustine for Health Sciences,&nbsp;LLC (St.&nbsp;Augustine)&#151;20%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>USD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,367</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,367</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>National Hispanic University (NHU&nbsp;LLC)&#151;20%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>USD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stamford International University (STIU)&#151;Puttable preferred stock of TEDCO</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>THB</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total noncontrolling interest holder put arrangements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>43,149</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>43,149</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Puttable common stock&#151;currently redeemable</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>USD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Puttable common stock&#151;not currently redeemable</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>USD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,591 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>43,155</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51,746 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Contingently
redeemable </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2>THB:
Thai Baht  </FONT></P>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
noncontrolling interest put arrangements are specified in agreements with each noncontrolling interest holder. The terms of these agreements determine the measurement of the
redemption value of the put options based on a non-GAAP measure of earnings before interest, taxes, depreciation and amortization (EBITDA, or recurring EBITDA), the definition of which varies for each
particular contract. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments
and contingencies are generally denominated in foreign currencies. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


INTI  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the acquisition of INTI, formerly known as Future Perspective, Sdn Bhd, the noncontrolling interest holders of INTI had put
options denominated in MYR to require the Company to purchase the remaining noncontrolling interest. As of December&nbsp;31, 2015, there is one put option remaining for the holder of the
approximately 10% minority interest. The put option for the approximately 10% noncontrolling interest holder is exercisable for the 30-day period commencing after issuance of the audited financial
statements for each of the years ending December&nbsp;31, 2012 through December&nbsp;31, 2025. The holder may exercise his option to sell all of his equity interest to the Company for a purchase
price that is equal to defined multiples of recurring EBITDA. Purchase price multiples have been defined as eight times up to approximately the first $12,200 of EBITDA plus six times </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-74</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=442,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=30398,FOLIO='F-74',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_75"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>EBITDA
above this amount. This put option expires after the 30-day period related to delivery of the 2025 audited financial statements. As of December&nbsp;31, 2015, the Company recorded $9,061 for
this arrangement in Redeemable noncontrolling interests and equity on its Consolidated Balance Sheet. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has call options to purchase any or all of the remaining 10% noncontrolling interest. The call option for the noncontrolling interest can be exercised during the 30-day
period commencing after the issuance of the audited financial statements for each of the years ending December&nbsp;31, 2012 through December&nbsp;31, 2025. The call option price is eight times
recurring EBITDA, as defined in the agreement. This call option had no impact on the Company's financial statements as of December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Pearl  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the acquisition of Pearl, the minority owners have a put option to require Laureate to purchase the remaining 45%
noncontrolling interest. The put option became exercisable in 2015, and expires fifteen days after Pearl's audited statutory financial statements for the fiscal year ending March&nbsp;31, 2017 are
presented to Pearl's board. During this period, the minority owners may exercise their option to sell any or all of their equity interest to Laureate for a purchase
price equal to 6.0 times EBITDA for the immediately preceding fiscal year, less long-term liabilities and plus net current assets as of the immediately preceding March&nbsp;31; multiplied by the
noncontrolling interest percentage being acquired. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
put option also contains a formulaic floor and ceiling. As of December&nbsp;31, 2015, the amount recorded in Redeemable noncontrolling interests and equity on the Consolidated
Balance Sheet is $6,666. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
has a call option to require the minority owners to sell to Laureate up to 35% of the total equity of Pearl that is still owned by the noncontrolling interest holders
(i.e.&nbsp;approximately 78% of the remaining 45% noncontrolling interest). The call option is exercisable beginning fifteen days after Pearl's audited statutory financial statements for the fiscal
year ending March&nbsp;31, 2016 are presented to Pearl's board, and expires fifteen days after Pearl's audited statutory financial statements for the fiscal year ending March&nbsp;31, 2018 are
presented to Pearl's board. The purchase price for the call option is defined as 6.5 times EBITDA for the immediately preceding fiscal year, less long-term liabilities and plus net current assets as
of the immediately preceding March&nbsp;31; multiplied by the noncontrolling interest percentage being acquired. The call option also contains a formulaic floor and ceiling. This call option had no
impact on the Company's financial statements as of December&nbsp;31, 2015. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


St.&nbsp;Augustine  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning on November&nbsp;21, 2015 and continuing until November&nbsp;21, 2018, the noncontrolling interest holders have a put
option to require Laureate to purchase all, but not less than all, of the remaining noncontrolling interest of 20%. Beginning on November&nbsp;21, 2017 and continuing until November&nbsp;21, 2023,
Laureate also has a call option to acquire the remaining noncontrolling interest. The put option purchase price and the call option purchase price are based on 7.0 times Adjusted EBITDA of
St.&nbsp;Augustine, as defined in the agreement, for the twelve months ended as of the last day of the fiscal quarter most recently ended prior to the date on which notice of exercise is given; </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-75</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=443,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=949961,FOLIO='F-75',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_76"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>multiplied
by the percentage interest being acquired. As of December&nbsp;31, 2015, we recorded $27,367 for the put option in Redeemable noncontrolling interests and equity on the Consolidated
Balance Sheet. The call option had no impact on our Consolidated Financial Statements as of December&nbsp;31, 2015. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


NHU&nbsp;LLC  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective April&nbsp;16, 2014, NHU NFP, the noncontrolling interest holder of NHU&nbsp;LLC, has two put options to require Laureate
to purchase all or a portion of its 20% ownership interest in NHU&nbsp;LLC. The first put option gives the noncontrolling interest holder the right to require us to purchase a minimum of 50% of the
NHU&nbsp;LLC equity interest. The second put option gives the noncontrolling interest holder the right to require us to purchase all of its remaining equity interest in NHU&nbsp;LLC. There is no
expiration date on either of these two put options. The purchase price of these put options would be equal to 6.5 times adjusted EBITDA for certain defined periods, multiplied by the percentage
interest to be purchased. As of December&nbsp;31, 2015, we recorded $0 for these arrangements in Redeemable noncontrolling interests and equity on the Consolidated Balance Sheet, as the adjusted
EBITDA measure specified in the agreement was negative. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
April&nbsp;16, 2020, we have a call option that will allow us to purchase any remaining noncontrolling interests in NHU&nbsp;LLC. The call price would be equal to 6.5 times
adjusted EBITDA multiplied by the percentage interest that Laureate purchases, subject to a minimum call price. The minimum call price would be (a)&nbsp;$5,000 if the noncontrolling interest
holder's percentage ownership is equal to or exceeds its initial 20% interest on the exercise date, or (b)&nbsp;if its ownership is less than its initial 20% interest, $5,000 times the quotient of
the noncontrolling interest holder's percentage ownership on the exercise date divided by 20%. This call option had no impact on our Consolidated Financial Statements as of December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Uni IBMR  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2015, the put and call options for Uni IBMR expired unexercised. In addition, we entered into a commitment to purchase the
remaining 10% minority interest in Uni IBMR for a purchase price of BRL 2,500 (US $638 at December&nbsp;31, 2015). The agreement closed on March&nbsp;10, 2016 and we paid BRL 2,500. Additional
purchase price could be paid post closing if certain contingent sale conditions are met. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Contingently Redeemable Equity Instruments  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Puttable Common Stock&#151;Termination Agreement (Currently Redeemable)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2008, in connection with a termination agreement, a Laureate employee who held shares of the Company's common stock was granted
a contractual right to put shares back to Laureate at a price equal to the fair market value of our common stock at the time of exercise (the put right). This put right is exercisable annually during
the 45-day period subsequent to the stockholder's receipt of Laureate's annual appraisal. The put right terminates at the earliest of a change in control of Laureate, an initial public offering of
Laureate's common stock, or such time as Laureate repurchases the employee's shares. We account for the puttable common stock as contingently redeemable securities. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-76</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=444,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=255324,FOLIO='F-76',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_77"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Since
the stock is currently redeemable, we recognize its fair value, the maximum redemption amount, as temporary equity at the end of each reporting period, with the changes in fair value recorded
through Additional paid-in capital. As of December&nbsp;31, 2015 and 2014, $6 and $7, respectively, of puttable common stock was included in Redeemable noncontrolling interests and equity on the
Consolidated Balance Sheets, and one thousand shares remained outstanding as of each balance sheet date. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Puttable Common Stock&#151;Director Stockholder Put (Not Currently Redeemable)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the individual director stockholders of Laureate has entered into a stockholder's agreement with Laureate and Wengen. The
director stockholder's agreement makes all shares of common stock subject to a stockholder put option at the fair market value of the stock. The stockholder put option is only exercisable upon the
loss of capacity to serve as a director due to death or disability (as defined in the stockholder's agreement). The director stockholder put option expires only upon a change in control of Laureate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
the put option can only be exercised upon death or disability, we account for the common stock as contingently redeemable equity instruments that are not currently redeemable and
for which redemption is not probable. Accordingly, the redeemable equity instruments are presented in temporary equity based on their initial measurement amount, as required by ASC 480-10-S99,
"Distinguishing Liabilities from Equity&#151;SEC Materials." No subsequent adjustment of the initial
measurement amounts for these contingently redeemable securities is necessary unless the redemption of these securities becomes probable. Accordingly, the amount presented as temporary equity for the
contingently redeemable common stock outstanding is its issuance-date fair value. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, $2,397 of contingently redeemable common stock attributable to director stockholder puts was included in Redeemable noncontrolling interests and equity on
the Consolidated Balance Sheet. As of December&nbsp;31, 2014, $1,711 was included in Redeemable noncontrolling interests and equity on the Consolidated Balance Sheet for director stockholder puts. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Put Right on Share-Based Awards Granted to Executive (Not Currently Redeemable)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first quarter of 2015, the Company and an executive entered into an agreement whereby this executive was granted certain put
rights on his share-based awards once they become vested. The put right becomes exercisable in 2018 if certain events have not occurred by that time. As a result, we reclassified permanent equity to
temporary equity for equity awards relating to approximately 750 shares of common stock that are contingently redeemable. As of December&nbsp;31, 2015, $6,194 of contingently redeemable common stock
attributable to this put right was included in Redeemable noncontrolling interests and equity on the Consolidated Balance Sheet. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Loss Contingencies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate is subject to legal actions arising in the ordinary course of its business. In management's opinion, we have adequate legal
defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of such actions. We do not believe that any settlement would have a material impact on </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-77</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=445,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1039455,FOLIO='F-77',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_78"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>our
Consolidated Financial Statements. Refer to Note&nbsp;19, Legal and Regulatory Matters, for a discussion of certain matters. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Contingent Liabilities for Taxes  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May 2012, a Brazilian state supreme court ruling declared that a law passed by one of its municipal governments was
unconstitutional. The municipality's federal appeal of the state ruling is pending. This municipal law, passed in the third quarter of 2010, had nullified certain tax assessments against one of our
institutions in Brazil. As a result of the May 2012 state supreme court ruling, we recorded a liability for these tax contingencies of approximately $20,100. During 2013, the Company revised its
estimate for this Brazil tax contingency and recorded an additional $3,800 of Direct costs. During the fourth quarter of 2013, we settled this tax assessment with the municipality and paid the entire
liability. We initiated legal proceedings under the purchase agreement arbitration provisions against the former owners to recover the amounts paid for this tax contingency as the liability stems
exclusively from the pre-acquisition period. During the year ended December&nbsp;31, 2014, we reached a settlement with the former owners and recorded a gain of approximately $6,700 in Operating
income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015 and 2014, Laureate has recorded cumulative liabilities totaling $73,775 and $121,867, respectively, for taxes other-than-income tax, principally
payroll-tax-related uncertainties due to acquisitions of companies primarily in Latin America. The changes in this recorded liability are related to new acquisitions, interest and penalty accruals,
changes in tax laws, expirations of statutes of limitations, settlements and changes in foreign currency exchange rates. The terms of the statutes of limitations on these contingencies vary but can be
up to 10&nbsp;years. This liability is included in Other long-term liabilities on the Consolidated Balance Sheets. We have also recorded current liabilities for taxes other-than-income tax of $4,217
and $2,362, respectively, as of December&nbsp;31, 2015 and 2014, in Other current liabilities on the Consolidated Balance Sheets. We estimate our liabilities for taxes other-than-income tax that
have a reasonable possibility of loss to be in the range of $0 to approximately $1,000, as of December&nbsp;31, 2015, and we have not accrued for such potential losses. The recorded value of
contingent liabilities is reduced when they are extinguished or the related statutes of limitations expire. Changes in the recorded values of non-income tax contingencies and the related
indemnification assets impact operating income. The (decrease) increase to operating income for adjustments to non-income tax contingencies and indemnification assets were approximately $(5,600),
$4,600 and $7,200 for the years ended December&nbsp;31, 2015, 2014 and 2013, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, as of December&nbsp;31, 2015 and 2014, Laureate has recorded cumulative liabilities for income tax contingencies of $139,160 and $126,466, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
most cases, Laureate has received indemnifications from the former owners and/or noncontrolling interest holders of the acquired businesses for contingencies, and therefore, we do not
believe we will sustain an economic loss even if we are required to pay these additional amounts. As of December&nbsp;31, 2015 and 2014, indemnification assets primarily related to acquisition
contingencies were $123,904 and $184,916, respectively. These indemnification assets covered contingencies for income taxes and taxes other-than-income taxes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
tax contingencies are disclosed and discussed further in Note&nbsp;15, Income Taxes. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-78</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=446,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=288229,FOLIO='F-78',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_79"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Commitments and Contingencies (Continued) </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Loss Contingencies  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate has accrued liabilities for certain civil actions against our institutions that existed prior to our acquisition of these
entities. As of December&nbsp;31, 2015 and 2014, approximately $14,000 and $13,000, respectively, of pre-acquisition loss contingencies were included in Other long-term liabilities and Other current
liabilities on the Consolidated Balance Sheets. Laureate intends to vigorously defend against these lawsuits. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


UNAB Chile Settlement  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The planned March 2013 opening of a new campus building at UNAB Chile in our LatAm segment was delayed, resulting in the need to
relocate students to temporary facilities while the building was completed. This also caused a several week delay to the start of the 2013 academic calendar year for these students. As a concession
for the inconvenience experienced by the students who were affected, Laureate agreed to a one-time settlement in the form of discounts on those students' tuition. This settlement was recognized in the
first quarter of 2013 as a reduction of Revenue, in accordance with ASC 605-50-45-2, "Customer Payments and Incentives." For the year ended December&nbsp;31, 2013, the total reduction of Revenue for
this settlement was approximately $10,100. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Settlement of Insurance Claims  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February 2010 and April 2010, earthquakes struck near Concepci&oacute;n, Chile and in the Baja California region of Mexico,
respectively, resulting in damage to a number of our locations in those areas. All significant repair work has since been completed, and we filed claims with our insurance carriers for both property
damage and business interruption losses. We negotiated in good faith with our insurance carriers regarding disputed amounts of deductibles applied and losses covered; however we were unable to resolve
these matters through negotiations. As a result, on October&nbsp;12, 2011, we filed suit against the relevant insurance carrier in the U.S. District Court for the Southern District of New York
(</FONT><FONT SIZE=2><I>Laureate Education,&nbsp;Inc. v. Insurance Company of the State of Pennsylvania,</I></FONT><FONT SIZE=2> Case No.&nbsp;11 CIV&nbsp;7175), seeking money damages in excess
of $11,000, a declaratory judgment that the carrier was obligated to indemnify us for our losses, and our costs, expenses and attorneys' fees. Discovery in this proceeding was completed and the
parties both filed motions for summary judgment. On April&nbsp;3, 2014, the court granted summary judgment for the carrier with respect to the $5,000 in property damage claims, granted summary
judgment for us for approximately $900 with respect to one of the business interruption claims, and determined that a trial would be required for the remaining claims, which totaled approximately
$4,800, including prejudgment interest. On June&nbsp;24, 2014, Laureate settled these remaining claims with the insurance carrier for $3,350. The settlement proceeds were received by Laureate on
June&nbsp;30, 2014 and recorded as a reduction of General and administrative expenses during the second quarter of 2014. In December 2014, we reached a final settlement agreement with another party
for one of the property damage claims discussed above. The settlement amount was $1,475, and was recorded as a reduction of General and administrative expenses during the fourth quarter of 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-79</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=447,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=958788,FOLIO='F-79',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_fy43513_1_80"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Material Guarantees&#151;Student Financing  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Chile  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accredited Chilean institutions in the Laureate network also participate in a government-sponsored student financing program known
as Cr&eacute;dito con Aval del Estado (the CAE Program). The CAE Program was formally implemented by the Chilean government in 2006 to promote higher education in Chile for lower
socio-economic level students in good academic standing. The CAE Program involves tuition financing and guarantees that are provided by our institutions and the government. As part of the CAE Program,
these institutions provide guarantees which result in contingent liabilities to third-party financing institutions, beginning at 90% of the tuition loans made directly to qualified students enrolled
through the CAE Program and declining to 60% over time. The guarantees by these institutions are in effect during the period in which the student is enrolled, and the guarantees are assumed entirely
by the government upon the student's graduation. When a student leaves one of Laureate's institutions and enrolls in another CAE-qualified institution, the Laureate institution will remain guarantor
of the tuition loans that have been granted up to the date of transfer, and until the student's graduation from a CAE-qualified institution. The maximum potential amount of payments our institutions
could be required to make under the CAE Program was approximately $428,000 and $432,000 at December&nbsp;31, 2015 and 2014, respectively. This maximum potential amount assumes that all students in
the CAE Program do not graduate, so that our guarantee would not be assigned to the government, and that all students default on the full amount of the CAE-qualified loan balances. As of
December&nbsp;31, 2015 and 2014, we recorded $18,829 and $19,918, respectively, as estimated long-term guarantee liabilities for these obligations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;4, 2012, the Chilean Congress approved Law No.&nbsp;20.634 which amended Law No.&nbsp;20.027, introducing an interest rate reduction from 6% to 2% on CAE loans.
Current students could benefit from the reduction starting in March 2013 if they were current on their payments. The Law also provides that CAE loans cannot exceed the reference price established by
the government for the program in which the student is enrolled, that the student begins to make payments 18&nbsp;months after graduation, and that monthly payments may not exceed 10% of the
participant's income if requested by the student. The prior government in Chile had proposed other changes to the student loan program. However, in the second quarter of 2014 the new government that
was inaugurated on March&nbsp;11, 2014 announced the withdrawal of all of the prior administration's higher education proposals and its intent to submit new bills to the Chilean Congress. We cannot
predict the extent or outcome of any changes to the student loan system that may be implemented in Chile or whether any such changes may have a material impact on our Consolidated Financial
Statements. See Note&nbsp;2, Significant Accounting Policies. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Material Guarantees&#151;Other  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In conjunction with the purchase of UNP, Laureate pledged all of the acquired shares as a guarantee of our payments of rents as they
become due. In the event that we default on any payment, the pledge agreement provides for a forfeiture of the relevant pledged shares.
In the event of forfeiture, Laureate may be required to transfer the books and management of UNP to the former owners. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-80</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=448,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=586120,FOLIO='F-80',FILE='DISK112:[12ZBH3.12ZBH43513]FY43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ga43513_1_81"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Commitments and Contingencies (Continued)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in Note&nbsp;4, Acquisitions, Laureate acquired the remaining 49% ownership interest in UAM Brazil in April 2013. As part of the agreement to purchase the 49% ownership
interest, Laureate pledged 49% of its total shares in UAM Brazil as a guarantee of our payment obligations under the purchase agreement. In the event that we default on any payment, the agreement
provides for a forfeiture of the pledged shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the purchase of FMU on September&nbsp;12, 2014, as described in Note&nbsp;4, Acquisitions, Laureate pledged 75% of the acquired shares to third-party lenders as a
guarantee of our payment obligations under the loans that financed a portion of the purchase price. See Note&nbsp;9, Debt, for further description of the loans. Laureate pledged the remaining 25% of
the acquired shares to the sellers as a guarantee of our payment obligations under the purchase agreement for the seller notes described in Note&nbsp;5, Due to Shareholders of Acquired Companies. In
the event that we default on any payment of the loans or seller notes, the purchase agreement provides for a forfeiture of the relevant pledged shares. Upon maturity and payment of the seller notes in
September 2017, the shares pledged to the sellers will be pledged to the third-party lenders until full payment of the loans, which mature in April 2021. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Standby Letters of Credit  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2015 and 2014, Laureate had outstanding letters of credit (LOCs) of $126,677 and $107,377, respectively,
which primarily consisted of the items discussed below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015 and 2014, we had $86,599 and $89,322, respectively, posted as LOCs in favor of the DOE. These LOCs were required to allow Walden, Kendall, NewSchool,
St.&nbsp;Augustine and NHU&nbsp;LLC to continue participating in the DOE Title IV program. These LOCs are fully collateralized with cash equivalents and certificates of deposit, which are
classified as Restricted cash and investments on our December&nbsp;31, 2015 Consolidated Balance Sheet. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015 and 2014, we had $36,527 and $14,447, respectively, posted as cash-collateralized LOCs related to the Spain Tax Audits. See Note&nbsp;15, Income Taxes,
for further detail. The cash collateral for these LOCs was classified as Restricted cash and investments on our December&nbsp;31, 2015 and 2014 Consolidated Balance Sheets. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Surety Bonds and Other Commitments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our normal operations, our insurers issue surety bonds on our behalf, as required by various state education authorities in
the United States. We are obligated to reimburse our insurers for any payments made by the insurers under the surety bonds. As of December&nbsp;31, 2015 and 2014, the total face amount of these
surety bonds was $3,366 and $7,314, respectively. These bonds are fully collateralized with cash, which is classified as Restricted cash and investments on our December&nbsp;31, 2015 Consolidated
Balance Sheet. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Financing Receivables  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's financing receivables consist primarily of trade receivables related to student tuition financing programs with an initial term in excess of one year. We have offered
long-term financing through execution of note receivable agreements with students at some of our institutions. The </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-81</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=449,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=47465,FOLIO='F-81',FILE='DISK112:[12ZBH3.12ZBH43513]GA43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ga43513_1_82"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Financing Receivables (Continued) </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>repayment
terms on these tuition financing programs vary and range from three to 18&nbsp;years. Our disclosures include financing receivables that are classified in our Consolidated Balance Sheets
as both current and long-term, reported in accordance with ASC 310, "Receivables." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
financing receivables balances were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:48pt;"><FONT SIZE=1><B>December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,48pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financing receivables</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32,802</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>41,404</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(10,576</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(15,240</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financing receivables, net of allowances</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,226</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,164 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not purchase financing receivables in the ordinary course of our business. We may sell certain receivables that are significantly past due. No material amounts of financing
receivables were sold during the periods reported herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delinquency
is the primary indicator of credit quality for our financing receivables. Receivable balances are considered delinquent when contractual payments on the loan become past due.
Delinquent financing receivables are placed on non-accrual status for interest income. The accrual of interest is resumed when the financing receivable becomes contractually current and when
collection of all remaining amounts due is reasonably assured. We record an Allowance for doubtful accounts to reduce our financing receivables to their net realizable value. The Allowance for
doubtful accounts is based on the age of the receivables, the status of past-due amounts, historical collection trends, current economic conditions, and student enrollment status. Each of our
institutions evaluates its balances for potential impairment. We consider impaired loans to be those that are past due one year or greater, and those that are modified as a troubled debt restructuring
(TDR). The aging of financing receivables grouped by country portfolio was as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Chile </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Other </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>As of December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amounts past due less than one year</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,404</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,166</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,570</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amounts past due one year or greater</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,048</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>606</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,654 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total past due (on non-accrual status)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,452</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,772</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,224</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Not past due</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,159</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,419</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,578 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total financing receivables</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,611</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,191</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32,802 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>As of December&nbsp;31, 2014</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amounts past due less than one year</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12,390</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,217</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,607</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amounts past due one year or greater</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,254</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>542</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,796 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total past due (on non-accrual status)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17,644</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,759</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,403</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Not past due</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,520</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,481</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,001 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total financing receivables</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31,164</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,240</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>41,404 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-82</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=450,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=18796,FOLIO='F-82',FILE='DISK112:[12ZBH3.12ZBH43513]GA43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ga43513_1_83"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Financing Receivables (Continued) </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a rollforward of the Allowance for doubtful accounts related to financing receivables from December&nbsp;31, 2012 through December&nbsp;31, 2015, grouped by country
portfolio: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Chile </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Other </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance at December&nbsp;31, 2012</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(28,385</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,977</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(31,362</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Charge-offs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,718</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>582</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,300</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recoveries</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>149</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>170</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reclassifications</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(471</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(471</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(407</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,039</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,446</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency adjustments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,090</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>435</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,525 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at December&nbsp;31, 2013</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(17,835</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,449</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(22,284</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Charge-offs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,800</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>782</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,582</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recoveries</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reclassifications</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(274</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(274</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,345</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(586</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,931</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency adjustments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,317</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>350</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,667 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at December&nbsp;31, 2014</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11,063</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,177</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(15,240</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Charge-offs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,648</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>232</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recoveries</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reclassifications</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,105</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(46</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,151</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency adjustments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,280</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>667</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,947 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(7,240</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,336</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(10,576</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Restructured Receivables  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A TDR is a financing receivable in which the borrower is experiencing financial difficulty and Laureate has granted an economic
concession to the student debtor that we would not otherwise consider. When we modify financing receivables in a TDR, Laureate typically
offers the student debtor an extension of the loan maturity and/or a reduction in the accrued interest balance. In certain situations, we may offer to restructure a financing receivable in a manner
that ultimately results in the forgiveness of contractually specified principal balances. Our only TDRs are in Chile. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of financing receivable accounts and the pre- and post-modification account balances modified under the terms of a TDR during the years ended December&nbsp;31, 2015, 2014
and 2013 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="100pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="97pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="97pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Financing<BR>
Receivable Accounts </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pre-Modification<BR>
Balance Outstanding </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Post-Modification<BR>
Balance Outstanding </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,044</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,251</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,796</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,070</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,002</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,452</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,167</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,604</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,210</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-83</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=451,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1003996,FOLIO='F-83',FILE='DISK112:[12ZBH3.12ZBH43513]GA43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ga43513_1_84"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Financing Receivables (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preceding table represents accounts modified under the terms of a TDR during the year ended December&nbsp;31, 2015, whereas the following table represents accounts modified as a
TDR between January&nbsp;1, 2014 and December&nbsp;31, 2015 that subsequently defaulted during the year ended December&nbsp;31, 2015: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="100pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="87pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Financing<BR>
Receivable Accounts </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Balance at Default </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>705</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,864</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table represents accounts modified as a TDR between January&nbsp;1, 2013 and December&nbsp;31, 2014 that subsequently defaulted during the year ended
December&nbsp;31, 2014: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="100pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="87pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Financing<BR>
Receivable Accounts </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Balance at Default </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>726</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,376</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table represents accounts modified as a TDR between January&nbsp;1, 2012 and December&nbsp;31, 2013 that subsequently defaulted during the year ended
December&nbsp;31, 2013: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="100pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="87pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Financing<BR>
Receivable Accounts </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Balance at Default </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>533</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,652</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Share-based Compensation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense was as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,


<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock compensation for directors' fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>827</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>825</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>300</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock options, net of estimated forfeitures</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,120</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,772</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36,284</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted stock awards</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,173</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,981</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,821</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive profits interest plan</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>115</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>735 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total non-cash stock compensation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34,120</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40,693</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>41,140</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred compensation arrangement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,901</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,653</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,372</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock options liability</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>844</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,021</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,190</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,512 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Share-based Deferred Compensation Arrangement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to August&nbsp;17, 2007 (the Merger Date), Laureate's Chief Executive Officer and another then-member of the Board
of Directors held vested equity-based awards which they exchanged on the Merger Date for unfunded, nonqualified share-based deferred compensation arrangements having an aggregate fair value at that
time of $126,739. Prior to the occurrence of an initial public offering, each deferred compensation arrangement allows the participant the potential to earn an amount (at any time, a Plan Balance)
equal to the product of (A)&nbsp;the number of "phantom shares" </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-84</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=452,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=797543,FOLIO='F-84',FILE='DISK112:[12ZBH3.12ZBH43513]GA43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ga43513_1_85"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Share-based Compensation (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>credited
to the participant's account, and (B)&nbsp;the lesser of (i)&nbsp;the fair market value per "phantom share" on the Merger Date plus a 5% compounded annual return thereon, and
(ii)&nbsp;the fair market value per "phantom share" on the earlier of September&nbsp;17, 2014 (the Distribution Date) or a change of control. On and after the occurrence of an initial public
offering, each deferred compensation arrangement allows the participant the potential to earn a Plan Balance equal to the product of (A)&nbsp;the number of "phantom shares" credited to the
participant's account as of the initial public offering and (B)&nbsp;the fair market value per "phantom share" on the Distribution Date or a change of control, as applicable. Under these deferred
compensation arrangements $81,000 was paid out on the Distribution Date. This payment was included in Accounts payable and accrued expenses within the operating activities section of the Consolidated
Statement of Cash Flows for the year ended December&nbsp;31, 2014. The Plan Balances remaining after the Distribution Date accrue interest at a compound annual interest rate of 5%. Under the terms
of the plan, the next $81,000 plus accrued interest on the Plan Balances remaining after the Distribution Date would be paid out on the first anniversary of the Distribution Date. The remaining Plan
Balance after the first anniversary distribution would be paid out on the second anniversary from the Distribution Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Laureate has not consummated an initial public offering prior to the first or second anniversary of the Distribution Date, as applicable, the scheduled distribution will be made in
cash. Distributions made after Laureate has consummated an initial public offering would generally be made in shares of Laureate common stock, the number of which will depend on the value of the
shares on the date of distribution. Notwithstanding the foregoing, immediately upon a change of control, the arrangements will be terminated and liquidated and the Plan Balances will be distributed in
a lump sum. A change of control would generally occur if all or substantially all of the assets of Laureate or more than 50% of our equity interests are sold. Prior to the Distribution Date, we
recognize the deferred compensation arrangement expense ratably based on the 5% compounded annual rate of return, which can be reduced based on the estimated fair value of Laureate's common stock if
the compounded annual rate of return of Laureate's common stock is less than a 5% compounded annual growth rate. After the Distribution Date, we recognize the deferred compensation arrangement expense
ratably based on the 5% compounded annual interest rate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the years ended December&nbsp;31, 2015, 2014 and 2013, Laureate recorded share-based compensation expense for this deferred compensation arrangement of $4,901, $7,653 and $8,372,
respectively. As of December&nbsp;31, 2014, the total liability recorded for the deferred compensation arrangement was $99,679, of which $82,165 was payable on September&nbsp;17, 2015, the first
anniversary of the Distribution Date, and was therefore recorded as a current liability in Deferred compensation on the 2014 Consolidated Balance Sheet. The remaining noncurrent portion of the
liability of $17,514 was recorded in Deferred compensation as a noncurrent liability. The participants agreed to extend the payment due on September&nbsp;17, 2015 (the 2015 Obligation), the first
anniversary of the Distribution Date, until December&nbsp;31, 2015, in order to agree with the Company on a form of payment that we believe more closely aligns with the long-term interests of the
Company and our securityholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;29, 2015 (the 2015 Executive DCP Closing Date), we satisfied the 2015 Obligation by paying the participants a total amount of $87,117, including $6,117 in interest
from the Distribution Date to the 2015 Executive DCP Closing Date. The payment consisted of $37,071 in cash and $50,046 in aggregate principal amount of Senior Notes due 2019. The participants agreed
not to offer or sell </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-85</FONT></P>

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

<!-- ZEQ.=5,SEQ=453,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=660793,FOLIO='F-85',FILE='DISK112:[12ZBH3.12ZBH43513]GA43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ga43513_1_86"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Share-based Compensation (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>their
Senior Notes due 2019, other than to the Company, until 12&nbsp;months after the 2015 Executive DCP Closing Date. See also Note&nbsp;9, Debt and Note&nbsp;17, Related Party Transactions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, the total liability recorded for the deferred compensation arrangement was $17,463, which is payable on September&nbsp;17, 2016, the second anniversary
of the Distribution Date, and was therefore recorded as a current liability in Deferred compensation on the 2015 Consolidated Balance Sheet. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2007 Stock Incentive Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August 2007, the Board of Directors approved the Laureate Education,&nbsp;Inc. 2007 Stock Incentive Plan (2007 Plan). The total
shares authorized under the 2007 Plan were 9,232. Shares that are forfeited, terminated, canceled, allowed to expire unexercised, withheld to satisfy tax withholding, or repurchased are available for
re-issuance. Any awards that have not vested upon termination of employment for any reason are forfeited. Following the October&nbsp;2, 2013 modification discussed further below, upon voluntary or
involuntary termination without cause (including death or disability), the grantee (or the estate) has a period of time after termination to
exercise options vested prior to termination. The 2007 Plan's restricted stock awards have a claw-back feature whereby all vested shares, or the gross proceeds from the sale of those shares, must be
returned to Laureate for no consideration if the employee does not abide by the agreed-upon restrictive covenants such as covenants not to compete and covenants not to solicit. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock Options Under 2007 Plan  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock option awards under the 2007 Plan have a contractual life of 10&nbsp;years and were granted with an exercise price equal to the
fair market value of Laureate's stock at the date of grant. Our option agreements generally divide each option grant equally into options that are subject to time-based vesting (Time Options) and
options that are eligible for vesting based on achieving pre-determined performance targets (Performance Options). Prior to the October 2013 modification, discussed below, under the 2007 Plan these
performance targets were Pro-rata EBITDA earnings targets. The Time Options generally vest ratably on the first through fifth grant date anniversary. The Performance Options are divided into tranches.
Each tranche is eligible to vest annually upon the Board of Directors' determination that Laureate has attained fiscal year earnings (Pro-rata EBITDA, as defined in the agreement) that equal the
performance targets (Pro-rata EBITDA targets). These performance targets are set at the time of the award's issuance and, for options outstanding at the time, were amended in August 2010 and October
2013. Our option agreements provide that if our fiscal year earnings are at least 95%, at least 90%, or below 90%, of the applicable earnings target then 75%, 50%, or 0%, respectively, of the
applicable Performance Option tranche will vest. The Plan includes a "catch-up" provision such that, in the event that we do not achieve 100% of the performance target in a particular fiscal year, the
Performance Option Tranche may vest in any subsequent year, within eight years from the date of the grant, if and to the extent a greater percentage of a subsequent year's earnings target is achieved.
Certain Performance Option awards granted prior to February&nbsp;2, 2008 also included a separate tranche, equal to 30% of the total performance award, that vested upon the Board of Directors'
determination that Laureate had attained a higher earnings target prior to August&nbsp;17, 2017 (Special 30% Performance Vesting). During 2013, we believed it was probable that we would </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-86</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=454,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=99268,FOLIO='F-86',FILE='DISK112:[12ZBH3.12ZBH43513]GA43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ga43513_1_87"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Share-based Compensation (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>attain
the predetermined higher earnings target for the Special 30% Performance Vesting tranche in 2014; accordingly, we accrued $4,499 additional performance option expense related to this special
tranche in 2013. This Special 30% Performance Vesting tranche was fully vested as of December&nbsp;31, 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
options and restricted stock awards granted under the 2007 Plan have provisions for accelerated vesting if there is a change in control of Laureate. As defined in the 2007 Plan, a
change in control
would occur if substantially all of the assets of Laureate or more than 50% of our equity interests are sold. If a change in control should occur, all of the outstanding Time Options and unvested
restricted stock held by the employees would become fully vested and immediately exercisable. The Performance Options will become immediately exercisable in the event of a change in control only if,
and to the extent, the Board of Directors, in its discretion, elects to vest them. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation
expense is recognized over the period during which an employee is required to provide service in exchange for the award, which is usually the vesting period. For Time
Options, expense is recognized ratably over the five-year vesting period. For Performance Options, expense is recognized under a graded expense attribution method, to the extent that it is probable
that the stated annual performance target will be achieved and options will vest for any year. We assess the probability of each option tranche vesting throughout the life of each grant. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2007 Plan Stock Option Modifications  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;2, 2013, the Compensation Committee of Laureate's Board of Directors modified the 2007 Plan. The modification
i)&nbsp;changed the performance metrics and targets for all unvested Performance Options to match the targets of the 2013 Plan beginning with the 2013 target; ii)&nbsp;modified the post
termination exercise provisions for resignation, good leaving, death and disability, and retirement to match the termination provision under the 2013 Plan, which is a post termination exercise period
of: 90&nbsp;days for resignation, two years for termination due to death or disability or, after an initial public offering of our common stock, good leaving, and five years for retirement;
iii)&nbsp;reallocated the outstanding unvested 2012 performance tranche to vest in the remaining performance years of the grant on a pro-rata basis for only those employees who received stock
options awards for first time in 2012; and iv)&nbsp;forfeit all other outstanding unvested 2012 performance options, disallowing the ability to catch up on the vesting, as the performance target was
not met. As a result of this modification, we recognized $5,547 of additional Performance Option expense in 2013. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


2013 Long-Term Incentive Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;13, 2013, Laureate's Board of Directors approved the Laureate Education,&nbsp;Inc. 2013 Long-Term Incentive Plan (2013
Plan), as a successor plan to Laureate's 2007 Plan. The 2013 Plan became effective in June 2013, following approval by the stockholders of Laureate. No further awards will be made under the 2007 Plan
now that the 2013 Plan is effective. Under the 2013 Plan, the Company may grant stock options, stock appreciation rights, unrestricted common stock or restricted stock (collectively, "stock awards"),
unrestricted stock units or restricted stock units, and other stock-based awards, to eligible individuals on the terms and subject to the conditions set forth in the 2013 Plan. As of the effective
date, the total number of shares of common stock issuable under the
2013 Plan were 7,521, which is equal to the sum of (i)&nbsp;7,074&nbsp;shares plus (ii)&nbsp;447&nbsp;shares of common stock that </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-87</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=455,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=932577,FOLIO='F-87',FILE='DISK112:[12ZBH3.12ZBH43513]GA43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ga43513_1_88"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Share-based Compensation (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>were
still available for issuance under Laureate's 2007 Plan. In September 2015, the Board of Directors approved an amendment to increase the total number of shares of common stock issuable under the
2013 Plan by 1,219. Shares that are forfeited, terminated, canceled, allowed to expire unexercised, withheld to satisfy tax withholding, or repurchased are available for re-issuance. Any awards that
have not vested upon termination of employment for any reason are forfeited. Holders of restricted stock shall have all of the rights of a stockholder of common stock including, without limitation,
the right to vote and the right to receive dividends. However, dividends declared payable on performance-based restricted stock shall be subjected to forfeiture at least until achievement of the
applicable performance target related to such shares of restricted stock. Any accrued but unpaid dividends on unvested restricted stock shall be forfeited upon termination of employment. Holders of
stock units do not have any rights of a stockholder of common stock and are not entitled to receive dividends. All awards outstanding under the 2013 Plan terminate upon the liquidation, dissolution or
winding up of Laureate. The 2013 Plan will remain in effect until the earlier of (a)&nbsp;the earliest date as of which all awards granted under the Plan have been satisfied in full or terminated
and no shares of common stock are available to be granted or (b)&nbsp;June&nbsp;12, 2023. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
options, stock appreciation rights and restricted stock units granted under the 2013 Plan have provisions for accelerated vesting if there is a change in control of Laureate. As
defined in the 2013 Plan, a change in control means the first of the following to occur: i)&nbsp;a change in ownership of Laureate or Wengen or ii)&nbsp;a change in the ownership of assets of
Laureate. A change in ownership of Laureate or Wengen shall occur on the date that more than 50% of the total voting power of the capital stock of Laureate is sold or more than 50% of the partnership
interests of Wengen is sold in a single or a series of related transactions. A change in the ownership of assets of Laureate would occur if 80% or more of the total gross fair market value of all of
the assets of Laureate are sold during a 12-month period. The gross fair market value of Laureate is determined without regard to any liabilities associated with such assets. Upon consummation of the
change in control and an employee's "qualifying termination" (as defined in the employee's award agreement): a)&nbsp;those time-based stock options and stock appreciation rights that would have
vested and become exercisable on or prior to the third anniversary of the effective time of change in control would become fully vested and immediately exercisable; b)&nbsp;those performance-based
stock options and stock appreciation rights that would have vested and become exercisable had Laureate achieved the performance targets in the three fiscal years ending coincident with or immediately
subsequent to the effective time of such change in control, excluding the portion of awards that would have vested only pursuant to any catch-up provisions, would become fully vested and immediately
exercisable; c)&nbsp;those time-based restricted stock awards that would have become vested and free of forfeiture risk and lapse restriction on or prior to the third anniversary of the effective
time of such change in control would become fully vested and immediately exercisable; d)&nbsp;those performance-based restricted stock awards that would have vested and become free of forfeiture
risk and lapse restrictions had Laureate achieved the target performance in the three fiscal years ending coincident with or immediately subsequent to the effective time of such change in control
would become fully vested and immediately exercisable; e)&nbsp;those time-based restricted stock units that would have become vested or earned on or prior to the third anniversary of the effective
time of such change
in control would become vested and earned and be settled in cash or shares of common stock as promptly as practicable; and f)&nbsp;those performance-based restricted stock units, performance shares
and performance units that would have become vested or earned had Laureate achieved the target </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-88</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=456,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=377298,FOLIO='F-88',FILE='DISK112:[12ZBH3.12ZBH43513]GA43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ga43513_1_89"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Share-based Compensation (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>performance
in the three fiscal years ending coincident with or immediately subsequent to the effective time of such change in control would become vested and earned and be settled in cash or shares
of common stock as promptly as practicable. After giving effect to the foregoing change in control acceleration, any remaining unvested time-based and performance-based stock options, stock
appreciation rights, restricted stock, restricted stock units, performance shares and performance share units shall be forfeited for no consideration. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock Options Under 2013 Plan  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock option awards under the 2013 Plan have a contractual term of 10&nbsp;years and are granted with an exercise price equal to the
fair market value of Laureate's stock at the date of grant. During 2015, 2014 and 2013, we granted various employees stock options for 1,447, 386 and 4,344&nbsp;shares respectively. These options
vest over a period of five years. Of the options granted in 2015, 2014 and 2013, 1,073, 353 and 3,369, respectively, are Time Options and the remainder are Performance Options. The Performance Options
granted under the 2013 Plan are eligible for vesting based on achieving annual pre-determined Equity Value performance targets, as defined in the plan, and the continued service of the employee. The
performance based awards include a catch-up provision, allowing the grantee to vest in any year in which a target is missed if a following year's target is achieved as long as the following year is
within eight years from the grant date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation
expense is recognized over the period during which an employee is required to provide service in exchange for the award, which is usually the vesting period. For Time
Options, expense is recognized ratably over the five-year vesting period. For Performance Options, expense is recognized under a graded expense attribution method, to the extent that it is probable
that the stated annual earnings target will be achieved and options will vest for any year. We assess the probability of each option tranche vesting throughout the life of each grant. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Equity Award Modifications  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Equity Restructuring Modification  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2013, the combination of entities under common control caused an equity restructuring and therefore resulted in a
modification of share-based awards granted to employees under ASC 718-10-35-6 "Stock Compensation." The amount of the stock compensation charge resulting from this modification was determined based on
the estimated fair value of Laureate Asia at the date it was transferred to Laureate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the combination of Laureate Asia into Laureate, Wengen and another institutional investor group that is a minority shareholder of Laureate entered into a share
transfer agreement, pursuant to which the minority shareholder agreed to transfer to Wengen a portion of its Laureate shares based upon the outcome of certain events. Under the terms of the share
transfer agreement, the minority shareholder will be required to transfer a portion of its Laureate shares to Wengen. This share transfer will have the effect of reducing the institutional investor
group's ownership in Laureate, but will not reduce the Company's employee shareholders' ownership in Laureate. Therefore, Wengen's recapitalization of Laureate through a contribution of Laureate Asia
resulted in a modification of all share-based awards granted to employees. As a result of this modification, we </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-89</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=457,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=674951,FOLIO='F-89',FILE='DISK112:[12ZBH3.12ZBH43513]GA43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ga43513_1_90"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Share-based Compensation (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>recognized
$6,455 of additional expense in 2013 for vested Performance Options, vested Time Options and shares held by current and former employees. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Modification of a Former Executive's Award  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2014, the Company issued a note payable to a former executive for $3,771 in exchange for vested share-based compensation. We
accounted for this as an equity-to-liability award modification. The note has an interest rate of 5% and is payable upon the earlier of: 1)&nbsp;the occurrence of certain contingent events or
2)&nbsp;July&nbsp;31, 2019. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock Option Activity for 2007 and 2013 Plans  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables summarize the stock option activity and the assumptions used to record the related share-based compensation
expense for the years ended December&nbsp;31, 2015, 2014 and 2013: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Options </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Exercise<BR>
Price </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Aggregate<BR>
Intrinsic<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Options </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Exercise<BR>
Price </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Aggregate<BR>
Intrinsic<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Options </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Exercise<BR>
Price </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Aggregate<BR>
Intrinsic<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Outstanding at January&nbsp;1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,919</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.84</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48,851</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,102</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57,094</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,459</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>119,604</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Granted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,447</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26.72</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27.76</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exercised</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(460</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18.76</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(841</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.36</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,046</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(226</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19.08</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,503</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Forfeited or expired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(479</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(728</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27.04</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(475</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.36</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Outstanding at December&nbsp;31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,427</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,339</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,919</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.84</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48,851</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,102</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57,094</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exercisable at December&nbsp;31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,293</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,600</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22.88</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47,812</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,839</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48,159</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vested and expected to vest</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,110</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26.08</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,339</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,499</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25.56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48,833</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,666</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55,289</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-90</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=458,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=663289,FOLIO='F-90',FILE='DISK112:[12ZBH3.12ZBH43513]GA43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ga43513_1_91"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Share-based Compensation (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="100pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="88pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Options Outstanding </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Options Exercisable </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Remaining<BR>
Contractual<BR>
Terms (Years) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Remaining<BR>
Contractual<BR>
Terms (Years) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Assumption Range* </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exercise Prices </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number<BR>
of<BR>
Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number<BR>
of<BR>
Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Risk-Free<BR>
Interest<BR>
Rate </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Expected<BR>
Terms<BR>
in Years </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Expected<BR>
Volatility </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Year Ended December&nbsp;31, 2015</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$18.36 - $19.56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,790</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,790</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.32% - 4.20%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1.90&nbsp;-&nbsp;6.95</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26.85% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$20.16 - $21.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>353</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>353</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.42% - 3.60%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2.11&nbsp;-&nbsp;6.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33.24% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$21.48 - $21.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>516</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.68% - 2.63%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3.38&nbsp;-&nbsp;6.58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38.16% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$21.68 - $22.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.57% - 3.03%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2.18&nbsp;-&nbsp;6.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36.78% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$22.88 - $31.92</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,634</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,108</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.73% - 2.86%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4.00&nbsp;-&nbsp;6.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39.03% - 58.84%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$34.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,788</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1.76% - 2.07%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6.02&nbsp;-&nbsp;7.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51.51% - 53.51%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Year Ended December&nbsp;31, 2014</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$18.36 - $19.56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,308</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,308</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.32% - 4.20%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1.90&nbsp;-&nbsp;6.95</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26.85% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$20.16 - $21.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>376</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>376</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.42% - 3.60%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2.11&nbsp;-&nbsp;6.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33.24% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$21.48 - $21.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>470</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.68% - 2.63%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3.38&nbsp;-&nbsp;6.58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38.16% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$21.68 - $22.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>317</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.57% - 3.03%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2.18&nbsp;-&nbsp;6.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36.78% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$22.88 - $31.92</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,322</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>590</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.73% - 2.86%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4.00&nbsp;-&nbsp;6.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39.03% - 58.84%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$34.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,008</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,537</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1.76% - 2.07%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6.02&nbsp;-&nbsp;7.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51.51% - 53.51%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Year Ended December&nbsp;31, 2013</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$18.36 - $19.56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,178</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,459</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.32% - 4.20%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1.90&nbsp;-&nbsp;6.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26.85% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$20.16 - $21.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>563</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>560</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.42% - 3.60%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2.11&nbsp;-&nbsp;6.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33.24% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$21.48 - $21.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>608</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>399</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.68% - 2.63%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3.38&nbsp;-&nbsp;6.58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38.16% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$21.68 - $22.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>401</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>273</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.57% - 3.03%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2.18&nbsp;-&nbsp;6.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36.78% - 52.47%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$22.88 - $31.92</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,005</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>325</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0.73% - 2.86%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4.00&nbsp;-&nbsp;6.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39.03% - 53.80%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>$34.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>821</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1.76% - 2.07%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6.02&nbsp;-&nbsp;7.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51.51% - 53.51%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
expected dividend yield is zero for all options in all years. </FONT></DD></DL>
 </DIV>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
weighted-average estimated fair value of stock options granted was $13.80, $15.68 and $17.96&nbsp;per share for the years ended December&nbsp;31, 2015, 2014 and 2013,
respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, Laureate had $44,148 of unrecognized share-based compensation costs related to stock options outstanding. Of the total unrecognized cost, $37,316 relates
to Time Options and $6,832 relates to Performance Options. The unrecognized Time Options expense is expected to be recognized over a weighted-average expense period of 2.7&nbsp;years. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-91</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=459,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=354438,FOLIO='F-91',FILE='DISK112:[12ZBH3.12ZBH43513]GA43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gb43513_1_92"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Share-based Compensation (Continued)  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Non-Vested Restricted Stock and Restricted Stock Units  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the non-vested restricted stock and restricted stock units activity for the years ended
December&nbsp;31, 2015, 2014 and 2013: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="34pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="34pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="34pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Grant Date<BR>
Fair Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Grant Date<BR>
Fair Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Grant Date<BR>
Fair Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-vested at January&nbsp;1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>694</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.48</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>931</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.76</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>148</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23.52</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Granted</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>449</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26.28</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>159</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>869</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.52</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vested</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(215</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.48</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(337</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.56</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(66</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24.52</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Forfeited</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(63</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.08</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(59</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.24</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21.52 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-vested at December&nbsp;31</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>865</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>694</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.48</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>931</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33.76 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
stock units granted under the 2013 Plan consist of time-based restricted stock units and performance-based restricted stock units with various vesting periods over the next
five years. Performance-based restricted stock units are eligible to vest annually upon the Board of Directors' determination that the annual performance targets are met. The performance targets are
the same as for Performance Options, as defined in the 2013 Plan. The performance-based restricted stock units include a catch-up provision, allowing the grantee to vest in any year in which a target
is missed if a following year's target is obtained as long as the following year is within eight years from the grant date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
stock granted under the 2007 Plan consists of time-based restricted stock with vesting periods of five years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fair value of the non-vested restricted stock awards in the table above is measured using the fair value of Laureate's common stock on the date of grant or the most recent
modification date whichever is later. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, unrecognized share-based compensation expense related to non-vested restricted stock and restricted stock units awards was $15,543. Of the total
unrecognized cost, $5,843 relates to time-based restricted stock and restricted stock units and $9,700 relates to performance-based restricted stock units. This unrecognized expense for time-based
restricted stock and restricted stock units will be recognized over a weighted-average expense period of 2.3&nbsp;years. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Common Shares Issued or Deferred for Directors' Fees  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2015, 2014 and 2013, certain directors elected to receive their annual Board of Directors compensation in shares of common stock.
For the years ended December&nbsp;31, 2015, 2014 and 2013, respectively, Board compensation paid in shares was $209, $275 and $300, and we issued 8, 10 and 8&nbsp;shares of common stock at per
share fair values of $25.76, $27.48 and $34.52. In addition, for the years ended December&nbsp;31, 2015 and 2014, we recognized additional compensation expense of $618 and $550, respectively, for
restricted stock granted to directors. Certain directors have elected to defer their annual compensation in accordance with the provisions of our directors' Deferred Compensation Plan. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-92</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=460,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=13635,FOLIO='F-92',FILE='DISK112:[12ZBH3.12ZBH43513]GB43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gb43513_1_93"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Share-based Compensation (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>In
2013 and again in 2014, a member of our Board of Directors elected to receive 1 shares that had been previously deferred. Accordingly, the shares were issued and distributed. As of both
December&nbsp;31, 2015 and 2014, the number of shares of common stock that remained reserved for future issuance to directors was 7. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Executive Profits Interests  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of Laureate, Wengen granted to our CEO the Executive Profits Interests award (EPI). The EPI contained a time-based portion
that vested over a five-year schedule and a performance-based portion that vested to the extent that the Company achieved predetermined earnings targets similar to performance options over a five-year
period. This award was fully vested by December&nbsp;31, 2014. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;14. Derivative Instruments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the normal course of business, our operations are exposed to fluctuations in foreign currency values and interest rate changes. We may seek to control a portion of these risks through
a risk management program that includes the use of derivative instruments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
interest and principal payments for Laureate's senior long-term debt arrangements are to be paid primarily in USD. Our ability to make debt payments is subject to fluctuations in the
value of the USD against foreign currencies, since a majority of our operating cash used to make these payments is generated by subsidiaries with functional currencies other than USD. As part of our
overall risk management policies, Laureate has entered into a foreign currency swap contract and floating-to-fixed interest rate swap contracts. In addition, we occasionally enter into foreign
exchange forward contracts to reduce the earnings impact of other non-functional currency-denominated receivables and payables. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not enter into speculative or leveraged transactions, nor do we hold or issue derivatives for trading purposes. We generally intend to hold our derivatives until maturity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
reports all derivatives at fair value. These contracts are recognized as either assets or liabilities, depending upon the derivative's fair value. Gains or losses associated
with the change in the fair value of these swaps are recognized in our Consolidated Statements of Operations on a current basis over the term of the contracts, unless designated and effective as a
hedge. For swaps that are designated and effective as cash flow hedges, gains or losses associated with the change in fair value of the swaps are recognized in our Consolidated Balance Sheets as a
component of Accumulated Other Comprehensive Income (AOCI) and amortized into earnings as a component of Interest expense over the term of the related hedged items. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-93</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=461,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=490494,FOLIO='F-93',FILE='DISK112:[12ZBH3.12ZBH43513]GB43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gb43513_1_94"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;14. Derivative Instruments (Continued) </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reported fair value of our derivatives, which are primarily classified in Derivative instruments on our Consolidated Balance Sheets, were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:48pt;"><FONT SIZE=1><B>December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,48pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Derivatives designated as hedging instruments:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term liabilities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,879</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Derivatives not designated as hedging instruments:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current assets:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>238</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current liabilities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>688</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term liabilities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,662</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,755</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>414</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>621 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total derivative instrument assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>238</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total derivative instrument liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24,255 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Derivatives Designated as Hedging Instruments  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Interest Rate Swaps  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September 2011, Laureate entered into two forward interest rate swap agreements with notional amounts of $450,000 and $300,000,
respectively. We have designated these derivatives as cash flow hedges. The swaps were associated with existing debt, and effectively fix interest rates on existing variable-rate borrowings in order
to manage our exposure to future interest rate volatility. Both swaps have an effective date of June&nbsp;30, 2014 and mature on June&nbsp;30, 2017. The terms of the swaps require Laureate to pay
interest on the basis of fixed rates of 2.61% on the $450,000 notional amount swap and 2.71% on the $300,000 notional amount swap, and receive interest for both swaps on the basis of three-month
LIBOR, with a floor of 1.25%. The gain or loss on these swaps is deferred in AOCI and will be reclassified into earnings as a component of Interest expense in the same period during which the hedged
forecasted transactions will affect earnings. Laureate determines the effectiveness of these swaps using the hypothetical derivative method. During the years ended December&nbsp;31, 2015, 2014 and
2013, the amount of gain or loss recognized in income on the ineffective portion of derivative instruments designated as hedging instruments was $0, as the swaps were 100% effective. During the next
12&nbsp;months, approximately $9,900 is expected to be reclassified from AOCI into income. As of December&nbsp;31, 2015 and 2014, these interest rate swaps had an estimated fair value of $13,250
and $18,879, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table below shows the total recorded unrealized gain (loss) of these swaps in Comprehensive income (loss). The impact of derivative instruments designated as hedging instruments on </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-94</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=462,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=194896,FOLIO='F-94',FILE='DISK112:[12ZBH3.12ZBH43513]GB43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gb43513_1_95"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;14. Derivative Instruments (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Comprehensive
income (loss), Interest expense and AOCI for the years ended December&nbsp;31, 2015, 2014 and 2013 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="34pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="93pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=3 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ROWSPAN=3 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Gain (Loss)<BR>
Recognized<BR>
in Comprehensive<BR>
Income (Loss)<BR>
(Effective Portion) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Loss Reclassified<BR>
from AOCI<BR>
to Income<BR>
(Effective Portion) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Income<BR>
Statement<BR>
Location </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,629</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(733</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,667</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Interest expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(10,660</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(5,374</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Derivatives Not Designated as Hedging Instruments  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


USD to Swiss Franc (CHF) Foreign Currency Forward Swaps  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November 2015, Laureate entered into a USD to CHF foreign exchange forward swap agreement. We executed an initial conversion of
CHF&nbsp;14,000 to US $14,113. The swap had an original maturity of March&nbsp;9, 2016 that was extended to June&nbsp;8, 2016, at a fixed exchange rate of $0.9920. For accounting purposes, the
swap was not designated as a hedging instrument. As of December&nbsp;31, 2015, the swap had an estimated fair value of $238, and was included in Prepaid expenses and other current assets on the
Consolidated Balance Sheet. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2015, Laureate entered into two USD to CHF foreign exchange forward swap agreements. These swaps were intended to hedge the currency effects of the strengthening USD for
anticipated cash outlays in CHF over the seven months subsequent to the execution date for a tax payment, along with expected working capital requirements. We executed an initial conversion of
CHF&nbsp;18,700 to US $19,840 using two swaps. The first swap had a notional amount of CHF&nbsp;9,000 and matured on September&nbsp;1, 2015 at a fixed exchange rate of $0.9459. The second swap
had a notional amount of CHF&nbsp;9,700 and matured on January&nbsp;5, 2016 at a fixed exchange rate of $0.9394. For accounting purposes, the swaps were not designated as hedging instruments. As
of December&nbsp;31, 2015, the remaining swap had an estimated fair value of $624, and was included in Derivative instruments as a current liability on the Consolidated Balance Sheet. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2015, Laureate entered into two USD to CHF foreign exchange forward swap agreements. We executed an initial conversion of CHF&nbsp;16,000 to US $16,470 using two swaps. The
first swap had a notional amount of CHF&nbsp;9,000 and had an original maturity of March&nbsp;14, 2016 that was extended to June&nbsp;10, 2016, at a fixed exchange rate of $0.9796. The second
swap has a notional amount of CHF&nbsp;7,000 with an original maturity of February&nbsp;5, 2016 that was extended to November&nbsp;10, 2016 at a fixed exchange rate of $0.9612. For accounting
purposes, the swaps were not designated as hedging instruments. As of December&nbsp;31, 2015, these swaps had an estimated fair value of $64, and were included in Derivative instruments as a current
liability on the Consolidated Balance Sheet. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


CLP to Unidad de Fomento (UF) Cross Currency and Interest Rate Swaps  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cross currency and interest rate swap agreements are intended to provide a better correlation between our debt obligations and
operating currencies. In 2010, one of our subsidiaries in Chile entered into four cross currency and interest rate swap agreements. One of the swaps matures on </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-95</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=463,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=409911,FOLIO='F-95',FILE='DISK112:[12ZBH3.12ZBH43513]GB43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gb43513_1_96"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;14. Derivative Instruments (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>December&nbsp;1,
2024, and the remaining three mature on July&nbsp;1, 2025 (the CLP to UF cross currency and interest rate swaps). The UF is a Chilean inflation-adjusted unit of account. The four
swaps have an aggregate notional amount of approximately $31,000, and convert CLP-denominated, floating-rate debt to fixed-rate UF-denominated debt. The CLP to UF cross currency and interest rate
swaps were not designated as hedges for accounting purposes. As of December&nbsp;31, 2015 and 2014, these swaps had an estimated fair value of $5,662 and $4,755, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


THINK Interest Rate Swaps  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate acquired THINK on December&nbsp;20, 2013, and financed a portion of the purchase price by borrowing AUD 45,000 (US $32,702
at December&nbsp;31, 2015) under a syndicated facility agreement in the form of two term loans of AUD 22,500 each. The terms of the syndicated facility agreement required THINK to enter into an
interest rate swap within 45&nbsp;days from the agreement's December&nbsp;20, 2013 effective date, in order to convert at least 50% of the AUD 45,000 of term loan debt from a variable interest
rate based on the BBSY bid rate, an Australia bank rate, to a fixed interest rate. Accordingly, on January&nbsp;31, 2014, THINK executed an interest rate swap agreement with an original notional
amount of AUD 22,500 to satisfy this requirement and converted AUD 22,500 (US $16,351 at December&nbsp;31, 2015) of the variable rate component of the term loan debt to a fixed interest rate of
3.86%. The notional amount of the swap decreases quarterly based on the terms of the agreement, and the swap matures on December&nbsp;20, 2018. This interest rate swap was not designated as a hedge
for accounting purposes, and had an estimated fair value of $414 and $621 at December&nbsp;31, 2015 and 2014, respectively, which was recorded in Derivative instruments as a long-term liability. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Components
of the reported (Loss) gain on derivatives not designated as hedging instruments in the Consolidated Statements of Operations were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,


<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Unrealized (Loss) Gain</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,133</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,725</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38,008</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>145</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,076</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,200 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,988</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29,801</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>44,208</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Realized (Loss) Gain</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(407</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(27,788</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(30,519</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(212</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(5,114</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(7,058</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(619</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(32,902</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(37,577</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Total (Loss) Gain</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,540</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,063</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,489</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(67</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,038</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(858</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Loss) gain on derivatives, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,607</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,101</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,631 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Credit Risk and Credit-Risk-Related Contingent Features  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's derivatives expose us to credit risk to the extent that the counterparty may possibly fail to perform its contractual
obligation. The amount of our credit risk exposure is equal to the fair value </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-96</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=464,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=229719,FOLIO='F-96',FILE='DISK112:[12ZBH3.12ZBH43513]GB43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gb43513_1_97"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;14. Derivative Instruments (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>of
the derivative when any of the derivatives are in a net gain position. As of December&nbsp;31, 2015, the fair value of derivatives in a gain position were immaterial. As of December&nbsp;31,
2014, none of our derivatives were in a gain position. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December&nbsp;31, 2015 and 2014, one institution, which was rated A1, one institution which was rated A2, two institutions which were rated Aa2, and one institution which was rated
Baa3 by the global rating agency of Moody's Investors Service, accounted for all of Laureate's derivative credit risk exposure. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
agreements with its derivative counterparties contain a provision under which we could be declared in default on our derivative obligations if repayment of the underlying
indebtedness is accelerated by the lender due to a default on the indebtedness. As of December&nbsp;31, 2015 and 2014, we had not breached any default provisions and had not posted any collateral
related to these agreements. If we had breached any of these provisions, we could have been required to settle the obligations under the derivative agreements for an amount that we believe would
approximate their estimated fair value of $20,014 as of December&nbsp;31, 2015 and $24,255 as of December&nbsp;31, 2014. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;15. Income Taxes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant components of the Income tax (expense) benefit on earnings from continuing operations were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,


<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>United States</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,304</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,749</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,328</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(126,597</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(119,190</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(101,068</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>State</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(392</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(258</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(57</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(133,293</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(124,197</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(107,453</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>United States</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,629</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(99</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19,319</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>164,426</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,701</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>State</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>873</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,070</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>498 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total deferred</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,563</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>163,257</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,207 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total income tax (expense) benefit</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(117,730</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,060</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(91,246</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the years ended December&nbsp;31, 2015, 2014 and 2013, foreign income from continuing operations before income taxes was $105,919, $83,760 and $154,391, respectively. For the years
ended December&nbsp;31, 2015, 2014 and 2013, domestic loss from continuing operations before income taxes was $306,528, $285,431 and $152,462, respectively. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-97</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=465,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=780613,FOLIO='F-97',FILE='DISK112:[12ZBH3.12ZBH43513]GB43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gb43513_1_98"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;15. Income Taxes (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
components of deferred tax assets and liabilities arising from continuing operations were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:48pt;"><FONT SIZE=1><B>December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,48pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred tax assets:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net operating loss carryforwards</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>900,778</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>817,380</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54,083</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31,097</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred revenue</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48,669</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46,259</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24,005</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred compensation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66,971</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>95,562</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized loss</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>83,368</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54,581</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Nondeductible reserves</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,486</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33,085</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,195</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,678</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>850 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total deferred tax assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,234,555</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,122,508</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred tax liabilities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment in subsidiaries</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>111,761</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>112,457</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization of intangible assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>376,639</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>424,373</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,342</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total deferred tax liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>489,742</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>536,830</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net deferred tax assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>744,813</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>585,678</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Valuation allowance for net deferred tax assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,092,951</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(994,434</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net deferred tax liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(348,138</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(408,756</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December&nbsp;31, 2015 and 2014, undistributed earnings from foreign subsidiaries totaled $1,153,953 and $1,152,824, respectively. We have not recognized deferred tax liabilities
for these undistributed earnings because we believe that they will be indefinitely reinvested outside of the United States. These earnings could become subject to additional taxes if they are remitted
as dividends, loaned to us or to one of our United States affiliates, or if we sold our interests in the subsidiaries. It is not practicable for us to determine the amount of additional taxes that
might be payable on the unremitted earnings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately
76% (66% federal and 10% states) of our worldwide net operating loss carryforwards (NOLs) as of December&nbsp;31, 2015 originated in the United States, derived from both
federal and various state jurisdictions. The U.S. federal NOLs will begin to expire in 2025. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
valuation allowance relates to the uncertainty surrounding the realization of tax benefits primarily attributable to NOLs of the parent company and of certain foreign subsidiaries,
and future deductible temporary differences that are available only to offset future taxable income of subsidiaries in certain jurisdictions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company assesses the realizability of deferred tax assets by examining all available evidence, both positive and negative. A valuation allowance is recorded if negative evidence
outweighs positive evidence. A company's three-year cumulative loss position is significant negative evidence in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-98</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=466,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=57836,FOLIO='F-98',FILE='DISK112:[12ZBH3.12ZBH43513]GB43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gb43513_1_99"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;15. Income Taxes (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>considering
whether deferred tax assets are realizable. Accounting guidance restricts the amount of reliance the Company can place on projected taxable income to support the recovery of the deferred
tax assets. In 2014, valuation allowances were released at entities in Chile and Mexico of approximately $22,000 and $66,000, respectively, due to the change from a three-year cumulative loss position
to a three-year cumulative income position, as well as other positive factors including projections of future profitability. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2015, objective and verifiable negative evidence, such as continued U.S. operating losses, continued to outweigh positive evidence. The Company recorded a Federal and State Net
Operating Loss deferred tax asset of approximately $112,619 and a corresponding increase in the valuation allowance of the same amount, as a result of the negative evidence cited above. Recording the
valuation allowance does not restrict the Company's ability to utilize the future deductions and net operating losses associated with the deferred tax assets if taxable income is generated in future
periods. The most significant U.S. deferred tax assets are federal net operating losses, totaling $588,126, that begin to expire in 2025. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reconciliations of the reported Income tax expense to the amount that would result by applying the United States federal statutory tax rate of 35% to income from continuing
operations before income taxes were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax benefit at the United States statutory rate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>70,213</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>70,585</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(675</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Permanent differences</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(24,970</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(16,560</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(47,475</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>State income tax benefit (expense), net of federal tax effect</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>312</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,238</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>461</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax effect of foreign income taxed at lower rate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31,856</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37,370</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>73,534</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Change in valuation allowance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(151,501</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(31,502</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(55,908</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Settlements with taxing authorities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,456</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(319</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investment in subsidiaries</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(538</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(25,216</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of tax contingencies</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(34,572</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(5,704</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(9,048</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax credits</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,557</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,968</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Withholding taxes</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(35,332</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(35,865</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(42,600</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>707</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total income tax (expense) benefit</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(117,730</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,060</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(91,246</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-99</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=467,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=441965,FOLIO='F-99',FILE='DISK112:[12ZBH3.12ZBH43513]GB43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gb43513_1_100"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;15. Income Taxes (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reconciliations of the beginning and ending amount of unrecognized tax benefits were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Beginning of the period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>67,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57,404</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>66,972</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additions for tax positions related to prior years</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,388</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,613</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>126</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Decreases for tax positions related to prior years</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(12,640</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(17,131</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7,251</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additions for tax positions related to current year</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>233</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,732</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,073</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Decreases for unrecognized tax benefits as a result of a lapse in the statute of limitations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,919</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,245</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8,049</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Settlements for tax positions related to prior years</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,569</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(467</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>End of the period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>82,522</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>67,804</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57,404 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
records interest and penalties related to uncertain tax positions as a component of Income tax expense. During the years ended December&nbsp;31, 2015, 2014 and 2013, Laureate
recognized interest and penalties related to income taxes of $16,270, $11,225 and $11,029, respectively. Laureate had $60,186 and $62,210 of accrued interest and penalties at December&nbsp;31, 2015
and 2014, respectively. During the years ended December&nbsp;31, 2015, 2014 and 2013, Laureate derecognized $8,090, $5,116 and $8,795, respectively, of previously accrued interest and penalties.
Approximately $79,000 of unrecognized tax benefits, if recognized, will affect the effective income tax rate. It is reasonably possible that Laureate's unrecognized tax benefits may decrease within
the next 12&nbsp;months by up to approximately $21,000 as a result of the lapse of statutes of limitations and as a result of the final settlement and resolution of outstanding tax matters in
various jurisdictions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
and various subsidiaries file income tax returns in the United States federal jurisdiction, and in various states and foreign jurisdictions. With few exceptions, Laureate is no
longer subject to United States federal, state and local, or foreign income tax examinations by tax authorities for years before 2009. United States federal and state statutes are generally open back
to 2012; however, the Internal
Revenue Service (the IRS) has the ability to challenge 2005 through 2011 net operating loss carryforwards. Statutes of other major jurisdictions, such as Brazil, Chile and Spain are open back to 2011,
and Mexico is open back to 2006. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2010 and 2013, Laureate was notified by the Spain Tax Authorities (STA) that two tax audits of our Spanish subsidiaries were being initiated for 2006 through 2007, and for 2008
through 2010, respectively. On June&nbsp;29, 2012, the STA issued a final assessment to Iniciativas Culturales de Espa&ntilde;a, S.L. (ICE), our Spanish holding company, for EUR 11,051 (US
$12,128 at December&nbsp;31, 2015), including interest, for the 2006 through 2007 period. Laureate has appealed this final assessment related to the 2006 through 2007 period, and issued a
cash-collateralized letter of credit in July 2012, in order to continue the appeal process. In October 2015, the STA issued a final assessment to ICE for the 2008 through 2010 period for approximately
EUR 17,187 (approximately US $18,862 at December&nbsp;31, 2015), including interest, for those three years. In order to continue the appeals process, we have issued cash-collateralized letters of
credit for the 2008 to 2010 period assessment amount, plus interest and surcharges. In total, as of December&nbsp;31, 2015 we have issued cash-collateralized letters of credit for the ICE tax audit
matters of EUR 33,282 (US $36,527 at December&nbsp;31, 2015), as also described in Note&nbsp;11, Commitments and Contingencies. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-100</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=468,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=810018,FOLIO='F-100',FILE='DISK112:[12ZBH3.12ZBH43513]GB43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gc43513_1_101"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;15. Income Taxes (Continued)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the quarter ended June&nbsp;30, 2015, the Company reassessed its position regarding the ICE tax audit matters as a result of recent adverse decisions from the Spanish Supreme
Court and the Spanish National Court on cases for taxpayers with similar facts, and determined that it could no longer support a more-likely-than-not position. As a result, during 2015, the Company
has recorded a provision totaling EUR 37,610 (approximately US $42,100) for the period January&nbsp;1, 2006 through December&nbsp;31, 2015. The Company plans to continue the appeals process for
the periods already audited and assessed. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Chile Tax Reform  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;29, 2014, Chile enacted major income tax law changes. The significant change impacting the Company is the increase
in income tax rates, which are retroactive to January 2014. The tax rates are increasing from 21% to 22.5% in 2015, 24% in 2016, 25.5% in 2017 and 27% in 2018 and beyond. Deferred taxes were revalued
and a benefit of approximately $2,700 and $6,100 was recorded in 2015 and 2014, respectively. Prior to 2015, the law also included two alternative methods for computing shareholder-level income
taxation. During 2015, the law changed to include one method for computing shareholder-level income taxation. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Spanish Tax Reform  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2014, Spain enacted major income tax law changes. One change decreased the corporate income tax rate from 30% to 28% in 2015 and
to 25% beginning in 2016. The impact of the rate changes was a benefit to income tax expense of approximately $600 and $6,700 in 2015 and 2014, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Mexican Fiscal Reform  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2013, Mexico enacted the 2014 Fiscal Reform (Fiscal Reform). The changes in the Fiscal Reform, which are generally
effective for tax years beginning on or after January&nbsp;1, 2014, include the elimination of the flat tax regime that previously applied to most of Laureate's Mexico entities. These entities will
now be subject to the corporate income tax. Other changes resulting from the Fiscal Reform include adjustments to the Value-Added Tax (VAT) rate in certain locations and limitations on the
deductibility of certain tax-exempt payments made to employees. Since this law was enacted in 2013, we have recalculated our deferred tax assets and liabilities that are subject to the Tax Reform
using the new tax rates in the Fiscal Reform. As described further in Note&nbsp;18, Benefit Plans, because Laureate's Mexico entities are now subject to corporate income tax, the Company is required
to comply with profit-sharing legislation, whereby 10% of the taxable income at Laureate's Mexican operations will be set aside as employee compensation. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Earnings (Loss) Per Share  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period.
Diluted EPS reflects the potential dilution that would occur if share-based compensation awards/arrangements or contingently issuable shares were exercised or converted into common stock. To calculate
the diluted EPS, the basic weighted average number of shares is increased by the dilutive </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-101</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=469,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=334932,FOLIO='F-101',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gc43513_1_102"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Earnings (Loss) Per Share (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>effect
of stock options, restricted stock, and other share-based compensation arrangements determined using the treasury stock method. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes the computations of basic and diluted earnings per share: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Numerator used in basic and diluted earnings (loss) per common share:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from continuing operations attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(316,248</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(158,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(74,824</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accretion of redemption value of redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,041</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9,187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9,797</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted for: accretion related to noncontrolling interests and equity redeemable at fair value</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,879</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>743</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>286</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributed and undistributed earnings to participating securities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from continuing operations available to common stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(322,421</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(166,738</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(84,357</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from discontinued operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,146</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allocation of discontinued operations to participating securities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss available to common stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(322,421</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(166,738</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(79,216</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Denominator used in basic and diluted earnings (loss) per common share:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic and diluted weighted average shares outstanding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,950</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>131,983</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Basic and diluted earnings (loss) per share:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss from continuing operations attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.44</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.64</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from discontinued operations attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.04 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic and diluted net loss per share attributable to common stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.44</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes the number of stock options and shares of restricted stock outstanding for the years ended December&nbsp;31, 2015, 2014 and 2013, which were excluded
from the diluted EPS calculations because the effect would have been antidilutive, due to net losses for the periods presented: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,


<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock options</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,743</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,263</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,881</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted stock</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>430</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>464</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>141</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-102</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=470,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=705046,FOLIO='F-102',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gc43513_1_103"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;17. Related Party Transactions  </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Corporate  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and Santa Fe University of Arts and Design (SFUAD)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2014, Laureate entered into a new shared services agreement with SFUAD that replaced the shared services agreement previously
entered into in 2009. Laureate provides SFUAD with certain management consulting, legal, tax, finance, accounting, treasury, human resources, and network entry services. The shared services agreement
has a term of five years and automatically renews for two year periods thereafter, unless terminated by either party. For the years ended December&nbsp;31, 2015, 2014 and 2013, total costs and
expenses charged to SFUAD were $14,205, $13,477 and $12,174, respectively. As of December&nbsp;31, 2015 and 2014, Laureate recorded a Related party receivable from SFUAD of $658 and $4,186,
respectively. Substantially all of the December&nbsp;31, 2015 receivable balance was collected subsequent to year end. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of 2013, fourteen Laureate institutions entered into partnership agreements with SFUAD (the Global Partnership agreements). These Global Partnership agreements
have an initial term of five years and provide Laureate students with educational opportunities to study certain academic programs at SFUAD. Under the terms of these agreements, the partnering
Laureate institutions commit to pay SFUAD an annual amount each calendar year, which SFUAD then bills to the Laureate institutions on a quarterly basis. The Global Partnership agreements can be
unilaterally canceled by either SFUAD or the Laureate institutions with at least six months' prior written notice; however any remaining unpaid commitment amount for that calendar year is still
contractually owed to SFUAD. For the years ended December&nbsp;31, 2015, 2014 and 2013, the total amounts paid under the Global Partnership agreements were $3,556, $4,571 and $2,974, respectively.
As of December&nbsp;31, 2015 and 2014, Laureate recorded a related party payable to SFUAD of $193 and $359, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and HSM  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed in Note&nbsp;4, Acquisitions, on March&nbsp;5, 2015, Laureate completed the sale of its interest in HSM. The total
purchase price was approximately $9,500, less HSM's bank debt and other adjustments. Upon closing of the sale on March&nbsp;5, 2015, Laureate received cash proceeds of approximately $5,000, which
are included in Proceeds from (investments in) affiliates on the 2015 Consolidated Statement of Cash Flows. As required by the agreement, Laureate's loans
receivable from HSM, along with all unpaid interest, took first priority in the allocation of the sale proceeds. After collection of the loans receivable and accrued interest, which totaled
approximately $2,300, and payment of certain costs related to the sale, Laureate recognized a net gain of approximately $2,000 in Equity in net income (loss) of affiliates, net of tax, on the
Consolidated Statement of Operations for the year ended December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and Entities Affiliated with Executive Officers, Directors and
Wengen  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the years ended December&nbsp;31, 2015, 2014 and 2013, we incurred costs of $313, $184 and $409, respectively, for the business
use of a private airplane that is owned in part by our CEO. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreements in place with I/O Data Centers,&nbsp;LLC (I/O) pursuant to which I/O provides modular data center solutions to the Company. One of our directors is also a director
of I/O. Additionally, this director, our CEO, and Sterling Partners (a private equity firm co-founded by the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-103</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=471,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=844375,FOLIO='F-103',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gc43513_1_104"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;17. Related Party Transactions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>director,
our CEO, and others) maintain an ownership interest in I/O. During the years ended December&nbsp;31, 2015, 2014 and 2013, we incurred costs for these agreements of approximately $500, $500
and $400, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year ended December&nbsp;31, 2015, 2014 and 2013, we made payments of approximately $700, $0 and $700, respectively, to an entity affiliated with one of the Wengen investors
for services rendered in connection with the Company's refinancing of its debt and new debt issuances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the years ended December&nbsp;31, 2015 and 2014, we made payments of approximately $196 and $400 to a consulting firm that works with one of the Wengen investors and its
portfolio companies, for consulting services provided in connection with our EiP initiative. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in Note&nbsp;9, Debt, and Note&nbsp;13, Share-based Compensation, on December&nbsp;29, 2015 we issued $50,046 aggregate principal amount of Senior Notes due 2019 to
the participants of the nonqualified share-based deferred compensation arrangement, who are Laureate's Chief Executive Officer and a
former member of our Board of Directors. The issuance of the Senior Notes due 2019, along with a cash payment of $37,071, satisfied the 2015 Obligation to the participants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;16, 2015, Laureate entered into a term loan agreement with its parent, Wengen, for approximately $11,000. The note payable accrues interest at an annual rate of LIBOR
plus 4.25%, with a 1.25% floor on the LIBOR, and interest is payable quarterly. The term of the loan is three years, with maturity on December&nbsp;31, 2018. Principal payments in 2016 are scheduled
for June and December, in the amounts of $3,500 and $2,500, respectively. Accordingly, $6,000 of this $11,000 related party loan was classified as Current portion of long-term debt, and the remainder
was classified as Long-term debt, less current portion on the Consolidated Balance Sheet. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


LatAm  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and Entities Affiliated with a Former Executive  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the years ended December&nbsp;31, 2015, 2014 and 2013, Laureate made payments of $158, $11 and $120, respectively, for consulting
and market research and $497, $545 and $820, respectively, for clinical studies to companies that are affiliated with an individual who served as one of our executives until the third quarter of 2014. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Ecuador  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and a VIE formerly consolidated  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second half of 2010, Ecuador adopted a new Higher Education Law (the New Law) that, if implemented, would require Laureate to
modify the governance structure of our institution in that country, UDLA Ecuador, to implement a system of co-governance that would cause us to lose the ability to control that institution. In the
fourth quarter of 2012, the Consejo de Educaci&oacute;n Superior (CES), the relevant regulatory body, commenced reviewing and issuing comments on bylaws submitted by other Ecuadorian higher
education institutions, implementing and enforcing the co-governance provisions of the New Law. In accordance with ASC 810-10-15-10, the Company believed that control no longer resided with Laureate
given the governmentally imposed uncertainties. As a result, UDLA Ecuador was deconsolidated in the fourth quarter of 2012. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-104</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=472,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=169694,FOLIO='F-104',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gc43513_1_105"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;17. Related Party Transactions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
for-profit entities of Laureate continue to provide services and/or intellectual property to UDLA Ecuador through contractual arrangements at market rates. However, only earnings
that are realized through these various contractual arrangements are being recognized by the Company. During the years ended December&nbsp;31, 2015, 2014 and 2013, the total amounts recognized
through these contractual arrangements, primarily as other revenues, were $13,879, $18,132 and $15,623, respectively. As of December&nbsp;31, 2015 and 2014, we had payables to UDLA Ecuador of
$11,119 and $7,263, respectively, and receivables from UDLA Ecuador of $4,141 and $2,066, respectively. Also, during the year ended December&nbsp;31, 2013, UDLA Ecuador made capital contributions of
$9,106, respectively, to an education-related real estate subsidiary of Laureate in Chile. These capital contributions are recorded in (Distributions to) and capital contributions from noncontrolling
interest holders in the 2013 Consolidated Statement of Cash Flows. As of December&nbsp;31, 2015 and 2014, UDLA Ecuador's investment in this Chilean real estate subsidiary was approximately $21,000
and $25,000, respectively. During the years ended December&nbsp;31, 2015 and 2014, the Chilean real estate subsidiary made dividend payments to UDLA Ecuador of $1,047 and $811, respectively, related
to this investment. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Europe  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Morocco  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Transactions between Laureate and Noncontrolling Interest Holder of Laureate Somed Education Holding&nbsp;SA
(LSEH)</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the years ended December&nbsp;31, 2015, 2014 and 2013, the noncontrolling interest holder made loans to LSEH totaling MAD 27,200 (US $2,772), MAD 28,000 (US $4,754) and MAD
20,000 (US $2,393), respectively. These loans each bear interest at 4.5% per annum and have varying maturity dates through April 2017. The proceeds from these loans have been included in the financing
activities section of the Consolidated Statement of Cash Flows as Noncontrolling interest holder's loan to subsidiaries. As the 60% majority owner, Laureate has also made loans to LSEH for 60% of the
total amount borrowed, which eliminates in consolidation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2014, the maturity date of a loan made by the noncontrolling interest holder in 2012 was extended from June 2014 to June 2016. The outstanding balance of this loan at the time of
the extension was MAD 36,377 (US $3,677 at December&nbsp;31, 2015). This loan also bears interest at a rate of 4.5% per annum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2013, the noncontrolling interest holder converted a total of MAD 17,934 (approximately US $2,151 at conversion) of their loans and accrued interest to capital. Laureate also
converted to capital a pro rata portion of the loans that it had made as the 60% majority owner of LSEH, resulting in no change in our ownership percentage. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December&nbsp;31, 2015, we had total related party payables of $13,354 to the noncontrolling interest holder for the outstanding balance of and accrued interest on the loans
described above, of which $9,305 and $4,049 were recorded as current and noncurrent, respectively. At December&nbsp;31, 2014, we had total related party payables of $10,881 to the noncontrolling
interest holder, of which $5,281 and $5,600 were recorded as current and noncurrent, respectively. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-105</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=473,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=894210,FOLIO='F-105',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gc43513_1_106"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;17. Related Party Transactions (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


AMEA  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


China  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between China businesses and Noncontrolling Interest Holders  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HIEU has entered into various cost-sharing agreements and other related party transactions with entities owned by a noncontrolling
interest holder of HIEU. As of December&nbsp;31, 2015 and 2014, the amounts payable to this related party were $2,501 and $2,113, respectively, and the amounts receivable from this related party
were $1,490 and $1,428, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2010, HIEU entered into an entrustment loan agreement with Hunan New Lieying Education Technologies&nbsp;Ltd. (HNLET), which had a balance of $3,059 and $3,196 as of
December&nbsp;31, 2015 and 2014, respectively. The Chairman of the Board of Directors of HIEU is an owner of HNLET. The loan had an interest rate of 7.5% and its original maturity date of June 2012
was extended several times until June 2014. The entrustment loan receivable was fully secured by the amount due to the noncontrolling interest holders of HIEU; however Laureate was contractually
released from that seller note payable during 2014 and removed the liability, as discussed in Note&nbsp;5, Due to Shareholders of Acquired Companies. During 2014, Laureate concluded that collection
of the entrustment loan was not reasonably assured and placed a full allowance on this related party receivable. Accordingly, as of December&nbsp;31, 2015, the balance of this loan receivable from
HNLET was fully offset by a reserve recorded in Allowance for doubtful accounts, resulting in a net carrying value of $0. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
portion of real property that HIEU has paid for, including land and buildings, is mortgaged as collateral for corporate loans that the entity controlled by certain noncontrolling
interest holders of HIEU has entered into with third-party banks. The balances owed by such entity on these corporate loans totaled approximately $20,000. In December 2013, the noncontrolling interest
holders of HIEU signed an agreement with Laureate and committed to: (1)&nbsp;remove all encumbrances on HIEU's real property no later than September&nbsp;30, 2014 and (2)&nbsp;cause the entity
to complete the transfer of title relating to the encumbered real property to HIEU no later than December&nbsp;31, 2014. Under the terms of this agreement, the noncontrolling interest holders also
agreed to pay any and all transfer taxes, fees
and other costs that are required in connection with the removal of the encumbrances and the transfer of titles, which are estimated to be approximately $2,000. As collateral for their performance
under the agreement, the noncontrolling interest holders pledged to Laureate their 30% equity interest in the sponsoring entity of HIEU. The noncontrolling interest holders of HIEU have not completed
their commitment to remove the encumbrances over the real property or completed the transfer of the real property. Under the terms of the agreement, Laureate has the right to receive the sale proceeds
of the noncontrolling interest holders' 30% equity interest, up to the amount owing to it under the equity pledge, in priority to other creditors of the noncontrolling interest holders. On
February&nbsp;22, 2016, one of the creditors of the noncontrolling interest holders initiated an enforcement process against the noncontrolling interest holders. If the noncontrolling interest
holders fail to repay the debts owed to such creditor in 75&nbsp;days, the creditor may further request the court to auction a portion of the equity interest of the noncontrolling interest holders;
a court auction may take place within approximately three months. As the registered pledgee, Laureate has the right to receive the sale proceeds of the noncontrolling interest holders' 30% equity
interest, up to the amount owing to it under the equity pledge, in priority to other creditors of the noncontrolling interest holders. Management is currently </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-106</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=474,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=192808,FOLIO='F-106',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gc43513_1_107"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;17. Related Party Transactions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>evaluating
its options in this matter. As of December&nbsp;31, 2015 and 2014, Laureate's net carrying value of the encumbered real property was approximately $13,700 and $14,300, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the performance obligations in the December 2013 agreement for the encumbered property as described above, the noncontrolling interest holders are required under the 2009
HIEU purchase agreement (PA) to obtain the titles of certain other buildings for HIEU. The noncontrolling interest holders are also obligated to pay any and all government fees and other costs, which
are estimated to be approximately $4,200, required in connection with obtaining the titles for these buildings. These buildings are not encumbered and HIEU has title to the land. The noncontrolling
interest holders also occupy and conduct other non-HIEU business in five buildings that we have title to, and do not pay rent to HIEU for the use of these facilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
during 2014, HIEU recorded an approximately $4,350 loss to write off the carrying value of several parcels of land for which it no longer has land use rights. The loss of
land use rights was a breach of the PA and we determined our claim to be uncollectible in 2014. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
January&nbsp;1, 2008, we entered into a consulting arrangement with an individual related to the Company's operations in China. Under the agreement, we committed to annual
payments for the higher of $500 or 1% of annual pro rata revenue of the Company's entities in China, in return for business consulting services. We recognized total expense of $607 under this contract
for the year ended December&nbsp;31, 2013. As permitted under the terms of the agreement, we terminated this agreement effective December&nbsp;31, 2013. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dubai  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and Laureate-Obeikan&nbsp;Ltd.  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2015 and 2014, we had recorded a related party receivables of $93 and $1,034, respectively, from the
noncontrolling interest holder of Laureate-Obeikan&nbsp;Ltd., a joint venture in Dubai that is 50% owned by Laureate and consolidated. During 2015, the receivable amount outstanding as of
December&nbsp;31, 2014 was settled. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also,
during the year ended December&nbsp;31, 2013, Laureate and the noncontrolling interest holder of Laureate-Obeikan&nbsp;Ltd. made capital contributions to
Laureate-Obeikan&nbsp;Ltd. totaling $940 in connection with a share capital increase. The noncontrolling interest holder's 50% share of the total capital contribution, which equaled $470, has been
included within (Distributions to) and capital contributions from noncontrolling interest holders in the financing activities section of the Consolidated Statement of Cash Flows for the year ended
December&nbsp;31, 2013. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Malaysia  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Malaysian Businesses and Noncontrolling Interest Holders  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exeter Street Holdings Sdn Bhd (Exeter Malaysia), one of Laureate's subsidiaries, extended a loan to one of its noncontrolling interest
holders to assist in the financing of their approximately 16.5% initial investment in INTI. The original maturity date of this loan was December&nbsp;31, 2013, but it was not paid by
December&nbsp;31, 2013 and remains outstanding. The loan is
collateralized by a pledge of the noncontrolling interest holder's INTI shares having a value of 150% of the outstanding amount of the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-107</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=475,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=256960,FOLIO='F-107',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gc43513_1_108"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;17. Related Party Transactions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>loan,
or at the Company's option, other forms of collateral acceptable to it, equal to 100% of the outstanding amount of the loan. Dividends or option proceeds shall be applied first to any unpaid
interest and then to reduce all principal amounts under the loan facility. The loan is denominated in MYR and accrues interest at a rate of 7% per annum. As of December&nbsp;31, 2013, the
outstanding principal balance was $3,966, and the outstanding interest receivable related to this loan was $1,190, respectively. As discussed in Note&nbsp;4, Acquisitions, in the fourth quarter of
2014 Laureate settled this note receivable and the accrued interest receivable in connection with the purchase of 6.4% of this minority owner's noncontrolling interest. As a result, the loan is no
longer outstanding as of December&nbsp;31, 2014. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dividends to Noncontrolling Interest Holders  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the years ended December&nbsp;31, 2015, 2014 and 2013, INTI made contractual dividend payments to its noncontrolling holders
of $450, $444 and $132, respectively, which were included within Payments of dividends in the financing activities section of the Consolidated Statements of Cash Flows. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Singapore  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Loan from Affiliate  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;8, 2013, Laureate's wholly owned subsidiary, LEI Singapore Holdings Private Limited, which is the Singapore-based
parent entity of several of our AMEA subsidiaries, borrowed EUR 3,254 (US $4,478 at December&nbsp;31, 2013) from LEI International Holdings&nbsp;B.V., a Wengen subsidiary that is an affiliate of
Laureate. The loan has a maturity date of February&nbsp;7, 2022, and carries an annual interest rate of 7%. As of December&nbsp;31, 2013, the total principal and interest payable for the loan was
$4,758, which was recorded on the Consolidated Balance Sheet in Long-term debt, less current portion. Effective March&nbsp;31, 2014, the board of LIHBV forgave this loan to LEI Singapore Holdings
Pte&nbsp;Ltd, which was recognized as a capital contribution of $4,821 during the year ended December&nbsp;31, 2014. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


South Africa  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and Noncontrolling Interest Holders of MSA  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2015 and 2014, Laureate had a related party payable recorded of $1,897 and $2,240, respectively, that was
owed to the noncontrolling interest holder of MSA. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


GPS  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


United States  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and Noncontrolling Interest Holder of St.&nbsp;Augustine  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2013, subsequent to the acquisition of St.&nbsp;Augustine discussed in Note&nbsp;4, Acquisitions, a $10,000 capital
contribution was made to St.&nbsp;Augustine, 80% of which was contributed by Laureate and 20% by the noncontrolling interest holder. Laureate loaned $2,000 to the noncontrolling interest holder in
the form of a non-interest bearing promissory note for its portion of the capital contribution, which was recorded at its discounted present value of $1,739 in Notes receivable, net on the
December&nbsp;31, 2013 Consolidated Balance Sheet. The note had a maturity date of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-108</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=476,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=995216,FOLIO='F-108',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gc43513_1_109"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;17. Related Party Transactions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>November&nbsp;21,
2018, and Laureate had the right to offset against this receivable the noncontrolling interest holder's 20% share of any future distributions that are made by St.&nbsp;Augustine.
During the fourth quarter of 2014, St.&nbsp;Augustine declared and paid a distribution to its owners of $10,000, of which $2,000 was paid to the 20% noncontrolling interest holder. The
noncontrolling interest holder then repaid the related party promissory note to Laureate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the Consolidated Statements of Cash Flows for the years ended December&nbsp;31, 2013 and 2014, Laureate's loan to the minority partner in 2013 and the loan repayment in 2014 were
included in Payments from (to) related parties in the investing activities section, and the noncontrolling interest holder's $2,000 capital contribution in 2013 and distribution in 2014 were included
in (Distributions to) and capital contributions from noncontrolling interest holders in the financing activities section. During the year ended December&nbsp;31, 2015, St.&nbsp;Augustine made tax
distributions to its 20% noncontrolling interest holder of $3,952, as provided for in St.&nbsp;Augustine's operating agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and NHU NFP  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the acquisition of NHU&nbsp;LLC in 2010, Laureate entered into a lease for the San Jose campus owned by NHU NFP.
Laureate also subleases a portion of the premises to NHU NFP for its charter school. For the years ended December&nbsp;31, 2014 and 2013, Laureate incurred rent expense of $1,702 and $1,666,
respectively, and received sublease income of $652 and $374, respectively. At June&nbsp;30, 2015, Laureate ceased using its leased property at NHU and recorded a liability for the present value of
the remaining lease costs, less estimated sublease rentals, of approximately $3,100. During the six months ended June&nbsp;30, 2015, Laureate incurred rent expense of $1,384 and received sublease
income of $437. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Switzerland  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2015 and 2014, we have recorded royalty receivables of $1,023 and $925, respectively, from Les Roches Jin
Jiang, a 50% equity-method investee that operates a hospitality and culinary institution in China. In addition, we have recorded exchange student payables of $319 to Les Roches Jin Jiang as of
December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;18. Benefit Plans  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Domestic Defined Contribution Retirement Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate sponsors a defined contribution retirement plan in the United States under section&nbsp;401(k) of the Internal Revenue Code.
The plan offers employees a traditional "pre-tax" 401(k) option and an "after-tax" Roth 401(k) option, providing the employees with choices and flexibility for their retirement savings. All employees
are eligible to participate in the plan after meeting certain service requirements. Participants may contribute up to a maximum of 80% of their annual compensation and 100% of their annual cash bonus,
as defined and subject to certain annual limitations. Laureate may, at its discretion, make matching contributions that are allocated to eligible participants. The matching on the "after-tax" Roth
contributions is the same as the matching on the traditional "pre-tax" contributions. Laureate made discretionary contributions in cash to this plan of $4,501, $4,174 and $3,823 for the years ended
December&nbsp;31, 2015, 2014 and 2013, respectively. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-109</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=477,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=175773,FOLIO='F-109',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gc43513_1_110"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;18. Benefit Plans (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Non-United States Pension Benefit Plans  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate has defined benefit pension (pension) plans at several non-United States institutions. The projected benefit obligation (PBO)
is determined as the actuarial present value as of the measurement date of all benefits calculated by the pension benefit formula for employee service rendered. The amount of benefits to be paid
depends on a number of future events incorporated into the pension benefit formula, including estimates of the average life expectancy of employees/survivors and average years of service rendered. The
PBO is measured based on assumptions concerning future interest rates and future employee compensation levels. The expected net periodic benefit cost for Laureate in each year can vary from the
subsequent year's actual net periodic benefit cost due to the acquisition of entities with plans, plan amendments, and the impacts of foreign currency translation. The combined unfunded status of
these plans is reported as a component of Other long-term liabilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fair value of plan assets relates to insurance contracts for our Switzerland institutions' plans. The fair value measurements were based on inputs that are not observable to active
markets and, as such, would be deemed a "Level&nbsp;3" fair value measurement as defined in Note&nbsp;20, Fair Value Measurement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
net periodic benefit cost for those entities with pension plans was as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,


<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Service cost</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,021</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,229</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,658</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,387</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,805</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,585</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expected return on assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(400</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(765</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(546</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization of prior service costs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>903</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>278</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>428</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recognition of actuarial items</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(27</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>173</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>239</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Curtailment gain</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(551</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net periodic benefit cost</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,884</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,720</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,813 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
estimated net periodic benefit cost for the year ending December&nbsp;31, 2016 is approximately $7,492. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
weighted average assumptions were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="79pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="79pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="79pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Discount rate for obligations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.75 - 10.10%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.00 - 9.75%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.25 - 10.50%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Discount rate for net periodic benefit costs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.00 - 9.75%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.25 - 10.50%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.75 - 9.75%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rate of compensation increases</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.00 - 13.00%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.00 - 14.00%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.25 - 11.75%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expected return in plan assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.75%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.00%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.25%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-110</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=478,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=856528,FOLIO='F-110',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gc43513_1_111"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;18. Benefit Plans (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
change in PBO, change in plan assets and funded (unfunded) status for those entities with pension plans were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Change in PBO:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PBO at beginning of year</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>67,149</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>56,836</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Service cost</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,021</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,229</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,387</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,805</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Actuarial loss (gain)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(173</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,132</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Benefits paid by plan</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,200</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,648</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Participant contributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,712</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,361</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Administrative expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(917</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(806</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign exchange</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,562</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(5,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PBO at end of year</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>70,417</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>67,149</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Change in plan assets:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of assets at beginning of year</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37,462</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35,848</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Actual return on assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,208</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>710</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employer contributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,465</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,995</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Participant contributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,712</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,361</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Benefits paid by plan</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,025</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>87</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Administrative expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(917</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(806</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign exchange</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>95</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,733</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair value of assets at end of year</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37,462 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Unfunded status</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,417</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>29,687</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Actuarial loss</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12,562</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prior service cost</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>164</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,628 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amount recognized in AOCI, pre-tax</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,175</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,190</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated benefit obligation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>58,465</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>57,385</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company estimates that employer contributions to plan assets during 2016 will be approximately the same as during the year ended December&nbsp;31, 2015. The estimated future
benefit payments for the next 10 fiscal years are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the year ending December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,624</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,445</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,484</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,240</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2021 through 2025</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24,570</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-111</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=479,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1034639,FOLIO='F-111',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gc43513_1_112"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;18. Benefit Plans (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Laureate Education,&nbsp;Inc. Deferred Compensation Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate maintains a deferred compensation plan to provide certain executive employees and members of our Board of Directors with the
opportunity to defer their salaries, bonuses, and Board of Directors retainers and fees in order to accumulate funds for retirement on a pre-tax basis. Participants are 100% vested in their respective
deferrals and the earnings thereon. Laureate does not make contributions to the plan or guarantee returns on the investments. Although plan investments and participant deferrals are kept in a separate
trust account, the assets remain Laureate's property and are subject to claims of general creditors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
plan assets are recorded at fair value with the earnings (losses) on those assets recorded in Other income (expense). The plan liabilities are recorded at the contractual value, with
the changes in value recorded in operating expenses. As of December&nbsp;31, 2015 and 2014, plan assets included in Other assets in our Consolidated Balance Sheets were $10,139 and $10,561,
respectively. As of December&nbsp;31, 2015 and 2014, the plan liabilities reported in our Consolidated Balance Sheets were $14,995 and $15,316, respectively, which are almost entirely noncurrent and
recorded in Other long-term liabilities. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Supplemental Employment Retention Agreement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November 2007, Laureate established a Supplemental Employment Retention Agreement (SERA) for one of its executive officers. Since
Laureate achieved certain Pro-rata EBITDA targets, as defined in the SERA, from 2007 to 2011 and this officer remained employed through December&nbsp;31, 2012, this individual receives an annual
SERA payment of $1,500. The SERA provides annuity payments to the executive over the course of his lifetime, and annuity payments would be made to his spouse for the course of her life in the event of
the executive's death on or prior to December&nbsp;31, 2026. The SERA is administered through a Rabbi Trust, and its assets are subject to the claims of creditors. Laureate purchases annuities to
provide funds for our future SERA obligations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015 and 2014, the total SERA assets were $10,336 and $12,010, respectively, which were recorded in Other assets in our Consolidated Balance Sheets. As of
December&nbsp;31, 2015 and 2014, the total SERA liability recorded in our Consolidated Balance Sheets was $16,380 and $17,396, respectively, of which $1,500 and $1,500, respectively, was recorded in
Accrued compensation and benefits, and $14,880 and $15,896, respectively, was recorded in Deferred compensation. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Mexico Profit-Sharing  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As explained in Note&nbsp;15, Income Taxes, the Fiscal Reform that was enacted in Mexico in December 2013 subjects Laureate's Mexico
entities to corporate income tax and also requires them to comply with profit-sharing legislation, whereby 10% of the taxable income of Laureate's Mexican entities will be set aside as employee
compensation. As a result of the Fiscal Reform, the Company recorded a net increase in operating expense for the year ended December&nbsp;31, 2013 of $8,389. Also in 2013, the Company had
established an asset for a deferred benefit related to this matter. During 2014, the Company revised its estimate regarding the realizability of this asset and, accordingly, recorded a net decrease in
operating expense for the year ended December&nbsp;31, 2014 of $22,755. During 2015, the Company revised its estimate regarding the realizability of this asset and, accordingly, recorded a net
increase in operating expense for the year ended December&nbsp;31, 2015 of $937. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-112</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=480,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=791742,FOLIO='F-112',FILE='DISK112:[12ZBH3.12ZBH43513]GC43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ge43513_1_113"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;18. Benefit Plans (Continued)  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Labor Unions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Laureate employees at Universidad Europea de Madrid, Spain (UEM), UVM Mexico, Institut Fran&ccedil;ais de Gestion (IFG)
and all of the Brazilian institutions are covered by labor agreements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
UEM agreement was negotiated between a national union and an employer association committee representing all of the private, for-profit institutions in the country. That agreement
remained legally applicable until February 2010, when negotiations for the renewal of the UEM agreement were completed. We are currently operating under the February 2010 agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially
all of the faculty members at UVM Mexico are represented by a union. The labor agreement governs salaries, benefits and working conditions for all union members at UVM
Mexico. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
IFG agreement governs certain labor conditions, such as vacation and salary levels. The agreement has no defined expiration date, but can be nullified by either party. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
required by Brazilian Labor Law, all of Brazil's employees are represented by a union and the institutions are part of an employers' union. These two groups negotiate standard city or
regional contracts and it is the responsibility of our Brazil institutions to comply with these agreements. In some
cases where, for example, there is no city-wide or regional labor union to conduct the negotiation, the institutions and labor union have agreed to permit the local institution to negotiate directly
with the respective union. Such union agreements typically have a duration of one year. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
considers itself to be in good standing with these unions and with all of its employees. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;19. Legal and Regulatory Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate is subject to legal proceedings arising in the ordinary course of business. In management's opinion, we have adequate legal defenses, insurance coverage, and/or accrued
liabilities with respect to the eventuality of these actions. Management believes that any settlement would not have a material impact on Laureate's financial position, results of operations, or cash
flows. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


United States Postsecondary Education Regulation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, through its&nbsp;GPS segment, operates five postsecondary educational institutions in the United States (U.S.
Institutions). The U.S. Institutions are subject to extensive regulation by federal and state governmental entities as well as accrediting bodies. The Higher Education Act (HEA), and the regulations
promulgated thereunder by the DOE, subject the U.S. Institutions to ongoing regulatory review and scrutiny. The U.S. Institutions must also comply with a myriad of requirements in order to participate
in Title IV federal financial aid programs under the HEA (Title IV programs). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
particular, to participate in the Title IV programs under currently effective DOE regulations, an institution must be authorized to offer its educational programs by the relevant
state agencies in the states in which it is located, accredited by an accrediting agency that is recognized by the DOE, and also certified by the DOE. In determining whether to certify an institution,
the DOE closely examines an institution's administrative and financial capability to administer Title IV program funds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to DOE requirements, the U.S. Institutions conduct periodic reviews and audits of their compliance with the Title IV program requirements. None of the U.S. Institutions have
been notified </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-113</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=481,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1031711,FOLIO='F-113',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_114"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;19. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>of
any significant noncompliance that might result in loss of its certification to participate in the Title IV programs. Management believes that there are no matters of regulatory noncompliance that
could have a material effect on the accompanying Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
in or new interpretations of applicable laws, DOE rules, or regulations could have a material adverse effect on the U.S. Institutions' eligibility to participate in the Title IV
programs. On October&nbsp;29, 2010, the DOE published a Final Rule amending its regulations in a number of areas related to an institution's eligibility to participate in the Title IV programs. Most
of these regulatory changes became effective July&nbsp;1, 2011, with others becoming effective as of July&nbsp;1, 2012. On October&nbsp;30, 2014, the DOE issued a final rule establishing
specific standards for purposes of the HEA requirement that, to be eligible for Title IV program funds, certain programs of study prepare students for "gainful employment in a recognized occupation,"
which became effective July&nbsp;1, 2015. The Company is currently evaluating this rule and determining its impact on our operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
February and May 2014, the DOE convened a negotiated rulemaking committee to prepare proposed regulations to address program integrity and improvement issues for the Title IV
programs ("Program Integrity Rulemaking") including but not limited to updating eligibility standards for student and parent borrowers under the federal Direct PLUS loan program, cash management of
Title IV funds, state authorization for programs offered through distance education and state authorization for foreign locations of institutions. As this negotiated rulemaking committee did not reach
consensus on all of the issues before it, on August&nbsp;8, 2014, the DOE published a proposed rule for public comment regarding federal Direct PLUS loan program eligibility, following which a final
rule was issued on October&nbsp;23, 2014 and that took effect July&nbsp;1, 2015. On October&nbsp;30, 2015, the DOE published final program integrity regulations regarding cash management of
Title IV funds, the eligibility of repeated coursework for purposes of a student's enrollment status and receipt of Title IV funds, and the measurement of programs in credit hours versus clock hours
for Title IV purposes. A majority of the provisions of the regulations will take effect on July&nbsp;1, 2016, and others will take effect on later dates in 2016 and 2017. The final regulations
concerning cash management require, among other things, that institutions subject to heightened cash monitoring procedures for disbursements of Title IV funds must, effective July&nbsp;1, 2016, pay
to students any applicable Title IV credit balances before requesting such funds from the DOE. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
a separate negotiated rulemaking committee process that occurred between January and April 2014, the DOE proposed draft regulatory language to implement changes to the Jeanne
Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act ("Clery Act") required by March 2013 amendments to the Violence Against Women Act. At the final meeting of the negotiated
rulemaking committee on April&nbsp;1, 2014, the committee reached consensus on the Department's proposed regulations, which were subsequently published for a 30-day public comment period on
June&nbsp;20, 2014. On October&nbsp;20, 2014, the DOE published the final rule amending its Clery Act regulations, which is effective July&nbsp;1, 2015. Between February and April 2015, the DOE
convened another negotiated rulemaking committee to prepare regulations to establish a new Pay as You Earn repayment plan for those not covered by the existing Pay as You Earn Repayment Plan in the
Federal Direct Loan Program, and also to establish procedures for Federal Family Education Loan Program loan holders to use to identify U.S. military servicemembers who may be eligible for a lower
interest rate on their federal student loans under the Servicemembers Civil Relief Act. The committee reached </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-114</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=482,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=465525,FOLIO='F-114',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_115"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;19. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>consensus
during its final session on a set of proposed regulations. The DOE published proposed regulations for comment on July&nbsp;9, 2015, and on October&nbsp;30, 2015, issued final
regulations. The Pay as You Earn Repayment Plan provisions will take effect in December 2015 and a majority of the remaining provisions of the regulations will take effect on July&nbsp;1, 2016.
Also, on August&nbsp;20, 2015, the DOE published notice of a new negotiated rulemaking process to clarify how direct loan borrowers who believe they were defrauded by their institutions can seek
relief and to strengthen provisions to hold institutions accountable for their wrongdoing that results in loan discharges. This negotiated rulemaking committee held its first session
January&nbsp;12-14, 2016, with additional negotiating sessions scheduled to occur February&nbsp;17-19, 2016 and March&nbsp;16-18, 2016. In September 2015, President Obama announced the DOE's
launch of a revised "College Scorecard" website that provides access to national data on college costs, graduation rates, debt and post-college earnings, including data regarding our U.S.
Institutions. In addition, in November 2015, the DOE issued comparative data regarding DOE-recognized accreditation agencies and the institutions they accredit, which include median debt, repayment
rates, completion rates and median earnings. To the extent such data gives rise to negative perceptions of our U.S. Institutions or of proprietary educational institutions generally, our reputation
and business could be materially adversely affected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are unable to predict what additional actions the DOE may take, or the effect of its rulemaking processes on our business. Additionally, the United States Congress has initiated a
series of hearings regarding its prospective reauthorization of the HEA and potential changes to the Title IV programs. Any new or changed regulations from the DOE, or changes to the HEA and Title IV
programs, could reduce enrollments, impact tuition prices, increase the cost of doing business and otherwise have additional material adverse effects on the financial condition, cash flows and
operations of some or all of the U.S. Institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proprietary education industry is experiencing broad-based, intensifying scrutiny in the form of increased investigations and enforcement actions. In October 2014, the DOE announced
that it will be leading an interagency task force composed of the DOE, the U.S. Federal Trade Commission (the FTC), the U.S. Departments of Justice, Treasury and Veterans Affairs, the Consumer
Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), and numerous state attorneys general. The FTC has also recently issued civil investigative demands to several other
U.S. proprietary educational institutions, which require the institutions to provide documents and information related to the advertising, marketing, or sale of secondary or postsecondary educational
products or services, or educational accreditation products or services. The CFPB has also initiated a series of investigations against other U.S. proprietary educational institutions alleging that
certain institutions' lending practices violate various consumer finance laws. In addition, attorneys general in several states have become more active in enforcing consumer protection laws,
especially related to recruiting practices and the financing of education at proprietary educational institutions. In addition, several state attorneys general have recently partnered with the CFPB to
review industry practices. If our past or current business practices are found to violate applicable consumer protection laws, or if we are found to have made misrepresentations to our current or
prospective students about our educational programs, we could be subject to monetary fines or penalties and possible limitations on the manner in which we conduct our business. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-115</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=483,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=718589,FOLIO='F-115',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_116"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;19. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Brazilian Regulation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through our LatAm segment, we operate 13 post-secondary education institutions in Brazil. The responsibility of the federal government
in regulating, monitoring and evaluating higher education institutions and undergraduate programs is exercised by the Brazilian Ministry of Education (the MEC), along with a number of related federal
agencies and offices. The MEC is the highest authority of the higher education system in Brazil and has the power to: regulate and monitor the federal system of higher education in terms of its
quality and standards, confirm decisions regarding the accreditation and reaccreditation of institutions of higher education; confirm evaluation criteria; confirm regulatory proposals; and issue and
implement rules that govern the delivery of higher education services, including aspects like adherence by higher education institutions to the rules for federal education subsidy programs like
Pronatec, Prouni and the FIES program, through one or more of which all of our institutions enroll students. Additionally, Brazilian law requires that almost all change-of-control transactions by
Laureate receive the prior approval of the Brazilian antitrust authority, the CADE. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
noted above, Laureate's institutions in Brazil participate in the FIES program, which targets students from low socio-economic backgrounds enrolled at private post-secondary
institutions. Eligible students receive loans with below-market interest rates that are required to be repaid after an
18-month grace period upon graduation. FIES pays participating educational institutions tax credits which can be used to pay certain federal taxes and social contributions. FIES also repurchases
excess credits for cash. As part of the FIES program, our institutions are obligated to pay up to 15% of any student default. The default obligation increases to up to 30% of any student default if
the institution is not current with its federal taxes. FIES withholds between 1% and 3% of tuition paid to the institutions to cover any potential student defaults ("holdback"). If the student pays
100% of their loan, the withheld amounts will be paid to the participating education institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
February 2014, all new students who participate in FIES must also enroll in the Fundo de Garantia de Opera&ccedil;&otilde;es de Cr&eacute;dito Educativo
(FGEDUC). FGEDUC is a government-mandated, private guarantee fund administered by the Bank of Brazil that allows participating educational institutions to insure themselves for 90% (or 13.5% of 15%)
of their losses related to student defaults under the FIES program. The cost of the program is 5.63% of a student's full tuition. Similar to FIES, the administrator withholds 5.63% of a student's full
tuition to fund the guarantee by FGEDUC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, approximately 21% of our total students in Brazil participate in FIES, representing approximately 26% of our 2015 Brazil revenues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2014, the MEC along with FNDE, the agency that directly administers FIES, announced several significant rule changes to the FIES program beginning in 2015. These changes
limit the number of new participants and the annual budget of the program, and delay payments to post-secondary institutions with more than twenty thousand FIES students that would otherwise have been
due in 2015. The first change implements a minimum score on the high school achievement exam in order to enroll in the program. The second change alters the schedule for the payment and repurchase of
credits as well as limits the opportunities for post-secondary institutions to sell any unused credits such that there is a significant delay between the time the post-secondary institution provides
the educational services to the students and the time it receives payment from the government for 2015. In addition to these rule changes, FNDE implemented a policy for current students' loan </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-116</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=484,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=825109,FOLIO='F-116',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_117"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;19. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>renewals
for 2015, which provides that returning students may not finance an amount that increases by more than 6.41%, which was later increased to 8.5%, from the amount financed in the previous
semester, regardless of any increases in tuition or in the number of courses in which the student is enrolled, a policy that we believe violates the applicable law. For 2016, MEC announced that there
will be no limitation to the tuition increase. Moreover, in the first and second intakes of 2015, the online enrollment and re-enrollment system that all post-secondary institutions and students must
use to access the program has experienced numerous technical and programming faults that have also interfered with the enrollment and re-enrollment process. Numerous challenges to these changes and
requests for judicial relief from the system's faults have been filed in the Brazilian courts, most of which are pending. The 2016 enrollment and re-enrollment schedule has been released and, so far,
the system has not presented any major issues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
October 2015, FNDE initiated negotiations with the Brazilian Association of Post-Secondary Institutions (ABRAES) aiming at settling the FIES payments that were delayed in 2015. The
proposal from MEC, which was accepted by ABRAES, was to divide the total amount due in three annual installments to be paid one fourth in 2016, one fourth in 2017 and half in 2018. The parties also
agreed that the yearly installments will be paid in June of each year, and the amounts will be adjusted to reflect an inflation index (the IPCA) from the date of the respective maturity until the
effective payment. FNDE also agreed not to take any discriminatory measures in the future related to the payment due to the post-secondary institutions, and not to impose any limitation on the
issuance of certificates and repurchase of credits due to the post-secondary institutions, which basically means that all certificates will be issued and repurchased in their respective fiscal years,
except for those intended to be issued and repurchased in December, which will be paid in January of the following year. The parties executed the settlement agreement on January&nbsp;28, 2016 and it
was approved by the office of the Attorney General of Brazil on February&nbsp;3, 2016. Our post-secondary institutions in Brazil are associated with ABRAES and signed the settlement agreement;
therefore, it will apply to us. The long-term portion of the FIES receivables are recorded in Notes receivable, net as of December&nbsp;31, 2015. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEC
released new FIES regulations in July 2015, which supplement and amend rules that were previously released. Among other changes, these regulations revised the rules for student
eligibility and classification, higher education institution participation and selection of the vacancies that will be offered to the students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;11, 2015, MEC issued new FIES regulations (Normative Ordinance No.&nbsp;13), which supersede in all significant aspects the rules released in July 2015. Normative
Ordinance No.&nbsp;13 defined and clarified some rules for student eligibility and classification, higher education institution participation and selection of the vacancies that will be offered to
the students in the first intake of 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among
other changes, it created a "waiting list" concept for students not selected in the first selection call. It also instituted a rule that allows the remaining vacancies that were
not filled in by the waiting list students to be redistributed among other programs of the post-secondary institution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rules for student eligibility are to have a gross household income of not more than 2.5 times the minimum wage per capita and to have taken the National High School Proficiency Exam
at least </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-117</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=485,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=663624,FOLIO='F-117',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_118"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;19. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>once
since 2010, with a minimum score of 450 points, and have a score greater than zero in the test of writing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regarding
the participation of post-secondary institutions in FIES, institutions must sign a participation agreement that contains their proposal of the number of vacancies offered and
the following information per shift (morning, evening) and campus location: (i)&nbsp;tuition gross amount for the entire course, including all semesters; (ii)&nbsp;total tuition gross amount per
course for the first semester, which must reflect at least a five percent discount to the course list price; and (iii)&nbsp;the number of vacancies that will be offered through the FIES selection
process. Also, only courses with scores of 3, 4 or 5 in the National Higher Education Evaluation System (SINAES) evaluation are eligible to receive FIES students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of our Brazil Higher Education Institutions (HEI) adhere to Prouni. Prouni is a federal program of tax benefits designed to increase higher education participation rates by making
college more affordable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEI
may join Prouni by signing a term of membership valid for ten years and renewable for the same period. This term of membership shall include the number of scholarships to be offered
in each program, unit and class, and a percentage of scholarships for degree programs to be given to indigenous and Afro-Brazilians. To join Prouni, an educational institution must maintain a certain
relationship between the number of scholarships granted to regular paying students. The relationship between the number of scholarships and regular paying students is tested annually. If this
relationship is not observed during a given academic year due to the departure of students, the institution must adjust the number of scholarships in a proportional manner the following academic year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prouni
provides private HEI with an exemption from certain federal taxes in exchange for granting partial and full scholarships to low-income students enrolled in traditional and
technology undergraduate programs. For the years ended December&nbsp;31, 2015, 2014 and 2013, our HEI granted Prouni scholarships that resulted in tax credits of approximately $55,000, $49,400 and
$34,300, respectively. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;20. Fair Value Measurement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value is defined as the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date.
Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels, which are described
below:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;1&#151;Quoted prices (unadjusted) for identical assets or liabilities in active markets; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;2&#151;Observable inputs other than quoted prices that are either directly or indirectly observable for the asset
or liability; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;3&#151;Unobservable inputs that are supported by little or no market activity. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
levels are not necessarily an indication of the risk of liquidity associated with the financial assets or liabilities disclosed. Assets and liabilities are classified in their
entirety based on the lowest level of input that is significant to the fair value measurement, as required under ASC 820-10. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-118</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=486,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=703927,FOLIO='F-118',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_119"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;20. Fair Value Measurement (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
deferred compensation plan assets, contingent consideration and derivative instruments are its only assets and liabilities that are adjusted to fair value each reporting
period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation plan assets</B></FONT><FONT SIZE=2>&#151;Laureate has a deferred compensation plan that is offered to certain executive employees and members of our Board of
Directors. The plan assets primarily consist of variable universal life insurance contracts. These insurance contracts are recorded at their estimated fair value based on the trust administrator's
determination of the insurance contracts' total unit value, which is based on unadjusted third-party Net Asset Value (NAV) pricing information from the underlying funds in which the insurance premiums
are invested. Laureate has concluded that the fair values of these assets are based on unobservable inputs, or Level&nbsp;3 assumptions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration</B></FONT><FONT SIZE=2>&#151;Certain acquisitions require the payment of contingent purchase consideration depending on whether specified future events
occur or conditions are met in periods subsequent to the acquisition date. Laureate records such contingent consideration at fair value on the acquisition date with subsequent adjustments recognized
in operations. The contingent consideration liability recorded at December&nbsp;31, 2013 is related to the 2010 acquisition of NHU&nbsp;LLC. As part of that acquisition, Laureate agreed that the
noncontrolling interest holder's 20% interest in NHU&nbsp;LLC will not be diluted as a result of any additional equity capital we invest in NHU&nbsp;LLC, up to a limit of $5,000. We recorded a
liability for this contingent arrangement as we deemed it probable that we would make an additional capital contribution. During the year ended December&nbsp;31, 2014, Laureate settled this
liability as a capital contribution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments</B></FONT><FONT SIZE=2>&#151;Laureate uses derivative instruments as economic hedges for bank debt and interest rate risk. Their values are derived using
valuation models commonly used for derivatives. These valuation models require a variety of inputs, including contractual terms, market prices, forward-price yield curves, notional quantities,
measures of volatility and correlations of such inputs. Our valuation models also reflect measurements for credit risk. Laureate concluded that the fair values of our derivatives are based on
unobservable inputs, or Level&nbsp;3 assumptions. The significant unobservable input used in the fair value measurement of the Company's derivative instruments is our own credit risk. Holding other
inputs constant, a significant increase (decrease) in our own credit risk would result in a significantly lower (higher) fair value measurement for the Company's derivative instruments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
financial assets and liabilities that are measured at fair value on a recurring basis as of December&nbsp;31, 2015 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;1 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;2 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;3 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred compensation plan assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,139</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,139</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>238</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>238 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,377</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,377 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,014 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-119</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=487,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=318540,FOLIO='F-119',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_120"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;20. Fair Value Measurement (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
financial assets and liabilities that are measured at fair value on a recurring basis as of December&nbsp;31, 2014 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;1 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;2 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;3 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred compensation plan assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,561</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,561</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24,255</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24,255 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
changes in our Level&nbsp;3 instruments measured at fair value on a recurring basis for the year ended December&nbsp;31, 2015 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Deferred<BR>
Compensation<BR>
Plan Assets </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Derivative<BR>
Instruments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total Level&nbsp;3<BR>
Assets<BR>
(Liabilities) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance December&nbsp;31, 2014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,561</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(24,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,694</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Losses included in earnings:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized losses, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(91</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,988</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,079</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Realized losses, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(619</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(619</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Included in other comprehensive income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,629</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,629</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchases and settlements:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchases</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>104</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>104</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Settlements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(435</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>619</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency translation adjustment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>838</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>838 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance December&nbsp;31, 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,139</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(19,776</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9,637</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized losses, net relating to assets and liabilities held at December&nbsp;31, 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(91</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,988</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,079</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-120</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=488,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=432240,FOLIO='F-120',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_121"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;20. Fair Value Measurement (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
changes in our Level&nbsp;3 instruments measured at fair value on a recurring basis for the year ended December&nbsp;31, 2014 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Deferred<BR>
Compensation<BR>
Plan Assets </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Contingent<BR>
Consideration </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Derivative<BR>
Instruments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total Level&nbsp;3<BR>
Assets<BR>
(Liabilities) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance December&nbsp;31, 2013</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,227</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(53,845</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(44,618</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gains (losses) included in earnings:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized gains, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>570</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29,801</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,371</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Realized losses, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(32,902</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(32,902</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Included in other comprehensive income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(733</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(733</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchases and settlements:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchases</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>170</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>170</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Settlements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(406</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,902</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,496</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency translation adjustment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>522</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>522 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance December&nbsp;31, 2014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,561</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(24,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,694</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized gains, net relating to assets and liabilities held at December&nbsp;31, 2014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>570</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29,801</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,371 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents quantitative information regarding the significant unobservable inputs utilized in the fair value measurements of the Company's assets and liabilities
classified as Level&nbsp;3 for the year ended December&nbsp;31, 2015: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:62%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"130%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="130%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="129pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="89pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fair Value at<BR>
December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Valuation<BR>
Technique </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Unobservable<BR>
Input </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Range/Input<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments&#151;cross currency and interest rate swaps</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,776</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Discounted Cash Flow</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Own credit risk</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;21. Restructuring Costs  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fourth quarter of 2015, Laureate approved a plan of restructuring, which primarily included workforce reductions in order to reduce operating costs in response to overcapacity
at certain locations. The Company recorded the estimated cost of the restructuring of $15,476, which consisted of employee severance, in Direct costs in the 2015 Consolidated Statement of Operations.
Of the total restructuring
liability recorded during 2015, $10,912 represented one-time employee termination benefits recognized in accordance with ASC 420, "Exit or Disposal Cost Obligations" and $4,564 represented contractual
employee termination costs recognized in accordance with ASC 712, "Compensation-Nonretirement Postemployment Benefits." We paid $5,810 during the fourth quarter of 2015, and we expect that the
remaining liability of $10,233 at December&nbsp;31, 2015, after currency adjustments of $567, will be paid during the first half of 2016. the restructuring liability is included in Accrued expenses
in our December&nbsp;31, 2015 Consolidated Balance Sheet. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-121</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=489,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=139399,FOLIO='F-121',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_122"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;21. Restructuring Costs (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the restructuring costs by reportable segment for the year ended December&nbsp;31, 2015: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>LatAm </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Europe </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>GPS </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMEA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Corporate </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee severance&#151;one-time termination</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,170</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,944</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,154</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,360</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>284</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,912</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee severance&#151;contractual termination</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,273</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,190</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>101</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,564 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total severance costs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,443</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,134</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,154</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,461</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>284</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,476 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a rollforward of the restructuring liability from December&nbsp;31, 2014 through December&nbsp;31, 2015: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Balance at<BR>
December&nbsp;31,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Expense<BR>
Recognized </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Cash<BR>
Payments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Currency<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Balance at<BR>
December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee severance&#151;one time termination</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,912</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,049</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>396</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,259</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee severance&#151;contractual termination</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,564</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(761</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>171</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,974 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,476</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,810</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>567</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,233 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;22. Quarterly Financial Data (Unaudited)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following quarterly financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results of the
interim periods. Earnings per share are computed independently for each of the quarters presented. Per share amounts may not sum due to rounding. Summarized quarterly operating data were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 Quarters Ended </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:126pt;"><FONT SIZE=1><B>Per share amounts in whole dollars

<!-- COMMAND=ADD_SCROPPEDRULE,126pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>June&nbsp;30 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>March&nbsp;31 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,150,503</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>985,395</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,270,177</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>885,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating costs and expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,025,572</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>952,076</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,037,537</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>939,517 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>124,931</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>232,640</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(53,933</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Loss) income from continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(16,140</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(130,397</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56,932</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(226,240</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net (income) loss attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(527</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,785</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,871</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>210 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net (loss) income attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(16,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(128,612</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(226,030</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Earnings (loss) per share:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic and diluted net (loss) income per share attributable to common stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.96</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.72</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-122</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=490,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=530720,FOLIO='F-122',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_123"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;22. Quarterly Financial Data (Unaudited) (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 Quarters Ended </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:126pt;"><FONT SIZE=1><B>Per share amounts in whole dollars

<!-- COMMAND=ADD_SCROPPEDRULE,126pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>June&nbsp;30 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>March&nbsp;31 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,329,209</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>968,859</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,238,530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>878,084</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating costs and expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,208,313</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,004,490</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,001,014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>901,365 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>120,896</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(35,631</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>237,516</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(23,281</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47,632</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(195,700</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>109,049</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(123,434</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net (income) loss attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(670</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,270</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(840</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,402 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>46,962</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(193,430</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>108,209</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(120,032</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Earnings (loss) per share:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic and diluted net income (loss) per share attributable to common stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.36</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.92</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;23. Other Financial Information  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accumulated Other Comprehensive Income  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AOCI in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign
subsidiaries' financial statements, the
unrealized losses on derivatives designated as cash flow hedges, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension
liability. The components of these balances were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:48pt;"><FONT SIZE=1><B>December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,48pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Laureate<BR>
Education,&nbsp;Inc. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Noncontrolling<BR>
Interests </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Laureate<BR>
Education,&nbsp;Inc. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Noncontrolling<BR>
Interests </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency translation (loss) gain</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(928,421</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,420</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(930,841</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(546,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,659</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(544,531</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized losses on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,251</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,251</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(18,880</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(18,880</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minimum pension liability adjustment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(11,005</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(11,005</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,971</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,971</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated other comprehensive (loss) income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(952,677</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,420</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(955,097</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(579,041</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,659</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(577,382</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
reports changes in AOCI in our Consolidated Statements of Stockholders' Equity. See also Note&nbsp;14, Derivative Instruments, and Note&nbsp;18, Benefit Plans, for the
effects of reclassifications out of AOCI into net income. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-123</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=491,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=808880,FOLIO='F-123',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_124"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;23. Other Financial Information (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Foreign Currency Exchange of Certain Intercompany Loans  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate periodically reviews its investment and cash repatriation strategies to ensure that we meet our liquidity requirements in the
United States. In September 2009, we made a significant change to our cash repatriation strategy involving the use of certain intercompany loans to repatriate cash. As a result, we could no longer
designate as indefinitely invested $1,728,710 and $1,562,111 of intercompany loans as of December&nbsp;31, 2015 and 2014, respectively. Following the change in designation, Laureate recognized
currency exchange adjustments attributable to these intercompany loans as Foreign currency exchange loss, net, of $(119,473), $(96,617) and $(8,417)
in the Consolidated Statements of Operations for the years ended December&nbsp;31, 2015, 2014 and 2013, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Supplemental Schedule for Transactions with Noncontrolling Interest Holders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions with noncontrolling interest holders had the following effects on the equity attributable to Laureate: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:120pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31,

<!-- COMMAND=ADD_SCROPPEDRULE,120pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(316,248</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(158,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(69,678</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Decrease in equity for purchases of noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,554</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,498</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(87,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Change from net loss attributable to Laureate Education,&nbsp;Inc. and net transfers to the noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(317,802</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(162,789</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(157,648</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Write Off of Accounts and Notes Receivable  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the years ended December&nbsp;31, 2015, 2014 and 2013, Laureate wrote off approximately $83,000, $94,000 and $85,000,
respectively, of fully reserved accounts and notes receivable that were deemed uncollectible. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Turkey&#151;Donation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fourth quarter of 2014, we recorded an operating expense of $18,000 for a donation to a foundation for an initiative
supported by the Turkish government. This donation was made by our network institution in Turkey to support our ongoing operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;24. Supplemental Cash Flow Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash interest payments were $351,430, $321,015 and $292,766 for the years ended December&nbsp;31, 2015, 2014 and 2013, respectively. Net income tax cash payments were $108,295, $68,676
and $95,767 for the years ended December&nbsp;31, 2015, 2014 and 2013, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;6, 2015, Laureate's Board of Directors declared a cash distribution totaling $18,975, which represented approximately $0.14264 per share of common stock. The cash
distribution was paid from capital in excess of par value, following shareholders' approval. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;12, 2014, Laureate's Board of Directors authorized the declaration and payment of a cash distribution totaling $5,271, which represented approximately $0.04 per share
of common stock, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-124</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=492,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=564845,FOLIO='F-124',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_125"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;24. Supplemental Cash Flow Information (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>subject
to shareholder approval as required by our bylaws. The cash distribution was paid from capital in excess of par value on December&nbsp;31, 2014, following shareholders' approval. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
cash dividends paid during the year ended December&nbsp;31, 2013 were $22,872. In February 2013, Laureate's Board of Directors authorized the declaration and payment of a cash
distribution totaling $12,133, which represented approximately $0.092 per share of common stock, subject to shareholder approval as required by our bylaws. The cash distribution was paid from capital
in excess of par value on February&nbsp;27, 2013, following shareholders' approval. In August 2013, Laureate's Board of Directors authorized the declaration and payment of a cash distribution
totaling $5,265, which represented approximately $0.04 per share of common stock, subject to shareholder approval as required by our
bylaws. The cash distribution was paid from capital in excess of par value on August&nbsp;29, 2013, following shareholders' approval. In December 2013, Laureate's Board of Directors authorized the
declaration and payment of a cash distribution totaling $5,474, which represented approximately $0.04 per share of common stock, subject to shareholder approval as required by our bylaws. The cash
distribution was paid from capital in excess of par value on December&nbsp;30, 2013, following shareholders' approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
November 2012, we received $29,138 of interest paid by the lenders on issuance of the Senior Notes due 2019, in order to match the timing of the semi-annual interest payment dates of
the Senior Notes due 2019. This amount was disbursed to the lenders at the interest payment date of March&nbsp;1, 2013. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;25. Subsequent Events  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have evaluated events occurring subsequent to our balance sheet date through March&nbsp;25, 2016, which is the date that these Consolidated Financial Statements were issued. Certain
subsequent events are discussed elsewhere in the Consolidated Financial Statements where relevant. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Sale of Glion and Les Roches Hospitality Management Schools  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;15, 2016, we signed an agreement with Eurazeo, a publicly traded French investment company, under which Eurazeo
acquired Glion and Les Roches from the Company for a total transaction value of CHF&nbsp;380,000 (approximately $385,000 at the signing date), subject to certain adjustments. The sale will include
the operations of Glion in Switzerland and the United Kingdom, and the operations of Les Roches in Switzerland and the United States, as well as LRG in Switzerland, Les Roches Jin Jiang in China, RACA
in Jordan and Les Roches Marbella in Spain. Closing of the transaction is subject to regulatory approvals, including by the New England Association of Schools and Colleges, and other customary
conditions and provisions. Following the
closing, Laureate will continue to provide certain back-office services to Glion and Les Roches, and programs of those schools will continue on various campuses of Laureate throughout the world. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the transaction described above, on March&nbsp;15, 2016 we also entered into a CHF to USD deal-contingent foreign exchange forward contract, in order to lock in the
amount of USD proceeds that we will receive upon closing of the transaction. The notional amount of the forward contract was CHF&nbsp;320,000. The contract matures on November&nbsp;30, 2016 and
allows for settlement at </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-125</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=493,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=20268,FOLIO='F-125',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_ge43513_1_126"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;25. Subsequent Events (Continued) </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>any
point until that date at the exchange rates stated in the contract. For accounting purposes, this derivative was not designated as a hedging instrument. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


UDLA Chile Reaccreditation  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;16, 2016, UDLA Chile was notified that it had been reaccredited for three years, from March 2016 to March 2019. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Exercise of Put Option  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;24, 2016, the noncontrolling interest holders of St.&nbsp;Augustine notified Laureate of their election to exercise
their put option, which will require Laureate to purchase the remaining noncontrolling interest of 20%. The exercise of this put option is not expected to have a material net impact on our financial
statements or our liquidity. See Note&nbsp;11, Commitments and Contingencies, for further description of the put option. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-126</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=494,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=843633,FOLIO='F-126',FILE='DISK112:[12ZBH3.12ZBH43513]GE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gf43513_1_127"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="laOperation"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
LAUREATE EDUCATION,&nbsp;INC. AND SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Consolidated Statements of Operations  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> IN THOUSANDS  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>For the nine months ended September&nbsp;30,

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(Unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(Unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Revenues</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,068,299</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,141,156</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Costs and expenses:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,697,820</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,795,027</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General and administrative expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>158,566</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>134,103 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Operating income</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>211,913</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>212,026</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,305</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,924</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(314,383</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(300,145</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(17,363</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,618</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other (expense) income, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(964</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,268</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange gain (loss), net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>80,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(139,416</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sales of subsidiaries, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>398,412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations before income taxes and equity in net income of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>362,948</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(220,224</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(35,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(81,587</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity in net income of affiliates, net of tax</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,106 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income (loss)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,817</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>124 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income (loss) attributable to Laureate Education, Inc</B></FONT><FONT SIZE=2>.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>330,539</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,581</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Basic and diluted earnings (loss) per share:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic earnings (loss) per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted earnings (loss) per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-127</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=495,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=476925,FOLIO='F-127',FILE='DISK112:[12ZBH3.12ZBH43513]GF43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gf43513_1_128"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="laIncome"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
LAUREATE EDUCATION,&nbsp;INC. AND SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Consolidated Statements of Comprehensive Income  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> IN THOUSANDS  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>For the nine months ended September&nbsp;30,

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(Unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(Unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income (loss)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other comprehensive (loss) income:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency translation adjustment, net of tax of $0 for both periods</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(45,005</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(363,250</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized gain on derivative instruments, net of tax of $0 for both periods</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,509</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,850</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minimum pension liability adjustment, net of tax of $1,900 and $0, respectively&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,948</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>198 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total other comprehensive loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(30,548</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(360,202</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Comprehensive income (loss)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>297,174</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(659,907</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net comprehensive loss attributable to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,817</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,428 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Comprehensive income (loss) attributable to Laureate Education, Inc</B></FONT><FONT SIZE=2>.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>298,991</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(656,479</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-128</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=496,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=90234,FOLIO='F-128',FILE='DISK112:[12ZBH3.12ZBH43513]GF43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gg43513_1_129"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="laBalsheet"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
LAUREATE EDUCATION,&nbsp;INC. AND SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Consolidated Balance Sheets  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> IN THOUSANDS, except per share amounts  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(Unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current assets:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents (includes VIE amounts of $164,922 and $120,944, see Note&nbsp;2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>481,471</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>458,673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash and investments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>176,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>160,585</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receivables:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts and notes receivable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>769,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>441,051</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other receivables</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24,298</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>35,788</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Related party receivables</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,134</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,336</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(192,301</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(158,006</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receivables, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>609,626</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>326,169</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>92,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>87,895</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax receivable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,892</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,048</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid expenses and other current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>112,011</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>85,314 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current assets (includes VIE amounts of $455,857 and $307,043, see Note&nbsp;2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,494,526</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,135,684</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notes receivable, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
63,239</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
59,272</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Land</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>409,601</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>419,977</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buildings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,257,077</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,294,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture, equipment and software</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,163,650</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,142,176</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leasehold improvements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>402,938</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>384,655</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Construction in-progress</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>82,254</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93,260</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,137,924</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,043,431</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,177,596</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,290,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Land use rights, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47,831</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,336</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,009,278</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,115,897</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,325,613</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,361,125</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51,084</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred costs, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56,522</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58,169</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>63,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>80,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>219,115</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>234,782 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets (includes VIE amounts of $1,469,249 and $1,346,908, see Note&nbsp;2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,508,457</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,439,116 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-129</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=497,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=514027,FOLIO='F-129',FILE='DISK112:[12ZBH3.12ZBH43513]GG43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gg43513_1_130"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="gg43513_laureate_education,_inc._and_s__lau04546"> </A>
<A NAME="toc_gg43513_1"> </A></FONT> <FONT SIZE=2><B><BR>  LAUREATE EDUCATION,&nbsp;INC. AND SUBSIDIARIES    <BR>    <BR>    Consolidated Balance Sheets (Continued)    <BR>    <BR>    IN THOUSANDS, except per share amounts    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(Unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities and stockholders' equity</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current liabilities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>86,866</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>111,749</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>363,327</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>371,621</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued compensation and benefits</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>249,589</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>237,659</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred revenue and student deposits</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>813,322</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>482,723</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current portion of long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>168,689</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>192,354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current portion of due to shareholders of acquired companies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>127,591</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,050</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,978</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,463</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income taxes payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24,120</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48,369</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,055</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,310</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,740</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>688</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,379</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>55,197 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current liabilities (includes VIE amounts of $478,620 and $305,067, see Note&nbsp;2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,916,656</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,548,183</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt, less current portion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,852,824</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,318,934</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Due to shareholders of acquired companies, less current portion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93,151</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>165,669</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,826</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,880</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income taxes payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>154,620</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>169,951</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>486,319</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>507,477</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,486</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,326</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>280,986</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>287,524 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities (includes VIE amounts of $620,512 and $455,373, see Note&nbsp;2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,806,868</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,031,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51,746</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholders' equity:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred stock, par value $0.001 per share&#151;authorized 50,000 shares, no shares issued and outstanding as of September&nbsp;30, 2016 and
December&nbsp;31, 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock, par value $0.004 per share&#151;authorized 175,000 shares, issued and outstanding shares of 133,301 and 133,255 as of September&nbsp;30,
2016 and December&nbsp;31, 2015, respectively</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional paid-in capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,714,231</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,686,451</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated deficit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,079,009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,409,548</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated other comprehensive loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(984,225</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(952,677</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Laureate Education,&nbsp;Inc. stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>651,530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>324,759</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,694</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,667 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>680,224</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>355,426 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities and stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,508,457</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,439,116 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-130</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=498,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=365018,FOLIO='F-130',FILE='DISK112:[12ZBH3.12ZBH43513]GG43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gg43513_1_131"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="laCashflow"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
LAUREATE EDUCATION,&nbsp;INC. AND SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Consolidated Statements of Cash Flows  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> IN THOUSANDS  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>For the nine months ended September&nbsp;30,

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(Unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(Unaudited)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash flows from operating activities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments to reconcile net income (loss) to net cash provided by operating activities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>202,735</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>209,390</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of subsidiary and disposal of property and equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(398,499</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,771</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on derivative instruments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,211</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,125</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,363</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>331</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36,892</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45,427</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash share-based compensation expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28,939</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bad debt expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>76,141</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>78,552</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(12,309</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(45,198</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized foreign currency exchange (gain) loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(73,641</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>120,991</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash loss (gain) from non-income tax contingencies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(192</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,574</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,895</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:16pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Changes in operating assets and liabilities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,826</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,153</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receivables</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(350,078</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(360,572</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid expenses and other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(28,236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(25,015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable and accrued expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(10,655</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,205</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax receivable/payable, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(23,550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,273</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:24pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred revenue and other liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>395,171</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>430,280 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by operating activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>195,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>220,295 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash flows from investing activities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchase of property and equipment and land use rights</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(132,904</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(217,796</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Expenditures for deferred costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,996</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(14,530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receipts from sale of subsidiaries and property and equipment, net of cash sold</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>553,860</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>188,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Settlement of derivatives related to sale of subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,663</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property insurance recoveries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,431</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,198</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Business acquisitions, net of cash acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,705</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,003</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments from (to) related parties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,634</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,139</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Change in restricted cash and investments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(12,032</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,315</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from sale or maturity of available-for-sale securities, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,386 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by (used in) investing activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>392,330</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(41,324</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash flows from financing activities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from issuance of long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>513,014</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>336,431</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments on long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,037,591</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(283,016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments of deferred purchase price for acquisitions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9,574</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(20,439</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments to purchase noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(25,665</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,351</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payment of dividends to noncontrolling interest holders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(450</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from exercise of stock options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>252</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>204</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Withholding of shares to satisfy minimum employee tax withholding for vested stock awards and exercised stock options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,346</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,367</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments of debt issuance costs and modification fees</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(10,593</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(12,139</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interest holder's loan to subsidiaries</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>816</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,730</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions to noncontrolling interest holders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,447</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital contribution from noncontrolling interest</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>469 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash (used in) provided by financing activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(572,684</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,056 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effects of exchange rate changes on cash</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,182</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(34,221</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net change in cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,798</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>156,806</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents at beginning of period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>458,673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>461,584 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents at end of period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>481,471</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>618,390 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-131</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=499,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=133638,FOLIO='F-131',FILE='DISK112:[12ZBH3.12ZBH43513]GG43513A.;6',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gh43513_1_132"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="laNotes"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;1. Description of Business  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate Education,&nbsp;Inc. and subsidiaries (hereinafter Laureate, we, us, our, or the Company) provide
higher education programs and services to students through an international network of licensed universities and higher education institutions (institutions). We are a subsidiary of Wengen Alberta,
Limited Partnership (Wengen), an Alberta limited partnership, which acquired Laureate on August&nbsp;17, 2007 through a merger using leveraged buyout financing (the LBO). On October&nbsp;1, 2015,
we redomiciled in Delaware as a public benefit corporation as a demonstration of our long-term commitment to our mission to benefit our students and society. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
programs are provided through institutions that are campus-based and internet-based, or through electronically distributed educational programs (online). Our educational
offerings are delivered through four operating segments: Latin America (LatAm), Europe (Europe), Asia, Middle East&nbsp;&amp; Africa (AMEA), and Global Products and Services (GPS). LatAm has locations
in Brazil, Chile, Costa Rica, Honduras, Mexico, Panama and Peru and has contractual relationships with a licensed institution in Ecuador. Europe has locations in Cyprus, Germany, Italy, Morocco,
Portugal, Spain and Turkey. The AMEA segment consists of campus-based institutions with operations in Australia, China, India, Malaysia, New Zealand, South Africa and Thailand. AMEA also manages nine
licensed institutions in the Kingdom of Saudi Arabia and manages one additional institution in China through a joint venture arrangement. The&nbsp;GPS segment includes fully online degree programs
in the United States offered through Walden University,&nbsp;LLC, which is a U.S.-based accredited institution, and through the University of Liverpool and the University of Roehampton in the United
Kingdom.&nbsp;GPS also includes campus-based institutions located in the United States. As discussed further in Note&nbsp;3, Dispositions, during the second quarter of 2016 we sold certain
operations in our&nbsp;GPS segment and during the third quarter of 2016 we sold our French operations in the Europe segment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim
financial information. In our opinion, these financial statements include all adjustments considered necessary to present a fair statement of our consolidated results of operations, financial position
and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. Preparation of the Company's financial statements in
conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and footnotes. Actual results could differ from those estimates.
These unaudited consolidated financial statements should be read in conjunction with Laureate's audited Consolidated Financial Statements for the fiscal year ended December&nbsp;31, 2015. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
financial statements reflect a 4 to 1 reverse stock split of our common stock that we intend to effect prior to the effectiveness of our registration statement on Form&nbsp;S-1. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The Variable Interest Entity (VIE) Arrangements  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate consolidates in its financial statements certain internationally based educational organizations that do not have shares or other
equity ownership interests. Although these educational organizations may be considered not-for-profit entities in their home countries and they are operated in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-132</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=500,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1040422,FOLIO='F-132',FILE='DISK112:[12ZBH3.12ZBH43513]GH43513A.;7',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gh43513_1_133"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>compliance
with their respective not-for-profit legal regimes, we believe they do not meet the definition of a not-for-profit entity under GAAP, and we treat them as "for-profit" entities for
accounting purposes. These entities generally cannot declare dividends or distribute their net assets to the entities that control them. We believe that we fully comply with all local laws and
regulations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
ASC Topic 810-10, "Consolidation," we have determined that these institutions are VIEs and that Laureate is the primary beneficiary of these VIEs because we have, as further
described herein: (1)&nbsp;the power to direct the activities of the VIEs that most significantly affect their educational and economic performance, and (2)&nbsp;the right to receive economic
benefits from contractual and other arrangements with the VIEs that could potentially be significant to the VIEs. We account for the acquisition of the right to control a VIE in accordance with ASC
805, "Business Combinations." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected
Consolidated Statements of Operations information for these VIEs was as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the nine months<BR>
ended September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Selected Statements of Operations information:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues, by segment:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>301,382</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>307,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>85,166</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>81,064</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>102,321</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>96,191 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>488,869</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>484,505</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,190</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40,190</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income (loss), by segment:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(29,936</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(20,487</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(833</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,270</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,879</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,966 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating loss</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(24,890</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(17,791</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(18,517</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(16,999</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(18,474</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(16,611</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table reconciles the Net income (loss) attributable to Laureate Education,&nbsp;Inc. as presented in the table above, to the amounts in our Consolidated Statements of
Operations: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the nine months<BR>
ended September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income (loss) attributable to Laureate Education,&nbsp;Inc.:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Variable interest entities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(18,474</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(16,611</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other operations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>386,177</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24,140</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate and eliminations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(37,164</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(307,110</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>330,539</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(299,581</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-133</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=501,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=640445,FOLIO='F-133',FILE='DISK112:[12ZBH3.12ZBH43513]GH43513A.;7',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gh43513_1_134"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents selected assets and liabilities of the consolidated VIEs. Except for Goodwill, the assets in the table below include the assets that can be used only to
settle the obligations for the VIEs. The liabilities in the table are liabilities for which the creditors of the VIEs do not have recourse to the general credit of Laureate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected
Consolidated Balance Sheet amounts for these VIEs were as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30, 2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>VIE </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Consolidated </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>VIE </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Consolidated </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance Sheets data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>164,922</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>481,471</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>120,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>458,673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>290,935</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,013,055</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,099</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>677,011 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>455,857</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,494,526</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>307,043</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,135,684</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>187,067</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,009,278</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>196,869</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,115,897</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tradenames</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>107,351</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,325,613</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>104,952</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,361,125</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other intangible assets, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51,084</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>718,974</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,627,956</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>738,019</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,774,213 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,469,249</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,508,457</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,346,908</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,439,116</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>478,620</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,808,625</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>305,067</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,548,183</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt and other long-term liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>141,892</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,998,243</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>150,306</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,483,761 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>620,512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,806,868</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>455,373</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,031,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>848,737</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>680,224</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>891,535</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>355,426</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total stockholders' equity attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>832,325</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>651,530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>874,610</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>324,759 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed further in Note&nbsp;3, Dispositions, we completed the sale of our French operations in July 2016. Those operations included two institutions that were VIE's. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recently Issued Accounting Standards  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update (ASU) No.&nbsp;2016-16 (ASU&nbsp;2016-16), Income Taxes (Topic 740):
Intra-Entity Transfers of Assets Other Than Inventory  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-16 in order to improve the accounting for income tax
consequences for intra-entity transfers of assets other than inventory. Under current GAAP, the recognition of current and deferred income taxes for an intra-entity transfer is prohibited until the
asset has been sold to a third party. The amendments in this ASU state that an entity should recognize income tax consequences of an intra-entity transfer when the transfer occurs. This aligns the
recognition of income tax consequences for intra-entity transfers of assets with International Financing Reporting Standards (IFRS). This ASU is effective for Laureate beginning on January&nbsp;1,
2018 and early adoption is permitted. The amendments in this ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the
beginning of the period of adoption. We are currently evaluating the impact of ASU 2016-16 on our Consolidated Financial Statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-134</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=502,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=697715,FOLIO='F-134',FILE='DISK112:[12ZBH3.12ZBH43513]GH43513A.;7',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gh43513_1_135"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accounting Standards Update (ASU) No.&nbsp;2016-15 (ASU 2016-15), Statement of Cash Flows (Topic
230): Classification of Certain Cash Receipts and Cash Payments  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August 2016, the FASB issued ASU 2016-15 in order to reduce diversity around how certain cash receipts and cash payments are presented and
classified on the Statement of Cash Flows. This ASU provides guidance on the following areas, for which current GAAP is either unclear or does not include specific guidance: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Debt
prepayment or debt extinguishment costs;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Settlement
of zero-coupon debt instruments or other debt instruments with coupon rates that are insignificant in relation to the effective interest rate of the
borrowing;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Contingent
consideration payments made after a business combination;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Proceeds
from the settlement of insurance claims;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Proceeds
from the settlement of corporate-owned life insurance policies;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Distributions
received from equity method investees;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Beneficial
interests in securitization transactions; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>8.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Separately
identifiable cash flows and application of the predominance principle. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
ASU is effective for Laureate beginning on January&nbsp;1, 2018 and early adoption is permitted; however, if early adoption is elected, all of the amendments to the areas above
must be adopted at the same time. The amendments in this ASU should be applied retrospectively. We are currently evaluating the impact of ASU 2016-15 on our Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


ASU No.&nbsp;2016-12 (ASU 2016-12), Revenue from Contracts with Customers (Topic 606): Narrow-scope
improvements and practical expedients  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May 2016, the FASB issued ASU 2016-12 to address certain areas of improvement around Topic 606, Revenue from Contracts with Customers. The
amendments in this Update do not change the core principles of Topic 606, but do address clarification around the following areas: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Assessing
the collectibility criterion and accounting for contracts that do not meet the criteria;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Presentation
of sales taxes and other similar taxes collected from customers;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Noncash
consideration;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Contract
modifications at transition;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Completed
contracts at transition; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Technical
correction around retrospective application. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments in this update affect the guidance in ASU 2014-09, Contracts with Customers (Topic 606), which is not yet effective, and therefore follow the same effective date and
transition requirements. ASU 2014-09 is effective for Laureate on January&nbsp;1, 2018 and allows either a full retrospective adoption to all periods presented or a modified retrospective adoption
approach with the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-135</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=503,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=711112,FOLIO='F-135',FILE='DISK112:[12ZBH3.12ZBH43513]GH43513A.;7',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gh43513_1_136"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>cumulative
effect of initial application of the revised guidance recognized at the date of the initial application. We are currently evaluating the impact of ASU 2016-12 and ASU 2014-09 on our
Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


ASU No.&nbsp;2016-10 (ASU 2016-10), Revenue from Contracts with Customers (Topic 606): Identifying
Performance Obligations and Licensing  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April 2016, the FASB issued ASU 2016-10 in response to an issue communicated by the Transition Resource Group for Revenue Recognition (the
TRG), a group which was formed by the FASB and the International Accounting Standards Board (IASB), (collectively, the Boards), whose objective is to inform the Boards of any issues that could arise
with the implementation of a converged standard on recognition of revenue from contracts with customers. ASU 2016-10 does not change the core principal of the guidance in Topic 606, but adds
clarification around identifying performance obligations and licensing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments in this update affect the guidance in ASU 2014-09, Contracts with Customers (Topic 606), which is not yet effective, and therefore follow the same effective date and
transition requirements. ASU 2014-09 is effective for Laureate on January&nbsp;1, 2018 and allows either a full retrospective adoption to all periods presented or a modified retrospective adoption
approach with the cumulative effect of initial application of the revised guidance recognized at the date of the initial application. We are currently evaluating the impact of ASU 2016-10 and ASU
2014-09 on our Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


ASU No.&nbsp;2016-09 (ASU 2016-09), Compensation&#151;Stock compensation (Topic 718):
Improvements to Employee Share-based Payment Accounting  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;30, 2016, the FASB issued ASU 2016-09 as part of its initiative to reduce complexity in accounting standards. The areas for
simplification in this ASU involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or
liabilities, and classification on the statement of cash flows. The guidance is effective for Laureate beginning January&nbsp;1, 2017. Early adoption is permitted in any annual or interim period for
which financial statements have not been issued or made available for issuance, but all of the guidance must be adopted in the same period. If an entity early adopts the guidance in an interim period,
any adjustments must be reflected as of the beginning of the fiscal year that includes that interim period. We are evaluating the impact of ASU 2016-09 on our Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


ASU No.&nbsp;2016-08 (ASU 2016-08), Revenue from Contracts with Customers (Topic 606): Principal
versus Agent Considerations (Reporting Revenue Gross versus Net)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March 2016, the FASB issued ASU 2016-08 in response to an issue communicated by the TRG regarding the determination of whether the entity
acts as the principal or an agent in certain transactions where another party, along with the entity, is involved in providing a good or service to a customer. The amendments in this update do not
change the core principle of the existing implementation guidance in Topic 606 on principal versus agent considerations, but do clarify how an entity should determine whether it is a principal or an
agent by providing indicators that assist in the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-136</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=504,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=809067,FOLIO='F-136',FILE='DISK112:[12ZBH3.12ZBH43513]GH43513A.;7',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gh43513_1_137"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>assessment
of control. Such indicators may be more or less relevant to the control assessment and one or more indicators may be more or less persuasive to the control assessment, depending on the
facts and circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments in this update affect the guidance in ASU 2014-09, Contracts with Customers (Topic 606), which is not yet effective, and therefore follows the same effective date and
transition requirements. ASU 2014-09 is effective for Laureate on January&nbsp;1, 2018 and allows either a full
retrospective adoption to all periods presented or a modified retrospective adoption approach with the cumulative effect of initial application of the revised guidance recognized at the date of the
initial application. We are currently evaluating the impact of ASU 2016-08 and ASU 2014-09 on our Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;3. Dispositions  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Sale of Glion and Les Roches Hospitality Management Schools  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;15, 2016, we signed an agreement with Eurazeo, a publicly traded French investment company, to sell Glion Institute of Higher
Education (Glion) and Les Roches International School of Hotel Management (Les Roches) for a total transaction value of approximately CHF&nbsp;380,000 (approximately $385,000 at the signing date),
subject to certain adjustments. The sale included the operations of Glion in Switzerland and the United Kingdom, the operations of Les Roches in Switzerland and the United States, Haute
&eacute;cole sp&eacute;cialis&eacute;e Les Roches-Gruy&egrave;re&nbsp;SA (LRG) in Switzerland, Les Roches Jin Jiang in China, Royal Academy of Culinary Arts (RACA) in
Jordan and Les Roches Marbella in Spain. Closing of the transaction was subject to regulatory approvals, including by the New England Association of Schools and Colleges, and other customary
conditions and provisions. The transaction closed on June&nbsp;14, 2016 and we received total net proceeds of approximately $332,800, net of cash sold of $14,500, and after adjustments for
liabilities assumed by the buyer and transaction-related costs. In September 2016, Laureate received additional proceeds from the buyer of approximately $5,800 after finalization of the working
capital adjustment required by the purchase agreement, resulting in a total non-taxable gain on sale of approximately $249,000. In addition, on the June&nbsp;14, 2016 closing date, we settled the
deal-contingent forward exchange swap agreement for a payment of $10,297; see Note&nbsp;12, Derivative Instruments, for further description of this swap. We are continuing to provide certain
back-office services to Glion and Les Roches for a period of time, and programs of those institutions will continue on various campuses in the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network throughout the world. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Sale of Institutions in France  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;19, 2016, Laureate announced that it had signed an agreement for the transfer of control of LIUF SAS (LIUF), the French holding
entity, to Apax Partners, a leading private equity firm in French-speaking European countries. Bpifrance, the investment vehicle of the French state, will co-invest alongside Apax Partners and hold
around 10% of the entity. Management obtained approval for this transaction on April&nbsp;6, 2016. The French anti-trust authority also approved the transaction, and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-137</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=505,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=278464,FOLIO='F-137',FILE='DISK112:[12ZBH3.12ZBH43513]GH43513A.;7',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gh43513_1_138"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;3. Dispositions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>closing
took place on July&nbsp;20, 2016. LIUF comprised five institutions with a total student population of approximately 7,500:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> &Eacute;cole Sup&eacute;rieure du Commerce Ext&eacute;rieur (ESCE); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Institut Fran&ccedil;ais de Gestion (IFG); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> European Business School (EBS); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> &Eacute;cole Centrale d'Electronique (ECE); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Centre d'&Eacute;tudes Politiques et de la Communication (CEPC). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of the transaction was EUR 201,000 (approximately $228,000 at the signing date), subject to certain adjustments. At closing on July&nbsp;20, 2016, we received total net
proceeds of approximately $207,000, net of cash sold of $3,400, and after adjustments for liabilities assumed by the buyer and transaction-related costs, resulting in a non-taxable gain on sale of
approximately $149,000. In addition, in July we settled the forward exchange swap agreements related to this sale, resulting in total proceeds of $4,634. See Note&nbsp;12, Derivative Instruments,
for further description of these swap agreements. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Due to Shareholders of Acquired Companies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts due to shareholders of acquired companies generally arise in connection with Laureate's acquisition of a majority or all of the ownership interest of certain subsidiaries.
Promissory notes payable to the sellers of acquired companies, referred to as "seller notes," are commonly used as a means of payment for business acquisitions. Seller note payments are generally
classified as Payments of deferred purchase price for acquisitions within financing activities in our Consolidated Statement of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-138</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=506,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=49972,FOLIO='F-138',FILE='DISK112:[12ZBH3.12ZBH43513]GH43513A.;7',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<A NAME="page_gh43513_1_139"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Due to Shareholders of Acquired Companies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Cash
Flows. The amounts due to shareholders of acquired companies, currencies, and interest rates applied were as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nominal<BR>
Currency </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Interest Rate<BR>
% </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Faculdades Metropolitanas Unidas Educacionais (FMU)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>97,609</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>70,512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>BRL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>CDI</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Universidade Anhembi Morumbi (UAM Brazil)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>60,549</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48,172</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>BRL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>CDI&nbsp;+&nbsp;2%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Monash South Africa (MSA)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29,606</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26,662</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>AUD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>n/a, 6.75%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>University of St.&nbsp;Augustine for Health Sciences,&nbsp;LLC (St.&nbsp;Augustine)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11,550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>USD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CH Holding Netherlands&nbsp;B.V. (CH Holding)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,387</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,745</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>USD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Universidad Tecnologica Centroamericana (UNITEC Honduras)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,621</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,764</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>HNL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>IIBC</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>IADE Group</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,958</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,994</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>EUR</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Faculdade-Porto-Alegrense (FAPA)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,807</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,090</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>BRL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>IGP-M</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Universidade Europeia (UE)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,655</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,541</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>EUR</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Centro de Desenvolvimento Pessoal e Empresarial&nbsp;Ltda. (CEDEPE)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>464</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>BRL</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>CDI</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Universidad Autonoma de Veracruz, S.C. (Veracruz)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,225</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>MXN</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>CETES </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total due to shareholders of acquired companies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>220,742</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>186,719</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Current portion of due to shareholders of acquired companies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>127,591</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,050</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Due to shareholders of acquired companies, less current portion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93,151</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>165,669</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="398pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>AUD: Australian Dollar</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>CDI: Certificados de Dep&oacute;sitos Interbanc&aacute;rios (Brazil)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>BRL: Brazilian Real</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>CETES: 28&nbsp;day Certificados de la Tesoreria de la Federaci&oacute;n (Mexico)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>EUR: European Euro</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>IIBC: &Iacute;ndice de Inflaci&oacute;n del Banco Central (Honduras)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>HNL: Honduran Lempira</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>IGP-M: General Index of Market Prices (Brazil)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>MXN: Mexican Peso</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>USD: United States Dollar</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Veracruz  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first quarter of 2016, Laureate settled the notes payable with the former owners of Veracruz in the amount of MXN 38,437 (US $2,054
at date of payment). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-139</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=507,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=746716,FOLIO='F-139',FILE='DISK112:[12ZBH3.12ZBH43513]GH43513A.;7',USER='HYUNG',CD='31-JAN-2017;09:39' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gi43513_1_140"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Due to Shareholders of Acquired Companies (Continued)  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


CEDEPE  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the quarter ended September&nbsp;30, 2016, Laureate settled the remaining liability with the former owners of CEDEPE in the amount of
BRL 1,387 (US $417 at payment date). </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


IADE Group  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the quarter ended September&nbsp;30, 2016, Laureate made the first payment of EUR 975 (US $1,095 at date of payment). There are two EUR
1,000 tranches remaining to be paid 36&nbsp;months and 60&nbsp;months from the date of acquisition. The remaining balance outstanding relates to a working capital settlement accrued in the year
ended December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Business and Geographic Segment Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's educational services are offered through four operating segments: LatAm, Europe, AMEA, and&nbsp;GPS. Laureate determines its operating segments based on information utilized
by the chief operating decision maker to allocate resources and assess performance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;2, 2016, we announced a change to our operating segments in order to align our structure more geographically. Our institution in Italy, Nuova Accademia di Belle Arti Milano
(NABA), including Domus Academy, moved from our&nbsp;GPS segment into our Europe segment. Media Design School (MDS), located in New Zealand, moved from our&nbsp;GPS segment into our AMEA segment.
Our&nbsp;GPS segment will now focus on its campus-based institutions in the United States and on Laureate's fully online institutions operating globally. This change has been reflected in the
quarterly and year-to-date segment information beginning in the second quarter of 2016, the period in which the change occurred. As required, the 2015 segment information that is presented for
comparative purposes has also been revised to reflect this segment change. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
LatAm segment consists of campus-based institutions and has operations in Brazil, Chile, Costa Rica, Honduras, Mexico, Panama and Peru and has contractual relationships with a
licensed institution in Ecuador. The institutions provide an education that emphasizes professional-oriented fields of study with undergraduate and graduate degree programs in a wide range of
disciplines. The programs at these institutions are mainly campus-based and are primarily focused on local students. In addition, the institutions in our LatAm segment have begun introducing online
and hybrid (a combination of online and in-classroom) courses and programs to their curriculum. Brazil and Chile have government-sponsored student financing programs, while in other countries students
generally finance their own education. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Europe segment consists of campus-based institutions with operations in Cyprus, Germany, Italy, Morocco, Portugal, Spain and Turkey. The institutions generate revenues by providing
professional-oriented undergraduate and graduate degree programs. Several institutions have begun to introduce online and hybrid programs. Students in the Europe segment generally finance their own
education. As discussed in Note&nbsp;3, Dispositions, in July 2016 we completed the sale of our institutions in France. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
AMEA segment consists of campus-based institutions with operations in Australia, China, India, Malaysia, New Zealand, South Africa and Thailand. AMEA also manages nine licensed </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-140</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=508,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=261444,FOLIO='F-140',FILE='DISK112:[12ZBH3.12ZBH43513]GI43513A.;9',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gi43513_1_141"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Business and Geographic Segment Information (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>institutions
in the Kingdom of Saudi Arabia and manages one additional institution in China through a joint venture arrangement. The institutions generate revenues by providing professional-oriented
undergraduate and graduate degree programs. Students in the AMEA segment generally finance their own education. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The&nbsp;GPS
segment consists of accredited online institutions, which serve students globally, and campus-based institutions serving students in the United States. The online
institutions primarily serve working adults with undergraduate and graduate degree programs. The campus-based institutions primarily serve traditional students seeking undergraduate and graduate
degrees. In the United States, students have access to government-supported financing programs. As discussed in Note&nbsp;3, Dispositions, in June 2016, we completed the sale of several operations
in the&nbsp;GPS segment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intersegment
transactions are accounted for in a similar manner as third party transactions and are eliminated in consolidation. The "Corporate" amounts presented in the following tables
includes corporate charges that were not allocated to our reportable segments and adjustments to eliminate intersegment items. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
evaluate segment performance based on Adjusted EBITDA, which is a non-GAAP profit measure defined as Income (loss) from continuing operations before income taxes and equity in net
income of affiliates, adding back the following items: Gain on sales of subsidiaries, net, Foreign currency exchange gain (loss), net, Other income, net, Gain (loss) on derivatives, Loss on debt
extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Impairment charges on long-lived assets, Share-based compensation expense and, beginning in 2014, expenses
related to our Excellence-in-Process (EiP) initiative. EiP is an enterprise-wide initiative to optimize and standardize Laureate's processes, creating vertical integration of procurement, information
technology, finance, accounting and human resources. It includes the establishment of regional shared services organizations around the world, as well as improvements to the Company's system of
internal controls over financial reporting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
we review Adjusted EBITDA on a segment basis, we exclude intercompany revenues and expenses, related to network fees and royalties between our segments, that eliminate in
consolidation. We use total assets as the measure of assets for reportable segments. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-141</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=509,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=367850,FOLIO='F-141',FILE='DISK112:[12ZBH3.12ZBH43513]GI43513A.;9',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gi43513_1_142"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Business and Geographic Segment Information (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following tables provide financial information for our reportable segments, including a reconciliation of Adjusted EBITDA to Income (loss) from continuing operations before income
taxes and equity in net income of affiliates, as reported in the Consolidated Statements of Operations: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the nine months ended<BR>
September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Revenues</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,738,315</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,775,287</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>331,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>321,081</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>309,874</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>312,928</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>697,872</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>737,914</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9,516</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,054</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,068,299</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,141,156 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Adjusted EBITDA of reportable segments</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>329,440</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>323,143</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25,735</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23,630</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36,346</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,823</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>189,496</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>175,150 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Adjusted EBITDA of reportable segments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>581,017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>559,746</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reconciling items:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(100,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(83,881</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(202,735</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(209,390</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on impairment of assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Share-based compensation expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(28,939</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(27,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EiP expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(37,175</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(27,227</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>211,913</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>212,026</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,305</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,924</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(314,383</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(300,145</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on debt extinguishment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(17,363</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain (loss) on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,618</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other income (loss), net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(964</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,268</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency exchange gain (loss), net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>80,263</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(139,416</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sales of subsidiaries, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>398,412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations before income taxes and equity in net income of affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>362,948</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(220,224</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-142</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=510,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=68206,FOLIO='F-142',FILE='DISK112:[12ZBH3.12ZBH43513]GI43513A.;9',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gi43513_1_143"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Business and Geographic Segment Information (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LatAm</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,239,442</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,823,859</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Europe</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>626,836</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>690,514</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>AMEA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>861,963</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>782,613</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GPS</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,405,166</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,768,009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>375,050</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>374,121 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,508,457</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,439,116 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;6. Goodwill  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The change in the net carrying amount of Goodwill from December&nbsp;31, 2015 through September&nbsp;30, 2016 was composed of the following items: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>LatAm </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Europe </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>AMEA </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>GPS </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,319,757</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99,396</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>166,910</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>666,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,252,327</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated impairment loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(77,094</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(39,676</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(19,660</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(136,430</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at December&nbsp;31, 2015</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,242,663</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99,396</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>127,234</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>646,604</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,115,897</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquisitions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dispositions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(26,312</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(121,952</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(148,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Re-allocation of goodwill for segment change</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,517</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,715</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8,232</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency translation adjustments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,205</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,219</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,886</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,645</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments to prior acquisitions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at September&nbsp;30, 2016</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,273,868</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>79,936</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>137,168</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>518,306</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,009,278 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in Note&nbsp;5, Business and Geographic Segment Information, the Company announced a change in its operating segments in the second quarter of 2016. Accordingly, goodwill
was re-allocated among the operating segments based on the relative fair value of the affected reporting units at the time of the segment change. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-143</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=511,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=997945,FOLIO='F-143',FILE='DISK112:[12ZBH3.12ZBH43513]GI43513A.;9',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gi43513_1_144"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Debt  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding long-term debt was as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Senior long-term debt:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Senior Secured Credit Facility (stated maturity dates June 2018, June 2019 and March 2021), net of discount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,661,673</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,084,093</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Senior Notes due 2019 (stated maturity date September 2019), net of discount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,376,757</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,436,214 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total senior long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,038,430</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,520,307</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other debt:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lines of credit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>64,724</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>74,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notes payable and other debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>706,584</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>738,684 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total senior and other debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,809,738</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,333,326</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital lease obligations and sale-leaseback financings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>259,669</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>247,256 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,069,407</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,580,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: total unamortized deferred financing costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47,894</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>69,294</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: current portion of long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>168,689</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>192,354 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt, less current portion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,852,824</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,318,934 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;1, 2016, Laureate adopted ASU 2015-03, which simplified the presentation of debt issuance costs by requiring debt issuance costs to be presented as a deduction from the
corresponding debt liability. This makes the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. The recognition and measurement guidance for debt
issuance costs is not affected, therefore these costs will continue to be amortized as interest expense. At adoption, the new guidance was applied retrospectively to all prior periods presented. The
impact to our December&nbsp;31, 2015 Consolidated Balance Sheet was a reduction to Deferred costs, net and Long-term debt of $69,294. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described further in Note&nbsp;19, Subsequent Events, on December&nbsp;4, 2016, we signed a subscription agreement with investors under which we agreed to issue and sell an
aggregate of 400 shares of a new series of our convertible redeemable preferred stock in a private offering for total net proceeds of approximately $383,000. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Estimated Fair Value of Debt  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated fair value of our debt was determined using observable market prices, as the majority of our securities, including the Senior
Secured Credit Facility and the Senior Notes due 2019, are traded in a brokered market. The fair value of our remaining debt instruments approximates carrying value based on their terms. As of
September&nbsp;30, 2016 and December&nbsp;31, 2015, our long-term </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-144</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=512,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=69989,FOLIO='F-144',FILE='DISK112:[12ZBH3.12ZBH43513]GI43513A.;9',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gi43513_1_145"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Debt (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>debt
was classified as Level&nbsp;2 within the fair value hierarchy, based on the frequency and volume of trading in the brokered market. The estimated fair value of our debt was as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30, 2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Carrying<BR>
amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated<BR>
fair value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Carrying<BR>
amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated<BR>
fair value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total senior and other debt</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,809,738</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,727,216</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,333,326</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,482,417 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Notes due 2019&#151;Note Exchange Transaction  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;15, 2016, Laureate entered into separate, privately negotiated note exchange agreements (the Note Exchange Agreements) with
certain existing holders (the Existing Holders) of our outstanding 9.250% Senior Notes due 2019 (the Senior Notes) pursuant to which we will exchange $250,000 in aggregate principal amount of Senior
Notes for shares of Company common stock. We expect the exchange to be completed within one year after the consummation of an initial public offering of our common stock that generates gross proceeds
of at least $400,000 or 10% of the equity value of the Company (a Qualified Public Offering). The number of shares of common stock issuable will equal 104.625% of the aggregate principal amount of
Senior Notes to be exchanged, or $261,600, divided by the initial public offering price per share of common stock in the Qualified Public Offering, and the shares shall be identical to the shares
issued to unaffiliated investors in the Qualified Public Offering. Following the Qualified Public Offering, but prior to the exchange, the Senior Notes subject to the exchange will continue to receive
interest at the same rate as the Senior Notes that are not subject to the exchange. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Note Exchange Agreements, on June&nbsp;15, 2016, Laureate also repurchased from the Existing Holders $62,500 aggregate principal amount of Senior Notes at par value,
plus accrued and unpaid interest and special interest. In connection with this repayment we recorded a Loss on debt extinguishment of $1,681 during the second quarter related to the write off of
unamortized deferred financing costs and discount. Within 60&nbsp;days after the consummation of a Qualified Public Offering, at the option of the Existing Holders or their transferees, we will
repurchase up to an additional $62,500 aggregate principal amount of Senior Notes at the redemption price set forth in Section&nbsp;3.07 of the indenture governing the Senior Notes that is
applicable as of the date of pricing of the Qualified Public Offering, plus accrued and unpaid interest and special interest (the Subsequent Repurchase). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Note Exchange Agreements will terminate if a Qualified Public Offering is not consummated on or before August&nbsp;15, 2017, and the exchange of $250,000 in aggregate principal
amount of Senior Notes for shares of common stock and the Subsequent Repurchase will not occur. Upon consummation of all of the transactions described above, we will retire up to $375,000 in aggregate
principal amount of Senior Notes. The Note Exchange Agreements were accounted for as a debt modification. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Senior Secured Credit Facility&#151;Amendments to Credit Agreement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;3, 2016, we entered into an amendment (the Fifth Amendment) to our amended and restated Senior Secured Credit Facility agreement
(the Amended and Restated Credit Agreement) in order to, among other things, extend maturity dates on approximately $1,526,000 of the approximately </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-145</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=513,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=714577,FOLIO='F-145',FILE='DISK112:[12ZBH3.12ZBH43513]GI43513A.;9',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gi43513_1_146"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Debt (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>$1,810,100
of outstanding term loans from June 2018 to March&nbsp;17, 2021. Effectiveness of the Fifth Amendment was subject to the satisfaction of certain conditions including, (i)&nbsp;the
closing of the sale of the Glion and Les Roches hospitality management schools and our operations in France, (ii)&nbsp;the prepayment of $300,000 to the holders of the term loans who have agreed to
extend their maturity, and (iii)&nbsp;the further amendment of the Amended and Restated Credit Agreement pursuant to which certain of the lenders thereunder holding revolving credit commitments
would have agreed to extend the maturity date of the revolving line of credit facility to a date on or after March&nbsp;8, 2019. These conditions have been satisfied and the Fifth Amendment became
effective on July&nbsp;29, 2016. In connection with this amendment we recorded a Loss on debt extinguishment of $15,682 during the third quarter related to the write off of unamortized deferred
financing costs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
approximately $1,226,000 of remaining term loans with a maturity date of March&nbsp;17, 2021 will be referred to as the 2021 Extended Term Loan, and the approximately $284,100 of
term loans with a maturity date of June 2018 will continue to be referred to as the 2018 Extended Term Loan. The 2021 Extended Term Loan has an initial interest rate equal to
LIBOR&nbsp;+&nbsp;7.50%, or if borrowed as ABR loans, ABR&nbsp;+&nbsp;6.50%. The margins shall be increased by 0.50% each quarter, commencing with the fiscal quarter ending
September&nbsp;30, 2016; provided that in no event shall the LIBOR margin exceed 8.50% or the ABR margin exceed 7.50%. Upon the consummation of a qualified equity offering or a qualified public
offering or a combination thereof, the LIBOR margin will be immediately reduced to 7.50% and the ABR margin will be immediately reduced to 6.50%. There will be no floor on LIBOR or ABR (other than the
Federal Funds Rate may not be less than zero) for the 2021 Extended Term Loan. As of September&nbsp;30, 2016, for the 2021 Extended Term Loan, the margin for LIBOR loans was 8.00% and the margin for
ABR loans was 7.00%. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fifth Amendment also provides that if a qualified equity offering or a qualified public offering or combination thereof, of the Company does not occur on or before August&nbsp;15,
2017, the Company will be required to make, on August&nbsp;16, 2017, an additional scheduled payment of principal on the 2021 Extended Term Loan in the amount of $62,500. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;7, 2016, we executed an amendment (the Sixth Amendment) to the Amended and Restated Credit Agreement with our revolving credit lenders to, among other things, extend the
maturity date of the revolving line of credit facility to June&nbsp;7, 2019, subject to the closing of the Fifth Amendment and other conditions needing to be satisfied. The Sixth Amendment also
reduced the borrowing capacity of the revolving line of credit facility from $350,000 to $325,000. The conditions for the effectiveness of the Sixth Amendment were satisfied and the Sixth Amendment
became effective on July&nbsp;29, 2016. The revolving line of credit facility has an initial interest rate equal the same rate that was in effect at June&nbsp;30, 2016,
LIBOR&nbsp;+&nbsp;3.75%, or if borrowed as ABR loans, ABR&nbsp;+&nbsp;2.75%. The margins shall be increased by 0.50% each quarter, commencing with the fiscal quarter ending
September&nbsp;30, 2016; provided that in no event shall the LIBOR margin exceed 4.75% or the ABR margin exceed 3.75%. Upon the consummation of a qualified equity offering or a qualified public
offering or combination thereof, the LIBOR margin will be immediately reduced to 3.75% and the ABR margin will be immediately reduced to 2.75%. As of September&nbsp;30, 2016, the LIBOR margin is
4.25% and the ABR margin is 3.25%. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-146</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=514,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=324106,FOLIO='F-146',FILE='DISK112:[12ZBH3.12ZBH43513]GI43513A.;9',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gi43513_1_147"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Debt (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<U>Conditions for Accelerated Maturity of 2021 Extended Term Loan</U>  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If on the date that is 91&nbsp;days prior to September&nbsp;1, 2019 more than $250,000 of the principal amount of the Senior Notes is
outstanding, then the 2021 Extended Term Loan maturity date shall be the date that is 91&nbsp;days prior to September&nbsp;1, 2019. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<U>Conditions for Accelerated Maturity of Revolving Line of Credit Facility</U>  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described above, the lenders have agreed to extend the maturity date of the revolving line of credit facility to June&nbsp;7, 2019;
provided, however, that if on the date that is 91&nbsp;days prior to September&nbsp;1, 2019 more than $250,000 of the principal amount of the Senior Notes is outstanding, then the maturity date of
the revolving line of credit facility shall be the date that is 91&nbsp;days prior to September&nbsp;1, 2019. Further, if on the date that is 91&nbsp;days prior to the maturity date of the 2018
Extended Term Loan more than $250,000 of the principal amount of the 2018 Extended Term Loan is outstanding, then the maturity date of the revolving line of credit facility shall be the date that is
91&nbsp;days prior to the 2018 Extended Term Loan maturity date. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Registration of Senior Notes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate and its guarantors agreed to (1)&nbsp;file&nbsp;a registration statement with the SEC with respect to a registered offer to
exchange the Senior Notes for new notes having terms substantially identical in all material respects to the outstanding notes (except that the new notes will not contain transfer restrictions or
provide for special interest); or (2)&nbsp;file&nbsp;a shelf registration for the resale of the notes. We were required to use all commercially reasonable efforts to cause the registration
statement to be declared effective on or before July&nbsp;25, 2014. Since the registration statement was not declared effective by July&nbsp;25, 2014, we have incurred special interest at a rate
equal to 0.25% per annum for the first 90-day period of the outstanding indenture indebtedness on the outstanding notes, 0.50% per annum for the next 90-day period, and 0.75% thereafter, as liquidated
damages until the registration statement is declared effective and the exchange offer is completed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
requirement to register the Senior Notes qualifies as a "registration payment arrangement" under ASC 825-20, "Financial Instruments&#151;Registration Payment Arrangements."
ASC 825-20 requires us to record a liability if we determine that it is probable that consideration, such as special interest, will be paid to the counterparty under the registration payment
arrangement, and if that consideration can be reasonably estimated. Accordingly, we have recorded a liability for the amount of special interest on the Senior Notes that we have determined to be
probable and estimable based on our expected timing of registration as of each balance sheet date. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, we had a total contingent liability for
special interest on the Senior Notes of approximately $7,000 and $8,100, respectively, recorded in Accrued expenses in our Consolidated Balance Sheets, through a corresponding adjustment to Interest
expense in our Consolidated Statement of Operations. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certain Covenants  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior long-term debt contains certain negative covenants including, among others: (1)&nbsp;limitations on additional indebtedness;
(2)&nbsp;limitations on dividends; (3)&nbsp;limitations on asset sales, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-147</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=515,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=875563,FOLIO='F-147',FILE='DISK112:[12ZBH3.12ZBH43513]GI43513A.;9',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gi43513_1_148"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Debt (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>including
the sale of ownership interests in subsidiaries and sale-leaseback transactions; and (4)&nbsp;limitations on liens, guarantees, loans or investments. In connection with the extension of
our revolving line of credit facility in July 2015, we are now subject to a Consolidated Senior Secured Debt to Consolidated EBITDA financial maintenance covenant, as defined in the Amended and
Restated Credit Agreement, beginning in the third quarter of 2015. The maximum ratio, as defined, is 5.30x, 4.50x and 3.50x at December&nbsp;31, 2015, 2016 and 2017, respectively. The ratios as of
September&nbsp;30, 2016 and December&nbsp;31, 2015 were 3.44x and 3.91x, respectively. In addition, notes payable at some of our locations contain financial maintenance covenants. We are in
compliance with our debt covenants and expect to be in compliance for the next 12&nbsp;months. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Debt  </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Notes Payable  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;12, 2016, two of UVM Mexico's outstanding loans that originated in 2007 and 2012 and were both scheduled to mature in May 2021
were refinanced and combined into one loan. The maturity date of the combined loan was extended to May&nbsp;15, 2023. Principal repayments were suspended until May&nbsp;15, 2018. The new
refinanced loan carries a variable interest rate based on the 28-day Mexican Interbanking Offer Rate (TIIE), plus the applicable margin. The applicable margin for the interest calculation is
established based on the ratio of debt to EBITDA, as defined in the agreement. Interest is paid monthly commencing on May&nbsp;15, 2016. The outstanding balance of the loan on May&nbsp;12, 2016
was MXN 2,224,600 (US $120,527 at that date). As of September&nbsp;30, 2016, the interest rate on the loan was 7.71% and the outstanding balance on the loan was $114,081. As of December&nbsp;31,
2015, the combined outstanding balance on these loans was approximately $128,800. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;20, 2013, Laureate acquired THINK and financed a portion of the purchase price by borrowing AUD 45,000 (US $34,524 at September&nbsp;30, 2016) under a syndicated
facility agreement in the form of two term loans of AUD 22,500 each. The syndicated facility agreement also provided for additional borrowings of up to AUD 20,000 (US $15,344 at September&nbsp;30,
2016) under a capital expenditure facility and a working capital facility. The first term loan (Facility A)&nbsp;had a term of five
years and principal was payable in quarterly installments of AUD 1,125 (US $863 at September&nbsp;30, 2016) beginning on March&nbsp;31, 2014. The second term loan (Facility B)&nbsp;had a term of
five years and the total principal balance of AUD 22,500 was payable at its maturity date of December&nbsp;20, 2018. In June 2016, these loan facilities were amended and restated. As a result of
this amendment and a repayment of AUD 11,000 (approximately $8,100 at the date of payment), Facility A has been amended to be a term loan of AUD 10,000 ($7,672 at September&nbsp;30, 2016), and
principal is repayable in quarterly installments of AUD 833 ($639 at September&nbsp;30, 2016) beginning on September&nbsp;30, 2016. Facility A bears interest at a variable rate plus a margin of
2.50%, and the final balance is payable at its maturity date of December&nbsp;20, 2018. Facility B has been amended to be a revolving facility of up to AUD 15,000 ($11,508 at September&nbsp;30,
2016) and any balance outstanding is repayable at its maturity date of December&nbsp;20, 2018. Facility B bears interest at a variable rate plus a margin of 2.75%. The capital expenditure facility
and working capital facility now provide for total additional borrowings of up to AUD 15,000 (US $11,508 at September&nbsp;30, 2016). As of September&nbsp;30, 2016 and December&nbsp;31, 2015,
$14,705 and $25,696, respectively, of total borrowings were outstanding under these loan facilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the second quarter of 2016, the Company borrowed Peruvian Nuevo Sols (PEN) 54,000 (approximately US $16,000 at that time) to finance the construction of a new campus at one of our
institutions in Peru, Universidad Privada del Norte (UPN). This loan has a fixed interest rate of 8.70% and matures in 2024. As of September&nbsp;30, 2016, this loan has a balance of $15,989. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-148</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=516,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=553588,FOLIO='F-148',FILE='DISK112:[12ZBH3.12ZBH43513]GI43513A.;9',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gj43513_1_149"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Commitments and Contingencies  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Noncontrolling Interest Holder Put Arrangements and Company Call Arrangements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following section provides a summary table and description of the various noncontrolling interest holder put arrangements that Laureate had
outstanding as of September&nbsp;30, 2016. Laureate has elected to accrete changes in the arrangements' redemption values over the period from the date of issuance to the earliest redemption date.
The redeemable noncontrolling interests are recorded at the greater of the accreted redemption value or the traditional noncontrolling interest. Until the first exercise date, the put instruments'
reported values may be lower than the final amounts that will be required to settle the minority put arrangements. As of September&nbsp;30, 2016, the carrying value of all noncontrolling interest
holder put arrangements was $12,969, which includes accreted incremental value of $8,668 in excess of traditional noncontrolling interests. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the minority put arrangements were all exercisable at September&nbsp;30, 2016, Laureate would be obligated to pay the noncontrolling interest holders an estimated amount of $13,572,
as summarized in the following table: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="101pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Nominal<BR>
Currency </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>First<BR>
Exercisable<BR>
Date </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated Value as of<BR>
September&nbsp;30, 2016<BR>
redeemable within<BR>
12-months: </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Reported<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Noncontrolling interest holder put arrangements</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INTI Education Holdings Sdn Bhd (INTI)&#151;10%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>MYR</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,856</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,856</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pearl Retail Solutions Private Limited and Creative Arts Education Society (Pearl)&#151;45%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>INR</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6/30/2017</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,658</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,055</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stamford International University (STIU)&#151;Puttable preferred stock of TEDCO</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>THB</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total noncontrolling interest holder put arrangements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,572</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,969</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Puttable common stock&#151;currently redeemable</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>USD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Current</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Puttable common stock&#151;not currently redeemable</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>USD</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,390 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,578</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,365 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Contingently
redeemable </FONT>
<BR>

<P style="font-family:times;"><FONT SIZE=2>MYR:
Malaysian Ringgit </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>INR:
Indian Rupee </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>THB:
Thai Baht </FONT></P>

</DD></DL>
 </DIV>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
noncontrolling interest put arrangements are specified in agreements with each noncontrolling interest holder. The terms of these agreements determine the measurement of the
redemption value of the put options based on a non-GAAP measure of earnings before interest, taxes, depreciation and amortization (EBITDA, or recurring EBITDA), the definition of which varies for each
particular contract. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments
and contingencies are generally denominated in foreign currencies. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-149</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=517,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=577528,FOLIO='F-149',FILE='DISK112:[12ZBH3.12ZBH43513]GJ43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gj43513_1_150"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Pearl  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the acquisition of Pearl, the minority owners have a put option to require Laureate to purchase the remaining 45% noncontrolling
interest, and Laureate has a call option to require the minority owners to sell to Laureate up to 35% of the total equity of Pearl that is still owned by the noncontrolling interest holders
(i.e.&nbsp;approximately 78% of the remaining 45% noncontrolling interest). The put option was previously exercisable beginning in 2015 and the call option was previously exercisable beginning in
2016. However, on March&nbsp;29, 2016, Laureate and the minority owners amended the put and call option agreements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of this amendment, Laureate and the minority owners agreed to not exercise their put or call options anytime prior to the date that Pearl's audited statutory financial statements
for the fiscal year ending March&nbsp;31, 2017 are presented to Pearl's board, which is estimated to be approximately June&nbsp;30, 2017. The put option is then initially exercisable for a period
of 15&nbsp;days. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amended put option allows the minority owners to sell a portion or all of their 45% equity interest. If the minority owners sell more than a 35% equity interest during this initial
exercise period, the put option price is equal to 6.5 times EBITDA for the first 35%, and 6.0 times EBITDA for the remaining percentage up to 10%, less long-term liabilities and plus net current
assets for the immediately preceding fiscal year ending on March&nbsp;31, multiplied by the minority interest percentage being acquired. Prior to this change, the EBITDA multiple was 6.0 times
EBITDA for the entire 45% equity interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amended call option allows the Company to acquire up to 35% of the equity interest from the minority owners at the same purchase price as that of the minority owners' put option for
the first 35% equity interest. The exercise period of the call option starts from the date on which Pearl's audited statutory financial statements for the fiscal year ending March&nbsp;31, 2017 are
presented to Pearl's board, and ends 15&nbsp;days from the date on which Pearl's audited statutory financial statements for the fiscal year ending March&nbsp;31, 2018 are presented to Pearl's
board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event any equity shares continue to be held by the minority owners after the exercise of above put and call options, the minority owners have a second put option to sell to
Laureate their remaining equity interest, up to 10%, at a price of 6.5 times EBITDA less long-term liabilities and plus net current assets for the calendar year ending December&nbsp;31, 2020,
multiplied by the minority interest
percentage being acquired. The exercise period for the second put option starts from the date on which Pearl's audited statutory financial statements for the calendar year ending December&nbsp;31,
2020 are presented to Pearl's board, and ends 15&nbsp;days from the date on which Pearl's audited statutory financial statements for the calendar year ending December&nbsp;31, 2021 are presented
to Pearl's board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
all of the above, in the event any equity shares continue to be held by the minority owners, Laureate then has a call option to purchase all of the remaining shares held by the
minority owners at a price of 6.5 times EBITDA, less long-term liabilities and plus net current assets for the immediately preceding calendar year ending on December&nbsp;31, 2022, multiplied by the
noncontrolling interest percentage being sold. The call option exercise period is 15&nbsp;days from the date Pearl's audited statutory financial statements for the calendar year ending on
December&nbsp;31, 2022 are presented to Pearl's board. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-150</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=518,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=957648,FOLIO='F-150',FILE='DISK112:[12ZBH3.12ZBH43513]GJ43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gj43513_1_151"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
any event, the put option and call option prices are subject to a floor and a ceiling, as prescribed in the agreement. The put floor and ceiling are applicable through 2017, and the
call floor and ceiling are applicable through 2018. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


St.&nbsp;Augustine  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;24, 2016, the noncontrolling interest holders of St.&nbsp;Augustine notified Laureate of their election to exercise their put
option, which required Laureate to purchase the remaining noncontrolling interest of 20%. Accordingly, this noncontrolling interest became a mandatorily redeemable financial instrument on the put
option exercise date and was recognized as a liability at its estimated redemption value in accordance with ASC 480, "Distinguishing Liabilities from Equity." Under the terms of the agreement, the put
option purchase price is based on 7.0 times Adjusted EBITDA of St.&nbsp;Augustine, as defined in the agreement, for the twelve months ended as of the last day of the fiscal quarter most recently
ended prior to the date on which notice of exercise is given; multiplied by the percentage interest being acquired. In June 2016, we acquired the remaining 20% noncontrolling interest in
St.&nbsp;Augustine for a purchase price of $24,997. This payment was included in Payments to purchase noncontrolling interests in the Consolidated Statement of Cash Flows. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Uni IBMR  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2015, we entered into a commitment to purchase the remaining 10% minority interest in Uni&nbsp;IBMR for a purchase price of
BRL&nbsp;2,500. The agreement closed on March&nbsp;10, 2016 and we paid BRL&nbsp;2,500 (US $668 at the payment date), which was included in Payments to purchase noncontrolling interests in the
Consolidated Statement of Cash Flows. Additional purchase price could be paid post closing if certain contingent sale conditions are met. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Loss Contingencies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate is subject to legal actions arising in the ordinary course of its business. In management's opinion, we have adequate legal defenses,
insurance coverage and/or accrued liabilities with respect to the eventuality of such actions. We do not believe that any settlement would have a material impact on our Consolidated Financial
Statements. Refer to Note&nbsp;16, Legal and Regulatory Matters, for a discussion of certain matters. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Contingent Liabilities for Taxes  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2016 and December&nbsp;31, 2015, Laureate has recorded cumulative liabilities totaling $70,303 and $73,775,
respectively, for taxes other-than-income tax, principally payroll-tax-related uncertainties due to acquisitions of companies primarily in Latin America. The changes in this recorded liability are
related to new acquisitions, interest and penalty accruals, changes in tax laws, expirations of statutes of limitations, settlements and changes in foreign currency exchange rates. The terms of the
statutes of limitations on these contingencies vary but can be up to 10&nbsp;years. This liability is included in Other long-term liabilities on the Consolidated Balance Sheets. We have also
recorded current liabilities for taxes other-than-income tax of $1,379 and $4,217, respectively, as of September&nbsp;30, 2016 and December&nbsp;31, 2015, in Other current liabilities on the
Consolidated Balance </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-151</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=519,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=47080,FOLIO='F-151',FILE='DISK112:[12ZBH3.12ZBH43513]GJ43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gj43513_1_152"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Sheets.
The recorded value of contingent liabilities is reduced when they are extinguished or the related statutes of limitations expire. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Loss Contingencies  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate has accrued liabilities for certain civil actions against our institutions that existed prior to our acquisition of these entities. As
of September&nbsp;30, 2016 and December&nbsp;31, 2015, approximately $19,000 and $14,000, respectively, of pre-acquisition loss contingencies were included in Other long-term liabilities and Other
current liabilities on the Consolidated Balance Sheets. Laureate intends to vigorously defend against these lawsuits. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Material Guarantees&#151;Student Financing  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Chile  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accredited Chilean institutions in the Laureate network also participate in a government-sponsored student financing program known as
Cr&eacute;dito con Aval del Estado (the CAE Program). The CAE Program was formally implemented by the Chilean government in 2006 to promote higher education in Chile for lower socio-economic
level students in good academic standing. The CAE Program involves tuition financing and guarantees that are provided by our institutions and the government. As part of the CAE Program, these
institutions provide guarantees which result in contingent liabilities to third-party financing institutions, beginning at 90% of the tuition loans made directly to qualified students enrolled through
the CAE Program and declining to 60% over time. The guarantees by these institutions are in effect during the period in which the student is enrolled, and the guarantees are assumed entirely by the
government upon the student's graduation. When a student leaves one of Laureate's institutions and enrolls in another CAE-qualified institution, the Laureate institution will remain guarantor of the
tuition loans that have been granted up to the date of transfer, and until the student's graduation from a CAE-qualified institution. The maximum potential amount of
payments our institutions could be required to make under the CAE Program was approximately $484,000 and $428,000 at September&nbsp;30, 2016 and December&nbsp;31, 2015, respectively. This maximum
potential amount assumes that all students in the CAE Program do not graduate, so that our guarantee would not be assigned to the government, and that all students default on the full amount of the
CAE-qualified loan balances. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, we recorded $23,721 and $18,829, respectively, as estimated long-term guarantee liabilities for these
obligations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;4, 2012, the Chilean Congress approved Law No.&nbsp;20.634 which amended Law No.&nbsp;20.027, introducing an interest rate reduction from 6% to 2% on CAE loans.
Current students could benefit from the reduction starting in March 2013 if they were current on their payments. The Law also provides that CAE loans cannot exceed the reference price established by
the government for the program in which the student is enrolled, that the student begins to make payments 18&nbsp;months after graduation, and that monthly payments may not exceed 10% of the
participant's income if requested by the student. The prior government in Chile had proposed other changes to the student loan program; however, in the second quarter of 2014 the new government that
was inaugurated on March&nbsp;11, 2014 announced the withdrawal of all of the prior administration's higher education proposals and its intent to submit new bills to the Chilean Congress. We cannot
predict the extent or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-152</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=520,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=403580,FOLIO='F-152',FILE='DISK112:[12ZBH3.12ZBH43513]GJ43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gj43513_1_153"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>outcome
of any changes to the student loan system that may be implemented in Chile or whether any such changes may have a material impact on our Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Material Guarantees&#151;Other  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In conjunction with the purchase of UNP, Laureate pledged all of the acquired shares as a guarantee of our payments of rents as they become due.
In the event that we default on any payment, the pledge agreement provides for a forfeiture of the relevant pledged shares. In the event of forfeiture, Laureate may be required to transfer the books
and management of UNP to the former owners. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
acquired the remaining 49% ownership interest in UAM Brazil in April 2013. As part of the agreement to purchase the 49% ownership interest, Laureate pledged 49% of its total
shares in UAM Brazil as a guarantee of our payment obligations under the purchase agreement. In the event that we default on any payment, the agreement provides for a forfeiture of the pledged shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the purchase of FMU on September&nbsp;12, 2014, Laureate pledged 75% of the acquired shares to third-party lenders as a guarantee of our payment obligations under
the loans that financed a portion of the purchase price. Laureate pledged the remaining 25% of the acquired shares to the sellers as a guarantee of our payment obligations under the purchase agreement
for the seller notes. In the event that we default on any payment of the loans or seller notes, the purchase agreement provides for a forfeiture of the relevant pledged shares. Upon maturity and
payment of the seller notes in September 2017, the shares pledged to the sellers will be pledged to the third-party lenders until full payment of the loans, which mature in April 2021. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Standby Letters of Credit  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2016 and December&nbsp;31, 2015, Laureate had outstanding letters of credit (LOCs) of $129,696 and $126,677,
respectively, which primarily consisted of the items discussed below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016 and December&nbsp;31, 2015, we had $90,509 and $86,599, respectively, posted as LOCs in favor of the United States Department of Education (DOE). These
LOCs were required to allow Walden, Kendall, NewSchool, and St.&nbsp;Augustine to continue participating in the DOE Title IV program. These LOCs are fully collateralized with cash equivalents and
certificates of deposit, which are classified as Restricted cash and investments on our September&nbsp;30, 2016 Consolidated Balance Sheet. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016 and December&nbsp;31, 2015, we had $37,309 and $36,527, respectively, posted as cash-collateralized LOCs related to the Spain Tax Audits. The cash
collateral for these LOCs was classified as Restricted cash and investments on our September&nbsp;30, 2016 Consolidated Balance Sheet. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Surety Bonds and Other Commitments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our normal operations, our insurers issue surety bonds on our behalf, as required by various state education authorities in the
United States. We are obligated to reimburse our insurers for any payments made by the insurers under the surety bonds. As of September&nbsp;30, 2016 and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-153</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=521,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=106722,FOLIO='F-153',FILE='DISK112:[12ZBH3.12ZBH43513]GJ43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gj43513_1_154"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>December&nbsp;31,
2015, the total face amount of these surety bonds was $12,569 and $3,366, respectively. These bonds are fully collateralized with cash, which is classified as Restricted cash and
investments on our September&nbsp;30, 2016 Consolidated Balance Sheet. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Financing Receivables  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's financing receivables consist primarily of trade receivables related to student tuition financing programs with an initial term in excess of one year. We have offered
long-term financing through the execution of note receivable agreements with students at some of our institutions. Our disclosures include financing receivables that are classified in our Consolidated
Balance Sheets as both current and long-term, reported in accordance with ASC 310, "Receivables." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
financing receivables balances were as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financing receivables</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37,667</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32,802</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(9,254</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(10,576</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financing receivables, net of allowances</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,413</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,226 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not purchase financing receivables in the ordinary course of our business. We may sell certain receivables that are significantly past due. No material amounts of financing
receivables were sold during the periods reported herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delinquency
is the primary indicator of credit quality for our financing receivables. Receivable balances are considered delinquent when contractual payments on the loan become past due.
Delinquent financing receivables are placed on non-accrual status for interest income. The accrual of interest is resumed when the financing receivable becomes contractually current and when
collection of all remaining amounts due is reasonably assured. We record an Allowance for doubtful accounts to reduce our financing receivables to their net realizable value. The Allowance for
doubtful accounts is based on the age of the receivables, the status of past-due amounts, historical collection trends, current economic conditions, and student enrollment status. Each of our
institutions evaluates its balances for potential impairment. We consider impaired loans to be those that are past due one year or greater, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-154</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=522,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=382871,FOLIO='F-154',FILE='DISK112:[12ZBH3.12ZBH43513]GJ43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gj43513_1_155"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Financing Receivables (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>and
those that are modified as a troubled debt restructuring (TDR). The aging of financing receivables grouped by country portfolio was as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Chile </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Other </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>As of September&nbsp;30, 2016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amounts past due less than one year</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,489</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,031</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,520</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amounts past due one year or greater</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,570</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>642</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,212 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total past due (on non-accrual status)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,059</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,673</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,732</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Not past due</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,214</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,721</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,935 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total financing receivables</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31,273</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,394</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37,667 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>As of December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amounts past due less than one year</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,404</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,166</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,570</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amounts past due one year or greater</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,048</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>606</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,654 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total past due (on non-accrual status)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,452</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,772</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,224</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Not past due</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,159</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,419</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,578 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total financing receivables</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,611</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,191</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32,802 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a rollforward of the Allowance for doubtful accounts related to financing receivables for the nine months ended September&nbsp;30, 2016 and 2015, grouped by country
portfolio: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Chile </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Other </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance at December&nbsp;31, 2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(7,240</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,336</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(10,576</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Charge-offs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,525</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>104</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,629</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recoveries</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(46</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(46</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reclassifications</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,152</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>181</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,971</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency adjustments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(387</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>97</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(290</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at September&nbsp;30, 2016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,254</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(9,254</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance at December&nbsp;31, 2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11,063</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,177</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(15,240</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Charge-offs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,977</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>333</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,310</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recoveries</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(21</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(25</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(46</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reclassifications</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(714</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>228</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(486</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency adjustments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,309</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>234</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,543 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at September&nbsp;30, 2015</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(7,512</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,407</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(10,919</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Restructured Receivables  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A TDR is a financing receivable in which the borrower is experiencing financial difficulty and Laureate has granted an economic concession to
the student debtor that we would not
otherwise consider. When we modify financing receivables in a TDR, Laureate typically offers the student debtor </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-155</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=523,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=862948,FOLIO='F-155',FILE='DISK112:[12ZBH3.12ZBH43513]GJ43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gj43513_1_156"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Financing Receivables (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>an
extension of the loan maturity and/or a reduction in the accrued interest balance. In certain situations, we may offer to restructure a financing receivable in a manner that ultimately results in
the forgiveness of contractually specified principal balances. Our only TDRs are in Chile. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of financing receivable accounts and the pre- and post-modification account balances modified under the terms of a TDR during the nine months ended September&nbsp;30, 2016
and 2015 were as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="100pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="97pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="97pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Financing<BR>
Receivable Accounts </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pre-Modification<BR>
Balance Outstanding </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Post-Modification<BR>
Balance Outstanding </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>559</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,615</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,986</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,943</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,625</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preceding table represents accounts modified under the terms of a TDR during the nine months ended September&nbsp;30, 2016, whereas the following table represents accounts modified
as a TDR between January&nbsp;1, 2015 and September&nbsp;30, 2016 that subsequently defaulted during the nine months ended September&nbsp;30, 2016: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="100pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="87pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Financing Receivable Accounts </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Balance at Default </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>355</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,089</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table represents accounts modified as a TDR between January&nbsp;1, 2014 and September&nbsp;30, 2015 that subsequently defaulted during the nine months ended
September&nbsp;30, 2015: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="100pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="87pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Financing<BR>
Receivable Accounts </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Balance at Default </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>535</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,346</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;10. Share-based Compensation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense was as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the nine months ended September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock options, net of estimated forfeitures</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,527</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,719</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted stock awards</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,897</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,811 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total non-cash stock compensation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,424</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,530</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred compensation arrangement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>515</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,692 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,939</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,222 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Share-based Deferred Compensation Arrangement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the nine months ended September&nbsp;30, 2016 and 2015, Laureate recorded share-based compensation expense for the deferred compensation
arrangement of $515 and $3,692, respectively. As </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-156</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=524,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=925776,FOLIO='F-156',FILE='DISK112:[12ZBH3.12ZBH43513]GJ43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gj43513_1_157"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;10. Share-based Compensation (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>of
September&nbsp;30, 2016 and December&nbsp;31, 2015, the total liability recorded for the deferred compensation arrangement was $17,978 and $17,463, respectively, and was recorded as a current
liability in Deferred compensation on the Consolidated Balance Sheets. This liability was originally payable on September&nbsp;17, 2016; however, the participants agreed to extend the due date of
the payment until December&nbsp;30, 2016, as discussed in Note&nbsp;19, Subsequent Events. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Annual Equity Award Grant  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;2, 2016, we granted 174 and 136 time-based restricted stock units and performance share units, respectively, with vesting periods
over the next three years. The performance share units vest based on achieving a pre-determined annual performance target. In addition, we also granted 132 Time Options with an exercise price equal to
the fair market value of Laureate's stock at the date of grant. These options vest over a three-year period and have a contractual term of 10&nbsp;years. The total grant date fair value of these
awards was approximately $8,800. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Equity Award Modification  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 2016, we modified all outstanding stock options that were granted under the 2013 Plan, except for stock options that were granted during
2016. The exercise price of the modified options was adjusted to $23.20, the estimated fair market value of our stock at the date of modification. As a result, we modified the exercise price of
approximately 5,338 stock options that were granted under the 2013 Plan. This modification resulted in incremental stock compensation expense during the second quarter of approximately $6,000 for
options that were vested at the modification date. Additionally, approximately $5,000 of incremental stock compensation expense related to options that were not yet vested at the modification date
will be recognized over the remaining vesting period. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-157</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=525,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=350385,FOLIO='F-157',FILE='DISK112:[12ZBH3.12ZBH43513]GJ43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gk43513_1_158"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Stockholders' Equity  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The components of net changes in stockholders' equity were as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="69pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Laureate Education,&nbsp;Inc. Stockholders </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares of<BR>
common<BR>
stock<BR>
outstanding </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Common<BR>
stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Additional<BR>
paid-in<BR>
capital </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>(Accumulated<BR>
deficit)<BR>
retained<BR>
earnings </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Accumulated<BR>
other<BR>
comprehensive<BR>
(loss) income </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Noncontrolling<BR>
interests </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total<BR>
stockholders'<BR>
equity </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Balance at December&nbsp;31, 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>133,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,686,451</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,409,548</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(952,677</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>30,667</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>355,426</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Non-cash stock compensation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>28,424</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>28,424</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Exercise of stock options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>253</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>253</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Vesting of restricted stock and exercise of stock options, net of shares withheld to satisfy minimum employee tax withholding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,346</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,346</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Changes in noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,221</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(120</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Dividends to noncontrolling interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(868</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(868</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Distributions to noncontrolling interest holders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,447</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,447</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Accretion of redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Reclassification of comprehensive income to redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(810</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(810</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>330,539</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(2,817</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>327,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Foreign currency translation adjustment, net of tax of $0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(46,005</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(45,005</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Unrealized gain on derivatives, net of tax of $0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,509</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>5,509</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Minimum pension liability adjustment, net of tax of $1,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,948</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>8,948 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Balance at September&nbsp;30, 2016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>133,301</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,714,231</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(1,079,009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>(984,225</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>28,694</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>680,224 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Accumulated Other Comprehensive Income (Loss)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from
translation of foreign subsidiaries' financial statements, the unrealized losses on derivatives designated as cash flow hedges, and the accumulated </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-158</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=526,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=439545,FOLIO='F-158',FILE='DISK112:[12ZBH3.12ZBH43513]GK43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gk43513_1_159"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Stockholders' Equity (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>net
gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The components of these balances were as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30, 2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Laureate<BR>
Education,&nbsp;Inc. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Noncontrolling<BR>
Interests </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Laureate<BR>
Education,&nbsp;Inc. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Noncontrolling<BR>
Interests </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Foreign currency translation loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(974,426</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,420</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(975,846</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(928,421</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,420</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(930,841</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized losses on derivatives</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7,740</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7,740</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,250</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,250</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minimum pension liability adjustment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,059</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,059</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(11,006</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(11,006</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated other comprehensive loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(984,225</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,420</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(985,645</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(952,677</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,420</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(955,097</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Derivative Instruments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the normal course of business, our operations are exposed to fluctuations in foreign currency values and interest rate changes. We may seek to control a portion of these risks through
a risk management program that includes the use of derivative instruments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
interest and principal payments for Laureate's senior long-term debt arrangements are to be paid primarily in USD. Our ability to make debt payments is subject to fluctuations in the
value of the USD against foreign currencies, since a majority of our operating cash used to make these payments is generated by subsidiaries with functional currencies other than USD. As part of our
overall risk management policies, Laureate has at times entered into foreign currency swap contracts and
floating-to-fixed interest rate swap contracts. In addition, we occasionally enter into foreign exchange forward contracts to reduce the earnings impact of other non-functional currency-denominated
receivables and payables. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not enter into speculative or leveraged transactions, nor do we hold or issue derivatives for trading purposes. We generally intend to hold our derivatives until maturity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
reports all derivatives at fair value. These contracts are recognized as either assets or liabilities, depending upon the derivative's fair value. Gains or losses associated
with the change in the fair value of these swaps are recognized in our Consolidated Statements of Operations on a current basis over the term of the contracts, unless designated and effective as a
hedge. For swaps that are designated and effective as cash flow hedges, gains or losses associated with the change in fair value of the swaps are recognized in our Consolidated Balance Sheets as a
component of Accumulated Other Comprehensive Income (AOCI) and amortized into earnings as a component of Interest expense over the term of the related hedged items. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-159</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=527,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=528871,FOLIO='F-159',FILE='DISK112:[12ZBH3.12ZBH43513]GK43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gk43513_1_160"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Derivative Instruments (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reported fair value of our derivatives, which are classified in Derivative instruments on our Consolidated Balance Sheets, were as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Derivatives designated as hedging instruments:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current liabilities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,740</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term liabilities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Derivatives not designated as hedging instruments:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current assets:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>238</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current liabilities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>688</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term liabilities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,012</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,662</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>474</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>414 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total derivative instrument assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>238 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total derivative instrument liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,226</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,014 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Derivatives Designated as Hedging Instruments  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Interest Rate Swaps  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September 2011, Laureate entered into two forward interest rate swap agreements with notional amounts of $450,000 and $300,000, respectively.
We have designated these derivatives as cash flow hedges. The swaps were associated with existing debt, and effectively fix interest rates on existing variable-rate borrowings in order to manage our
exposure to future interest rate volatility. Both swaps have an effective date of June&nbsp;30, 2014 and mature on June&nbsp;30, 2017. The terms of the swaps require Laureate to pay interest on
the basis of fixed rates of 2.61% on the $450,000 notional amount swap and 2.71% on the $300,000 notional amount swap, and receive interest for both swaps on the basis of three-month LIBOR, with a
floor of 1.25%. The gain or loss on these swaps is deferred in AOCI and will be reclassified into earnings as a component of Interest expense in the same period during which the hedged forecasted
transactions will affect earnings. Laureate determines the effectiveness of these swaps using the hypothetical derivative method. During both the nine months ended September&nbsp;30, 2016 and 2015,
the amount of gain or loss recognized in income on the ineffective portion of derivative instruments designated as hedging instruments was $0, as the swaps were 100% effective. During the next
12&nbsp;months, approximately $7,700 is expected to be reclassified from AOCI into income. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, these interest rate swaps had an estimated
fair value of $7,740 and $13,250, respectively. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-160</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=528,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=946471,FOLIO='F-160',FILE='DISK112:[12ZBH3.12ZBH43513]GK43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gk43513_1_161"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Derivative Instruments (Continued) </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table below shows the total recorded unrealized gain (loss) of these swaps in Comprehensive income (loss). The impact of derivative instruments designated as hedging instruments on
Comprehensive income (loss), Interest expense and AOCI were as follows: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the nine months ended September&nbsp;30: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="14pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="14pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="14pt" style="font-family:times;"></TD>
<TD WIDTH="93pt" style="font-family:times;"></TD>
<TD WIDTH="14pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="14pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Gain Recognized in<BR>
Comprehensive<BR>
Income (Loss)<BR>
(Effective Portion) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Loss Reclassified<BR>
from AOCI to<BR>
Income (Loss) (Effective<BR>
Portion) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Income Statement<BR>
Location </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,509</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,850</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Interest expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(8,002</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(7,973</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Derivatives Not Designated as Hedging Instruments  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


USD to Swiss Franc (CHF) Foreign Currency Forward Swaps  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March 2016, Laureate entered into a CHF to USD deal-contingent forward exchange swap agreement with a notional amount of CHF&nbsp;320,000.
The purpose of the swap was to mitigate risk of foreign currency exposure related to the sale of Glion and Les Roches Hospitality Management Schools, as discussed in Note&nbsp;3, Dispositions. The
forward contract matured on June&nbsp;14, 2016, the closing date of the sale, resulting in a realized loss of $10,297. The deal contingent forward exchange swap was not designated as a hedge for
accounting purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
November 2015, Laureate entered into a USD to CHF foreign exchange forward swap agreement. We executed an initial conversion of CHF&nbsp;14,000 to US $14,113. In December 2015,
Laureate entered into two USD to CHF foreign exchange forward swap agreements. We executed an initial conversion of CHF&nbsp;16,000 to US $16,470 using two swaps. For accounting purposes, the swaps
were not designated as hedging instruments. These swaps were settled during the second quarter of 2016 for a net realized loss of approximately $100. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2015, Laureate entered into a USD to CHF foreign exchange forward swap agreement. The swap was intended to hedge the currency effects of the strengthening USD for anticipated cash
outlays in CHF over the seven months subsequent to the execution date for a tax payment, along with expected working capital requirements. We executed an initial conversion of CHF&nbsp;9,700 to US
$10,325. The swap matured during the first quarter of 2016 for a realized loss of $635. For accounting purposes, the swap was not designated as a hedging instrument. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


USD to Euro Foreign Currency Forward Swaps  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the sale of the institutions in France that is discussed in Note&nbsp;3, Dispositions, Laureate entered into EUR to USD
foreign exchange forward contracts, in order to lock in the amount of USD proceeds that we will receive upon closing of the transaction. The total forward contracts were EUR 200,000, of which EUR
100,000 was deal contingent and EUR 100,000 was not contingent on the deal closing. The contracts discussed above matured and were settled by July&nbsp;20, 2016, the closing date of the sale,
resulting in a total realized gain on derivatives of $4,634. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-161</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=529,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=8297,FOLIO='F-161',FILE='DISK112:[12ZBH3.12ZBH43513]GK43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gk43513_1_162"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Derivative Instruments (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


CLP to Unidad de Fomento (UF) Cross Currency and Interest Rate Swaps  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cross currency and interest rate swap agreements are intended to provide a better correlation between our debt obligations and operating
currencies. In 2010, one of our subsidiaries in Chile entered into four cross currency and interest rate swap agreements. One of the swaps matures on December&nbsp;1, 2024, and the remaining three
mature on July&nbsp;1, 2025 (the CLP to UF cross currency and interest rate swaps). The UF is a Chilean inflation-adjusted unit of account. The four swaps have an aggregate notional amount of
approximately $31,000, and convert CLP-denominated, floating-rate debt to fixed-rate UF-denominated debt. The CLP to UF cross currency and interest rate swaps were not designated as hedges for
accounting purposes. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, these swaps had an estimated fair value of $8,012 and $5,662, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


THINK Interest Rate Swaps  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate acquired THINK on December&nbsp;20, 2013, and financed a portion of the purchase price by borrowing AUD 45,000 (US $34,524 at
September&nbsp;30, 2016) under a syndicated facility agreement in the form of two term loans of AUD 22,500 each. The terms of the syndicated facility agreement required THINK to enter into an
interest rate swap within 45&nbsp;days from the agreement's December&nbsp;20, 2013 effective date, in order to convert at least 50% of the AUD 45,000 of term loan debt from a variable interest
rate based on the BBSY bid rate, an Australia bank rate, to a fixed interest rate. Accordingly, on January&nbsp;31, 2014, THINK executed an interest rate swap agreement with an original notional
amount of AUD 22,500 to satisfy this requirement and converted AUD 22,500 (US $17,262 at September&nbsp;30, 2016) of the variable rate component of the term loan debt to a fixed interest rate of
3.86%. The notional amount of the swap decreases quarterly based on the terms of the agreement, and the swap matures on December&nbsp;20, 2018. This interest rate swap was not designated as a hedge
for accounting purposes, and had an estimated fair value of $474 and $414 at September&nbsp;30, 2016 and December&nbsp;31, 2015, respectively, which was recorded in Derivative instruments as a
long-term liability. As discussed in Note&nbsp;7, Debt, the THINK loan facilities were amended and restated in June 2016. The interest rate swap agreements discussed above were not changed. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-162</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=530,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=357472,FOLIO='F-162',FILE='DISK112:[12ZBH3.12ZBH43513]GK43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gk43513_1_163"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Derivative Instruments (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Components
of the reported Gain (loss) on derivatives not designated as hedging instruments in the Consolidated Statements of Operations were as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the nine months<BR>
ended September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Unrealized (Loss) Gain</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,514</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,072</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(34</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(53</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,548</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,125</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Realized Gain (Loss)</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,530</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(336</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(157</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(157</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,687</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(493</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>Total Gain (Loss)</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cross currency and interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(8,044</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,408</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest rate swaps</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(191</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(210</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain (loss) on derivatives, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(8,235</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,618</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Credit Risk and Credit-Risk-Related Contingent Features  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's derivatives expose us to credit risk to the extent that the counterparty may possibly fail to perform its contractual obligation. The
amount of our credit risk exposure is equal to the fair value of the derivative when any of the derivatives are in a net gain position. As of September&nbsp;30, 2016, none of our derivatives were in
a gain position. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate
has limited its credit risk by only entering into derivative transactions with highly rated major financial institutions. We have not entered into collateral agreements with our
derivatives' counterparties. At September&nbsp;30, 2016, one institution which was rated Aa2, one institution which was rated A1, one institution which was rated A2 and one institution which was
rated A3 by the global rating agency of Moody's Investors Service, accounted for all of Laureate's derivative credit risk exposure. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
agreements with its derivative counterparties contain a provision under which we could be declared in default on our derivative obligations if repayment of the underlying
indebtedness is accelerated by the lender due to a default on the indebtedness. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, we had not breached any default provisions and had not
posted any collateral related to these agreements. If we had breached any of these provisions, we could have been required to settle the obligations under the derivative agreements for an amount that
we believe would approximate their estimated fair value of $16,226 as of September&nbsp;30, 2016 and $20,014 as of December&nbsp;31, 2015. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-163</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=531,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=618341,FOLIO='F-163',FILE='DISK112:[12ZBH3.12ZBH43513]GK43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gk43513_1_164"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Income Taxes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate uses the liability method to account for income taxes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and
liabilities for financial reporting purposes and the amounts used for income tax purposes. For interim purposes, we also apply ASC 740-270, "Income Taxes&#151;Interim Reporting." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
income tax provisions for all periods consist of federal, state and foreign income taxes. The tax provisions for the nine months ended September&nbsp;30, 2016 and 2015 were
based on estimated full-year effective tax rates, after giving effect to significant items related specifically to the interim periods, including the mix of income for the period between higher-taxed
and lower-taxed jurisdictions. Laureate has operations in multiple countries, many of which have statutory tax rates lower than the United States or are tax-exempt entities, and other operations that
are loss-making entities for which it is not more likely than not that a tax benefit will be realized on the loss. Generally, lower tax rates in these foreign jurisdictions along with Laureate's
intent and ability to indefinitely reinvest foreign earnings outside of the United States results in an effective tax rate significantly lower than the statutory rate in the United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
tax expense for the nine months ended September&nbsp;30, 2016 and 2015 was $35,246 and $81,587, respectively. Before the impact of discrete items, the income tax expense for the
nine months ended September&nbsp;30, 2016 and 2015 was $58,717 and $35,134, respectively. A significant driver of the lower tax expense as compared to pre-tax income for the nine months ended
September&nbsp;30, 2016 is the non-taxable gain on the sale of certain operations in Europe that is included in pre-tax income. Discrete items recorded in the 2016 and 2015 periods also affected the
Company's income tax expense. In 2015, the Company recognized a contingent liability of approximately $42,100 related to the Spanish tax audits. In addition, in 2016 the Company recognized a discrete
benefit of approximately $7,900 related to the deferred taxes included within the accounting for the sale of the hospitality management schools, and a release of an income tax contingency related to
Peru of approximately $21,200. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;14. Earnings (Loss) Per Share  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period.
Diluted EPS reflects the potential dilution that would occur if share-based compensation awards/arrangements or contingently issuable shares were exercised or converted into common stock. To calculate
the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock, and other share-based compensation arrangements determined using
the treasury stock method. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-164</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=532,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=506911,FOLIO='F-164',FILE='DISK112:[12ZBH3.12ZBH43513]GK43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gk43513_1_165"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;14. Earnings (Loss) Per Share (Continued) </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following tables summarize the computations of basic and diluted earnings per share: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>For the nine months ended September&nbsp;30,

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Numerator used in basic and diluted earnings (loss) per common share:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations attributable to Laureate Education,&nbsp;Inc.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>330,539</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(299,581</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accretion of redemption value of redeemable noncontrolling interests and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,538</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9,602</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjusted for: accretion related to noncontrolling interests and equity redeemable at fair value</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(201</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,637</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributed and undistributed earnings to participating securities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(104</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) available to common stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>333,772</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(302,546</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Denominator used in basic and diluted earnings (loss) per common share:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic weighted average shares outstanding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>133,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,941</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of dilutive stock options</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>858</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of dilutive restricted stock units</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>68</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dilutive weighted average shares outstanding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>134,217</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,941 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Basic and diluted earnings (loss) per share:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic earnings (loss) per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted earnings (loss) per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes the number of stock options and shares of restricted stock that were excluded from the diluted EPS calculations because the effect would have been
antidilutive: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the nine<BR>
months ended<BR>
September&nbsp;30, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock options</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,931</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,323</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted stock</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>131</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>229 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;15. Related Party Transactions  </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<U>Corporate</U>  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and Santa Fe University of Arts and Design (SFUAD)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2014, Laureate entered into a new shared services agreement with SFUAD that replaced the shared services agreement previously entered
into in 2009. Laureate provides SFUAD with certain management consulting, legal, tax, finance, accounting, treasury, human resources, and network entry services. The shared services agreement had a
term of five years. As of September&nbsp;30, 2016, Laureate recorded a Related party receivable from SFUAD of $211 pursuant to the shared services agreement. As of December&nbsp;31, 2015, Laureate
had recorded a receivable from SFUAD of $658 related to the shared services agreement, which was subsequently collected. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-165</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=533,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=268404,FOLIO='F-165',FILE='DISK112:[12ZBH3.12ZBH43513]GK43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gl43513_1_166"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;15. Related Party Transactions (Continued)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the third quarter of 2013, fourteen Laureate institutions entered into partnership agreements
with SFUAD (the Global Partnership agreements). These Global Partnership agreements have an initial term of five years and provide Laureate students with educational opportunities to study certain
academic programs at SFUAD. Under the terms of these agreements, the partnering Laureate institutions commit to pay SFUAD an annual amount each calendar year, which SFUAD then bills to the Laureate
institutions on a quarterly basis. The Global Partnership agreements can be unilaterally canceled by either SFUAD or the Laureate institutions with at least six months' prior written notice; however
any remaining unpaid commitment amount for that calendar year is still contractually owed to SFUAD. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, Laureate recorded a related party
payable to SFUAD of $490 and $193, respectively, for unpaid commitments that we are obligated to pay to SFUAD under the Global Partnership agreements. On May&nbsp;18, 2016, SFUAD announced that it
is being acquired by a private education provider with a global network of colleges and universities with a focus on art and design education. The transaction is expected to close at the end of 2016.
Until the sale is completed, SFUAD will remain a related party of Laureate since both entities are commonly owned by Wengen. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and Entities Affiliated with Executive Officers, Directors and Wengen  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;16, 2015, Laureate entered into a term loan agreement with its parent, Wengen, for approximately $11,000. In June 2016, we
made a scheduled principal payment of $3,500. In the third quarter of 2016, Laureate made an additional prepayment on this loan of approximately $5,000. As of September&nbsp;30, 2016 and
December&nbsp;31, 2015, the principal balance outstanding was approximately $2,500 and $11,000, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreements in place with I/O Data Centers,&nbsp;LLC (I/O) pursuant to which I/O provides modular data center solutions to the Company. One of our directors is also a director
of I/O. Additionally, this director, our CEO, and Sterling Partners (a private equity firm co-founded by the director, our CEO, and others) maintain an ownership interest in I/O. During each of the
nine-month periods ended September&nbsp;30, 2016 and September&nbsp;30, 2015, we incurred costs for these agreements of approximately $700 and $400, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<U>Europe</U>  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Morocco  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and Noncontrolling Interest Holder of Laureate Somed Education
Holding&nbsp;SA (LSEH)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSEH is 60% owned and consolidated by Laureate and is the entity that operates Universit&eacute; Internationale de Casablanca, our
institution in Morocco. The 40% noncontrolling interest holder of LSEH has made loans to LSEH, and as of December&nbsp;31, 2015, we had a related party payable of $13,354 to the noncontrolling
interest holder for the outstanding balance of and accrued interest on these loans, of which $9,305 and $4,049 were recorded as current and noncurrent, respectively. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2016, the maturity date of a loan made by the noncontrolling interest holder in 2014 was extended from October 2015 to April 2017. The outstanding balance of this loan, including
accrued </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-166</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=534,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=883061,FOLIO='F-166',FILE='DISK112:[12ZBH3.12ZBH43513]GL43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gl43513_1_167"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;15. Related Party Transactions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>interest,
at the time of the extension was Moroccan Dirhams (MAD) 45,028 (US $4,613 at September&nbsp;30, 2016). This loan bears an interest rate of 4.5% per annum. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the second quarter of 2016, the noncontrolling interest holder made an additional loan to LSEH for MAD 4,800 (US $492 at the loan date), which matures in December 2017 and bears
interest at 4.5% per annum. During the quarter ended September&nbsp;30, 2016, the noncontrolling interest holder made an additional loan to LSEH for MAD 3,200 (US $324 at the loan date), which also
matures in December 2017 and bears interest at 4.5% per annum. The proceeds from these loans have been included in the financing activities section of the Consolidated Statement of Cash Flows as
Noncontrolling interest holder's loan to subsidiaries. As the 60% majority owner, Laureate has also made loans to LSEH for 60% of the total amount borrowed, which eliminate in consolidation. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2016, we had total related party payables of $14,621 to the noncontrolling interest holder of LSEH for the outstanding balance on these loans plus accrued
interest, of which $13,797 and $824 was recorded as current and noncurrent, respectively. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<U>AMEA</U>  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


China  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between China businesses and Noncontrolling Interest Holders of Hunan International
Economics University (HIEU)  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A portion of real property that HIEU has paid for, including land and buildings, is mortgaged as collateral for corporate loans that the entity
controlled by certain noncontrolling interest holders of HIEU has entered into with third-party banks. In December 2013, the noncontrolling interest holders of HIEU signed an agreement with Laureate
and committed to: (1)&nbsp;remove all encumbrances on HIEU's real property no later than September&nbsp;30, 2014 and (2)&nbsp;cause the entity to complete the transfer of title relating to the
encumbered real property to HIEU no later than December&nbsp;31, 2014. Under the terms of this agreement, the noncontrolling interest holders also agreed to pay any and all transfer taxes, fees and
other costs that are required in connection with the removal of the encumbrances and the transfer of titles, which are estimated to be approximately $2,000. As collateral for their performance under
the agreement, the noncontrolling interest holders pledged to Laureate their 30% equity interest in the sponsoring entity of HIEU. The noncontrolling interest holders of HIEU have not completed their
commitment to remove the encumbrances over the real property or completed the transfer of the real property. Under the terms of the agreement, Laureate has the right to receive the sale proceeds of
the noncontrolling interest holders' 30% equity interest, up to the amount owing to it under the equity pledge, in priority to other creditors of the noncontrolling interest holders. On
February&nbsp;22, 2016, certain creditors of the noncontrolling interest holders initiated an enforcement process against the noncontrolling interest holders. The creditors have requested the court
to auction a portion of the equity interest of the noncontrolling interest holders. The court has appointed an appraiser to perform a valuation of the equity interest, and a court auction may take
place during 2016. As the registered pledgee, Laureate has the right to receive the sale proceeds of the noncontrolling interest holders' equity interest, up to the amount owing to it under the equity
pledge, in priority to other creditors of the noncontrolling interest holders. Management is currently evaluating </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-167</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=535,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=764505,FOLIO='F-167',FILE='DISK112:[12ZBH3.12ZBH43513]GL43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gl43513_1_168"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;15. Related Party Transactions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>its
options in this matter. As of September&nbsp;30, 2016 and December&nbsp;31, 2015, Laureate's net carrying value of the encumbered real property was approximately $12,700 and $13,700,
respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the performance obligations in the December 2013 agreement for the encumbered property as described above, the noncontrolling interest holders are required under the 2009
HIEU purchase agreement (PA) to obtain the titles of certain other buildings for HIEU. The noncontrolling interest holders are also obligated to pay any and all government fees and other costs, which
are estimated to be approximately $4,200, required in connection with obtaining the titles for these buildings. These buildings are not encumbered and HIEU has title to the land. The noncontrolling
interest holders also occupy and conduct other non-HIEU business in five buildings that we have title to, and do not pay rent to HIEU for the use of these facilities. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dubai  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between Laureate and Laureate-Obeikan&nbsp;Ltd.  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate-Obeikan&nbsp;Ltd. is a consolidated joint venture in Dubai that is 50% owned by Laureate. During the first quarter of 2016, we
entered into an agreement for the assignment of amounts due to Laureate-Obeikan&nbsp;Ltd. from Higher Institute for Paper and Industrial Technologies (HIPIT), a third party, to Obeikan Paper
Industries (OPI), a related-party subsidiary of the noncontrolling interest holder of Laureate-Obeikan&nbsp;Ltd., in the amount of SAR 14,279 (US $3,806 at September&nbsp;30, 2016) as settlement
of amounts owed from OPI to an affiliate of HIPIT. Payment is due in five installments of SAR 2,856 (US $761 at September&nbsp;30, 2016) beginning in March 2016 through July 2016. As of
September&nbsp;30, 2016, the amount receivable was $3,040. Installments totaling SAR 2,400 (US $640 at September&nbsp;30, 2016) were paid during 2016. These receivables are fully reserved. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate is subject to legal proceedings arising in the ordinary course of business. In management's opinion, we have adequate legal defenses, insurance coverage, and/or accrued
liabilities with respect to the eventuality of these actions. Management believes that any settlement would not have a material impact on Laureate's financial position, results of operations, or cash
flows. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


United States Postsecondary Education Regulation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, through its&nbsp;GPS segment, operates four postsecondary educational institutions in the United States and provides contractual
services to another (U.S. Institutions). The U.S. Institutions are subject to extensive regulation by federal and state governmental entities as well as accrediting bodies. The Higher Education Act
(HEA), and the regulations promulgated thereunder by the DOE, subject the U.S. Institutions to ongoing regulatory review and scrutiny. The U.S. Institutions must also comply with a myriad of
requirements in order to participate in Title IV federal financial aid programs under the HEA (Title IV programs). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
particular, to participate in the Title IV programs under currently effective DOE regulations, an institution must be authorized to offer its educational programs by the relevant
state agencies in the states in which it is located, accredited by an accrediting agency that is recognized by the DOE, and also certified by the DOE. In determining whether to certify an institution,
the DOE closely examines </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-168</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=536,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=224076,FOLIO='F-168',FILE='DISK112:[12ZBH3.12ZBH43513]GL43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gl43513_1_169"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>an
institution's administrative and financial capability to administer Title IV program funds. In March 2016, in connection with its review of our financial statements following our conversion to a
Delaware public benefit corporation, the DOE sent us a letter requiring us to increase our existing letter of credit to the amount of $90,509 for Kendall College, St.&nbsp;Augustine, Walden
University and NewSchool of Architecture and Design, which is equal to approximately 10% of the Title IV program funds that these schools received during the most recently completed fiscal year. In
the letter, the DOE also has required us to continue to comply with additional notification and reporting requirements. We have provided the increased letter of credit and are complying with the
additional notification and reporting requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
received a letter dated October&nbsp;4, 2016 from the DOE (subsequently revised on November&nbsp;4, 2016) stating that, based on Laureate's failure to meet standards of financial
responsibility for the fiscal year ended December&nbsp;31, 2015, we are required to either:&nbsp;(1)&nbsp;increase our letter of credit to an amount equal to 50% of the Title IV, HEA funds
received by Laureate in the fiscal year ended December&nbsp;31, 2015 (calculated by the DOE to be $351,995) and qualify as a financially responsible institution; or (2)&nbsp;increase our letter of
credit to an amount equal to 15% (calculated by the DOE to be $105,599) of the Title IV, HEA funds received by Laureate in the fiscal year ended December&nbsp;31, 2015 and remain provisionally
certified for a period of up to three complete award years. In the letter, the DOE also has required us to continue to comply with additional notification and reporting requirements. We have chosen to
increase our letter of credit to $105,599 and to remain provisionally certified for a period of up to three complete award years and have obtained replacement letters of credit for such amount. See
Note&nbsp;8, Commitments and Contingencies, for further description of the outstanding DOE letters of credit as of September&nbsp;30, 2016 and December&nbsp;31, 2015. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to DOE requirements, the U.S. Institutions conduct periodic reviews and audits of their compliance with the Title IV program requirements. None of the U.S. Institutions have
been notified of any significant noncompliance that might result in loss of its certification to participate in the Title&nbsp;IV programs. Management believes that there are no matters of
regulatory noncompliance that could have a material effect on the accompanying Consolidated Financial Statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
in or new interpretations of applicable laws, DOE rules, or regulations could have a material adverse effect on the U.S. Institutions' eligibility to participate in the Title IV
programs. On October&nbsp;29, 2010, the DOE published a Final Rule amending its regulations in a number of areas related to an institution's eligibility to participate in the Title IV programs. Most
of these regulatory changes became effective July&nbsp;1, 2011, with others becoming effective as of July&nbsp;1, 2012. On October&nbsp;30, 2014, the DOE issued a final rule establishing
specific standards for purposes of the HEA requirement that, to be eligible for Title IV program funds, certain programs of study prepare students for "gainful employment in a recognized occupation,"
which became effective July&nbsp;1, 2015. The final regulations define this concept using two ratios, one based on annual debt-to-annual earnings ("DTE") and another based on annual
debt-to-discretionary income ("DTI") ratio. Under the final regulations, an educational program with a DTE ratio at or below 8% or a DTI ratio at or below 20% is considered "passing." An educational
program with a DTE ratio greater than 8% but less than or equal to 12% or a DTI ratio greater than 20% but less than or equal to 30% is considered to be "in the zone." An
educational program with a DTE ratio greater than 12% and a DTI ratio greater than 30% is considered "failing." An educational program will cease to be eligible for students to receive </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-169</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=537,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=267154,FOLIO='F-169',FILE='DISK112:[12ZBH3.12ZBH43513]GL43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gl43513_1_170"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Title
IV program funds if its DTE and DTI ratios are failing in two out of any three consecutive award years or if both of those rates are failing or in the zone for four consecutive award years. In
January 2017, the DOE issued to institutions final DTE rates. Among Walden University, Kendall College and NewSchool of Architecture and Design, we had one program fail and five in the zone.
St.&nbsp;Augustine had no programs that failed or were in the zone. We are currently examining and implementing options for each of these programs and their students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between
February and May 2014, the DOE convened a negotiated rulemaking committee to prepare proposed regulations to address program integrity and improvement issues for the Title IV
programs ("Program Integrity Rulemaking") including but not limited to updating eligibility standards for student and parent borrowers under the federal Direct PLUS loan program, cash management of
Title IV funds, state authorization for programs offered through distance education and state authorization for foreign locations of institutions. As this negotiated rulemaking committee did not reach
consensus on all of the issues before it, on August&nbsp;8, 2014, the DOE published a proposed rule for public comment regarding federal Direct PLUS loan program eligibility, following which a final
rule was issued on October&nbsp;23, 2014 and that took effect July&nbsp;1, 2015. On October&nbsp;30, 2015, the DOE published final program integrity regulations regarding cash management of
Title IV funds, the eligibility of repeated coursework for purposes of a student's enrollment status and receipt of Title IV funds, and the measurement of programs in credit hours versus clock hours
for Title IV purposes. A majority of the provisions of the regulations took effect on July&nbsp;1, 2016, and others will take effect on later dates in 2016 and 2017. The final regulations concerning
cash management require, among other things, that institutions subject to heightened cash monitoring procedures for disbursements of Title IV funds must, effective July&nbsp;1, 2016, pay to students
any applicable Title IV credit balances before requesting such funds from the DOE. On December&nbsp;19, 2016, the DOE published final regulations regarding state authorization for programs offered
through distance education and state authorization for foreign locations of institutions. Among other provisions, these final regulations require that an institution participating in the Title IV
federal student aid programs and offering postsecondary education through distance education be authorized by each state in which the institution enrolls students, if such authorization is required by
the state. The DOE would recognize authorization through participation in a state authorization reciprocity agreement, if the agreement does not prevent a state from enforcing its own laws. The final
regulations also require that foreign additional locations and branch campuses be authorized by the appropriate foreign government agency and if at least 50% of a program can be completed at the
location/branch, be approved by the institution's accrediting agency and be reported to the state where the main campus is located. The final regulations would also require institutions to: document
the state process for resolving complaints from students enrolled in programs offered through distance education or correspondence courses; and make certain public and individualized disclosures to
enrolled and prospective students about their distance education programs. These final regulations are effective July&nbsp;1, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
a separate negotiated rulemaking committee process that occurred between January and April 2014, the DOE proposed draft regulatory language to implement changes to the Jeanne
Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act ("Clery Act") required by March 2013 amendments to the Violence Against Women Act. At the final meeting of the negotiated
rulemaking committee on April&nbsp;1, 2014, the committee reached consensus on the Department's proposed regulations, which were subsequently published for a 30-day public comment period on </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-170</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=538,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1020501,FOLIO='F-170',FILE='DISK112:[12ZBH3.12ZBH43513]GL43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gl43513_1_171"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>June&nbsp;20,
2014. On October&nbsp;20, 2014, the DOE published the final rule amending its Clery Act regulations, which was effective July&nbsp;1, 2015. Between February and April 2015, the DOE
convened another negotiated rulemaking committee to prepare regulations to establish a new Pay as You Earn repayment plan for those not covered by the existing Pay as You Earn Repayment Plan in the
Federal Direct Loan Program, and also to establish procedures for Federal Family Education Loan Program loan holders to use to identify U.S. military servicemembers who may be eligible for a lower
interest rate on their federal student loans under the Servicemembers Civil Relief Act. The committee reached consensus during its final session on a set of proposed regulations. The DOE published
proposed regulations for comment on July&nbsp;9, 2015, and on October&nbsp;30, 2015, issued final regulations. The Pay as You Earn Repayment Plan provisions took effect in December 2015 and a
majority of the remaining provisions of the regulations took effect on July&nbsp;1, 2016. In September 2015, President Obama announced the DOE's launch of a revised "College Scorecard" website that
provides access to national data on college costs, graduation rates, debt and post-college earnings, including data regarding our U.S. Institutions. This data was updated in September 2016. In
addition, in November 2015, the DOE issued comparative data regarding DOE-recognized accreditation agencies and the institutions they accredit, which include median debt, repayment rates, completion
rates and median earnings. To the extent such data gives rise to negative perceptions of our U.S. Institutions or of proprietary educational institutions generally, our reputation and business could
be materially adversely affected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;16, 2016, the DOE published a proposed rule for public comment that, among other provisions, establishes new standards and processes for determining whether a Direct Loan
Program borrower has a defense to repayment (DTR) on a loan due to acts or omissions by the institution at which the loan was used by the borrower for educational expenses. The proposed rule, among
other topics, addresses (i)&nbsp;the standards for the purpose of determining whether a borrower can establish a DTR based on an act or omission of an institution, (ii)&nbsp;the time periods for
availability of DTR claims; (iii)&nbsp;the regulatory framework by which the DOE will receive, review and determine the veracity of DTR claims, and under which the DOE may recover from institutions
any losses incurred from successful DTR claims. The proposed rule also would revise the DOE's general standards of financial responsibility to include various actions and events that would require
institutions to provide the DOE with irrevocable letters of credit or equivalent cash deposits, in certain cases automatically and others at the discretion of the DOE. Such events and actions include
but are not limited to (i)&nbsp;DTR claims, or audits, investigations or claims by governmental authorities exceeding certain financial thresholds; (ii)&nbsp;certain types of lawsuits against an
institution; (iii)&nbsp;the institution being placed by its accrediting agency on probation or issued a show cause order, or placed on an accreditation status that poses an equivalent or greater
risk to its accreditation; (iv)&nbsp;the institution's violation of a loan agreement or other credit obligations; (v)&nbsp;the institution deriving more than 90% of its revenues for any single
fiscal year from Title IV program funds; (vi)&nbsp;a publicly traded institution being warned by the SEC that trading on
its stock may be suspended, or the stock is involuntarily delisted; (vii)&nbsp;a publicly traded institution disclosing or being required to disclose in a SEC report certain judicial or
administrative proceedings; (viii)&nbsp;a publicly traded institution disclosing or being required to disclose in a report filed with the SEC a judicial or administrative proceeding stemming from a
complaint filed by a person or entity that is not part of a State or Federal action (unless the institution satisfactory demonstrates to the DOE why the disclosed matter does not constitute a material
event); (ix)&nbsp;a publicly traded institution failing to file timely a required annual or quarterly report with the SEC; (x)&nbsp;the exchange on </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-171</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=539,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=21626,FOLIO='F-171',FILE='DISK112:[12ZBH3.12ZBH43513]GL43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gl43513_1_172"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>which
the stock of a publicly traded institution is traded notifies the institution that it is not in compliance with exchange requirements; (xi)&nbsp;the performance of an institution's educational
programs under the DOE's "gainful employment" regulation; (xii)&nbsp;for an institution whose composite score of financial responsibility is less than 1.5, any withdrawal of equity from the
institution by any means, including by declaring a dividend; (xiii)&nbsp;subject to limited exceptions, an institution having, as its two most recent official cohort default rates, a rate of
30&nbsp;percent or higher; (xiv)&nbsp;significant fluctuations in Direct Loan Program or Pell Grant amounts received by the institution; (xv)&nbsp;citations by a State licensing or authorizing
agency regarding the institution failing State or agency requirements; (xvi)&nbsp;the institution failing to meet a financial stress test to be developed or adopted by the DOE; (xvii)&nbsp;the
institution or its corporate parent has a non-investment grade bond or credit rating; (xviii)&nbsp;as calculated by the DOE, the institution having high annual dropout rates; and (xix)&nbsp;any
adverse event reported by the institution on a Form&nbsp;8-K filed with the SEC. An institution required to post a letter of credit also would be required to disclose that fact to all students and
prospective students. The proposed rule also would implement a new loan repayment rate methodology for only proprietary institutions, which if equal to or less than zero percent would require a
proprietary institution to disclose such rates along with a warning on its website, in all advertising and promotional materials and to prospective and enrolled students. Comments to the proposed rule
were due on or before August&nbsp;1, 2016. On November&nbsp;1, 2016, the DOE published the final regulations, which will take effect July&nbsp;1, 2017. If we are required to repay the DOE for
any successful DTR claims by students who attended our U.S. Institutions, or we are required to obtain additional letters of credit or increase our current letter of credit, it could materially affect
our business, financial conditions and results of operations. We are currently assessing the impact of these final regulations on our U.S. Institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;3, 2014, the DOE published proposed regulations on the teacher preparation program accountability system under the HEA, and additionally proposed amendments on teacher
preparation program eligibility for TEACH Grant participation. In October 2016, the DOE published its final regulations regarding teacher preparation programs and TEACH Grant eligibility. We are
currently assessing the eligibility of Walden University to continue to access TEACH Grant funds under the new regulations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are unable to predict what additional actions the DOE may take, or the effect of its rulemaking processes on our business. Additionally, the United States Congress has initiated a
series of hearings regarding its prospective reauthorization of the HEA and potential changes to the Title IV programs. Any new or changed regulations from the DOE, or changes to the HEA and Title IV
programs, could
reduce enrollments, impact tuition prices, increase the cost of doing business and otherwise have additional material adverse effects on the financial condition, cash flows and operations of some or
all of the U.S. Institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proprietary education industry is experiencing broad-based, intensifying scrutiny in the form of increased investigations and enforcement actions. In October 2014, the DOE announced
that it will be leading an interagency task force composed of the DOE, the U.S. Federal Trade Commission (the FTC), the U.S. Departments of Justice, Treasury and Veterans Affairs, the Consumer
Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), and numerous state attorneys general. The FTC has also recently issued civil investigative demands to several other
U.S. proprietary educational institutions, which require the institutions to provide documents and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-172</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=540,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=469480,FOLIO='F-172',FILE='DISK112:[12ZBH3.12ZBH43513]GL43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gl43513_1_173"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>information
related to the advertising, marketing, or sale of secondary or postsecondary educational products or services, or educational accreditation products or services. The CFPB has also
initiated a series of investigations against other U.S. proprietary educational institutions alleging that certain institutions' lending practices violate various consumer finance laws. In addition,
attorneys general in several states have become more active in enforcing consumer protection laws, especially related to recruiting practices and the financing of education at proprietary educational
institutions. In addition, several state attorneys general have recently partnered with the CFPB to review industry practices. If our past or current business practices are found to violate applicable
consumer protection laws, or if we are found to have made misrepresentations to our current or prospective students about our educational programs, we could be subject to monetary fines or penalties
and possible limitations on the manner in which we conduct our business. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


State Higher Education Authorization and Program Review for Walden University  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State authorization regulations generally require that post-secondary education institutions that offer online programs to students within their
state obtain approval, an exemption or other required status by the appropriate state higher education agency in order to offer those programs. In recent years, more than 30 states have voluntarily
entered into State Authorization Reciprocity Agreements (SARA) that establish standards for interstate offering of post-secondary distance education courses and programs. If an institution's home
state participates in SARA and authorizes the institution to provide distance education in accordance with SARA standards, then the institution need not obtain additional authorizations for distance
education from any other SARA member state. The SARA participation requirements and process are administered by the four regional higher education compacts in the United States, including the
Midwestern Higher Education Compact (the MHEC), which administers SARA for the region that includes Minnesota, where Walden
University is domiciled. Walden University submitted an application to participate in SARA to the Minnesota Office of Higher Education (MOHE), a member of MHEC. As of June 2015, Walden University was
approved to participate in SARA, effective through June&nbsp;2, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
April&nbsp;8, 2016, the MOHE notified Walden University that its renewal application to participate in SARA had been denied because Walden University does not have an institutional
federal financial composite score computed by the U.S. Department of Education in connection with Walden University's participation in federal Title IV financing programs of 1.5 or higher, although
the institutional financial composite score calculation made by Walden University in accordance with the U.S. Department of Education's published formula and based on Walden University's 2015 audited
financial statements is 3.0. In the absence of an institution-level financial composite score calculated by the U.S. Department of Education, MOHE has viewed Laureate's financial composite score
calculated based on its global operations, which does not exceed 1.5, as attributable to Walden University. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;6, 2016, Walden University appealed the MOHE decision to MHEC. Walden University and MOHE participated in an appeal hearing before MHEC on June&nbsp;3, 2016. On
June&nbsp;14, 2016, MHEC informed Walden University that it affirmed MOHE's decision. Walden University had until September&nbsp;30, 2016 to regain its state authorization, exemption or other
required status in the SARA states in which it participates in order to seek to enroll new students who reside in those states. As of the date of issuance of these financial statements, Walden
University has regained authorization, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-173</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=541,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=627289,FOLIO='F-173',FILE='DISK112:[12ZBH3.12ZBH43513]GL43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gl43513_1_174"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>exemption
or other required status in all of the 31 SARA states in which it has been a SARA participant. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;8, 2016, as part of a program review that MOHE is conducting of Walden University's doctoral programs, MOHE sent to Walden University an information request regarding
its doctoral programs and complaints filed by doctoral students. We have been informed by MOHE that in an effort to better understand the context, background and issues related to doctoral student
complaints in Minnesota, MOHE is initiating a full review of doctoral programs for institutions registered in Minnesota. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Brazilian Regulation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through our LatAm segment, we operate 13 post-secondary education institutions in Brazil. The responsibility of the federal government in
regulating, monitoring and evaluating higher education institutions and undergraduate programs is exercised by the Brazilian Ministry of Education (the MEC), along with a number of related federal
agencies and offices. The MEC is the highest authority of the higher education system in Brazil and has the power to: regulate and monitor the federal system of higher education in terms of its
quality and standards, confirm decisions regarding the accreditation and reaccreditation of institutions of higher education; confirm evaluation criteria; confirm regulatory proposals; and issue and
implement rules that govern the delivery of higher education services, including aspects like adherence by higher education institutions to the rules for federal education subsidy programs like
Pronatec, Prouni and the Fundo de Financiamento ao Estudante do Ensino Superior (the FIES program, or FIES), through one or more of which all of our institutions enroll students. Additionally,
Brazilian law requires that almost all change-of-control transactions by Laureate receive the prior approval of the Brazilian antitrust authority, the Conselho Administrativo de Defesa
Econ&ocirc;mica (CADE). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
noted above, Laureate's institutions in Brazil participate in the FIES program, which targets students from low socio-economic backgrounds enrolled at private post-secondary
institutions. Eligible students receive loans with below-market interest rates that are required to be repaid after an 18-month grace period upon graduation. FIES pays participating educational
institutions tax credits which can be used to pay certain federal taxes and social contributions. FIES also repurchases excess credits for cash. As part of the FIES program, our institutions are
obligated to pay up to 15% of any student default. The default obligation increases to up to 30% of any student default if the institution is not current with its federal taxes. FIES withholds between
1% and 3% of tuition paid to the institutions to cover any potential student defaults ("holdback"). If the student pays 100% of their loan, the withheld amounts will be paid to the participating
education institutions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
February 2014, all new students who participate in FIES must also enroll in the Fundo de Garantia de Opera&ccedil;&otilde;es de Cr&eacute;dito Educativo
(FGEDUC). FGEDUC is a government-mandated, private guarantee fund administered by the Bank of Brazil that allows participating educational institutions to insure themselves for 90% (or 13.5% of 15%)
of their losses related to student defaults under the FIES program. The cost of the program is 5.63% of a student's full tuition. Similar to FIES, the administrator withholds 5.63% of a student's full
tuition to fund the guarantee by FGEDUC. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-174</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=542,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=241804,FOLIO='F-174',FILE='DISK112:[12ZBH3.12ZBH43513]GL43513A.;11',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gm43513_1_175"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands)  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2015, approximately 21% of our total students in Brazil participated in FIES, representing approximately 26% of our 2015 Brazil revenues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2014, the MEC along with FNDE, the agency that directly administers FIES, announced several significant rule changes to the FIES program beginning in 2015. These changes
limit the number of new participants and the annual budget of the program, and delay payments to post-secondary institutions with more than twenty thousand FIES students that would otherwise have been
due in 2015. The first change implements a minimum score on the high school achievement exam in order to enroll in the program. The second change alters the schedule for the payment and repurchase of
credits as well as limits the opportunities for post-secondary institutions to sell any unused credits such that there is a significant delay between the time the post-secondary institution provides
the educational services to the students and the time it receives payment from the government for 2015. In addition to these rule changes, FNDE implemented a policy for current students' loan renewals
for 2015, which provides that returning students may not finance an amount that increases by more than 6.41%, which was later increased to 8.5%, from the amount financed in the previous semester,
regardless of any increases in tuition or in the number of courses in which the student is enrolled, a policy that we believe violates the applicable law. For 2016, MEC announced that there will be no
limitation to the tuition increase. Moreover, in the first and second intakes of 2015, the online enrollment and re-enrollment system that all post-secondary institutions and students must use to
access the program has experienced numerous technical and programming faults that have also interfered with the enrollment and re-enrollment process. Numerous challenges to these changes and requests
for judicial relief from the system's faults have been filed in the Brazilian courts, most of which are pending. The 2016 enrollment and re-enrollment schedule has been released and, so far, the
system has not presented any major issues. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
October 2015, FNDE initiated negotiations with the Brazilian Association of Post-Secondary Institutions (ABRAES) aiming at settling the FIES payments that were delayed in 2015. The
proposal from MEC, which was accepted by ABRAES, was to divide the total amount due in three annual installments to be paid one fourth in 2016, one fourth in 2017 and half in 2018. The parties also
agreed that the yearly installments will be paid in June of each year, and the amounts will be adjusted to reflect an inflation index (the IPCA) from the date of the respective maturity until the
effective
payment. FNDE also agreed not to take any discriminatory measures in the future related to the payment due to the post-secondary institutions, and not to impose any limitation on the issuance of
certificates and repurchase of credits due to the post-secondary institutions, which basically means that all certificates will be issued and repurchased in their respective fiscal years, except for
those intended to be issued and repurchased in December, which will be paid in January of the following year. The parties executed the settlement agreement on January&nbsp;28, 2016 and it was
approved by the office of the Attorney General of Brazil on February&nbsp;3, 2016. The Federal Court of Brasilia ratified the settlement agreement on March&nbsp;17, 2016. We received the first
FIES installment payment in June 2016. Our post-secondary institutions in Brazil are associated with ABRAES and signed the settlement agreement; therefore, it will apply to us. The long-term portion
of the FIES receivables are recorded in Notes receivable, net as of September&nbsp;30, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEC
released new FIES regulations in July 2015, which supplement and amend rules that were previously released. Among other changes, these regulations revised the rules for student
eligibility and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-175</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=543,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=612385,FOLIO='F-175',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gm43513_1_176"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>classification,
higher education institution participation and selection of the vacancies that will be offered to the students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;11, 2015, MEC issued new FIES regulations (Normative Ordinance No.&nbsp;13), which supersede in all significant aspects the rules released in July 2015. Normative
Ordinance No.&nbsp;13 defined and clarified some rules for student eligibility and classification, higher education institution participation and selection of the vacancies that will be offered to
the students in the first intake of 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among
other changes, it created a "waiting list" concept for students not selected in the first selection call. It also instituted a rule that allows the remaining vacancies that were
not filled in by the waiting list students to be redistributed among other programs of the post-secondary institution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rules for student eligibility are to have a gross household income of not more than 2.5 times the minimum wage per capita (which was raised by the MEC to 3.0 times on June&nbsp;17,
2016) and to have taken the National High School Proficiency Exam at least once since 2010, with a minimum score of 450 points, and have a score greater than zero in the test of writing. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regarding
the participation of post-secondary institutions in FIES, institutions must sign a participation agreement that contains their proposal of the number of vacancies offered and
the following information per shift (morning, evening) and campus location: (i)&nbsp;tuition gross amount for the entire
course, including all semesters; (ii)&nbsp;total tuition gross amount per course for the first semester, which must reflect at least a five percent discount to the course list price; and
(iii)&nbsp;the number of vacancies that will be offered through the FIES selection process. Also, only courses with scores of 3, 4 or 5 in the National Higher Education Evaluation System (SINAES)
evaluation are eligible to receive FIES students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;14, 2016, Provisional Presidential Decree No.&nbsp;741/2016 (Medida Provis&oacute;ria No.&nbsp;741/2016) revising the FIES payments rules was published in the
official gazette. According to the new decree, higher education institutions became liable for the administration fees and expenses charged by the government banks that manage FIES loans. The decree
became effective immediately and the government will withhold two percent of all FIES payments to cover such administration fees and expenses. Provisional presidential decrees are instruments with the
force of law that the President of Brazil can issue in cases of importance and urgency. They have immediate effect and are valid for 60&nbsp;days, extendable only once for the same period.
Effectiveness beyond that period required approval of the National Congress, which took place on November&nbsp;9, 2016, and it was enacted into law on December&nbsp;2, 2016 (Law
No.&nbsp;13.366/2016). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Brazilian government's changes to the FIES program resulted in a substantial increase in the total number of new FIES contracts in that country in 2014, an election year, and then a
reduction in the total number of new FIES contracts, from over 700,000 in 2014 to approximately 300,000 in 2015. As a result, Laureate's new enrollments of students in the FIES program also decreased
similarly in 2015; however, this did not have a material impact on our 2015 results of operations since total enrollments for all students increased in 2015. Any potential impact on total enrollment
would not occur until the FIES students from the expansion of the program have graduated, and would depend on the Brazilian government's commitment to the FIES program. In addition, as discussed
above, the Brazilian government reduced the frequency of payments to participating institutions during 2015. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-176</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=544,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=554664,FOLIO='F-176',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gm43513_1_177"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Proposed Chilean Legislation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;4, 2016, the Chilean President submitted to the Chilean Congress a bill (the Higher Education Bill) that, if approved, would
change the entire regulatory landscape of higher education in Chile, as it would amend and/or replace most of the currently applicable legislation, including repealing the current laws governing
universities, professional institutes and technical training centers. The changes contemplated in the Higher Education Bill that are most relevant to us are: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
creation of an Undersecretary of Higher Education, which would replace and be the legal successor to the current Higher Education Division of the MINEDUC and
whose functions would be: (i)&nbsp;to propose to the MINEDUC policies on higher education, including policies on access, inclusion, retention and graduation of higher education students, on the
promotion, development, support and continuous improvement of the quality of higher education institutions and their relationship with the needs of the country, and on the allocation of public funds;
(ii)&nbsp;to manage the procedures relating to the granting and revocation of the official recognition of higher education institutions; (iii)&nbsp;to take custody of the academic records of
higher education institutions that have lost their official recognition; (iv)&nbsp;to manage the Common Access System for Higher Education Institutions; (v)&nbsp;to manage the National Higher
Education Information System; (vi)&nbsp;to coordinate the various public institutions and services that have authority on higher education matters; (vii)&nbsp;to establish coordination mechanisms
for the members of the boards of directors of state-owned universities who are appointed by the President; (viii)&nbsp;to generate and coordinate with regional and local governments instances of
participation and dialogue with and among higher education institutions as well as the collaboration and transfer of best practices among them, and between such institutions and secondary schools;
(ix)&nbsp;to develop studies on the higher education system; (x)&nbsp;to maintain a registry of higher education institutions with access to public funding; and (xi)&nbsp;and to have any other
function that the law may assign to it.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
creation of a new Common Access System for Higher Education Institutions, to be managed by the Undersecretary of Higher Education, which would establish the
process and mechanisms for the application, admission and selection of undergraduate students, and which would be mandatory at all higher education institutions that receive public funding through the
MINEDUC.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
creation of a National Higher Education Information System, to be managed by the Undersecretary of Higher Education, which would include, among other things,
information about students, enrollment, faculty, resources, infrastructure and results of the academic process at higher education institutions; about the nature of the higher education institutions,
their members and individuals that are part of their administrative bodies; about the financial condition and solvency of higher education institutions, including their annual audited financial
statements; and information about related party transactions. Both the Superintendent of Higher Education and the Higher Education Quality Council would provide all information they receive from
higher education institutions to the Undersecretary of Higher Education to be included in the National Higher Education Information System. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-177</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=545,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=962111,FOLIO='F-177',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gm43513_1_178"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
creation of a new National System of Quality Assurance of Higher Education, to be established by the MINEDUC through the Undersecretary of Higher Education, the
National Education Council, the Higher Education Quality Council and the Superintendent of Higher Education, the functions of which, among others, would be to: (i)&nbsp;develop policies to promote
quality, suitability, articulation, inclusion and equality in the execution of the duties of higher education institutions; (ii)&nbsp;license new higher education institutions; (iii)&nbsp;provide
the institutional accreditation of autonomous higher education institutions; and (iv)&nbsp;enforce the compliance of higher education institutions with the rules applicable to higher education and
the legality of the use of their resources, supervise their administrative and financial feasibility, and their academic commitments to students.  </FONT>
<BR>

<P style="font-family:times;"><FONT SIZE=2>The
Higher Education Quality Council, whose purpose would be to evaluate, accredit and promote the quality of autonomous higher education institutions and of the careers and study programs they offer,
and which would be responsible for executing the institutional accreditation processes and undergraduate and graduate career and study programs accreditation processes, would be composed of 11
directors, nine of which would be appointed by the President of the Republic. The functions of the Higher Education Quality Council would include: (i)&nbsp;managing and resolving the accreditation
processes; (ii)&nbsp;proposing the quality criteria and standards for institutional accreditation and accreditation of undergraduate and graduate careers and study programs to the MINEDUC;
(iii)&nbsp;maintaining public information systems that contain relevant decisions regarding the different accreditation processes; (iv)&nbsp;executing and promoting actions for continuous
improvement of the quality of higher education institutions; (v)&nbsp;keeping a registry of peer reviewers who are part of the accreditation process; (vi)&nbsp;training peer reviewers; and
(vii)&nbsp;submitting data to the National Higher Education Information System.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Under
the National System of Quality Assurance of Higher Education, institutional accreditation would be mandatory for all autonomous higher education institutions and would consist of the evaluation
and verification of compliance with quality standards, as well as the analysis of internal mechanisms for quality assurance, considering both their existence and their application and results, and
their alignment with the mission and purpose of higher education institutions. All institutional accreditations would last for eight years. The accreditation process would include the evaluation, for
all campuses and for the undergraduate careers and programs selected by the board of the Higher Education Quality Council, of the management and institutional resources, internal quality assurance,
teaching and results of the education process, generation of knowledge, creation and innovation, and association with the environment, of the respective higher educational institutions. Accredited
institutions would be classified under one of three different categories. Category&nbsp;C institutions would need to obtain prior approval of the Higher Education Quality Council to open new
campuses or programs, while Category&nbsp;B institutions would need to obtain such approval only to open careers or programs in a field of knowledge not regularly offered by the institution or which
has not been offered in the last two years, and Category&nbsp;A institutions would not need to obtain any approval to open new campuses, careers or programs. </FONT></P>

</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-178</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=546,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=315770,FOLIO='F-178',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gm43513_1_179"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>The
bill also provides that certain careers and study programs, i.e.,&nbsp;medical and education programs, as well as doctorate-level programs be mandatorily accredited.  </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>Accreditation
decisions would not be appealable although reconsideration could be sought before the Higher Education Quality Council not later than 15&nbsp;days after the notification of decision. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
creation of a Superintendency of Higher Education, whose purpose is to enforce and monitor compliance with the legal and regulatory provisions that govern higher
education, as well as the legality of the use of resources by higher education institutions and to supervise their financial feasibility. Its functions and powers would be, among others, to:
(i)&nbsp;enforce compliance with the law by higher education institutions, their organizers, controllers, members, associates, partners, owners, founders, legal representatives and board members;
(ii)&nbsp;ensure that the requirements or conditions that resulted in official recognition of the higher education institutions are maintained; (iii)&nbsp;supervise the financial feasibility of
higher education institutions; (iv)&nbsp;ensure the legality of the use of resources of higher education institutions; (v)&nbsp;ensure that higher education institutions comply with the terms,
conditions, and modalities of the academic commitments undertaken with students; (vi)&nbsp;arrange and conduct audits of higher education institutions; (vii)&nbsp;visit the academic and
administrative establishments and offices of higher education institutions and of the institutions' organizers that are related to the management of the respective institution in order to carry out
the functions assigned to the Superintendency, accessing any documents, books or information required for the purposes of enforcement, and reviewing all the transactions, assets, books, accounts,
files and, in general, any documents or information it deems necessary for the supervision of the individuals or institutions inspected and of the third parties with which they interact;
(viii)&nbsp;require pertinent information needed for it to fulfill its duties to be provided to it by inspectors and inspecting institutions and related third parties, and by any relevant government
entities; (ix)&nbsp;summon organizers, controllers, members, associates, partners, owners, founders, legal representatives, board members or employees of the inspected institutions, or of those who
exercise those positions at related institutions, and any other person who has entered into an agreements of any kind with the above, to testify before it, and summon witnesses to provide any
information it deems necessary to fulfill its duties; (x)&nbsp;respond to inquiries submitted to it within the scope of its powers, receive and resolve claims, and mediate claims, when applicable;
(xi)&nbsp;investigate and resolve complaints that arise; (xii)&nbsp;bring charges, process them, adopt provisional measures, and resolve the proceedings underway regarding any infraction that
comes to its attention; (xiii)&nbsp;apply penalties in accordance with the law; (xiv)&nbsp;apply and provide administrative interpretations of the applicable law, and issue general instructions to
the sector subject to its enforcement; (xv)&nbsp;send information brought to its attention in the exercise of its duties and powers to the Higher Education Quality Council when such information
indicates violations within the scope of the matters it regulates; (xvi)&nbsp;remit information brought to its attention in the exercise of its duties to the Public Prosecutor when such information
indicates that a crime has been committed; (xvii)&nbsp;manage the information it compiles in the exercise of its duties, in a coordinated effort with the Undersecretary of Higher Education, for
adequate development of the National Higher Education Information System; (xviii)&nbsp;reach agreements with other public </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-179</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=547,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=240228,FOLIO='F-179',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gm43513_1_180"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>services
regarding electronic transfers of information to facilitate execution of their functions; (xix)&nbsp;generate indexes, statistics and studies with the information delivered by the
institutions it inspects, and produce publications within the scope of its powers; and (xx)&nbsp;provide technical advisory services to the MINEDUC and other entities within the scope of its powers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Sanctions
imposed by the Superintendency of Higher Education would be appealable to the courts.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Higher
education institutions would be required to provide to the Superintendency of Higher Education the following information: (i)&nbsp;their audited consolidated annual financial statements and
any information about any fact that may significantly affect its financial condition; (ii)&nbsp;a list of their partners or members, and of any individuals exercising executive functions;
(iii)&nbsp;information about related party transactions; (iv)&nbsp;information about tax-exempt donations; and (v)&nbsp;a list of entities in which the institution holds an interest of more than
10% and of not-for-profit entities in which it is entitled to appoint at least one board member.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>New
regulations applicable to not-for-profit educational institutions (including universities) that would: (i)&nbsp;provide that their controllers and members can
only be individuals, other not-for-profits or state-owned entities; (ii)&nbsp;create the obligation to use their resources and reinvest their surplus or profits in the pursuit of their objectives
and in enhancing the quality of the education they provide; (iii)&nbsp;create the obligation to have a board of directors, which cannot delegate its functions, and whose members cannot be removed
unless approved by the majority of the board and for serious reasons; and (iv)&nbsp;prohibit related party transactions with their founders, controllers, members of the board, rector and their
relatives or related entities, unless the counterparty to the transaction is another not-for-profit entity, and establish regulations for other related party transactions which include the need for
them to be under market conditions and approved by the board.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>A
new system to provide public funding to higher education institutions and free higher education to certain students. Under the new system, all licensed higher
education institutions would be eligible to receive public "institutional funding for gratuity" as long as they complied with the following requirements: (i)&nbsp;accreditation;
(ii)&nbsp;not-for-profit or state-owned; (iii)&nbsp;be part of the Common Access System for Higher Education Institutions; and (iv)&nbsp;apply policies approved by the Undersecretary of Higher
Education that permit fair student access and implement vulnerable student support programs that promote their retention, providing that at least 20% of the total admissions of the university are
granted to students from homes within the country's four lowest-income deciles. The institutions that would be part of the public funding system would be subject to regulation of fees charged which
would be set by the Undersecretary of Higher Education. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are currently evaluating the effect the proposed Higher Education Bill would have on the Chilean institutions in the </FONT><FONT SIZE=2><I>Laureate International
Universities</I></FONT><FONT SIZE=2> network if it is adopted in the form introduced in the Chilean Congress. We cannot predict whether or not the proposed Higher Education Bill will be adopted in
this form, or if any higher education legislation will be adopted that would affect the institutions in the </FONT><FONT SIZE=2><I>Laureate International Universities</I></FONT><FONT SIZE=2> network.
However, if any such legislation is adopted, it could have a material adverse effect on our results of operations and financial condition. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-180</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=548,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=734869,FOLIO='F-180',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gm43513_1_181"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Turkish Regulation and Internal Investigation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through our European segment, we operate Istanbul Bilgi University, a network institution located in Turkey that consolidates under the variable
interest entity model. Istanbul Bilgi University is established as a "Foundation High Education Institution" (a "Foundation University") under the Turkish higher education law, sponsored by an
educational foundation (the "Bilgi Foundation"). As such, it is subject to regulation, supervision and inspection by the Turkish Higher Education Council (the "Y&Ouml;K"). In 2014, the
Turkish parliament amended the higher education law to provide expanded authority to the Y&Ouml;K with respect to Foundation Universities, including authorizing additional remedies for
violations of the higher education law and of regulations adopted by the Y&Ouml;K. On November&nbsp;19, 2015, the Y&Ouml;K promulgated an "Ordinance Concerned with Amendment to
Foundation High Education Institutions" (the "Ordinance") the principal effects of which relate to the supervision and inspection of Foundation Universities by the Y&Ouml;K. Under the
Ordinance, the Y&Ouml;K has expanded authority to inspect accounts, transactions, activities and assets of Foundation Universities, as well as their academic units, programs, projects and
subjects. The Ordinance establishes a progressive series of five remedies that the Y&Ouml;K can take in the event it finds a violation of the Ordinance, ranging from (1)&nbsp;a warning and
request for correction to (2)&nbsp;the suspension of the Foundation University's ability to establish new academic units or programs to (3)&nbsp;limiting the number of students the Foundation
University can admit, including ceasing new admissions, to (4)&nbsp;provisional suspension of the Foundation
University's license to (5)&nbsp;cancellation of the Foundation University's license. Since the promulgation of the Ordinance, the Y&Ouml;K has cancelled the licenses of 15 Foundation
Universities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Ordinance specifies that Foundation Universities cannot be established by foundations in order to gain profit for themselves, and prohibits specified types of fund transfers from
Foundation Universities to their sponsoring foundation, with certain exceptions for payments made under contractual arrangements for various goods and services that are provided at or below current
market rates. Istanbul Bilgi University has entered into contractual arrangements with a subsidiary of Laureate that is a member of the board of trustees of the Bilgi Foundation, and has affiliates
that are also members of that board, to provide Istanbul Bilgi University with management, operational and student services and certain intellectual property at fair market rates. If the
Y&Ouml;K were to determine that any of these contracts or the payments made by Istanbul Bilgi University to this Laureate subsidiary, or any other activities of Istanbul Bilgi University,
including, as further described below, the donation of 40,000 Turkish Liras made by the university to a charitable foundation that was subsequently reimbursed to the university by certain
Laureate-owned entities, violate the Ordinance or other applicable law, the Y&Ouml;K could take actions against Istanbul Bilgi University up to and including cancellation of its license.
Further, if the Y&Ouml;K were to determine that any administrators of Istanbul Bilgi University have directly taken any actions or supported any activities that are intended to harm the
integrity of the state, the license of the university could be cancelled. In July 2016, a coup attempt increased political instability in Turkey, and the uncertainties arising from the failed coup in
Turkey could lead to changes in laws affecting Istanbul Bilgi University or result in modifications to the current interpretations and enforcement of the Ordinance or other laws and regulations by the
Y&Ouml;K. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fourth quarter of 2014, we recorded an operating expense of $18,000 (the value of 40,000 Turkish Liras at the date of donation) for a donation by our network institution in
Turkey to a charitable foundation. We believed the donation was encouraged by the Turkish government to further </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-181</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=549,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=839830,FOLIO='F-181',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gm43513_1_182"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;16. Legal and Regulatory Matters (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>a
public project supported by the government and expected that it would enhance the position and ongoing operations of our institution in Turkey. The Company has learned that the charitable foundation
which received the donation disbursed the funds at the direction of a former senior executive at our network institution in Turkey and other external individuals to a third party without our knowledge
or approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2016, the Audit Committee of the Board of Directors initiated an internal investigation into this matter with the assistance of external counsel. The investigation concerns the
facts surrounding the donation, violations of the Company's policies, and possible violations of the FCPA and other applicable laws in what appears to be a fraud perpetrated by the former senior
executive at our network institution in Turkey and other external individuals. This includes an investigation to determine if the diversion was part of a scheme to misappropriate the funds and whether
any portion of the funds was paid to government officials. As of the date of this prospectus, we have not identified that any
other officers or employees outside of Turkey were involved in the diversion of the intended donation. Although we are pursuing efforts to recover the diverted funds, there is no assurance that we
will be successful. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have been advised by Turkish counsel that, under Turkish law, a Foundation University may not make payments that cause a decrease in the university's wealth or do not otherwise
benefit the university. Given the uncertainty of recovery of the diverted donation and to mitigate any potential regulatory issues in Turkey relating to the donation, certain Laureate-owned entities
that are members of the foundation that controls our network institution in Turkey have contributed an amount of approximately $13,000 (the value of 40,000 Turkish Liras on November&nbsp;4, 2016,
the date of contribution) to our network institution in Turkey to reimburse it for the donation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the investigation, which is ongoing, we took steps to remove the former senior executive at our network institution in Turkey. Because of the complex organizational
structure in Turkey, this took approximately one month and during that period our access to certain aspects of the business including the financial and other records of the university was interrupted.
The former senior executive is now no longer affiliated with our network institution and we again have access to the financial and other records of the university. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
September 2016, we voluntarily disclosed the investigation to the U.S. Department of Justice (the "DOJ") and the SEC. The Company intends to fully cooperate with these agencies and
any other applicable authorities in any investigation that may be conducted in this matter. The Company has internal controls and compliance policies and procedures that are designed to prevent
misconduct of this nature and support compliance with laws and best practices throughout its global operations. The Company is taking steps to enhance these internal controls and compliance policies
and procedures. The investigation is ongoing, and we cannot predict the outcome at this time, or the impact, if any, to the Company's consolidated financial statements or predict how the resulting
consequences, if any, may impact our internal controls and compliance policies and procedures, business, ability or right to operate in Turkey, results of operations or financial position. If we are
found to have violated the FCPA or other laws governing the conduct of our operations, we may be subject to criminal and civil penalties and other remedial measures, which could materially adversely
affect our business, financial condition, results of operations and liquidity. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-182</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=550,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=620332,FOLIO='F-182',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gm43513_1_183"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;17. Fair Value Measurement  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value is defined as the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date.
Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels, which are described
below:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;1&#151;Quoted prices (unadjusted) for identical assets or liabilities in active markets; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;2&#151;Observable inputs other than quoted prices that are either directly or indirectly observable for the asset or
liability; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;3&#151;Unobservable inputs that are supported by little or no market activity. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
levels are not necessarily an indication of the risk of liquidity associated with the financial assets or liabilities disclosed. Assets and liabilities are classified in their
entirety based on the lowest level of input that is significant to the fair value measurement, as required under ASC 820-10, "Fair Value Measurement". Effective January&nbsp;1, 2016, we adopted ASU
2015-07. Under ASU 2015-07, assets for which fair value is measured at net asset value per share using the practical expedient, such as the Company's deferred compensation plan assets, should not be
categorized in the fair value hierarchy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments</B></FONT><FONT SIZE=2>&#151;Laureate uses derivative instruments as economic hedges for bank debt and interest rate risk. Their values are derived using
valuation models commonly used for derivatives. These valuation models require a variety of inputs, including contractual terms, market prices, forward-price yield curves, notional quantities,
measures of volatility and correlations of such inputs. Our valuation models also reflect measurements for credit risk. Laureate concluded that the fair values of our derivatives are based on
unobservable inputs, or Level&nbsp;3 assumptions. The significant unobservable input used in the fair value measurement of the Company's derivative instruments is our own credit risk. Holding other
inputs constant, a significant increase (decrease) in our own credit risk would result in a significantly lower (higher) fair value measurement for the Company's derivative instruments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
financial assets and liabilities that are measured at fair value on a recurring basis as of September&nbsp;30, 2016 were as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;1 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;2 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;3 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,226</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,226 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laureate's
financial assets and liabilities that are measured at fair value on a recurring basis as of December&nbsp;31, 2015 were as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;1 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;2 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Level&nbsp;3 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>238</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>238</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,014 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-183</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=551,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=867013,FOLIO='F-183',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gm43513_1_184"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;17. Fair Value Measurement (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
changes in our Level&nbsp;3 Derivative instruments measured at fair value on a recurring basis for the nine months ended September&nbsp;30, 2016 were as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="58pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total Assets<BR>
(Liabilities) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance December&nbsp;31, 2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(19,776</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Losses included in earnings:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized losses, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,548</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Realized losses, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(6,687</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Included in other comprehensive income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,509</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Settlements</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,687</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency translation adjustment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(411</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Balance September&nbsp;30, 2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(16,226</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unrealized loss, net relating to liabilities held at September&nbsp;30, 2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,548</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents quantitative information regarding the significant unobservable inputs utilized in the fair value measurements of the Company's liabilities classified as
Level&nbsp;3 for the nine months ended September&nbsp;30, 2016: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="91pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="129pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="92pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fair Value at<BR>
September&nbsp;30, 2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Valuation Technique </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Unobservable Input </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Range/Input<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Derivative instruments&#151;cross currency and interest rate swaps</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,226</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Discounted Cash Flow</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Own credit risk</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;18. Restructuring Costs  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fourth quarter of 2015, Laureate approved a plan of restructuring, which primarily included workforce reductions in order to reduce operating costs in response to overcapacity
at certain locations. The Company recorded the estimated cost of the restructuring of $15,476, which consisted of employee severance, in Direct costs in the 2015 Consolidated Statement of Operations.
Of the total restructuring liability recorded during 2015, $10,912 represented one-time employee termination benefits recognized in accordance with ASC 420, "Exit or Disposal Cost Obligations" and
$4,564 represented contractual employee termination costs recognized in accordance with ASC 712, "Compensation&#151;Nonretirement Postemployment Benefits." We paid $5,810 during the fourth
quarter of 2015, and had a remaining liability of $10,233 at December&nbsp;31, 2015, after currency adjustments of $567. The restructuring liability is included in Accrued expenses in our
September&nbsp;30, 2016 Consolidated Balance Sheet. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-184</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=552,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=710440,FOLIO='F-184',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gm43513_1_185"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;18. Restructuring Costs (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a rollforward of the restructuring liability from December&nbsp;31, 2015 through September&nbsp;30, 2016: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Balance at<BR>
December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Expense<BR>
Recognized </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Cash<BR>
Payments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Currency<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Balance at<BR>
September&nbsp;30,<BR>
2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee severance&#151;one time termination</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,259</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(427</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,800</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>152</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>184</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee severance&#151;contractual termination</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,974</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(85</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,875</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>101</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>115 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,233</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(512</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(9,675</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>253</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>299 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;19. Subsequent Events  </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have evaluated events occurring subsequent to our balance sheet date through January&nbsp;31, 2017, which is the date that these Consolidated Financial Statements were issued.
Certain subsequent events are discussed elsewhere in the Consolidated Financial Statements where relevant.

</FONT>

</P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Deferred Compensation Arrangement Payment Extension  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The participants in the deferred compensation arrangement discussed in Note&nbsp;10, Share-based Compensation, have agreed to extend the
payment that was due on September&nbsp;17, 2016 (the "2016 Executive DCP Obligation"), until December&nbsp;30, 2016. On December&nbsp;30, 2016, we satisfied the 2016 Executive DCP Obligation by
paying the participants a total amount of approximately $18,200. The payment consisted of approximately $7,700 in cash and $10,500 aggregate principal amount of Senior Notes. Following the
satisfaction of the 2016 Executive DCP Obligation, the Company's obligations under the DCPs were satisfied in full. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Special Retention Award to Executives  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;25, 2016, we granted 221 and 71 time-based restricted stock units and performance share units, respectively, to certain
executives as a retention initiative. The time-based restricted stock units vest in June 2018. The performance share units vest in June 2018 upon the achievement of pre-determined performance targets.
In addition, we granted 114 Time Options and 47 Performance Options with an exercise price of $23.36, the estimated fair market value of Laureate's
stock at the grant date. These options have a contractual term of 10&nbsp;years. The Time Options vest in June 2018. The Performance Options vest in June 2018 upon the achievement of the same
pre-determined performance targets mentioned above. The total grant date fair value of these awards was approximately $8,800. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Series&nbsp;A Preferred Stock Offering  </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;4, 2016, we signed a subscription agreement with six investors, including KKR and Snow Phipps, both of which are affiliates
of ours, pursuant to which we agreed to issue and sell to those investors an aggregate of 400 shares of a new series of our convertible redeemable preferred

 </FONT>

</P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-185</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=553,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=388912,FOLIO='F-185',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gm43513_1_186"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Laureate Education,&nbsp;Inc. and Subsidiaries </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Consolidated Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (Dollars and shares in thousands) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;19. Subsequent Events (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


stock (the "Series&nbsp;A Preferred Stock") in a private offering for total net proceeds of approximately $383,000. Closing of the first tranche of funding for this transaction occurred on
December&nbsp;20, 2016 and we received net proceeds, after issuance costs, of approximately $328,000. One investor funded a portion of its purchase price equal to $57,000 (approximately $55,000 net
of issuance costs) on January&nbsp;18, 2017 and the remainder on January&nbsp;23, 2017. The proceeds from the Series&nbsp;A Preferred Stock offering have and will be used to, among other things,
repay any portion of our outstanding debt, including our revolving credit facility, which will improve our liquidity. We believe that cash flow from operations and available cash on hand will be
sufficient to meet our operating requirements through January&nbsp;31, 2018.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of Series&nbsp;A Preferred Stock are redeemable at our option at any time and by the holders after the fifth anniversary of the issue date at a redemption price per share
equal to 1.15 multiplied by the sum of the issue amount per share plus any accrued and unpaid dividends. If we fail to redeem the shares of Series&nbsp;A Preferred Stock when required after the
fifth anniversary of the issue date, the holders of the Series&nbsp;A Preferred Stock are entitled to certain remedies, including the ability to take control of a majority of our Board of Directors
and cause a sale of the Company and/or cause us to raise debt or equity capital in an amount sufficient to redeem the remaining outstanding shares of Series&nbsp;A Preferred Stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Share Increase for 2013 Long-Term Incentive Plan (2013 Plan)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2016, the Board of Directors and Shareholders approved an amendment to increase the total number of shares of common stock issuable
under the 2013 Plan by 3,884. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Combination of Operations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;10, 2017, we announced that we plan to combine our Europe and AMEA operations, effective March&nbsp;31, 2017, in order to
reflect our belief that we will be able to operate the institutions in those segments more successfully and efficiently under common management. The Company is currently evaluating the impact of this
combination on its operating segments. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Turkey Regulatory Audit  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Y&Ouml;K conducts annual audits on the operations of Istanbul Bilgi University and currently is in the process of completing its
most recent audit. We cannot yet determine the impact of this audit on our business, financial condition or results of operations. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;">


<FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock Option Grant

  </B></FONT>

</P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Executive Profits Interests (EPI) agreement, on January&nbsp;31, 2017, the Company anticipates granting to its CEO
options (the EPI Options) to purchase up to 2,773 shares of its Class&nbsp;B common stock, depending on the initial public offering (IPO) price. The EPI Options will have an exercise price that is
not less than the IPO price and will vest upon consummation of the IPO. The Company will record share-based compensation expense when the EPI Options vest.

 </FONT>

</P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-186</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=554,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=635505,FOLIO='F-186',FILE='DISK112:[12ZBH3.12ZBH43513]GM43513A.;45',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gn43513_1_187"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="gn43513_fmu_group_combined_financial_s__fmu03401"> </A>
<A NAME="toc_gn43513_1"> </A></FONT> <FONT SIZE=2><B><BR>  FMU GROUP    <BR>    <BR>    Combined Financial Statements    <BR>    <BR>    for the period from January&nbsp;1, 2014 through September&nbsp;12, 2014    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-187</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=555,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=592996,FOLIO='F-187',FILE='DISK112:[12ZBH3.12ZBH43513]GN43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gp43513_1_188"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Report4"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="gp43513_independent_auditor_s_report"> </A>
<A NAME="toc_gp43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Independent auditor's report    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>To
the Management of<BR>
FMU Group </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have audited the accompanying combined financial statements of FMU Group, which comprise the combined balance sheet as of September&nbsp;12, 2014 and the related combined statements
of comprehensive income, invested equity and cash flows for the period from January&nbsp;1, 2014 through September&nbsp;12, 2014. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Management's responsibility for the combined financial statements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management is responsible for the preparation and fair presentation of the combined financial statements in accordance with accounting
principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of
combined financial statements that are free from material misstatement, whether due to fraud or error. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Auditor's responsibility  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our responsibility is to express an opinion on the combined financial statements based on our audit. We conducted our audit in
accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
combined financial statements are free from material misstatement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control
relevant to the Company's preparation and fair presentation of the combined financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the combined financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Opinion  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of
FMU Group as of September&nbsp;12, 2014 and the results of its operations and its cash flows for the period from January&nbsp;1, 2014 through
September&nbsp;12, 2014 in accordance with accounting principles generally accepted in the United States of America. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>/s/&nbsp;PricewaterhouseCoopers
Auditores Independentes </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>PricewaterhouseCoopers<BR>
Auditores Independentes </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>S&atilde;o
Paulo, Brazil<BR>
September&nbsp;23, 2015 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-188</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=556,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=157026,FOLIO='F-188',FILE='DISK112:[12ZBH3.12ZBH43513]GP43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gq43513_1_189"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Income4"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="gq43513_fmu_group_combined_statement_o__fmu05000"> </A>
<A NAME="toc_gq43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  FMU GROUP    <BR>    <BR>    COMBINED STATEMENT OF COMPREHENSIVE INCOME    <BR>    <BR>    For the period from January&nbsp;1, 2014 through September&nbsp;12, 2014    <BR>    <BR>    (amounts in Brazilian Reais)    <BR>
 </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="91pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Period from<BR>
January&nbsp;1, 2014<BR>
through<BR>
September&nbsp;12, 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>308,455,312</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Costs and expenses:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct costs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(196,994,038</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General&nbsp;&amp; administrative expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(138,401,922</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Operating loss </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(26,940,648</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>865,429</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(37,387,431</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Loss from continuing operations before income taxes </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(63,462,650</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax benefit</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,183,462 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net loss </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(36,279,188</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other comprehensive (loss) income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total other comprehensive (loss) income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Comprehensive loss </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(36,279,188</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-189</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=557,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=636279,FOLIO='F-189',FILE='DISK112:[12ZBH3.12ZBH43513]GQ43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gr43513_1_190"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Balance4"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="gr43513_fmu_group_combined_balance_she__fmu02903"> </A>
<A NAME="toc_gr43513_1"> </A></FONT> <FONT SIZE=2><B><BR>  FMU GROUP    <BR>    <BR>    COMBINED BALANCE SHEET    <BR>    <BR>    As of September&nbsp;12, 2014    <BR>    <BR>    (amounts in Brazilian Reais)    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current Assets:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12,235,833</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receivables:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts and notes receivable</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>85,736,019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(30,634,297</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:36pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receivables, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>55,101,722</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:27pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax receivable</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,955,034</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:27pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid expenses and other current assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,915,189</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:27pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,631,355 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>98,839,133</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:36pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture, computer equipment and software</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>148,346,451</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:36pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated depreciation and amortization</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(115,117,982</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:46pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33,228,469</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,725,854</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,892,718</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term assets held for sale</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,366,410 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>152,052,584 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities and Invested Equity</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current Liabilities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>43,416,718</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued compensation and benefits</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46,710,501</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Short-term debt</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48,192,517</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income taxes payable</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,388,712</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Taxes payable, other than income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42,010,584</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>321,015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rent due to owners</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34,316,106</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred revenue</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31,739,278 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>249,095,431</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term debt</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
1,224,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income taxes payable</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>79,653,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Taxes payable, other than income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>112,973,050</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other non-current liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>198,720,913 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Liabilities</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>641,666,394</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Invested equity:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Owner's net investment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(489,613,810</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated other comprehensive (loss) income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Invested equity</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(489,613,810</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Liabilities and Invested Equity</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>152,052,584 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-190</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=558,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=663899,FOLIO='F-190',FILE='DISK112:[12ZBH3.12ZBH43513]GR43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gs43513_1_191"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Equity4"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="gs43513_fmu_group_combined_statement_o__fmu04829"> </A>
<A NAME="toc_gs43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  FMU GROUP    <BR>    <BR>    COMBINED STATEMENT OF INVESTED EQUITY    <BR>    <BR>    For the period from January&nbsp;1, 2014 through September&nbsp;12, 2014    <BR>    <BR>    (amounts in Brazilian Reais)    <BR>
</B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="78pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="69pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="78pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Owner's net<BR>
investment </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Accumulated<BR>
other<BR>
comprehensive<BR>
income (loss) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total invested<BR>
Equity </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance as of December&nbsp;31, 2013 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(456,763,622</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>&#151;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(456,763,622</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital contribution</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,429,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> &#151;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,429,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss for the period</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(36,279,188</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> &#151;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(36,279,188</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance as of September&nbsp;12, 2014 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(489,613,810</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>&#151;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(489,613,810</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-191</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=559,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=635526,FOLIO='F-191',FILE='DISK112:[12ZBH3.12ZBH43513]GS43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gt43513_1_192"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Flows4"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="gt43513_fmu_group_combined_statement_o__fmu04585"> </A>
<A NAME="toc_gt43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  FMU GROUP    <BR>    <BR>    COMBINED STATEMENT OF CASH FLOWS    <BR>    <BR>    For the period from January&nbsp;1, 2014 through September&nbsp;12, 2014    <BR>    <BR>    (amounts in Brazilian Reais)    <BR>
</B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Period from<BR>
January&nbsp;1, 2014<BR>
through<BR>
September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash flows from operating activities</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss for the period</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(36,279,188</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments to reconcile net loss to net cash provided by operating activities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,871,234</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash interest expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19,004,438</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bad debt expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17,587,839</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(37,524,073</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash loss from non-income tax contingencies (other non current liabilities)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,432,696</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash loss from income taxes payables, non current</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,616,905</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Change in operating assets and liabilities:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in receivables</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(35,607,992</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in prepaid expenses and other assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,138,030</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in non-current other assets and long-term assets held for sale</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11,599</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in accounts payable and accrued compensation and benefits</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,433,553</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Decrease in other non current liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(562,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Decrease in income tax receivable/payable, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(566,322</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Decrease in taxes payable, other than income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(12,359,501</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:28pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in deferred revenue and other liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17,102,688 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by operating activities of continuing operations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,000,648 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash flows from investing activities</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchase of property and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(9,872,129</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Sale of property and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,000 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash used in investing activities of continuing operations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(9,870,129</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash flows from financing activities</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from debt</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>153,168,341</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments of debt</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(153,864,420</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital contribution from shareholders</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,429,000 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by financing activities of continuing operations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,732,921 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net change in cash and cash equivalents</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 1,863,440</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash and cash equivalents at beginning of period</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 10,372,393</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash and cash equivalents at end of period</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>12,235,833</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-192</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=560,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=679253,FOLIO='F-192',FILE='DISK112:[12ZBH3.12ZBH43513]GT43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gu43513_1_193"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Notes4"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="gu43513_notes_to_combined_financial_st__not02655"> </A>
<A NAME="toc_gu43513_1"> </A></FONT> <FONT SIZE=2><B><BR>  Notes to Combined Financial Statements    <BR>    <BR>    Amounts in Brazilian Reais    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="Note1."></A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;1. Description of Business  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The FMU Group is the combination of the following entities: Faculdades Metropolitanas Unidas Educacionais&nbsp;Ltda. ("FMU"), Sociedade de Cultura e Ensino&nbsp;Ltda. ("ACE"), and
Uni&atilde;o Educacional de S&atilde;o Paulo&nbsp;Ltda. ("UESP"), (collectively, "FMU Group"). The entities are under common control, operate in an integrated manner, and are managed
under the same operational and strategic approach. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU
Group was founded in 1968 as non-profit educational associations to provide higher education courses, graduate and post graduate programs to students in S&atilde;o Paulo,
Brazil. The entities have the following primary activities:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FMU&#151;the creation and maintenance of schools at all levels of learning, the training of professional experts, technical,
scientific and cultural improvements, and research and development. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> ACE&#151;contributes to the development of culture, scientific research and teaching, organizes, maintains and develops
education at all levels of learning including post graduate courses, enters into agreements with similar institutions, either national or foreign, in the interest of education, and research and
development. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> UESP&#151;develops teaching, research and development in the sciences, philosophy, literature, arts and technology through
educational institutions, creates and manages media vehicles, edits and distributes educational, scientific and cultural publications. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU,
ACE and UESP were not-for-profit entities until 2014 when they were transformed into for-profit entities based on the following events and in the following
dates:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> FMU&#151;contractual changes made on February&nbsp;22, 2014; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> ACE&#151;contractual changes made on April&nbsp;28, 2014; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> UESP&#151;contractual changes made on May&nbsp;27, 2014 </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
transformation of FMU Group from non-for profit to for-profit entities was agreed to under article&nbsp;221 of Brazilian Law No.&nbsp;6.404/76 and was approved unanimously in the
listed contract amendments above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According
to Brazilian Law No.&nbsp;9,532/97 and as amended by Law 9,718/98, the FMU Group was subject to special tax treatments and was required to pay only certain taxes during its
not-for-profit period.
After the transformation to for-profit entities, the FMU Group was subject to all applicable tax requirements. These combined financial statements are prepared based on standards applicable to
for-profit companies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;10, 2013 the Rede International de Universidades Laureate&nbsp;Ltda. and the Business School S&atilde;o Paulo (collectively "Laureate Group") entered into a
purchase agreement of all the shares of FMU, ACE and UESP. The completion of the purchase was conditional on: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)&nbsp;&nbsp;approval
of the transaction by the Administrative Council for Economic Defense of Brazil ("CADE"); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii)&nbsp;&nbsp;transformation
of the entities to for-profit companies; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii)&nbsp;&nbsp;the
operational reorganization and the transition of management to the Laureate Group. The acquisition became effective on September&nbsp;12, 2014. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-193</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=561,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=876025,FOLIO='F-193',FILE='DISK112:[12ZBH3.12ZBH43513]GU43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gu43513_1_194"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;1. Description of Business (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
combined financial statements have been prepared for the purpose of complying with Rule&nbsp;3-05 of Regulation&nbsp;S-X of the Securities and Exchange Commission. The combined
financial statements may not be indicative of FMU Group's future performance and do not necessarily reflect what its combined balance sheet, results of operations or cash flows would have been had FMU
Group operated as independent entities during the periods presented. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
combined financial statements are prepared under the presumption that the FMU Group will continue as a going concern. As of September&nbsp;12, 2014, the FMU Group presents a
negative working capital balance of $150,256,298 which is primarily due to the impact of financial obligations (refer to Note&nbsp;8&#151;Debt and Note&nbsp;9&#151;Taxes payable,
other than income). The funds generated by normal operations are expected to be sufficient to meet its financial commitments and FMU Group also has the ability to access lines of credits available, if
necessary. In addition, as explained in note&nbsp;15, FMU&nbsp;Group became a subsidiary of Laureate Educations,&nbsp;Inc. on September&nbsp;12, 2014 which intends to support FMU Group to
continue as going concern. <A NAME="Note2."></A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in conformity with accounting principles generally accepted in the United States (US&nbsp;GAAP) requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the combined financial statements, and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the allowance for doubtful
accounts, useful lives of fixed assets, provisions for civil and labor risks, and tax contingencies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.1&nbsp;&nbsp;&nbsp;Basis of Preparation  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(a) Combined Financial Statements  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group's combined financial statements comprise the combined financial statements of FMU, ACE, and UESP. These financial statements
are presented on a combined basis as the three entities are under common control, and management decisions are taken together as a whole. The net assets of the owners have been presented as Owner's
net investment. The combined financial statements have been prepared in order to present the financial information for FMU, ACE, and UESP as a single entity. FMU Group has no involvement with any
variable interest entities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
total net investment of the combined entities as on September&nbsp;12, 2014 are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="78pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Assets </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Liabilities </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Net<BR>
investment </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Results of<BR>
Period </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FMU</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>127,635,201</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>623,097,959</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(495,461,937</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(39,730,645</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ACE</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>36,217,770</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,451,439</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,766,331</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,546,147</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>UESP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,477,613</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,394,996</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,918,204</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,094,690</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>165,330,584</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>654,944,394</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(489,613,810</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(36,279,188</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Eliminations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(13,278,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(13,278,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Adjusted balance </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>152,052,584</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>641,666,394</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(489,613,810</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(36,279,188</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-194</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=562,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=885741,FOLIO='F-194',FILE='DISK112:[12ZBH3.12ZBH43513]GU43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gu43513_1_195"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(b) Eliminations in the Combined Financial Statements  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balances and intra-group transactions, and any unrealized income and expenses arising from intragroup transactions, are eliminated in
preparing the combined financial statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>2.2&nbsp;&nbsp;&nbsp;Basis of Presentation  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(a) Functional Currency  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The functional currency is the currency of the economic environment in which a company primarily does business. The Brazilian Real is
the functional currency of the combined financial statements are presented in its functional currency. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU
Group does not have any transactions in currencies different from its functional currency. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="84pt" style="font-family:times;"></TD>
<TD WIDTH="7%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="82pt" style="font-family:times;"></TD>
<TD WIDTH="7%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="97pt" style="font-family:times;"></TD>
<TD WIDTH="7%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="26pt" style="font-family:times;"></TD>
<TD WIDTH="7%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="26pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=13 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Unaudited </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fiscal Year Ended<BR>
or Ending Dec 31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>At End of Period<BR>
(R$ per US$1.00) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Average<BR>
(of month-end rates) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.57</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.57</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.59</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.41</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2010</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.59</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.53</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.54</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.54</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.65</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.53</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2012</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.49</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.48</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.59</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.47</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.43</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.51</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.41</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(b) Cash and Cash Equivalents  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group considers all highly liquid investments that are purchased with an original maturity of three months or less to be cash
equivalents. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(c) Financial Instruments  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group's financial instruments consist of cash and cash equivalents, accounts and notes receivable, accounts payables, debt, and
capital lease obligations. The fair value of these financial instruments approximates their carrying amounts reported in the Combined Balance Sheet. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU
Group's cash accounts are maintained with high-quality financial institutions with a significant concentration in two institutions: Banco Santander (Brasil)&nbsp;S.A. and Banco
Safra&nbsp;S.A. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(d) Accounts and Notes Receivable  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group recognizes receivables when an academic session begins, although students generally enroll in courses prior to the start of
the academic session. Receivables are recognized only to the extent that amounts are due and collection is reasonably assured. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(e) Allowance for Doubtful Accounts  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group records an allowance for doubtful accounts to reduce its receivables to their net realizable value. FMU Group's allowance
methodology is based on the age of the receivables. Receivables deemed to be uncollectible are written off against the allowance for doubtful accounts. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-195</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=563,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=239026,FOLIO='F-195',FILE='DISK112:[12ZBH3.12ZBH43513]GU43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gu43513_1_196"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(f) Judicial Deposits  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group is subject to legal actions or lawsuits arising in the ordinary course of business related to civil, labor and tax resulting
from potential acts and operations that could be subject to assessment from Authorities. Because of these legal actions, by court order or decision of the Administration itself, cash is deposited into
a bank account and we have no access until resolution of the legal proceeding. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Judicial
deposits meet the definition of financial asset and are recorded in non-current Other assets. They are measured at amortized cost. Interests are recorded in the Combined
Statement of Operations as interest income. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(g) Property and Equipment, and Leased Assets  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment includes leasehold improvements, furniture, vehicles, computer equipment and software. FMU Group records
property and equipment at cost less accumulated depreciation and amortization. Repairs and maintenance costs are expensed as incurred. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU
Group conducts a significant portion of its operations at leased facilities. FMU Group analyzes each lease agreement entered to determine whether it should be classified as a capital
or an operating lease. FMU Group recognize operating lease rent expense on a straight-line basis over the expected term, of each lease and is recorded in general and administrative expenses. For
capital leases, FMU Group initially records the assets at the lower of fair value or the present value of the future minimum lease payments, excluding executory costs. If the lease agreement includes
a legal obligation that requires the leased premises to be returned in a predetermined condition, FMU Group recognizes an asset retirement obligation and a corresponding depreciating asset when such
an asset exists. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
is recorded on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements, including structural improvements, are amortized using the
straight-line method over the lesser of the estimated useful life of the asset or the lease term. Total depreciation and amortization for the period ended September&nbsp;12, 2014 was $3,871,234,
which was entirely recorded in general and administrative expenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
and amortization periods are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Installations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10&nbsp;years</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Telecommunications equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10&nbsp;years</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Machinery, appliances and equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10&nbsp;years</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Library books</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10&nbsp;years</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture and computer equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10&nbsp;years</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Software</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7&nbsp;years</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vehicles</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5&nbsp;years</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(h) Assets held for sale  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term assets that are expected to be recovered primarily through sale rather than through continuing use, are classified as held
for sale. Those assets are measured at the lower of their carrying amount and fair value less cost to sell. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-196</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=564,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=910770,FOLIO='F-196',FILE='DISK112:[12ZBH3.12ZBH43513]GU43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gu43513_1_197"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(i) Direct Costs  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct costs reported on the Combined Statement of Operations represent the cost of operations, including labor cost, rent expenses and
outsourcing services. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(j) Long-lived Assets  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
or group of assets may not be fully recoverable. These events or changes in circumstances may include, but are not limited to, a significant deterioration of operating results, a change in regulatory
environment, changes in business plans, or adverse changes in anticipated future cash flows. If an impairment indicator is present, FMU Group evaluates recoverability by a comparison of the carrying
amount of the assets to future undiscounted net cash flows expected to result from the use and eventual disposition of the assets. If the assets are determined to be impaired, the impairment
recognized is the excess of the carrying amount over the fair value of the assets. Fair value is generally determined by the discount cash flows method. The discount rate used in any estimate of
discounted cash flows is the rate commensurate with a similar investment of similar risk. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(k) Revenue Recognition  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue is recognized when the amount can be reliably measured and the economic benefits will flow to FMU Group. FMU Group's revenues
primarily consist of tuition and educational service revenues. Revenues are reported net of discounts, waivers, grants or scholarships awarded, returns, and related taxes. Revenues will not be
recognized if there are significant uncertainties regarding realization. Tuition revenues are recognized ratably on a straight-line basis over each academic session. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
revenue and student deposits on the Combined Balance Sheet consist of tuition paid prior to the start of academic sessions and unearned tuition amounts recorded as accounts
receivable after an academic session begins. If a student withdraws from an institution, FMU Group's obligation to issue a refund depends on the refund policy at that institution and the timing of the
student's withdrawal.
Generally, our refund obligations are reduced over the course of the academic term. FMU&nbsp;Group records refunds as a reduction of deferred revenue and student deposits, as applicable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows the components of revenue for the period presented: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="91pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>From January&nbsp;1 to<BR>
September&nbsp;12, 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tuition and educational services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>365,561,704</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>659,345 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gross revenue</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>366,221,049</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Scholarships</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(41,334,934</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Discounts</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11,159,689</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Taxes on services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(5,271,114</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>308,455,312 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-197</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=565,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=118349,FOLIO='F-197',FILE='DISK112:[12ZBH3.12ZBH43513]GU43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gu43513_1_198"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(l) Fair Value Measurements  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the
extent possible. FMU Group determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering
market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following
levels:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting
entity at the measurement date. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;2 Inputs: Other than quoted prices included in Level&nbsp;1 inputs that are observable for the asset or liability,
either directly or indirectly, for substantially the full term of the asset or liability. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs
are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
levels are not necessarily an indication of the risk of liquidity associated with the financial assets or liabilities disclosed. Assets and liabilities are classified in their
entirety based on the lowest level of input that is significant to the fair value measurement, as required under ASC 820-10. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
carrying amounts of cash and cash equivalents, accounts and notes receivable, accounts payable, debt, and capital leases are a reasonable estimate of their fair values as per the
Level&nbsp;1 and 2 hierarchy due to either their short term nature or the variable interest rate applies to the debt. There are no other fair value levels in the FMU Group's combined financial
statements. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(m) Advertising  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group expenses advertising costs as incurred. Advertising expenses were $2,922,022 for the period ended September&nbsp;12, 2014
and are recorded in general and administrative expenses in the Statements of Operations. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(n) Employee Benefits  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group offers short-term employee benefits that are recognized as an expense as the related service is provided. FMU Group does not
have pension plans or other post-retirement obligations and recognizes the cost of termination as an expense. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(o) Income Taxes  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As noted above, FMU Group was a not-for-profit entity until 2014, and consequently was subject to special tax treatments and was
required to pay only certain taxes during its not-for-profit period. After the transformation to for-profit, FMU Group was subject to all applicable tax requirements as described below. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-198</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=566,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=249112,FOLIO='F-198',FILE='DISK112:[12ZBH3.12ZBH43513]GU43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gv43513_1_199"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group records the amount of taxes payable or refundable for the current year. Income tax is prepared on a separate return basis. Deferred income tax assets and liabilities are
recorded with respect to temporary differences in the accounting treatment of items for GAAP financial reporting purposes and for income tax purposes. Deferred tax assets and liabilities are measured
using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in earnings in the period in which the new rate is enacted. Where, based on the weight of all available
evidence, it is more likely than not that some portion of recorded deferred tax assets will not be realized, a valuation allowance is established for the amount that, in management's judgment, is
sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
tax position must meet a minimum probability threshold before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than
not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position and having
full knowledge of all relevant information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
additional information regarding income taxes and tax assets and liabilities, see Note&nbsp;12&#151;Income Taxes. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


(p) Contingencies  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded
when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
<A NAME="Note3."></A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;3. Significant Risks and Uncertainties Including Business and Credit Concentrations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group activities expose it to market, credit, and liquidity risks. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<U>Market Risk</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market
risk is the risk that changes in market prices, such as interest rates, will affect FMU Group Combined Statements of Comprehensive Income. FMU Group
incurs expenses due to fluctuations in interest rates that increase financial expenses related to loans and financing obtained in the market. FMU Group continues to monitor interest rates in order to
assess the need to protect against the risk of volatility of these rates. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<U>Credit Risk</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
risk is the possibility that a loss may occur from the failure of another party to perform according to the terms of a contract. FMU Group is legally
prevented from performing a credit analysis of their students. The financial statements at September&nbsp;12, 2014 include a provision to cover possible losses on the realization of accounts
receivable from students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU
Group limits its exposure to credit risk associated with banks and financial investments by investing in financial institutions highly recognized solvency. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-199</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=567,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=877177,FOLIO='F-199',FILE='DISK112:[12ZBH3.12ZBH43513]GV43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gv43513_1_200"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;3. Significant Risks and Uncertainties Including Business and Credit Concentrations (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


<U>Liquidity Risk</U> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity
risk is the risk that FMU Group does not have sufficient liquidity to meet its financial commitments due to the mismatch of terms or volume between
receipts and payments of net proceeds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;12, 2014, FMU Group had cash and cash equivalents of $12,235,833 which, in conjunction with the funds generated by normal operations of FMU Group, are expected to be
sufficient to meet its financial commitments. <A NAME="Note4."></A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Accounts and Notes Receivable  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period ended September&nbsp;12, 2014 there were no sales of accounts receivable or notes receivable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU
Group's accounts receivables consist of receivables related to student tuition program and receivables related to the "Financing for Higher Education Studies" ("FIES"). The FIES is a
program of the Ministry of Education in Brazil whose purpose is to finance the postsecondary education of students enrolled in private institutions. In accordance with current legislation, FMU Group
receives from the Brazilian Fund for Education Development ("FNDE") the amounts financed by the FIES to the students. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
FIES Program targets students from low socio-economic backgrounds enrolled at private post-secondary institutions. Eligible students receive loans with below market interest rates
that are required to be repaid after an 18-month grace period upon graduation. FIES pays the Company tax credits which can be used to pay certain federal taxes and social contributions. FIES
repurchases excess credits for cash. As part of the FIES Program, the Company is obligated to pay 15% of any student default. The default obligation increases to 30% of any student default if the
Company is not current with its federal taxes. FIES withholds between 1% and 3% of tuition paid to the Company to cover any potential student defaults ("holdback"). If the student pays 100% of their
loan, the withheld amounts will be paid to the Company. The Company recognizes revenues net of the amounts withheld by FIES. FIES is 12% of revenues for the period ended September&nbsp;12, 2014. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning
in February 2014, all new students that participate in FIES must also enroll in Fundo de Garantia de Opera&ccedil;&otilde;es de Cr&eacute;dito Educativo
("FGEDUC"). FGEDUC is a government fund that allows the Company to insure themselves for 90% (or 13.5% of 15%) of their losses related to student
defaults under the FIES program. The cost of the program is 5.63% of a student's full tuition. Similar to FIES, the administrator withholds 5.63% of a student's full tuition as a guarantee by FGEDUC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2014, the Brazilian Ministry of Education ("MEC") along with FNDE, the agency that directly administers FIES in Brazil, announced several significant rule changes to the FIES
program beginning in 2015. These changes limit the number of new participants and the amount spent on the program, and delay payments due to the post-secondary institutions. The first change
implements a minimum score on the high school achievement exam in order to enroll in the program. The second change alters the schedule for the payment and repurchase of credits as well as limits the
opportunities for post-secondary institutions to sell any unused credits such that there is a significant delay between the time the post-secondary institution provides the educational services to the
students and the time it receives payment from the government for 2015. In addition to these new permanent rule changes, FNDE has implemented a policy for students' loan renewals for 2015, that
provides that students may not finance an amount that is greater than 6.41% of the amount financed in the previous semester, regardless of any increases in tuition or in the number of courses in which
the student is </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-200</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=568,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=638964,FOLIO='F-200',FILE='DISK112:[12ZBH3.12ZBH43513]GV43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gv43513_1_201"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Accounts and Notes Receivable (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>enrolled.
Moreover, the online enrollment and re-enrollment system that all post-secondary institutions and students must use to access the program has experienced numerous technical and programming
faults that have also interfered with the enrollment and re-enrollment process. Numerous challenges to these changes and requests for judicial relief from the system faults have been filed in the
Brazilian courts. Although there are reasonable grounds for them to be overturned in whole or in part, the program changes and systemic faults are expected to have an impact in 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delinquency
is the primary indicator of credit quality for FMU Group's receivables. For receivables related to tuition programs, FMU Group records an allowance for doubtful accounts
based on the aging of the receivable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
activity in the allowance for doubtful accounts for the period ended September&nbsp;12, 2014 is as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Beginning balance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(29,060,198</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reversals</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,007,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Write Offs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,013,740</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provisions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(19,594,839</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ending balance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(30,634,297</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
combined financial statements for the period ended September&nbsp;12, 2014 include a provision to cover expected losses on accounts receivable from students. No individual customer
accounted for more than 5% of FMU Group's revenues or accounts receivable for the period ended September&nbsp;12, 2014. <A NAME="Note5."></A> </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Property and Equipment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;12, 2014, the composition of property and equipment is shown below: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="78pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12, 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Cost </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Accumulated<BR>
Depreciation </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Net Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leasehold improvements</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>657,600</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>657,600</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Computer equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,185,165</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11,585,940</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,599,225</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vehicles</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>656,800</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(496,215</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>160,585</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,382,693</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(14,037,044</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,345,649</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Telecommunications equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,021,174</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(793,864</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>227,310</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Machinery, appliances and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,199,597</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11,390,622</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,808,975</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Installations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65,698,894</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(53,063,125</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12,635,769</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Library books</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,885,550</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(5,968,534</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,917,016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Software, brands and patents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,658,978</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(17,782,638</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,876,340 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>148,346,451</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(115,117,982</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>33,228,469</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-201</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=569,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=613852,FOLIO='F-201',FILE='DISK112:[12ZBH3.12ZBH43513]GV43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gv43513_1_202"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Property and Equipment (Continued) </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
movement in property and equipment during the period ended September&nbsp;12, 2014 is shown below: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:16pt;"><FONT SIZE=1><B>Cost

<!-- COMMAND=ADD_SCROPPEDRULE,16pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Additions </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Disposals </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leasehold improvements</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>657,600</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>657,600</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Computer equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12,572,165</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,613,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,185,165</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vehicles</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>656,800</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>656,800</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,774,693</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,608,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,382,693</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Telecommunications equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,021,174</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,021,174</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Machinery, appliances and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,199,597</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,199,597</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Installations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>62,428,894</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,272,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65,698,894</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Library books</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,327,550</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>558,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,885,550</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Software, brands and patents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19,837,848</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>821,130</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,658,978 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>138,476,321</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>9,872,130</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(2,000</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>148,346,451</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="78pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="78pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:93pt;"><FONT SIZE=1><B>Accumulated Depreciation

<!-- COMMAND=ADD_SCROPPEDRULE,93pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Additions </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Disposals </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Computer equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11,413,617</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(172,323</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11,585,940</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vehicles</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(427,761</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(68,454</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(496,215</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(13,444,667</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(592,377</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(14,037,044</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Telecommunications equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(759,864</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(34,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(793,864</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Machinery, appliances and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(10,566,364</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(824,258</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(11,390,622</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Installations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(51,723,958</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,339,167</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(53,063,125</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Library books</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(5,751,924</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(216,610</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(5,968,534</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Software, brands and patents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(17,158,592</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(624,046</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(17,782,638</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(111,246,747</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(3,871,235</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>&#151;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(115,117,982</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;12, 2014, there was no need to record any provision for impairment of fixed assets. <A NAME="Note6."></A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;6. Assets Held for Sale  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November 2013 with the approval of owners, FMU Group pledged to sell some buildings located in Sao Paulo. Management expects these buildings will be sold by the end of the 2015 fiscal
year. The delay in sale was due to the required legal documentation not having been submitted to the public register. Assets classified as held for sale amount to $5,366,410.
<A NAME="Note7."></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-202</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=570,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=703833,FOLIO='F-202',FILE='DISK112:[12ZBH3.12ZBH43513]GV43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gv43513_1_203"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Accrued Compensation and Benefits  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and payroll benefits consisted of the following: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Salaries payable</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,088,960</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued vacation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,999,347</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Withholding taxes</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,965,158</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bonus</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,427,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>230,036 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>46,710,501</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>
<A NAME="Note8."></A> </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Debt  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt consisted of the following: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12, 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:52pt;"><FONT SIZE=1><B>Local currency

<!-- COMMAND=ADD_SCROPPEDRULE,52pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Interest<BR>
Rate </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Outstanding<BR>
Balance </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revolving line of credit(a)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22.53%p.a.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,357,007</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Working capital line of credit(b)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.30%p.a.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,573,203</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit Agreement(c)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.5% to 5%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,184,448</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bank credit note</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.72%p.a.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>227,969</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital lease obligations(d)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.18%p.a.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>612,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Others</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>237,890 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Current liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48,192,517</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-current liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital lease obligations(d)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17.18%p.a.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,224,000 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>49,416,517</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>FMU
Group entered into four revolving lines of credit agreements with Banco Safra&nbsp;S.A. for working capital purposes. Two lines of credit allow FMU
Group to borrow up to $8,000,000 respectively, the remaining two lines of credit do not have a maximum principal amount. Principal amounts under the revolving lines of credit of $8,000,000 will be due
and payable between November 2015 and January 2016, and the two lines of credit with no maximum principal amount in September and October, 2014. The lines of credit carry interest rates of 22.53%p.a..
FMU Group does not pay an annual commitment fee on the unused portion of the facility. The lines of credit are secured by the assets of FMU Group.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>FMU
Group also has short-term working capital lines of credit with Banco Santander (Brasil)&nbsp;S.A. which have been guaranteed by the directors and all
mature within one year. Interest rates on the lines of credit are 14.30% p.a.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Refers
to a short-term credit agreement with Banco Safra&nbsp;S.A. The terms of the agreement indicate FMU Group is advanced cash based on the level of
its monthly receivables, subjected to interest rates varying from 3.5% to 5%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Capital
leases, primarily relating to real estate obligations, are included in debt and have been recorded using an interest rate of 17.18% p.a.. FMU Group
has assets under capital leases of $183,445 at September&nbsp;12, 2014, net of accumulated depreciation. The depreciation expense for capital leases is recorded in general and administrative
expenses.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt
is accounted for at amortized cost which approximates its fair value. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-203</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=571,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=801195,FOLIO='F-203',FILE='DISK112:[12ZBH3.12ZBH43513]GV43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gw43513_1_204"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais  </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Debt (Continued)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The movement in the balance of debt is shown below: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="78pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Beginning balance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,726,331</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Funding</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>153,168,341</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued interest</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,386,265</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(153,864,420</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>49,416,517</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>
<A NAME="Note9."></A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Taxes Payable, other than income  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes Payable, other than income includes amounts due from FMU Group to the Brazilian government which includes social security taxes, property taxes and withholding taxes and consist of
the following: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax installments&#151;Federal tax(a)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>95,857,973</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax installments&#151;Municipality tax (IPTU)(b)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,333,546</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax installments&#151;Social contribution (INSS)(c)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,169,561</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Withholding taxes</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,537,072</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Municipality tax (IPTU)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,429,104</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,656,378 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>154,983,634</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current portion</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
42,010,584</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Long-term portion</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>112,973,050 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>154,983,634</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Installment
payments related to taxes withheld from third parties. These obligations were entered into the REFIS- IV, established by Law 11,941 / 11.
Installment payments can be made in up to 160&nbsp;monthly installments. As of September&nbsp;12, 2014, there were 121 installments to be paid. The balance of installments payable is adjusted
monthly by the Brazilian Central Bank's overnight interest rate.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
installment of property tax not collected is made up to 120&nbsp;monthly installments, and as of September&nbsp;12, 2014, there are 84 installments
to be paid. The balance of installments payable is adjusted monthly by the Brazilian Central Bank's overnight interest rate.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Refers
to installments of social security debts from the National lnstitute of Social Security, for the nonpayment of INSS incidents values on payroll. The
installment payment is made in up to 60&nbsp;monthly installments, remaining at September&nbsp;12, 2014, 40 installments to be paid. The balance of installments payable is adjusted monthly by the
Brazilian Central Bank's overnight interest rate.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-204</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=572,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=985909,FOLIO='F-204',FILE='DISK112:[12ZBH3.12ZBH43513]GW43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gw43513_1_205"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Note10."></A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;10. Leases  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group conducts a significant portion of its operations from leased facilities. These facilities include our corporate headquarters, other office locations, and many of FMU Group's
higher education facilities. The terms of these operating leases vary and generally contain several renewal options. Some of the operating leases provide for increasing rents over the terms of the
leases. FMU Group also leases certain equipment under noncancelable operating leases which are typically for terms of 60&nbsp;months or less. Total rent expense under these leases is recognized
ratably over the initial term of each lease. Any difference between the rent payment and the straight-line expense is recorded as an adjustment to the liability or as a prepaid asset. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases
in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of
any incentives received from the lessor) are recognized in the Combined Statement of Operations on a straight line basis over the lease term. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fixed asset leases in which FMU Group retains substantially all the risks and rewards of ownership are classified as capital leases. Capital leases are recorded as a financed
purchase, recognizing at the beginning, a fixed asset and a financing liability (lease). Fixed assets acquired under capital leases are depreciated at the rates defined in Note&nbsp;2(g). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
September&nbsp;12, 2014, the gross amount of equipment and related accumulated depreciation recorded under capital leases were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>At<BR>
September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>440,267</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less Accumulated Depreciation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(256,822</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>183,445</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU
Group has several operating leases for facilities in which it operates its business. The lease term of operating leases held with third parties range from one to ten years. Minimum
rent payments under
operating leases are recognized on a straight-line basis over the term of the lease including any periods of free rent. Rental expense for operating leases (except those with lease terms of a month or
less that were not renewed) as of September&nbsp;12, 2014 consisted of the following: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>At<BR>
September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Minimum Lease Payments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,297,676</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-205</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=573,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=251406,FOLIO='F-205',FILE='DISK112:[12ZBH3.12ZBH43513]GW43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gw43513_1_206"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;10. Leases (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future
minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of September&nbsp;12, 2014 are: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Operating<BR>
Leases </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Year ending December&nbsp;31:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,887,931</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>76,776,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>76,548,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>64,748,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54,883,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>52,548,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Later years, through 2025</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>188,116,000 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total minimum lease payments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>537,506,931</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of the acquisition of FMU Group (Note&nbsp;15), existing operating leases with related parties were renegotiated and new lease arrangements were executed. The lease terms
commenced on September&nbsp;12, 2014, with terms of 13&nbsp;years and renewal options of four years. As a result, $466,176,400 (the portion of lease agreements with related parties) of the above
future minimum lease payments will not be made as the lease agreements will be terminated upon acquisition, and the revised future minimum lease payments related to the new lease agreements will be
$455,506,332 as of December&nbsp;31, 2014. <A NAME="Note11."></A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Contingencies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group is subject to legal actions arising in the ordinary course of business, and has recognized contingencies related to civil, labor and tax resulting from potential acts and
operations that could be subject to assessment from Authorities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;12, 2014, FMU Group had the following liabilities related to contingencies: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Tax </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Labor and<BR>
Civil </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>December&nbsp;31, 2013 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>244,902,008</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>2,984,304</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>247,886,312</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19,805,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>290,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,095,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Updates</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12,520,342</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12,520,342</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reversals</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,565,741</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,565,741</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(562,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(562,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>September&nbsp;12, 2014 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>277,227,350</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>1,146,563</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>278,373,913</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;12, 2014, tax contingencies related to uncertain income tax positions in the amount of $79,653,000 are presented in the balance sheet as non-current Income taxes
payable. Tax contingencies related to taxes other-than-income tax, and labor and civil claims in the amount of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-206</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=574,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=732436,FOLIO='F-206',FILE='DISK112:[12ZBH3.12ZBH43513]GW43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gw43513_1_207"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>$197,574,350,
$757,000 and $389,563 respectively, are presented as Other non-current liabilities for September&nbsp;12, 2014. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU
Group is party to legal proceedings and is exposed to risks of contingencies in tax, labor and civil categories. The ongoing lawsuits are being discussed at the administrative and
judicial levels, which, when applicable, are supported by judicial deposits. The provisions for probable losses arising from
these lawsuits and contingencies risks are estimated and updated by management, based on the support of external legal consultants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labor
contingencies include the questioning of former employees linked to disputes over compensation amounts paid by FMU Group. Civil contingencies are related to lawsuits filed against
FMU Group relating to claims for compensation for material and moral damages arising from undue collections, late issuance of diplomas, failure to return registration fees of holiday courses, etc.
character problems operational and / or academic. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;12, 2014, FMU Group has lawsuits involving risks of loss classified by management as possible, based on the opinion of its legal advisors, for which no reserve was
recorded at the estimated total amount of $12,101,991. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
figures for the corresponding judicial deposits to ongoing claims are recognized as other assets in non-current assets. <A NAME="Note12."></A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Income Taxes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group's statutory tax rate is 34%. Significant components of the income tax (expense) benefit on earnings from continuing operations were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,723,707</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Contingencies</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(7,616,904</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37,524,073 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total income tax expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>27,183,462</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>



<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-207</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=575,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1032488,FOLIO='F-207',FILE='DISK112:[12ZBH3.12ZBH43513]GW43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gw43513_1_208"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Income Taxes (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
tax benefit was $27,183,462 for the period ended September&nbsp;12, 2014, and differed from the amount computed by applying the Brazilian federal income tax and social
contribution combined rate of 34% to pretax income (deemed income tax) as a result of the following: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12, 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Computed "expected" tax benefit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,577,301</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase (reduction) in income taxes resulting from:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Permanent differences</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>970,220</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax on not-for-profit period income/loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,133,626</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax incentive PROUNI</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,649,605</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Others</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of uncertain income tax contingencies&#151;Principal</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,298,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of uncertain income tax contingencies&#151;Interest and penalties</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,850,477</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>27,183,462</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>43</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>%</B></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU
Group records interest and penalties related to uncertain income tax positions as a component of income tax expense. During the period ended September&nbsp;12, 2014, FMU Group
recognized interest and penalties related to income taxes of $4,318,905. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROUNI
("Programa Universidade para Todos" or "University for All" Program) is a government tax program, which encourages institutions to provide students financial assistance in the
form of discounts in return for federal tax incentives. Eligibility for PROUNI is based on each student's family monthly earnings. PROUNI is based on tuition discounts, and no funds are received by
FMU Group nor the student from the federal government for the tuition discounts granted. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
components of deferred tax assets arising from continuing operations were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12,<BR>
2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred tax assets:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts and notes receivable principally due to allowance for doubtful accounts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,898,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,791,355</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Contingencies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,868,701</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax provision and expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,062,700</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Others</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>937,367 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total deferred tax assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,558,313</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred tax liabilities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Others</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(34,240</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total deferred tax liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(34,240</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net deferred tax assets </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>37,524,073</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;12, 2014, FMU Group's federal and municipal statutes are generally open back to 2009. <A NAME="Note13."></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-208</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=576,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=884489,FOLIO='F-208',FILE='DISK112:[12ZBH3.12ZBH43513]GW43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<A NAME="page_gw43513_1_209"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Notes to Combined Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;13. Related Party Transactions  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between FMU Group and Owners  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions with related parties are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>September&nbsp;12, 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>FMU </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>ACE </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>UESP </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-current assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,950</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>2,950</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rent Payable</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,044,274</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,096,832</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,175,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 34,316,106</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital contribution</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>129,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,200,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 3,429,000</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Rent Payable  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group leases from its owners 18 facilities which are used for administrative and academic purposes. The total rent expense for
these facilities for the period ended September&nbsp;12, 2014 was $31,440,000. As of September&nbsp;12, 2014, the balance payable for the leases totaled $34,316,106. The amount of the rent payable
is lower than the amount that would be offered to third-parties during a normal arm's-length-transaction. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Remuneration to Owners  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period ended September&nbsp;12, 2014, the Combined Statement of Operations includes salaries and in kind remunerations paid
to owners in the amounts of $6,222,000. <A NAME="Note14."></A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;14. Supplemental Cash Flow Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash interest payments were $14,171,395 for the period ended September&nbsp;12, 2014. Net income tax cash payments were $852,962 for the period ended September&nbsp;12, 2014.
<A NAME="Note15."></A> </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;15. Subsequent Events  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMU Group has evaluated subsequent events from the combined balance sheet date through September&nbsp;23, 2015, the date at which the combined financial statements were available to be
issued, and determined that there are no other items to disclose. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
previously noted, on September&nbsp;12, 2014 through the purchase of 100% of its capital stock from Rede Internacional de Universidades Laureate&nbsp;Ltda. ("Rede") and Business
School Sao Paulo&nbsp;Ltda., FMU Group became a subsidiary of Laureate Educations,&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
relation with the sale of FMU Group, and as of September&nbsp;12, 2014, accounts payable included $25&nbsp;millions of accrued expenses related to consultancy expenses incurred in
relation with the transaction. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-209</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=577,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=143159,FOLIO='F-209',FILE='DISK112:[12ZBH3.12ZBH43513]GW43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gx43513_1_210"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="gx43513_sociedade_educacional_sul-rio-__soc02854"> </A>
<A NAME="toc_gx43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE&nbsp;LTDA.<BR>  <BR>    Financial Statements<BR>  <BR>    December&nbsp;31, 2013 and 2012    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-210</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=578,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=298227,FOLIO='F-210',FILE='DISK112:[12ZBH3.12ZBH43513]GX43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_gy43513_1_211"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="IAR"></A>Independent Auditors' Report  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>To
the board of directors and quotaholders<BR>
Sociedade Educacional Sul-Rio-Grandense&nbsp;Ltda. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have audited the accompanying financial statements of Sociedade Educacional Sul-Rio-Grandense&nbsp;Ltda., which comprise the balance sheet as of December&nbsp;31, 2013 and 2012,
and the related statements of income, quotaholders' equity and cash flows for each of the two years ended December&nbsp;31, 2013. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Management's Responsibility for the Financial Statements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting
principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Auditor's Responsibility  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with
auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including
the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the
Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinion. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Opinion  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of
Sociedade Educacional Sul-Rio-Grandense&nbsp;Ltda. at December&nbsp;31, 2013 and 2012, and the results of their operations and their cash flows for each of the two years ended December&nbsp;31,
2013 in accordance with accounting principles generally accepted in the United States of America. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>/s/
PricewaterhouseCoopers </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>PricewaterhouseCoopers
Auditores Independentes </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Porto
Alegre, RS, Brazil<BR>
September&nbsp;28, 2015 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-211</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=579,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=633852,FOLIO='F-211',FILE='DISK112:[12ZBH3.12ZBH43513]GY43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ha43513_1_212"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="SO"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE&nbsp;LTDA.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> STATEMENTS OF OPERATIONS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (amounts in Brazilian Reais)  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revenues</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,946,271</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,146,552</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Costs and expenses:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct costs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(15,427,519</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(16,851,291</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General&nbsp;&amp; administrative expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,361,846</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,552,377</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain from distribution of assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>90,357,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Operating income </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>94,514,806</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>4,742,884</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,545,011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,073,465</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest Expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(404,319</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(103,499</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Income from before income taxes</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>101,655,498</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17,712,850</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income tax expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,689,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(7,877,165</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>96,965,598</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>9,835,685</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-212</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=580,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=862726,FOLIO='F-212',FILE='DISK112:[12ZBH3.12ZBH43513]HA43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_hc43513_1_213"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="BS"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE&nbsp;LTDA.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> BALANCE SHEETS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> AS OF DECEMBER 31, 2013 AND 2012  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (amounts in Brazilian Reais)  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Current Assets:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56,385,598</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>131,033,482</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receivables:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts and notes receivable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,291,730</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,607,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,652,016</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,893,407</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receivables, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,639,714</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,713,783</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid expenses and other current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>249,555</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,963 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58,274,867</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132,763,228</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Land</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,917,222</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buildings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,303,717</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture, computer equipment and software</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,553,520</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,337,113</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(6,035,619</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(13,694,802</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,517,901</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>26,863,250</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income Taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,990,188</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,165,377 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Assets</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>66,782,956</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>164,791,855</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities and Stockholder's Equity</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Current Liabilities:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>117,809</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>74,143</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable to quotaholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,244,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>367,886</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,685,884</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accrued compensation and benefits</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,081,186</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,069,051</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred revenue and student deposits</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>157,132</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>127,499</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income taxes payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,931,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,790,375</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,990,552</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,877,238 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total current liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>75,890,181</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,624,190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other long-term liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
8,609,835</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
7,852,793 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Liabilities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 84,500,016</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>38,476,983</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Quotaholders' equity:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock (par value $1.00 per share; authorized&#151;100,000 quotas; issued and outstanding quotas of 100,000 as of December&nbsp;31, 2013 and
100,000 as of December&nbsp;31, 2012)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Retained Earnings/(Accumulated deficit)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(17,817,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>126,214,872 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total quotaholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(17,717,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>126,314,872 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total liabilities and Quotaholders' Equity</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>

<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>66,782,956</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>164,791,855</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-213</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=581,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=591664,FOLIO='F-213',FILE='DISK112:[12ZBH3.12ZBH43513]HC43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_he43513_1_214"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="SE"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE&nbsp;LTDA.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> STATEMENTS OF QUOTAHOLDER'S EQUITY  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (amounts in Brazilian Reais)  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="78pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="78pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Common<BR>
Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Retained<BR>
Earnings </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total<BR>
quotaholders'<BR>
equity </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance as of December&nbsp;31, 2011</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>&#151;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>116,379,187</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>116,379,187</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital Contribution</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,835,685</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,835,685 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance as of December&nbsp;31, 2012</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 100,000</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>126,214,872</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>126,314,872</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends distribution</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(75,476,171</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(75,476,171</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution of assets (spin-off)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(165,988,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(165,988,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Others</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>466,641</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>466,641</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>96,965,598</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>96,965,598 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance as of December&nbsp;31, 2013</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>100,000</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(17,817,060</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(17,717,060</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-214</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=582,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=537129,FOLIO='F-214',FILE='DISK112:[12ZBH3.12ZBH43513]HE43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_hg43513_1_215"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="CI"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE&nbsp;LTDA.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> STATEMENTS OF COMPREHENSIVE INCOME  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (amounts in Brazilian Reais)  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the years ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>96,965,598</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,835,685</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other comprehensive (loss) income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total other comprehensive (loss) income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Comprehensive income attributable to Sociedade Educacional Sul-Rio-Grandense&nbsp;LTDA</B></FONT><FONT SIZE=2>.&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>96,965,598</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>9,835,685</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-215</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=583,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=68817,FOLIO='F-215',FILE='DISK112:[12ZBH3.12ZBH43513]HG43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_hi43513_1_216"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="Cf"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE&nbsp;LTDA.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> STATEMENTS OF CASH FLOWS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FOR THE YEARS DECEMBER 31, 2013 AND 2012  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> (amounts in Brazilian Reais)  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the years ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash flows from operating activities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>96,965,598</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,835,685</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments to reconcile net income to net cash provided by (used in) operating activities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,577,545</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,734,681</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rent expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>466,641</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain from distribution of assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(90,357,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bad debt expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(241,391</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,081,491</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(824,811</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,862,378</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash loss from income tax contingencies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,220,466</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-cash loss from non-income tax contingencies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>870,356</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,128,217</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Change in operating assets and liabilities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receivables</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>315,460</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>429,903</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid expenses and other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(233,593</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57,745</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable and accrued expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8,262,197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,389,986</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in income tax payable</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,141,241</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(53,518,709</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred revenue and student deposits</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29,633</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>92,995 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by (used in) operating activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,446,582</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(23,409,918</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash flows from investing activities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchase of property and equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(618,295</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from sale of property and equipment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(591,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash used in investing activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(618,295</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(591,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash flows from financing activities</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends paid</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(75,476,171</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital contribution</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided used in (provide by) financing activities of continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(75,476,171</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net change in cash and cash equivalents</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(74,647,884</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23,901,246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents at beginning of period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>131,033,482</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>154,934,728 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash and cash equivalents at end of period</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>56,385,598</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>131,033,482</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-216</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=584,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=763688,FOLIO='F-216',FILE='DISK112:[12ZBH3.12ZBH43513]HI43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_hk43513_1_217"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="NOtes5"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE LTDA.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Financial Statements  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> December 31, 2013 and 2012  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;1. Description of Business  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE&nbsp;LTDA. ("FAPA" or "the Company"), a limited company, provides higher education programs and services to students in Porto Alegre,
Brazil. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;22, 2013, the Company made an asset distribution to two new entities owned by FAPA's quotaholders. The land and buildings in which FAPA provides services were the spun
off its balance sheet as of this date (refer to Note&nbsp;5 Spin-off). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;1, 2012, the Secretaria da Receita Federal do Brazil, Brazilian internal revenue services, revoked the Company's "tax immunity" status due to the violation of federal
law 9,532/97 requirements. Therefore, from October 2012, the Company was required to pay all taxes. As a result, in October 2012, the Company changed its judicial nature from a non-profit to a
for-profit entity. The for-profit entity was formed with capital stock of $100,000. These Financial Statements are prepared based on standards applicable to for-profit companies.These financial
statements are prepared under the presumption that the Company will be able to continue as a going concern. As of December&nbsp;31, 2013 the Company presents an equity deficit amounting to
$17,717,060 mainly due to the impact of the accounting of the spin-off of assets (refer to Note&nbsp;5 Spin-off) at fair value as well as the dividend distribution. As of December&nbsp;31, 2013,
the Company presents a negative working capital balance of $17,615,314 which is primarily due to the impact of accounts payable to quotaholders (refer to Note&nbsp;5 Spin-off). The Company has a
positive operating cash flow, and the negative working capital and equity deficit does not impact the ability of the Company to realize its assets and to meet its obligations in the ordinary course of
business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements have been prepared for the purpose of complying with Rule&nbsp;3-05 of Regulation&nbsp;S-X of the Securities and Exchange Commission. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in conformity with accounting principles generally accepted in the United States (US&nbsp;GAAP) requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the allowance for doubtful accounts,
useful lives of fixed assets, and provisions for civil and labor risks and tax contingencies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>(a)&nbsp;&nbsp;&nbsp;Functional Currency</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
functional currency is the currency of the economic environment in which a company primarily does business. The Brazilian Real is the functional currency of the Company and its
financial statements are presented in its functional currency. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-217</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=585,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=749489,FOLIO='F-217',FILE='DISK112:[12ZBH3.12ZBH43513]HK43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_hk43513_1_218"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE LTDA. </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> December 31, 2013 and 2012 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company does not have any transactions in currencies different from its functional currency. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="97pt" style="font-family:times;"></TD>
<TD WIDTH="9%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="79pt" style="font-family:times;"></TD>
<TD WIDTH="9%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="9%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="26pt" style="font-family:times;"></TD>
<TD WIDTH="9%" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="26pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=13 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>(Unaudited) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fiscal Year Ended or<BR>
Ending Dec 31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>At End of Period </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Average<BR>
(of month-<BR>
end rates) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(R$ per $1.00)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.57</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.57</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.59</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.41</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2010</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.59</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.60</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.53</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.54</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.54</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.65</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.53</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2012</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.49</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.48</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.59</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.47</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.43</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.51</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.41</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><B><I>(b)&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company considers all highly liquid investments that are purchased with an original maturity of three months or less to be cash equivalents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>(c)&nbsp;&nbsp;&nbsp;Financial Instruments</I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAPA's
financial instruments consist of cash and cash equivalents, accounts and notes receivable, other receivables and accounts payables. The fair value of these financial instruments
approximates their carrying amounts reported in the Balance Sheet. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's cash accounts are maintained with high-quality financial institutions with a significant concentration in two institutions: Banco Santander and Banco Safra. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company accounts receivable are not concentrated with any one significant customer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>(d)&nbsp;&nbsp;&nbsp;Accounts and Notes Receivable</I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company recognizes receivables when an academic session begins, although students generally enroll in courses prior to the start of the academic session. Receivables are recognized
only to the extent that amounts are due and collection is reasonably assured. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>(e)&nbsp;&nbsp;&nbsp;Allowance for Doubtful Accounts</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAPA
records an allowance for doubtful accounts to reduce its receivables to their net realizable value. The Company's allowance estimation methodology is based on the age of the
receivables, the status of past-due amounts, historical collection trends, current economic conditions, and student enrollment status. Receivables deemed to be uncollectible are written-off against
the allowance for doubtful accounts. In the event that current collection trends differ from historical trends, an adjustment is made to the allowance account and bad debt expense. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-218</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=586,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=294344,FOLIO='F-218',FILE='DISK112:[12ZBH3.12ZBH43513]HK43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_hk43513_1_219"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE LTDA. </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> December 31, 2013 and 2012 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>(f)&nbsp;&nbsp;&nbsp;&nbsp;Property and Equipment, and Leased Assets</I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property
and equipment includes land, buildings, furniture, computer equipment and software. FAPA records property and equipment at cost less accumulated depreciation and amortization.
Repairs and maintenance costs are expensed as incurred. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAPA
analyzes each lease agreement entered to determine whether it should be classified as a capital or an operating lease. The Company recognize operating lease rent expense on a
straight-line basis over the expected term of each lease. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
is recorded on a straight-line basis over the estimated useful lives of the assets. Total depreciation for the years ended December&nbsp;31, 2013 and 2012 was $1,577,545
and $1,734,681, respectively, which was entirely recorded as direct costs in each year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
and amortization periods are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buildings</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture, computer equipment and software</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5&nbsp;-&nbsp;10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><B><I>(g)&nbsp;&nbsp;&nbsp;Direct Costs</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct
costs reported on the Statement of Operations represent the cost of operations, including labor costs, and depreciation and amortization expense. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>(h)&nbsp;&nbsp;&nbsp;Long-lived Assets</I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-lived
assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable.
These events or changes in circumstances may include, but are not limited to, a significant deterioration of operating results, a change in regulatory environment, changes in business plans, or
adverse changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future
undiscounted net cash flows expected to result from the use and eventual disposition of the assets. If the assets are determined to be impaired, the impairment recognized is the excess of the carrying
amount over the fair value of the assets. Fair value is generally determined by the discounted cash flow method. The discount rate used in any estimate of discounted cash flows is the rate
commensurate with a similar investment of similar risk. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;Revenue Recognition</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues
are recognized when the amount can be reliably measured and the economic benefits will flow to the Company. The Company's revenues primarily consist of tuition and educational
service revenues. Revenues are reported net of discounts, rebates, taxes, grants or scholarships awarded. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues
are not recognized if there are significant uncertainties regarding realization. Revenues from tuition are recognized on a straight-line basis over the academic session. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-219</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=587,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1038867,FOLIO='F-219',FILE='DISK112:[12ZBH3.12ZBH43513]HK43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_hk43513_1_220"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE LTDA. </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> December 31, 2013 and 2012 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
revenue and student deposits on the Balance Sheet consist of tuition paid prior to the start of academic sessions and unearned tuition amounts recorded as accounts receivable
after an academic session begins. If a student withdraws from an institution, the Company's obligation to issue a refund depends on the refund policy and the timing of the student's withdrawal.
Generally, the Company's refund obligations are reduced over the course of the academic term. FAPA records refunds as a reduction of deferred revenue and student deposits, as applicable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows the components of Revenues of total net revenue for the periods presented: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>For the years ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tuition and educational services</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24,184,262</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,321,223</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>897,892</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>443,350 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gross revenue</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,082,154</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,764,573</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Discounts / waivers / scholarships</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(73,046</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(123,351</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Taxes on sales</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,062,837</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(494,670</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>22,946,271</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>25,146,552</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><B><I>(j)&nbsp;&nbsp;&nbsp;&nbsp;Fair Value Measurements</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value
based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value
measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following
levels:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting
entity at the measurement date. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;2 Inputs: Other than quoted prices included in Level&nbsp;1 inputs that are observable for the asset or liability,
either directly or indirectly, for substantially the full term of the asset or liability. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Level&nbsp;3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs
are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
levels are not necessarily an indication of the risk of liquidity associated with the financial assets or liabilities disclosed. Assets and liabilities are classified in their
entirety based on the lowest level of input that is significant to the fair value measurement, as required under ASC 820-10. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-220</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=588,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=764224,FOLIO='F-220',FILE='DISK112:[12ZBH3.12ZBH43513]HK43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_hk43513_1_221"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE LTDA. </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> December 31, 2013 and 2012 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2. Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
carrying amounts of cash and cash equivalents, accounts and notes receivable, other assets, accounts payable, and accrued expenses are a reasonable estimate of their fair values, as
per the level&nbsp;1 hierarchy, due to their short-term nature. There are no other fair value levels in FAPA's Financial Statements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>(k)&nbsp;&nbsp;&nbsp;Advertising</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company expenses advertising costs as incurred. Advertising expenses were $228,043 and $249,339 for the years ended December&nbsp;31, 2013 and 2012, respectively, and are recorded
in direct costs in the Statements of Operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>(l)&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company records the amount of taxes payable or refundable for the current year. Deferred income tax assets and liabilities are recorded with respect to temporary differences in the
accounting treatment of items for GAAP financial reporting purposes and for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in
which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period in which
the new rate is enacted. Where, based on the weight of all available evidence, it is more likely than not that some portion of recorded deferred tax assets will not be realized, a valuation allowance
is established for the amount that, in management's judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
tax position must meet a minimum probability threshold before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than
not to be sustained upon examination by the applicable taxing authority, including resolution of any related
appeals or litigation processes, based on the technical merits of the position and having full knowledge of all relevant information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>(m)&nbsp;&nbsp;Contingencies</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities
for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been
incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;3. Significant Risks and Uncertainties Including Business and Credit Concentrations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's activities expose it to credit and liquidity risks. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Credit Risk  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements at December&nbsp;31, 2013 and 2012 include a provision to cover possible losses on accounts receivable from
students. No single customer accounted for more than 5% of the Company's revenues in 2013 or 2012, or accounts receivable at December&nbsp;31, 2013 or 2012. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-221</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=589,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=413059,FOLIO='F-221',FILE='DISK112:[12ZBH3.12ZBH43513]HK43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_hk43513_1_222"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE LTDA. </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> December 31, 2013 and 2012 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;3. Significant Risks and Uncertainties Including Business and Credit Concentrations (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company limits its exposure to credit risk associated with banks and financial investments by investing in financial institutions highly recognized solvency and prestige. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Liquidity Risk  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity risk is the risk that the Company does not have sufficient liquidity to meet its financial commitments, due to the mismatch
of terms or volume between receipts and payments net proceeds. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
manage liquidity of cash, assumptions of future disbursements and receipts, which are monitored daily by the Finance Department are established. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;31, 2013 and 2012, the Group had cash and cash equivalents of $51,901 and $56,333,697, and $155,463 and $130,878,019, respectively. Cash and cash equivalents along
with funds generated by normal operations of the Company are expected to be sufficient to manage liquidity risk. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Accounts and Notes Receivable  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recorded amount in notes receivable for which an impairment has been recognized and the related allowance for doubtful accounts at December&nbsp;31, 2013 and 2012 were $4,652,016
and $4,893,407 respectively. There was no interest income recognized on the impaired notes receivable during 2013 and 2012. For the years ended December&nbsp;31, 2013 and 2012, there were no sales
of notes receivable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's accounts receivables consist of receivables related to student tuition and receivables related to the "Financing for Higher Education Studies" ("FIES"). FIES is a program
whose purpose is to finance the postsecondary education of students enrolled in private institutions. In accordance with current legislation, the Company receives from the Brazilian Fund for Education
Development ("FNDE") the amounts financed by the students in FIES. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
FIES Program targets students from low socio-economic backgrounds enrolled at private post-secondary institutions. Eligible students receive loans with below market interest rates
that are required to be repaid after an 18-month grace period upon graduation. FIES pays the Company tax credits which can be used to pay certain federal taxes and social contributions. FIES
repurchases excess credits for cash. As part of the FIES Program, the Company is obligated to pay 15% of any student default. The default obligation increases to 30% of any student default if the
Company is not current with its federal taxes. FIES withholds between 1% and 3% of tuition paid to the Company to cover any potential student defaults ("holdback"). If the student pays 100% of their
loan, the withheld amounts will be paid to the Company. The Company recognizes revenues net of the amounts withheld by FIES. FIES is 8% and 9% of revenues for the years ended December&nbsp;31, 2013
and December&nbsp;31, 2012 respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delinquency
is the primary indicator of credit quality for the Company's receivables. For receivables related to tuition programs, the Company records an allowance for doubtful accounts
based on the aging of the receivable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-222</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=590,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=99032,FOLIO='F-222',FILE='DISK112:[12ZBH3.12ZBH43513]HK43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_hk43513_1_223"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE LTDA. </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> December 31, 2013 and 2012 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;4. Accounts and Notes Receivable (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
activity in the allowance for doubtful accounts for the years ended December&nbsp;31, 2013 and 2012 is as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Beginning balance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,893,407</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3,811,916</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Write-offs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recoveries</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>655,710</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(414,319</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,081,491</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Ending balance</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(4,652,016</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(4,893,407</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;5. Spin-off  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;22, 2013, the Company made distributions to various quotaholders in the form of cash and assets in the amount of $75,630,100. The company made an asset distribution to
two new entities owned by FAPA's quotaholders, SFS Assesoria e Consultoria S/S&nbsp;LTDA. and Sociedade Porto-alegrense de Pesquina Educacional&nbsp;LTDA. The assets distributed included
(1)&nbsp;land and buildings in which FAPA provides services and with a net book value of $23,386,100 as of the spinoff date and (2)&nbsp;cash in the amount of $52,244,000 (refer to Note&nbsp;9
Related Parties). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with GAAP, the spinoff represents a non-reciprocal transfer which is required to be accounted at fair value. FAPA recognized a gain in the amount of $90,357,900 for the
difference between the fair value and the historical cost as disclosed below: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Historical net book value of lands and buildings distributed</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23,386,100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain recognized in the income statement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>90,357,900 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fair Value of lands and buildings distributed</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>113,744,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable to quotaholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,244,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets distributed (spin-off)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>165,988,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
November&nbsp;22, 2013 to December&nbsp;31, 2013, without entering into a lease agreement or transferring any consideration to the owners, FAPA continued utilizing the spinoff
assets without transferring any consideration to the new owners. This was considered expenses paid by the quotaholders on behalf of the Company. FAPA recognized rent expense of $466,641 and a related
capital contribution (included as "Others" in the Statement of Quotaholder's Equity). </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;6. Commitments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July 2014, the Company signed a lease agreement related to the distributed assets with a prospective date (refer to Note&nbsp;5), as such, the Company has no significant commitments
as of year-end December&nbsp;31, 2013 and 2012. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-223</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=591,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=277303,FOLIO='F-223',FILE='DISK112:[12ZBH3.12ZBH43513]HK43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_hk43513_1_224"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE LTDA. </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> December 31, 2013 and 2012 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;7. Contingencies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is subject to legal actions arising in the ordinary course of its business. In management's opinion, they have adequate legal defenses and/or accrued liabilities with respect
to the eventuality of
such actions. FAPA does not believe that any settlement would have a material impact on its Financial Statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Current and Long-Term Liabilities  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in Other Current and Long-Term Liabilities there are provisions for tax contingencies related to federal and municipal taxes,
and are mainly tax risks related to taxes on income and financial transactions from tax positions and which are subject to the assessment of tax authorities. These provisions amounted to $10,600,387
and $9,730,031, respectively. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Income Taxes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2013 and 2012, FAPA has accounted for income tax payable amounting to $19,931,616 and $18,790,375, respectively, related to the loss of its "tax immunity". In
August&nbsp;22, 2014, FAPA entered the REFIS program, a government tax amnesty program and paid $17,825,044 to settle these payables. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
significant components of the income tax expense are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,373,469</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,519,077</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Contingencies</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,141,242</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(8,220,466</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>824,811</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,862,378 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total income tax expense</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(4,689,900</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(7,877,165</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
tax expense was $4,689,900 for the year ended December&nbsp;31, 2013, and differed from the amount computed by applying the Brazilian federal income tax and social contribution
combined rate of 34% to pretax income (deemed income tax) as a result of the following: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Computed "expected" tax expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(34,562,869</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase (reduction) in income taxes resulting from:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Permanent differences</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-taxable gain on revaluation of assets to fair value</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,721,686</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest and penalities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,141,242</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>292,525 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total income tax expense</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>(4,689,900</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
tax expense was $7,877,165 for the year ended December&nbsp;31, 2012, and it differs from the amount computed by applying the Brazilian federal income tax rate of 34% to pretax
income as a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-224</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=592,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=689590,FOLIO='F-224',FILE='DISK112:[12ZBH3.12ZBH43513]HK43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_hk43513_1_225"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE LTDA. </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> December 31, 2013 and 2012 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;8. Income Taxes (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>result
of the adherence of the Company to the "Lucro Presumido Program" by which the income tax expense is calculated by applying a rate of 32% on revenues (deemed income tax). In addition, as
mentioned above, FAPA was a not for profit entity from January&nbsp;1 to October&nbsp;1, 2012 which led to additional variances. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December&nbsp;31, 2013 and 2012 are presented
below: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deferred tax assets:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts and notes receivable principally due to allowance for doubtful accounts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>508,575</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>367,707</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Contingencies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,481,613</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,797,670 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net deferred tax assets</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>5,990,188</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>5,165,377</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company records interest and penalties related to uncertain tax positions as a component of Income tax expense. During the years ended December&nbsp;31, 2013 and 2012, the Company
recognized interest and penalties related to income taxes of $1,141,242 and $2,267,875, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2013, FAPA's federal and municipal statutes are generally open back to 2009. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;9. Employer Benefit Plans  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company sponsors a defined contribution plan for all of its employees. FAPA makes annual contributions to the plan between 50% to 95% of the participant's contribution in accordance
with the years of work. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes employer contributions during 2013 and 2012: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pension Plan </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employer contribution</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32,877</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35,374</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;10. Related Party Transactions  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transactions between FAPA and Quotaholders  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;22, 2013, the Company's quotaholders approved a distribution by which land and buildings with a net book value of
$23,386,100 were distributed to SFS Assesoria and Sociedade P. Pesquisa and cash for $52,244,000 approved to be distributed. As of December&nbsp;31, 2013, FAPA has not settled this obligation and
$52,244,000 is included in the line item of Accounts Payable to Quotaholders in the Balance Sheet (refer to Note&nbsp;5 Spinoff). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-225</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=593,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=383681,FOLIO='F-225',FILE='DISK112:[12ZBH3.12ZBH43513]HK43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_hk43513_1_226"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SOCIEDADE EDUCACIONAL SUL-RIO-GRANDENSE LTDA. </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Notes to Financial Statements (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> December 31, 2013 and 2012 </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Amounts in Brazilian Reais </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;10. Related Party Transactions (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2013 and 2012, the Income Statement includes salaries paid to quotaholders in the amounts of $553,785 and $118,509, respectively. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also,
during 2013 and 2012, the Company received services related to the collection of outstanding receivables from students from Educredito Gestao e Recuperacao de Ativos
Educacionais&nbsp;LTDA., an entity partially owned by a quotaholder's relative. Educredito retains the interest on the payments collected from students as service fees. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;11. Supplemental Cash Flow Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income tax cash payments were $4,039,307 and $0 for the years ended December&nbsp;31, 2013 and 2012, respectively. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
distribution of assets (refer to Note&nbsp;5) represents a non-cash flow transactions as of December&nbsp;31, 2013 for the land and buildings transferred. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cash obligation of $52,244,000 (refer to Note&nbsp;9) represents a non-cash flow transaction as of December&nbsp;31, 2013. It is a transaction that affected Equity and Accounts
Payable and because of this is not presented in the Cash Flow Statement. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;12. Subsequent Events  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has evaluated subsequent events from the balance sheet date through September&nbsp;28, 2015, the date at which the financial statements were available to be issued, and
determined that there are no other items to disclose. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;30, 2014 and July&nbsp;4<SUP>th</SUP>, 2014, the Company settled the account payable to the Sellers amounting to 52,244,000 (refer to notes&nbsp;5 and
9)&nbsp;by paying in cash $13&nbsp;million and $39,244,000, respectively in each date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;12, 2014, Laureate Educations,&nbsp;Inc. acquired FAPA. The total purchase price was $9,361,556, and was paid in form of two seller notes with a total discounted
present value of approximately $6,250,802, plus an additional deferred payment of approximately $3,110,754. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-226</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=594,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=887913,FOLIO='F-226',FILE='DISK112:[12ZBH3.12ZBH43513]HK43513A.;5',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>29,000,000 Shares  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>Laureate Education,&nbsp;Inc.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>Class&nbsp;A Common Stock  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>
<IMG SRC="g894714.jpg" ALT="LOGO" WIDTH="343" HEIGHT="85">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=4><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>Credit Suisse  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B> Morgan Stanley  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B> Barclays  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=5><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>Macquarie Capital  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> J.P. Morgan  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> BMO Capital Markets  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> Citigroup  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> Goldman, Sachs&nbsp;&amp;&nbsp;Co.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=4><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> Baird  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> Barrington Research  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> Piper Jaffray  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> Stifel  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> William Blair  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> Bradesco BBI  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> BTG Pactual  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=4><B> <div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div>  </B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=595,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=570544,FOLIO='blank',FILE='DISK112:[12ZBH3.12ZBH43513]HZ43513A.;9',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ja43513_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ja43513_part_ii_information_not_required_in_prospectus"> </A>
<A NAME="toc_ja43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II<BR>  <BR>    INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ja43513_item_13._other_expense__ja401989"> </A>
<A NAME="toc_ja43513_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution.    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the expenses (other than underwriting discounts and commissions) expected to be incurred in connection
with this offering. All such amounts (except the SEC registration fee and the FINRA filing fee) are estimated. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SEC registration fee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>75,786</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FINRA filing fee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>100,550</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Nasdaq listing fee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>150,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Advisory fees</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,710,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Printing and engraving expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>956,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal fees and expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,950,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounting fees and expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,850,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Blue Sky fees and expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transfer Agent and Registrar fees</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Miscellaneous</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>175,664 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,000,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><A
NAME="ja43513_item_14._indemnification_of_directors_and_officers."> </A>
<A NAME="toc_ja43513_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;102 of the General Corporation Law of the State of Delaware (the "DGCL") permits a corporation to
eliminate the personal liability of directors of a corporation to the corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director
breached his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in
violation of Delaware corporate law or obtained an improper personal benefit. Our amended and restated certificate of incorporation provides for this limitation of liability. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145
of the DGCL provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or a person serving at the request of
the corporation for another corporation, partnership, joint venture, trust or other enterprise in related capacities against expenses (including attorneys' fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party to any threatened, pending
or completed action, suit or proceeding by reason of such position, if such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation,
no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the
Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled
to indemnity for such expenses which the Court of Chancery or such other court shall deem proper. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
amended and restated certificate of incorporation and bylaws provide that we must indemnify, and advance expenses to, our directors and officers to the fullest extent permitted by
the DGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the completion of this offering, we intend to enter into separate indemnification agreements with each of our directors and certain officers. Each indemnification agreement will
provide, among other things, for indemnification to the fullest extent permitted by law and our </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=596,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=1036448,FOLIO='II-1',FILE='DISK112:[12ZBH3.12ZBH43513]JA43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_ja43513_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>amended
and restated certificate of incorporation and bylaws against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification agreements will
provide for the advancement or payment of all expenses to the indemnitee and for the reimbursement to us if it is found that such indemnitee is not entitled to such indemnification under applicable
law and our amended and restated certificate of incorporation and bylaws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
maintain a general liability insurance policy that covers certain liabilities of directors and officers of our corporation arising out of claims based on acts or omissions in their
capacities as directors or officers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
any underwriting agreement we enter into in connection with the sale of Class&nbsp;A common stock being registered hereby, the underwriters will agree to indemnify, under certain
conditions, us, our directors, our officers and persons who control us within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), against certain liabilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ja43513_item_15._recent_sales_of_unregistered_securities."> </A>
<A NAME="toc_ja43513_4"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;Recent Sales of Unregistered Securities.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the three years preceding the filing of this registration statement, Registrant sold the following securities which were not
registered under the Securities Act of 1933, as amended: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;29, 2015, Registrant issued $50.1&nbsp;million aggregate principal amount of its 9.250% senior notes due 2019 to the participants in stock-based deferred
compensation arrangements in partial settlement of the deferred compensation obligations. The senior notes were issued pursuant to Section&nbsp;4(a)(2) of the Securities Act as transactions by an
issuer not involving any public offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;30, 2016, Registrant issued $10.453&nbsp;million aggregate principal amount of its 9.250% senior notes due 2019 to the participants in stock-based deferred
compensation arrangements in final settlement of the deferred compensation obligations. The senior notes were issued pursuant to Section&nbsp;4(a)(2) of the Securities Act as transactions by an
issuer not involving any public offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;20, 2016, Registrant sold 343,000 shares of Convertible Redeemable Preferred Stock Series&nbsp;A, par value $0.001 per share, consisting of 23,000 shares of
Convertible Redeemable Preferred Stock Series&nbsp;A-1 sold to one purchaser and 320,000 shares of Convertible Redeemable Preferred Stock Series&nbsp;A-2 sold to 22 purchasers. The securities were
offered and sold in a private placement offering in reliance upon exemptions from registration pursuant to Section&nbsp;4(2) of the Securities Act and Rule&nbsp;506 of Regulation&nbsp;D
promulgated under the Securities Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January 18, 2017, Registrant sold 14,000 shares of Convertible Redeemable Preferred Stock Series&nbsp;A-2 to one purchaser and on January&nbsp;23, 2017 Registrant sold an
additional 43,000 shares of Convertible Redeemable Preferred Stock Series&nbsp;A-2 to the same purchaser. The securities were offered and sold in a private placement offering in reliance upon
exemptions from registration pursuant to Section&nbsp;4(2) of the Securities Act and Rule&nbsp;506 of Regulation&nbsp;D promulgated under the Securities Act.

 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;2, 2013, Registrant granted to 226 of its employees or other service providers options to purchase an aggregate of 4,344,840 shares of common stock under the 2013 Plan
at an exercise price of $34.52. The options were issued pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public
offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;17, 2014, Registrant granted to six of its employees or other service providers options to purchase an aggregate of 116,605 shares of common stock under the 2013 Plan at
an exercise price of $27.76. The options were issued pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public
offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=597,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=607036,FOLIO='II-2',FILE='DISK112:[12ZBH3.12ZBH43513]JA43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_ja43513_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;10, 2014, Registrant granted to 99 of its employees or other service providers options to purchase an aggregate of 269,307 shares of common stock under the 2013 Plan at an
exercise price of $27.76. The options were issued pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering
or pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;4, 2015, Registrant granted to 154 of its employees or other service providers options to purchase an aggregate of 424,307 shares of common stock under the 2013 Plan at
an exercise price of $27.72. The options were issued pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public
offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;14, 2015, Registrant granted to five of its employees or other service providers options to purchase an aggregate of 20,387 shares of common stock under the 2013 Plan at an
exercise price of $25.76. The options were issued pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering
or pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;29, 2015, Registrant granted to&nbsp;13 of its officers, employees or other service providers options to purchase an aggregate of 1,002,407 shares of common stock
under the 2013 Plan at an exercise price of&nbsp;$26.32. The options were issued pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer
not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;10, 2016, Registrant granted to two of its officers, employees or other service providers options to purchase an aggregate of 5,322 shares of common stock at an
exercise price of $22.40 per share. The options were issued pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any
public offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;2, 2016, Registrant granted to 114 of its officers, employees or other service providers options to purchase an aggregate of 131,945 shares of common stock at an exercise
price of $23.24 per share. The options were issued pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public
offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;24, 2016, Registrant granted three of its officers, employees or other service providers options to purchase an aggregate of 2,762 shares of common stock at an exercise
price of $23.24 per share. The options were issued pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public
offering pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;25, 2016, Registrant granted one of its officers, employees or other service providers options to purchase an aggregate of 162,267 shares of common stock at an exercise
price of $23.36 per share. The options were issued pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public
offering pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;8, 2016, Registrant granted four of its officers, employees or other service providers options to purchase an aggregate of 1,402 shares of common stock at an exercise
price of $22.64 per share. The options were issued pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving the Securities Act
as transactions by an issuer not involving any public offering pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=598,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=386312,FOLIO='II-3',FILE='DISK112:[12ZBH3.12ZBH43513]JA43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_ja43513_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;2, 2013, Registrant granted 763,412 Performance Share Units to 126 of its officers, directors, employees or other service providers. The Performance Stock Units were
granted under the 2013 Plan pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to
benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;17, 2014, Registrant granted 15,233 Performance Share Units to five of its officers, directors, employees or other service providers. The Performance Stock Units were
granted under the 2013 Plan pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to
benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;10, 2014, Registrant granted 59,322 Performance Share Units to 86 of its officers, directors, employees or other service providers. The Performance Stock Units were
granted under the 2013 Plan pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to
benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;4, 2015, Registrant granted 60,727 Performance Share Units to 84 of its officers, directors, employees or other service providers. The Performance Stock Units were
granted under the 2013 Plan pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to
benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;29, 2015, Registrant granted to two of its officers, employees or other service providers an aggregate of 174,730&nbsp;Performance Share Units. The Performance
Share Units were granted under the 2013 Plan pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions
by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;16, 2015, Registrant granted 30,578 Performance Stock Units to two of its officers, employees or other service providers. The Performance Stock Units were granted
under the 2013 Plan pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans
and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;10, 2016, Registrant granted to two of its officers, employees or other service providers 544 Performance Share Units. The Performance Share Units were issued pursuant
to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;2, 2016, Registrant granted to 114 of its officers, employees or other service providers 136,712 Performance Share Units. The Performance Share Units were issued pursuant
to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;24, 2016, Registrant granted three of its officers, employees or other service providers 2,832 Performance Share Units. The Performance Share Units were issued pursuant to
Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=599,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=416017,FOLIO='II-4',FILE='DISK112:[12ZBH3.12ZBH43513]JA43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_ja43513_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;25, 2016, Registrant granted 25 of its officers, employees or other service providers 71,588 Performance Share Units. The Performance Share Units were issued pursuant
to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;8, 2016, Registrant granted five of its officers, employees or other service providers 2,195 Performance Share Units. The Performance Share Units were issued pursuant
to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to a benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;2, 2014, Registrant granted an aggregate of 10,007 shares of common stock to six of its directors and board observers, of which 7,504 were Restricted Shares. The common
stock was granted under the 2013 Plan pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant
to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;30, 2014, Registrant granted an aggregate of 18,558 Restricted Shares to one of its directors. The Restricted Shares were granted under the 2013 Plan pursuant to
Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;1, 2015, Registrant granted an aggregate of 8,117 shares of common stock to five of its directors and board observers, of which 6,087 were Restricted Shares. The common
stock was granted under the 2013 Plan pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant
to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;30, 2016, Registrant granted an aggregate of 13,984 shares of common stock to seven of its directors and board observers, of which 6,994 were Restricted Shares. The common
stock was granted under the 2013 Plan pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant
to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;2, 2013, Registrant granted 61,108 Restricted Stock Units to 88 of its officers or employees. The Restricted Stock Units were granted under the 2013 Plan pursuant to
Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;17, 2014, Registrant granted 1,852 Restricted Stock Units to two of its officers or employees. The Restricted Stock Units were granted under the 2013 Plan pursuant to
Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;10, 2014, Registrant granted 56,572 Restricted Stock Units to 86 of its officers or employees. The Restricted Stock Units were granted under the 2013 Plan pursuant to
Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;4, 2015, Registrant granted 62,472 Restricted Stock Units to 94 of its officers or employees. The Restricted Stock Units were granted under the 2013 Plan pursuant to
Rule&nbsp;701 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=600,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=982003,FOLIO='II-5',FILE='DISK112:[12ZBH3.12ZBH43513]JA43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_ja43513_1_6"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>promulgated
under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as
provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;14, 2015, Registrant granted 20,380 Restricted Stock Units to one of its officers. The Restricted Stock Units were granted under the 2013 Plan pursuant to Rule&nbsp;701
promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as
provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;29, 2015, Registrant granted to five of its officers, employees or other service providers an aggregate of 81,638&nbsp;Restricted Stock Units. The Restricted Stock
Units were granted under the 2013 Plan pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or
pursuant to benefit plans and contracts relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December 16, 2015, Registrant granted to one of its officers, employees or other service providers, an aggregate of 11,005 Restricted Stock Units. The Restricted Stock Units were
granted under the 2013 Plan pursuant to Rule 701 promulgated under Section 3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and
contracts relating to compensation provided under Rule 701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;10, 2016, Registrant granted to two of its officers, employees or other service providers 11,274 Restricted Stock Units. The Restricted Stock Units were issued
pursuant to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts
relating to compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;2, 2016, Registrant granted to 205 of its officers, employees or other service providers 174,142 Restricted Stock Units. The Restricted Stock Units were issued pursuant to
Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;24, 2016, Registrant granted six of its officers, employees or other service providers 9,242 Restricted Stock Units. The Restricted Stock Units were issued pursuant to
Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;25, 2016, Registrant granted 44 of its officers, employees or other service providers 221,550 Restricted Stock Units. The Restricted Stock Units were issued pursuant to
Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation under Rule&nbsp;701. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;8, 2016, Registrant granted eight of its officers, employees or other service providers 5,194 Restricted Stock Units. The Restricted Stock Units were issued pursuant
to Rule&nbsp;701 promulgated under Section&nbsp;3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to
compensation as provided under Rule&nbsp;701.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ja43513_item_16._exhibits_and_financial_statement_schedule."> </A>
<A NAME="toc_ja43513_5"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement Schedule.    <BR>    </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><I>(a)</I></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Exhibits.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;See the Exhibit Index immediately following the signature page hereto, which is
incorporated by reference as if fully set forth herein.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><I>(b)</I></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Financial Statement Schedules</I></FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=601,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=210383,FOLIO='II-6',FILE='DISK112:[12ZBH3.12ZBH43513]JA43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_ja43513_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following Financial Statement Schedule is included herein: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental
Financial Schedule&nbsp;II&#151;Valuation and Qualifying Accounts.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ja43513_item_17._undertakings."> </A>
<A NAME="toc_ja43513_6"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling
persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by us of expenses incurred or paid by a
director, officer or controlling person of us in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, we will, unless in the opinion of counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in
such names as required by the underwriters to permit prompt delivery to each purchaser. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby undertake that: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;for
purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in
reliance upon Rule&nbsp;430A and contained in a form of prospectus filed by the Registrant pursuant to Rule&nbsp;424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act shall be deemed to be
part of this registration statement as of the time it was declared effective. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;for
purposes of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the
securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and
will be considered to offer or sell such securities to such purchaser: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=602,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=430147,FOLIO='II-7',FILE='DISK112:[12ZBH3.12ZBH43513]JA43513A.;49',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_jc43513_1_8"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc43513_signatures"> </A>
<A NAME="toc_jc43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SIGNATURES    <BR>    </B></FONT></P>

<P style="font-family:times;">


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Baltimore, State of Maryland on January&nbsp;31, 2017.

</FONT>

</P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="39%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><B> LAUREATE EDUCATION,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;EILIF SERCK-HANSSEN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Eilif Serck-Hanssen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> Executive Vice President and<BR>
Chief Financial Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on January&nbsp;31, 2017.

 </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="38%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="38%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="111pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:47pt;"><FONT SIZE=1><B>SIGNATURE

<!-- COMMAND=ADD_SCROPPEDRULE,47pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:24pt;"><FONT SIZE=1><B>TITLE

<!-- COMMAND=ADD_SCROPPEDRULE,24pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:22pt;"><FONT SIZE=1><B>DATE

<!-- COMMAND=ADD_SCROPPEDRULE,22pt -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2> *<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Douglas L. Becker</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Chairman and Chief Executive Officer and Director (Principal Executive Officer)</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;EILIF SERCK-HANSSEN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Eilif Serck-Hanssen</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Executive Vice President and Chief Financial Officer (Principal Financial Officer)</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Tal Darmon</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Senior Vice President, Chief Accounting Officer and Global Controller (Principal Accounting Officer)</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Brian F. Carroll</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Andrew B. Cohen</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Darren M. Friedman</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> John A. Miller</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=603,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=437085,FOLIO='II-8',FILE='DISK112:[12ZBH3.12ZBH43513]JC43513A.;16',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_jc43513_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="38%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="38%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="111pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:47pt;"><FONT SIZE=1><B>SIGNATURE

<!-- COMMAND=ADD_SCROPPEDRULE,47pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:24pt;"><FONT SIZE=1><B>TITLE

<!-- COMMAND=ADD_SCROPPEDRULE,24pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:22pt;"><FONT SIZE=1><B>DATE

<!-- COMMAND=ADD_SCROPPEDRULE,22pt -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2> *<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> George Mu&ntilde;oz</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Judith Rodin</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Jonathan D. Smidt</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Ian K. Snow</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Steven M. Taslitz</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Quentin Van Doosselaere</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Robert B. Zoellick</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>January&nbsp;31, 2017</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="35%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="35%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="111pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>*By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;EILIF SERCK-HANSSEN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Eilif Serck-Hanssen,<BR>
as attorney-in-fact</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=604,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=716391,FOLIO='II-9',FILE='DISK112:[12ZBH3.12ZBH43513]JC43513A.;16',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_je43513_1_10"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="je43513_exhibit_index"> </A>
<A NAME="toc_je43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBIT INDEX    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Underwriting Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>#**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Equity Purchase Agreement, dated as of May&nbsp;10, 2013, by and between Rede Internacional de Universidades Laureate&nbsp;Ltda., and Dra. Labibi Elias Alves da Silva, Prof. Dr.&nbsp;Edevaldo Alves da Silva, Dra.
Aid&eacute;a Alves da Silva, and Dr.&nbsp;Arnold Fioravante, and Faculdades Metropolitanas Unidas&#151;Associa&ccedil;&atilde;o Educacional in the capacity of intervening and consenting party</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>#**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Equity Purchase Agreement, dated as of May&nbsp;10, 2013, by and between Rede Internacional de Universidades Laureate&nbsp;Ltda., and Dra. Labibi Elias Alves da Silva, Prof. Dr.&nbsp;Edevaldo Alves da Silva and
Dr.&nbsp;Arnold Fioravante, and Associa&ccedil;&atilde;o de Cultura e Ensino, in the capacity of intervening and consenting party</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>#**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Equity Purchase Agreement, dated as of May&nbsp;10, 2013, by and between Rede Internacional de Universidades Laureate&nbsp;Ltda., and Dra. Labibi Elias Alves da Silva, and Dr.&nbsp;Eduardo Alves da Silva,
Dr.&nbsp;Edson Alves da Silva, and Uni&atilde;o Educacional de S&atilde;o Paulo, in the capacity of intervening and consenting party</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>#**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Quota Purchase Agreement, dated as of July&nbsp;11, 2014, by and between Sociedade de Educacao Ritter dos Reis&nbsp;Ltda. and Solon Flores Sant'anna, Darci Sanfelici, Ana Maria Lisboa de Mello, Iron Augusto Muller and,
 as intervening consenting parties, Sociedade Educacional Sul-Rio-Grandense&nbsp;S/S&nbsp;Ltda., Sociedade Porto-Alegrense de Pesquisa Educacional&nbsp;S/S&nbsp;Ltda., and SFS&nbsp;Assessoria&nbsp;e&nbsp;Consultoria S/S&nbsp;Ltda.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>#**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Sale and Purchase Agreement, dated as of March&nbsp;15, 2016, by and between Laureate International&nbsp;B.V. and Graduate&nbsp;S.A.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>#**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Share Purchase Agreement, dated as of April 15, 2016, by and between Laureate I B.V. and Insignis.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Amended and Restated Certificate of Incorporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Amended and Restated Bylaws</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Certificate of Designations of Convertible Redeemable Preferred Stock, Series&nbsp;A of Laureate Education,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Senior Indenture, dated July&nbsp;25, 2012, among Laureate Education,&nbsp;Inc., the guarantors named therein and Wells Fargo Bank, National Association, as trustee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>First Supplemental Indenture, dated November&nbsp;13, 2012, among Laureate Education,&nbsp;Inc., the guarantors named therein and Wells Fargo Bank, National Association, as trustee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Second Supplemental Indenture, dated December&nbsp;29, 2015, among Laureate Education,&nbsp;Inc., the guarantors named therein and Wells Fargo Bank, National Association, as trustee (incorporated herein by reference
to Exhibit&nbsp;4.3 to the Company's Registration Statement on Form&nbsp;S-4 (File No.&nbsp;333-208758), filed on January&nbsp;20, 2016)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Third Supplemental Indenture, dated December&nbsp;30, 2016, among Laureate Education,&nbsp;Inc., the guarantors named therein and Wells Fargo Bank, National Association, as trustee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of 9.250% Senior Notes due 2019 (included in Exhibit&nbsp;4.1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Opinion of DLA Piper&nbsp;LLP (US)</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=605,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=681686,FOLIO='II-10',FILE='DISK112:[12ZBH3.12ZBH43513]JE43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_je43513_1_11"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 10.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Second Amendment to Credit Agreement, dated as of June&nbsp;16, 2011, among Laureate Education,&nbsp;Inc. and Iniciativas Culturales de Espa&ntilde;a S.L., as borrowers, certain financial institutions listed on the
signature pages thereto and Goldman Sachs Credit Partners&nbsp;L.P., as Administrative Agent and Collateral Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Amended and Restated Credit Agreement dated as of August&nbsp;17, 2007 and amended and restated as of June&nbsp;16, 2011, among Laureate Education,&nbsp;Inc. and Iniciativas Culturales de Espa&ntilde;a S.L., as
borrowers, the lending institutions from time to time parties thereto, and Citibank, N.A. (as successor to Goldman Sachs Credit Partners&nbsp;L.P.), as Administrative Agent and Collateral Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>First Amendment to Amended and Restated Credit Agreement, dated as of January&nbsp;18, 2013, entered into by Laureate Education,&nbsp;Inc. and Iniciativas Culturales de Espa&ntilde;a S.L., as borrowers, Citibank, N.A.,
 as successor Administrative Agent and Collateral Agent, and certain financial institutions listed on the signature pages thereto</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Second Amendment to Amended and Restated Credit Agreement, dated as of April&nbsp;23, 2013, entered into by Laureate Education,&nbsp;Inc. and Iniciativas Culturales de Espa&ntilde;a S.L., as borrowers, Citibank, N.A.,
as successor Administrative Agent and Collateral Agent, and certain financial institutions listed on the signature pages thereto</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Third Amendment to Amended and Restated Credit Agreement, dated as of October&nbsp;3, 2013, entered into by Laureate Education,&nbsp;Inc. and Iniciativas Culturales de Espa&ntilde;a S.L., as borrowers, Citibank, N.A.,
as successor Administrative Agent and Collateral Agent, and certain financial institutions listed on the signature pages thereto</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Fourth Amendment to Amended and Restated Credit Agreement and Amendment to the U.S. Obligations Security Agreement and the U.S. Pledge Agreement, dated as of July&nbsp;7, 2015, entered into by Laureate Education,
&nbsp;Inc. and Iniciativas Culturales de Espa&ntilde;a S.L., as borrowers, Citibank, N.A., as successor Administrative Agent and Collateral Agent, the other parties thereto and certain financial institutions listed on the signature pages
thereto</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Joinder Agreement, dated as of December&nbsp;22, 2011, by and among Bank of Montreal, Chicago Branch, Laureate Education,&nbsp;Inc. and Citibank, N.A., as Administrative Agent and Collateral Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Joinder Agreement, dated as of December&nbsp;22, 2011, by and among Morgan Stanley Senior Funding,&nbsp;Inc., Laureate Education,&nbsp;Inc. and Citibank, N.A., as Administrative Agent and Collateral Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Joinder Agreement, dated as of January&nbsp;18, 2013, by and among the lenders party thereto, Laureate Education,&nbsp;Inc., as borrower, and Citibank, N.A., as Administrative Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Joinder Agreement, dated as of April&nbsp;23, 2013, by and among the lenders party thereto, Laureate Education,&nbsp;Inc., as borrower, and Citibank, N.A., as Administrative Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Joinder Agreement, dated as of December&nbsp;16, 2013, by and among lenders party thereto, Laureate Education,&nbsp;Inc., as borrower, and Citibank, N.A., as Administrative Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Guarantee dated as of August&nbsp;17, 2007, by certain domestic subsidiaries of Laureate Education,&nbsp;Inc., as Guarantors in favor of Goldman Sachs Credit Partners&nbsp;L.P., as Collateral Agent, as supplemented by
Supplement No.&nbsp;1 dated as of April&nbsp;1, 2009 between LEI Administration,&nbsp;LLC, as the New Guarantor, and Goldman Sachs Credit Partners&nbsp;L.P., as Collateral Agent, as supplemented by Supplement No.&nbsp;2 dated as of July&nbsp;15, 2011,
 between Exeter Street Holdings&nbsp;LLC, as the New Guarantor, and Goldman Sachs Credit Partners&nbsp;L.P., as Collateral Agent</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=606,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=464309,FOLIO='II-11',FILE='DISK112:[12ZBH3.12ZBH43513]JE43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_je43513_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 10.13</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Security Agreement, dated as of August&nbsp;17, 2007, among Laureate Education,&nbsp;Inc., and certain domestic subsidiaries of Laureate Education,&nbsp;Inc., as Grantors, and Goldman Sachs Credit Partners&nbsp;L.P., as
Collateral Agent, as supplemented by Supplement No.&nbsp;1 dated as of April&nbsp;1, 2009 between LEI Administration,&nbsp;LLC, as the New Grantor, and Goldman Sachs Credit Partners&nbsp;L.P., as Collateral Agent, as supplemented by Supplement
No.&nbsp;2 dated as of July&nbsp;15, 2011 between Exeter Street Holdings&nbsp;LLC, as the New Grantor, and Goldman Sachs Credit Partners&nbsp;L.P., as Collateral Agent, as amended by the Fourth Amendment to Amended and Restated Credit Agreement and
Amendment to the U.S. Obligations Security Agreement and the U.S. Pledge Agreement, dated as of July&nbsp;7, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.14</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Pledge Agreement, dated as of August&nbsp;17, 2007, among Laureate Education,&nbsp;Inc., and certain domestic subsidiaries of Laureate Education,&nbsp;Inc., as Pledgors, and Goldman Sachs Credit Partners&nbsp;L.P., as
Collateral Agent, as supplemented by Supplement No.&nbsp;1 dated as of April&nbsp;1, 2009 between LEI Administration,&nbsp;LLC, as Additional Pledgor, and Goldman Sachs Credit Partners&nbsp;L.P., as Collateral Agent, as supplemented by Supplement
No.&nbsp;2 dated as of July&nbsp;15, 2011 between Exeter Street Holdings&nbsp;LLC, as Additional Pledgor, and Goldman Sachs Credit Partners&nbsp;L.P., as Collateral Agent, as amended by the Fourth Amendment to Amended and Restated Credit Agreement
and Amendment to the U.S. Obligations Security Agreement and the U.S. Pledge Agreement, dated as of July&nbsp;7, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Amended and Restated Collateral Agreement, dated as of June&nbsp;16, 2011, among Walden University,&nbsp;LLC, each other subsidiary of Laureate Education,&nbsp;Inc. that becomes a party thereto from time to time, and
Goldman Sachs Credit Partners&nbsp;L.P., as Collateral Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.16</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Exchange and Registration Rights Agreement, dated as of July&nbsp;25, 2012, among Laureate Education,&nbsp;Inc., the guarantors listed on the signature pages thereto and Citigroup Global Markets&nbsp;Inc.,
J.P.&nbsp;Morgan Securities&nbsp;LLC, Barclays Capital&nbsp;Inc., Credit Suisse Securities (USA)&nbsp;LLC, Goldman, Sachs&nbsp;&amp;&nbsp;Co., KKR Capital Markets&nbsp;LLC and Morgan Stanley&nbsp;&amp;&nbsp;Co.&nbsp;LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.17</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Exchange and Registration Rights Agreement, dated as of November&nbsp;13, 2012, among Laureate Education,&nbsp;Inc., the guarantors listed on the signature pages thereto and J.P.&nbsp;Morgan Securities&nbsp;LLC,
Barclays Capital&nbsp;Inc., Citigroup Global Markets Corp., BMO&nbsp;Capital Markets&nbsp;Corp., Credit Suisse Securities (USA)&nbsp;LLC, Goldman, Sachs&nbsp;&amp;&nbsp;Co., KKR Capital Markets&nbsp;LLC and Morgan
Stanley&nbsp;&amp;&nbsp;Co.&nbsp;LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Exchange and Registration Rights Agreement, dated as of December&nbsp;29, 2015, among Laureate Education,&nbsp;Inc., the guarantors listed on the signature pages thereto and the initial holders listed on the signature
pages thereto (incorporated herein by reference to Exhibit&nbsp;4.6 to the Company's Registration Statement on Form&nbsp;S-4 (File No.&nbsp;333-208758), filed on January&nbsp;20, 2016)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.19</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Foreign Obligations Guarantee, dated as of January&nbsp;23, 2008, by Rede Internacional de Universidades Laureate,&nbsp;Ltda., as Foreign Obligations Guarantor, in favor of Goldman Sachs Credit Partners&nbsp;L.P., as
Collateral Agent under the Credit Agreement for the benefit of the Foreign Obligations Secured Parties</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=607,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=244514,FOLIO='II-12',FILE='DISK112:[12ZBH3.12ZBH43513]JE43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_je43513_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 10.20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Foreign Obligations Guarantee, dated as of January&nbsp;23, 2008, by Laureate Education,&nbsp;Inc., ICE Inversiones Brazil, SL, Inversiones en Educacion Limitada, Laureate Education Mexico, S. de R.L. de C.V., Laureate
Education Peru, S.R.L., Laureate Honduras S. de R.L. de C.V., Laureate&nbsp;I&nbsp;B.V., Laureate International&nbsp;B.V., Laureate International Costa Rica S.R.L., LIUF, SAS, Online Higher Education,&nbsp;B.V., Laureate Panama,&nbsp;S.A., Laureate
Chile Limitada, and Iniciativas Culturales de Espa&ntilde;a S.L., as Foreign Obligations Guarantors, in favor of Goldman Sachs Credit Partners&nbsp;L.P., as Collateral Agent under the Credit Agreement for the benefit of the Foreign Obligations
Secured Parties</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.21</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deed of Pledge of Receivables, dated August&nbsp;17, 2007, between Goldman Sachs Credit Partners&nbsp;L.P. and Laureate Education,&nbsp;Inc. with respect to interests in Fleet Street International Universities
C.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deed of Pledge of Receivables, dated September 2011, between Laureate Education,&nbsp;Inc., as Pledgor, and Citibank, N.A., in its capacity as Collateral Agent, as Pledgee, with respect to interests in Fleet Street
International Universities C.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.23</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deed of Pledge of Receivables dated August&nbsp;17, 2007, between Goldman Sachs Credit Partners&nbsp;L.P. and Laureate Education International Limited, with respect to interests in Fleet Street International
Universities C.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.24</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deed of Pledge of Receivables, dated September&nbsp;30, 2011, between Laureate Education International Limited, as Pledgor, and Citibank, N.A., in its capacity as Collateral Agent, as Pledgee, with respect to
interests in Fleet Street International Universities C.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.25</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deed of Pledge (Laureate&nbsp;I&nbsp;B.V.), dated January&nbsp;29, 2008, by Iniciativas Culturales de Espa&ntilde;a S.L. in favor of Goldman Sachs Credit Partners&nbsp;L.P., in its capacity as Collateral Agent under
the Credit Agreement for the benefit of the Secured Parties</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.26</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deed of Pledge (Laureate I&nbsp;B.V.), dated September&nbsp;30, 2011, between Iniciativas Culturales de Espa&ntilde;a S.L., as Pledgor, Citibank, N.A., as Administrative Agent and Collateral Agent under the Credit
Agreement for the benefit of the Lenders under the Credit Agreement, as Pledgee, and Laureate&nbsp;I&nbsp;B.V., as the Company</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.27</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deed of Pledge (Laureate International&nbsp;B.V.), dated January&nbsp;29, 2008, by Laureate&nbsp;I&nbsp;B.V. in favor of Goldman Sachs Credit Partners&nbsp;L.P., as Administrative Agent and Collateral Agent under the
Credit Agreement for the benefit of the Secured Parties</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.28</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deed of Pledge (Laureate International&nbsp;B.V.), dated September&nbsp;30, 2011, between Laureate&nbsp;I&nbsp;B.V., as Pledgor, Citibank, N.A., as Administrative Agent and Collateral Agent under the Credit Agreement
for the benefit of the Lenders under the Credit Agreement, as Pledgee, and Laureate International&nbsp;B.V., as the Company</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.29</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deed of Pledge Over Credit Rights Derived from Bank Account, dated March&nbsp;14, 2008, by Iniciativas Culturales de Espa&ntilde;a S.L. in favor of Goldman Sachs Credit Partners&nbsp;L.P., as Administrative Agent and
Collateral Agent under the Credit Agreement for the benefit of the Secured Parties, as amended by that Amendment Agreement in Respect of Pledge Over Credit Rights Derived from Bank Account, dated October&nbsp;5, 2011, by and between Iniciativas
Culturales de Espa&ntilde;a S.L., as Pledgor, Goldman Sachs Credit Partners&nbsp;L.P., as Prior Pledgee, and Citibank, N.A., acting as Administrative Agent and Collateral Agent, as Pledgee</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=608,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=779534,FOLIO='II-13',FILE='DISK112:[12ZBH3.12ZBH43513]JE43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_je43513_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 10.30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Deed of First Priority Pledge Over Credit Rights, dated March&nbsp;14, 2008, by Iniciativas Culturales de Espa&ntilde;a S.L. in favor of Goldman Sachs Credit Partners&nbsp;L.P., as Administrative Agent and Collateral
Agent under the Credit Agreement for the benefit of the Secured Parties, as amended by that Amendment Agreement in Respect of Pledge Over Credit Rights, dated October&nbsp;5, 2011, by and between Iniciativas Culturales de Espa&ntilde;a S.L., as
Pledgor, Goldman Sachs Credit Partners&nbsp;L.P., as Prior Pledgee, and Citibank, N.A., acting as Administrative Agent and Collateral Agent, as Pledgee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.31</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deed of Pledge of Participations, dated March&nbsp;14, 2008, by Iniciativas Culturales de Espa&ntilde;a&nbsp;S.L. in favor of Goldman Sachs Credit Partners&nbsp;L.P., as Administrative Agent and Collateral Agent under
the Credit Agreement for the benefit of the Secured Parties, as amended by that Amendment Agreement in Respect of Pledge of Shares, dated October&nbsp;5, 2011, by and between Iniciativas Culturales de Espa&ntilde;a S.L., as Pledgor, Goldman Sachs
Credit Partners&nbsp;L.P., as Prior Pledgee, and Citibank, N.A., acting as Administrative Agent and Collateral Agent, as Pledgee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.32</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2007 Stock Incentive Plan for Key Employees of Laureate Education,&nbsp;Inc. and its Subsidiaries</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.33</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2007 Stock Incentive Plan Form of Stock Option Agreement, as amended on August&nbsp;31, 2010</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.34</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Long-Term Incentive Plan of Laureate Education,&nbsp;Inc. and its Subsidiaries, dated June&nbsp;13, 2013, as amended by the First Amendment to the 2013 Long-Term Incentive Plan effective as of September&nbsp;17,
2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.35</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Stock Incentive Plan Form of Stock Option Agreement effective as of September&nbsp;11, 2013</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.36</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Laureate Education,&nbsp;Inc. Deferred Compensation Plan, as amended and restated effective January&nbsp;1, 2009</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.37</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Management Stockholder's Agreement for equityholders</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.38</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Employment Offer Letter, dated July&nbsp;6, 2015, between Laureate Education, Inc. and Enderson Guimar&atilde;es</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deferred Compensation Letter Agreement, dated August&nbsp;16, 2007, by and among L Curve Sub&nbsp;Inc., Laureate Education,&nbsp;Inc. and Douglas L. Becker</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.40</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deferred Compensation Letter Agreement, dated December&nbsp;24, 2015, between Laureate Education,&nbsp;Inc. and Douglas L. Becker (incorporated herein by reference to Exhibit&nbsp;10.37 to the Company's Registration
Statement on Form&nbsp;S-4 (File No.&nbsp;333-208758), filed on January&nbsp;20, 2016)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.41</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2nd&nbsp;Amended and Restated Executive Interest Subscription Agreement, dated August&nbsp;31, 2010, between Wengen Alberta, Limited Partnership and Douglas L. Becker</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.42</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Employment Offer Letter, dated July&nbsp;21, 2008, between Laureate Education,&nbsp;Inc. and Eilif Serck-Hanssen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.43</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Amendment to Employment Offer Letter, dated December&nbsp;9, 2010, between Laureate Education,&nbsp;Inc. and Eilif Serck-Hanssen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.44</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Time-Based Restricted Stock Agreement, dated August&nbsp;5, 2008, between Laureate Education,&nbsp;Inc. and Eilif Serck-Hanssen</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.45</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Time-Based Restricted Stock Units Agreement, for grants from and after September&nbsp;11, 2013</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=609,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=664246,FOLIO='II-14',FILE='DISK112:[12ZBH3.12ZBH43513]JE43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_je43513_1_15"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 10.46</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Support Services Agreement between Santa Fe University of Art and Design,&nbsp;LLC and Laureate Education,&nbsp;Inc. dated October&nbsp;1, 2014</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.47</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Master Service and Confidentiality Agreement, dated April&nbsp;28, 2014, by and between Laureate Education,&nbsp;Inc. and Accenture&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#135;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>System Wide Master Agreement, dated April&nbsp;10, 2015, between Blackboard&nbsp;Inc. and Laureate Education,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.49</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Stockholders' Agreement for Entity-Appointed Directors</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Stockholders' Agreement for Individual Directors</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.51</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Stock Incentive Plan Form of Restricted Stock Units Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Stock Incentive Plan Form of Performance Share Units Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.53</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Laureate Education, Inc. Note Exchange Agreement dated as of April&nbsp;15, 2016</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.54</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Executive Retention Agreement, dated February&nbsp;25, 2016, by and between Ricardo Berckemeyer and Laureate Education,&nbsp;Inc., effective as of September&nbsp;1, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.55</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Long-Term Incentive Plan Form of Performance Share Award Agreement for 2016 for Named Executive Officers</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Long-Term Incentive Plan Form of Performance Share Award Agreement for 2016</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.57</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Long-Term Incentive Plan Form of Stock Option Agreement for 2016 for Named Executive Officers</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Long-Term Incentive Plan Form of Stock Option Agreement for 2016</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.59</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Long-Term Incentive Plan Form of Restricted Stock Unit Agreement for 2016 for Named Executive Officers</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Long-Term Incentive Plan Form of Restricted Stock Unit Agreement for 2016</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Fifth Amendment to Amended and Restated Credit Agreement, dated as of June&nbsp;3, 2016, entered into by Laureate Education,&nbsp;Inc., Iniciativas Culturales de Espa&ntilde;a S.L., Citibank, N.A., as successor
Administrative Agent and Collateral Agent, the other parties thereto and certain financial institutions listed on the signature pages thereto</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.62</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Sixth Amendment to Amended and Restated Credit Agreement, dated as of July&nbsp;7, 2016, entered into by Laureate Education,&nbsp;Inc. and Iniciativas Culturales de Espa&ntilde;a S.L., as borrowers, Citibank, N.A., as
successor Administrative Agent and Collateral Agent, the other parties thereto and certain financial institutions listed on the signature pages thereto</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.63</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Subscription Agreement, dated as of December&nbsp;4, 2016, by and among Laureate Education,&nbsp;Inc., Macquarie Sierra Investment Holdings&nbsp;Inc., and each of the other Persons listed on Schedule&nbsp;A and
Schedule&nbsp;B thereto.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.64</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Registration Rights Agreement by and among Laureate Education,&nbsp;Inc., each of the Investors set forth on Schedule&nbsp;A thereto, Douglas L. Becker and Wengen Alberta, Limited Partnership.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.65</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Investors' Stockholders Agreement by and among Laureate Education,&nbsp;Inc., Wengen Alberta, Limited Partnership and the Investors set forth on Schedule&nbsp;A thereto.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.66</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>First Amendment to the 2013 Long-Term Incentive Plan, effective as of September&nbsp;15, 2015.</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=610,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=791374,FOLIO='II-15',FILE='DISK112:[12ZBH3.12ZBH43513]JE43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<A NAME="page_je43513_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 10.67</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&#134;**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Second Amendment to the 2013 Long-Term Incentive Plan, effective as of December&nbsp;14, 2016.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.68</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Deferred Compensation Letter Agreement, dated December&nbsp;30, 2016, between Laureate Education,&nbsp;Inc. and Douglas&nbsp;L. Becker</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.69</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Exchange and Registration Rights Agreement, dated as of December&nbsp;30, 2016, among Laureate Education,&nbsp;Inc., the guarantors listed on the signature pages thereto and the initial holders listed on the signature
pages thereto</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Long-Term Incentive Plan Form of Restricted Stock Unit Agreement for October 2016</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.71</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Long-Term Incentive Plan Form of Performance Share Unit Agreement for Named Executive Officers for October 2016</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.72</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>2013 Long-Term Incentive Plan Form of Performance Share Unit Agreement for October 2016</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.73</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&#134;**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Cash Long-Term Incentive Plan Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.74</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Amended and Restated Securityholders Agreement by and among Wengen Alberta, Limited Partnership, Laureate Education,&nbsp;Inc. and the other parties thereto</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>10.75</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Amended and Restated Registration Rights Agreement by and among Wengen Alberta, Limited Partnership, Wengen Investments Limited, Laureate Education,&nbsp;Inc. and the other parties thereto</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>21.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>List of Subsidiaries of the Registrant</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of PricewaterhouseCoopers&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of PricewaterhouseCoopers Auditores Independentes, S&atilde;o Paulo, Brazil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of PricewaterhouseCoopers Auditores Independentes, Porto Alegre, RS, Brazil</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of DLA Piper&nbsp;LLP (US) (included in Exhibit&nbsp;5.1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>24.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Powers of Attorney</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>24.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Power of Attorney for Tal Darmon</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>**</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of Director Designee William L. Cornog</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>99.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of Director Designee Pedro del Corro</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Previously
filed.

<BR><BR></FONT></DD>

<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>#</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Laureate
Education,&nbsp;Inc. hereby undertakes to furnish supplementally a copy of any omitted schedule or exhibit to such agreement to the U.S. Securities
and Exchange Commission upon request.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#134;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Indicates
a management contract or compensatory plan or arrangement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#135;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Confidential
treatment has been requested with respect to certain portions of this exhibit. Omitted portions have been filed separately with the
Securities and Exchange Commission.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=611,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=860697,FOLIO='II-16',FILE='DISK112:[12ZBH3.12ZBH43513]JE43513A.;31',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_jg43513_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg43513a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jg43513_laureate_education,_inc._suppl__lau04057"> </A>
<A NAME="toc_jg43513_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Laureate Education,&nbsp;Inc.    <BR>    <BR>    Supplemental Financial Schedule&nbsp;II&#151;Valuation and Qualifying Accounts    <BR>    <BR>    (In Thousands)    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Additions </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:41pt;"><FONT SIZE=1><B>Description

<!-- COMMAND=ADD_SCROPPEDRULE,41pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Balance at<BR>
Beginning<BR>
of Period </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Charges to<BR>
Costs and<BR>
Expenses </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Charges to<BR>
Other<BR>
Accounts </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Deductions </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Balance at<BR>
End of<BR>
Period </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Deducted from asset accounts:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Year ended December&nbsp;31, 2015:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts receivable(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>170,140</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>107,162</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(115,644</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>161,658</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Valuation allowance on deferred tax assets(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>994,434</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>157,960</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(59,443</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,092,951 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total deducted from asset accounts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,164,574</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>265,122</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(175,087</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,254,609 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Deducted from asset accounts:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Year ended December&nbsp;31, 2014:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts receivable(1)(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>167,521</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>110,302</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,736</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(112,419</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>170,140</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Valuation allowance on deferred tax assets(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>907,203</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>94,791</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7,560</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>994,434 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total deducted from asset accounts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,074,724</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>205,093</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,736</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(119,979</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,164,574 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Deducted from asset accounts:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Year ended December&nbsp;31, 2013:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for doubtful accounts receivable(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>164,910</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>102,662</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(100,051</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>167,521</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Valuation allowance on deferred tax assets(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>747,148</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>171,644</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(11,589</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>907,203 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total deducted from asset accounts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>912,058</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>274,306</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(111,640</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,074,724 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
Notes: </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Deductions
includes accounts receivable written off against the allowance (net of recoveries), reclassifications, and foreign currency translation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Deductions
includes reclassifications.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Charges
to Other Accounts in 2014 includes reclassifications.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>S-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=612,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="1",CHK=844658,FOLIO='S-1',FILE='DISK112:[12ZBH3.12ZBH43513]JG43513A.;4',USER='HYUNG',CD='31-JAN-2017;09:41' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>a2230757zex-3_1.htm
<DESCRIPTION>EX-3.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;3.1</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED AND RESTATED</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATE OF INCORPORATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OF</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LAUREATE EDUCATION,&nbsp;INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A PUBLIC BENEFIT CORPORATION</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Laureate Education,&nbsp;Inc. (the &#147;<b><i style="font-weight:bold;">Corporation</i></b>&#148;), a public benefit corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware, as amended from time to time, (the &#147;<b><i style="font-weight:bold;">DGCL</i></b>&#148;), hereby certifies that:</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST.&#160; The Corporation was initially incorporated in the State of Maryland by the filing of Articles of Incorporation with the State Department of Assessments and Taxation of the State of Maryland on December&nbsp;6, 1989 under the name &#147;Sylvan Learning Systems,&nbsp;Inc.&#148;&#160; A Certificate of Conversion was filed with the Secretary of State of the State of Delaware pursuant to Section&nbsp;265 of the DGCL on October&nbsp;1, 2015, converting the Corporation from a Maryland corporation to a Delaware corporation with the name &#147;Laureate Education,&nbsp;Inc.&#148;&#160; The Corporation filed its original Certificate of Incorporation with the Secretary of State of the State of Delaware on October&nbsp;1, 2015.&#160; A Certificate of Designations of Convertible Redeemable Preferred Stock, Series&nbsp;A was filed with the Secretary of State of the State of Delaware on December&nbsp;20, 2016.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND.&#160; This Amended and Restated Certificate of Incorporation of the Corporation was duly adopted in accordance with the provisions of Sections 242 and 245 of the DGCL and by the written consent of the its stockholders in accordance with Section&nbsp;228 of the DGCL.&#160; As required by Section&nbsp;228 of the DGCL, the Corporation has given written notice of the amendments reflected herein to all stockholders who did not consent in writing to these amendments.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD.&#160; The Certificate of Incorporation of the Corporation is hereby amended and restated in its entirety as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;I</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name of the corporation (which is hereinafter called the &#147;<b><i style="font-weight:bold;">Corporation</i></b>&#148;) is: Laureate Education,&nbsp;Inc.&#160; The Corporation is a public benefit corporation under Subchapter XV of the DGCL.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;II</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of the Corporation is to engage in any lawful act or activity for which a corporation may be organized under the DGCL.&#160; The specific public benefit purpose of the Corporation is to produce a positive effect (or a reduction of negative effects) for society and persons by offering diverse education programs delivered online and on premises operated in the communities that we serve, as the board of directors may from time to time determine to be appropriate and within the Corporation&#146;s overall education mission.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=1040963,FOLIO='',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:08 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;III</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The present address of the principal office of the Corporation is 650 South Exeter Street, Baltimore, Maryland 21202.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;IV</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The address of the Corporation&#146;s registered office in the State of Delaware is Capitol Services,&nbsp;Inc., 1675 South State Street, Suite&nbsp;B, Dover, DE 19901, Kent County.&#160; The registered agent at such address is Capitol Services,&nbsp;Inc., 1675 South State Street, Suite&nbsp;B, Dover, DE 19901, Kent County.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;V</font></b></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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Classes of Stock</u></b>.&#160; The total number of shares of stock that the Corporation shall have the authority to issue is 1,625,000,000 shares of capital stock, with (a)&nbsp;1,575,000,000 shares of common stock, with a par value of $0.004 per share (the &#147;<b><i style="font-weight:bold;">Common Stock</i></b>&#148;), of which (i)&nbsp;700,000,000 shall be designated Class&nbsp;A Common Stock (the &#147;<b><i style="font-weight:bold;">Class&nbsp;A Common Stock</i></b>&#148;), (ii)&nbsp;175,000,000 shall be designated Class&nbsp;B Common Stock (the &#147;<b><i style="font-weight:bold;">Class&nbsp;B Common Stock</i></b>&#148;) (the Class&nbsp;A Common Stock and Class&nbsp;B Common Stock are sometimes referred to herein collectively as the &#147;Common Stock&#148;) and (iii)&nbsp;700,000,000 shall be undesignated Common Stock (the &#147;<b><i style="font-weight:bold;">Undesignated Common Stock</i></b>&#148;) and (b)&nbsp;50,000,000 shares of preferred stock, with a par value of $0.001 per share (the &#147;<b><i style="font-weight:bold;">Preferred Stock</i></b>&#148;), of which (i)&nbsp;62,000 shall be designated Convertible Redeemable Preferred Stock, Series&nbsp;A-1 (the &#147;<b><i style="font-weight:bold;">Series&nbsp;A-1 Preferred Stock</i></b>&#148;), (ii)&nbsp;450,000 shall be designated Convertible Redeemable Preferred Stock, Series&nbsp;A-2, (the &#147;<b><i style="font-weight:bold;">Series&nbsp;A-2 Preferred Stock</i></b>&#148;) (the Series&nbsp;A-1 Preferred Stock and Series&nbsp;A-2 Preferred Stock are sometime referred to herein collectively as the &#147;<b><i style="font-weight:bold;">Series&nbsp;A Preferred Stock</i></b>&#148;) and (iii)&nbsp;49,488,000 shall be undesignated Preferred Stock.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors of the Corporation (the &#147;<b><i style="font-weight:bold;">Board of Directors</i></b>&#148;) is authorized, subject to any limitations prescribed by law, to classify or reclassify any unissued shares of Class&nbsp;A Common Stock, Class&nbsp;B Common Stock or Undesignated Common Stock into one or more classes or series of stock, with such voting powers, full or limited, or no voting powers, and with such designations, preferences and relative, participating, optional or other special rights and qualifications, limitations or restrictions thereon as set forth in a resolution adopted by the Board of Directors.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Immediately upon the acceptance of this Amended and Restated Certificate for filing by the Secretary of State of the State of Delaware (the &#147;<b><i style="font-weight:bold;">Effective Time</i></b>&#148;), each share of the Corporation&#146;s Common Stock issued and outstanding or held as treasury stock immediately prior to the Effective Time, shall, automatically and without further action by any stockholder, be reclassified as, and shall become, one quarter of one share of Class&nbsp;B Common Stock (the &#147;<b><i style="font-weight:bold;">Reverse Split</i></b>&#148;), with any resulting fractional shares rounded down to the next whole share.&#160; The Corporation shall not issue fractional shares in connection with the Reverse Split.&#160; Any stock certificate that immediately prior to the Effective Time represented shares of the Corporation&#146;s Common Stock shall from and after the Effective Time be deemed to represent shares of Class&nbsp;B Common Stock, without the need for surrender or exchange thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="11035-2-QA-01_PB_2_210253_3205"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=462186,FOLIO='2',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:08 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Preferred Stock</u></b>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Undesignated Preferred Stock</u></b>.&#160; The Board of Directors is hereby expressly authorized, subject to any limitations prescribed by law, by resolution or resolutions thereof, to provide from time to time out of the unissued shares of Preferred Stock for one or more series of Preferred Stock by filing a certificate pursuant to the applicable law of the State of Delaware (each such certificate being hereinafter referred to as a &#147;<b><i style="font-weight:bold;">Preferred Stock Designation</i></b>&#148;), and, with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the powers (including voting powers), if any, of the shares of such series and the preferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions of the shares of such series.&#160; The designations, powers, preferences and relative, participating, optional and other special rights of each series of Preferred Stock, if any, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other series of Preferred Stock at any time outstanding. Notwithstanding the provisions of Section&nbsp;242(b)(2)&nbsp;of the DGCL and subject to the terms of any Preferred Stock Designation, the number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of the stock of the Corporation entitled to vote, voting together as a single class.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Series&nbsp;A Preferred Stock</u></b>.&#160; Pursuant to the authority conferred by the Corporation&#146;s original certificate of incorporation, filed with the Secretary of State of the State of Delaware on October&nbsp;1, 2015, the Board of Directors created a series of 512,000 shares of Preferred Stock designated as &#147;Convertible Redeemable Preferred Stock, Series&nbsp;A&#148; by the filing of a Certificate of Designations with the Secretary of State of the State of Delaware on December&nbsp;20, 2016, and the powers (including voting powers) of the shares of such series, and the designations, preferences and relative, participating, optional or other special rights, and any qualifications, limitations or restrictions, of the Series&nbsp;A Preferred Stock are set forth in <u>Appendix A</u> attached hereto and incorporated herein by reference.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Rights of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock</u></b>.&#160; The relative powers, rights, qualifications, limitations and restrictions granted to or imposed on the shares of the Class&nbsp;A Common Stock and Class&nbsp;B Common Stock are as follows:</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Voting Rights</u></b>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>General Right to Vote Together; Exceptions</b>.&#160; Except as otherwise expressly provided in Article&nbsp;XI herein or required by applicable law, the holders of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock shall vote together as a single class on all matters submitted to a vote of the stockholders; <i>provided</i>, <i>however</i>, notwithstanding the provisions of Section&nbsp;242(b)(2)&nbsp;of the DGCL and subject to the terms of any Preferred Stock Designation, the number of authorized shares of Class&nbsp;A Common Stock or Class&nbsp;B Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of the stock of the Corporation entitled to vote, voting together as a single class.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="11035-2-QA-01_PB_3_210340_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=3,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=807523,FOLIO='3',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:08 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Votes Per Share</b>. Except as otherwise expressly provided herein or required by applicable law, on any matter that is submitted to a vote of the stockholders, each holder of Class&nbsp;A Common Stock shall be entitled to one (1)&nbsp;vote for each such share, and each holder of Class&nbsp;B Common Stock shall be entitled ten (10)&nbsp;votes for each such share.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Identical Rights</u></b>.&#160; Except as otherwise expressly provided herein or required by applicable law, shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock shall have the same rights and privileges and rank equally, share ratably and be identical in all respects as to all matters, including, without limitation:</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Dividends and Distributions</b>.&#160; Subject to the terms of any Preferred Stock Designation, shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock shall be entitled to share equally, identically and ratably, on a per share basis, with respect to any Distribution paid or distributed by the Corporation, unless different treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock, each voting separately as a class; <i>provided</i>, <i>however</i>, that in the event that a Distribution is paid in the form of Class&nbsp;A Common Stock or Class&nbsp;B Common Stock (or Rights to acquire such stock), then holders of Class&nbsp;A Common Stock shall receive Class&nbsp;A Common Stock (or Rights to acquire such stock, as the case may be) and holders of Class&nbsp;B Common Stock shall receive Class&nbsp;B Common Stock (or Rights to acquire such stock, as the case may be).</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Subdivision or Combination</b>.&#160; In the event that the outstanding shares of Class&nbsp;A Common Stock or Class&nbsp;B Common Stock shall be subdivided or combined, by stock split, reverse split or similar event, into a greater or lesser number of shares of Class&nbsp;A Common Stock or Class&nbsp;B Common Stock, the outstanding shares of Class&nbsp;A Common Stock or Class&nbsp;B Common Stock, as applicable, shall, concurrently with the effectiveness of such subdivision or combination, be subdivided or combined in the same proportion and manner, unless different treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock, each voting separately as a class.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Change of Control or any Merger Transaction</b>. In connection with any Change of Control Transaction, shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock shall be treated equally, identically and ratably, on a per share basis, with respect to any consideration into which such shares are converted or any consideration paid or otherwise distributed to stockholders of the Corporation, unless different treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock, each voting separately as a class. &#160;Any merger or consolidation of the Corporation with or into any other entity, which is not a Change of Control Transaction, shall require approval by the affirmative vote of the holders of a majority of the outstanding shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock, each voting separately as a class, unless (i)&nbsp;the shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock remain outstanding and no other consideration is received in respect thereof, or (ii)&nbsp;such shares are converted on a pro rata basis into shares of the surviving or parent entity in such transaction having identical rights to the shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="11035-2-QA-01_PB_4_210500_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=4,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=802152,FOLIO='4',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:08 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Final Conversion of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock</u></b>.&#160; On the Final Conversion Date, each one (1)&nbsp;issued share of Class&nbsp;A Common Stock and each one (1)&nbsp;issued share of Class&nbsp;B Common Stock shall automatically, without any further action, convert into one (1)&nbsp;share of Common Stock.&#160; Following such conversion, the reissuance of all shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock shall be prohibited, and such shares shall be retired and cancelled in accordance with Section&nbsp;243 of the DGCL and the filing with the Secretary of State of the State of Delaware required thereby, and upon such retirement and cancellation, all references to the Class&nbsp;A Common Stock and Class&nbsp;B Common Stock in the Amended and Restated Certificate shall be eliminated.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Voluntary and Automatic Conversion of Class&nbsp;B Common Stock</u></b>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Voluntary Conversion. </b>Each one (1)&nbsp;share of Class&nbsp;B Common Stock shall be convertible into one (1)&nbsp;share of Class&nbsp;A Common Stock at the option of the holder thereof at any time upon written notice to the transfer agent of the Corporation.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Automatic Conversion.</b> Each one (1)&nbsp;share of Class&nbsp;B Common Stock shall automatically, without any further action, convert into one (1)&nbsp;share of Class&nbsp;A Common Stock upon the earliest of:</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;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a Transfer of such share; <i><u style="font-style:italic;">provided</u></i> that no such automatic conversion shall occur in the case of a Transfer by a Class&nbsp;B Stockholder, for tax or estate planning purposes, to any of the persons or entities listed in clauses (A)&nbsp;through (F)&nbsp;below (each, a &#147;<b><i style="font-weight:bold;">Permitted Transferee</i></b>&#148;) and from any such Permitted Transferee back to such Class&nbsp;B Stockholder and/or any other Permitted Transferee established by or for such Class&nbsp;B Stockholder:</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 .5in;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&nbsp;a trust for the benefit of such Class&nbsp;B Stockholder or persons other than such Class&nbsp;B Stockholder so long as such Class&nbsp;B Stockholder has sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held by such trust; <i>provided</i> such Transfer does not involve any payment of cash, securities, property or other consideration (other than an interest in such trust) to such Class&nbsp;B Stockholder and, <i>provided</i>, <i>further</i>, that in the event that such Class&nbsp;B Stockholder no longer has sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held by such trust, each share of Class&nbsp;B Common Stock then held by such trust shall automatically convert into one (1)&nbsp;fully paid and nonassessable share of Class&nbsp;A Common Stock;</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 .5in;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a trust under the terms of which such Class&nbsp;B Stockholder has retained a &#147;qualified interest&#148; within the meaning of &#167;2702(b)(1)&nbsp;of the Internal Revenue Code and/or a reversionary interest so long as such Class&nbsp;B Stockholder has sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held by such trust; <i>provided</i>, <i>however</i>, that in the event that such Class&nbsp;B Stockholder no longer has sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held by such trust, each share of Class&nbsp;B Common Stock then held by such trust shall automatically convert into one (1)&nbsp;fully paid and nonassessable share of Class&nbsp;A Common Stock;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="11035-2-QA-01_PB_5_210537_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=5,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=810818,FOLIO='5',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:08 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; an Individual Retirement Account, as defined in Section&nbsp;408(a)&nbsp;of the Internal Revenue Code, or a pension, profit sharing, stock bonus or other type of plan or trust of which such Class&nbsp;B Stockholder is a participant or beneficiary and which satisfies the requirements for qualification under Section&nbsp;401 of the Internal Revenue Code; <i>provided</i> that in each case such Class&nbsp;B Stockholder has sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held in such account, plan or trust, and <i>provided</i>, <i>further</i>, that in the event that such Class&nbsp;B Stockholder no longer has sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held by such account, plan or trust, each share of Class&nbsp;B Common Stock then held by such trust shall automatically convert into one (1)&nbsp;fully paid and nonassessable share of Class&nbsp;A Common Stock;</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 .5in;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&nbsp;a corporation in which such Class&nbsp;B Stockholder directly, or indirectly through one or more Permitted Transferees, owns shares with sufficient Voting Control in the corporation, or otherwise has legally enforceable rights, such that such Class&nbsp;B Stockholder retains sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held by such corporation; <i><u style="font-style:italic;">provided</u></i> that in the event that such Class&nbsp;B Stockholder no longer owns sufficient shares or no longer has sufficient legally enforceable rights to ensure that such Class&nbsp;B Stockholder retains sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held by such corporation, each share of Class&nbsp;B Common Stock then held by such corporation shall automatically convert into one (1)&nbsp;fully paid and nonassessable share of Class&nbsp;A Common Stock;</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 .5in;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&nbsp;a partnership in which such Class&nbsp;B Stockholder directly, or indirectly through one or more Permitted Transferees, owns partnership interests with sufficient Voting Control in the partnership, or otherwise has legally enforceable rights, such that such Class&nbsp;B Stockholder retains sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held by such partnership; <i><u style="font-style:italic;">provided</u></i> that in the event that such Class&nbsp;B Stockholder no longer owns sufficient partnership interests or no longer has sufficient legally enforceable rights to ensure that such Class&nbsp;B Stockholder retains sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held by such partnership, each share of Class&nbsp;B Common Stock then held by such partnership shall automatically convert into one (1)&nbsp;fully paid and nonassessable share of Class&nbsp;A Common Stock; or</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 .5in;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)&nbsp;a limited liability company in which such Class&nbsp;B Stockholder directly, or indirectly through one or more Permitted Transferees, owns membership interests with sufficient Voting Control in the limited liability company, or otherwise has legally enforceable rights, such that such Class&nbsp;B Stockholder retains sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held by such limited liability company; <i><u style="font-style:italic;">provided</u></i> that in the event that such Class&nbsp;B Stockholder no longer owns sufficient membership interests or no longer has sufficient legally enforceable rights to ensure that such Class&nbsp;B Stockholder retains sole dispositive power and exclusive Voting Control with respect to the shares of Class&nbsp;B Common Stock held by such limited liability company, each share of Class&nbsp;B Common Stock then held by such limited liability company shall automatically convert into one (1)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="11035-2-QA-01_PB_6_210600_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=6,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=988655,FOLIO='6',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:08 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">fully paid and nonassessable share of Class&nbsp;A Common Stock; and</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;text-indent:2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;the date specified by a written notice and certification request of the Corporation to the holder of such share of Class&nbsp;B Common Stock requesting a certification, in a form satisfactory to the Corporation, verifying such holder&#146;s ownership of Class&nbsp;B Common Stock and confirming that a conversion to Class&nbsp;A Common Stock has not occurred, which date shall not be less than sixty (60) calendar days after the date of such notice and certification request; <i><u style="font-style:italic;">provided</u></i> that no such automatic conversion pursuant to this subsection (ii)&nbsp;shall occur in the case of a Class&nbsp;B Stockholder or its Permitted Transferees that furnishes a certification satisfactory to the Corporation prior to the specified date.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Conversion Upon Death or Permanent Incapacity</b><i>.&#160; </i>Each share of Class&nbsp;B Common Stock held of record by a Class&nbsp;B Stockholder who is a natural person, or by such Class&nbsp;B Stockholder&#146;s Permitted Transferees, shall automatically, without any further action, convert into one (1)&nbsp;fully paid and nonassessable share of Class&nbsp;A Common Stock upon the death or Permanent Incapacity of such Class&nbsp;B Stockholder.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Procedures</b>.&#160; The Corporation may, from time to time, establish such policies and procedures relating to the conversion of the Class&nbsp;B Common Stock to Class&nbsp;A Common Stock and the general administration of this dual class stock structure, including the issuance of stock certificates with respect thereto, as it may deem necessary or advisable, and may from time to time request that holders of shares of Class&nbsp;B Common Stock furnish certifications, affidavits or other proof to the Corporation as it deems necessary to verify the ownership of Class&nbsp;B Common Stock and to confirm that a conversion to Class&nbsp;A Common Stock has not occurred.&#160; A determination by the Secretary of the Corporation that a Transfer results in a conversion to Class&nbsp;A Common Stock shall be conclusive and binding.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Immediate Effect</b>.&#160; In the event of a conversion of shares of Class&nbsp;B Common Stock to shares of Class&nbsp;A Common Stock pursuant to this Section&nbsp;C.4 and upon the conversion of any then-outstanding Class&nbsp;A Common Stock and Class&nbsp;B Common Stock into Common Stock upon the Final Conversion Date, such conversion(s)&nbsp;shall be deemed to have been made at the time that the Transfer of shares occurred (in the case of a conversion of Class&nbsp;B Common Stock to Class&nbsp;A Common Stock) or immediately upon the Final Conversion Date (in the case of the conversion of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock into Common Stock).&#160; Upon any conversion of Class&nbsp;B Common Stock to Class&nbsp;A Common Stock, all rights of the holder of shares of Class&nbsp;B Common Stock shall cease and the person or persons in whose names or names the certificate or certificates, if any, representing the shares of Class&nbsp;A Common Stock are to be issued shall be treated for all purposes as having become the record holder or holders of such shares of Class&nbsp;A Common Stock.&#160; Upon conversion of Class&nbsp;A Common Stock or Class&nbsp;B Common Stock into Common Stock on the Final Conversion Date, all rights of holders of shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock shall cease and the person or persons in whose name or names the certificate or certificates representing the shares of Common Stock are to be issued shall be treated for all purposes as having become the record holder or holders of such shares of Common Stock.&#160; Shares of Class&nbsp;B Common Stock that are converted into shares of Class&nbsp;A Common Stock as provided in this Section&nbsp;C.4 shall be retired and may not be reissued.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">7<a name="11035-2-QA-01_PB_7_210626_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=7,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=30002,FOLIO='7',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:08 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Reservation of Stock</b>.&#160; The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Class&nbsp;A Common Stock, solely for the purpose of effecting the conversion of the shares of Class&nbsp;B Common Stock, such number of its shares of Class&nbsp;A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Class&nbsp;B Common Stock into shares of Class&nbsp;A Common Stock.&#160; The Corporation shall further at all times reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the conversion of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock into Common Stock upon the Final Conversion Date or otherwise in accordance herewith, such number of shares of Common Stock as shall be sufficient to effect the conversion of all outstanding shares of Class&nbsp;B Common Stock and Class&nbsp;A Common Stock.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D</font></b>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Rights of Common Stock</u></b>.&#160; Except as otherwise provided herein or required by law, each holder of Common Stock shall be entitled to one (1)&nbsp;vote for each such share on any matter that is submitted to a vote of stockholders and shall otherwise have the rights conferred by applicable law in respect of such shares. No shares of Common Stock shall be issued prior to the Final Conversion Date, unless such issuance is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock, each voting separately as a class, in which event the holders of shares of Common Stock shall have rights equivalent to those provided to the holders of Class&nbsp;A Common Stock.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">E.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">No Further Issuances</u></b>.&#160; Except for the issuance of Class&nbsp;B Common Stock issuable (i)&nbsp;upon exercise of Rights outstanding at the Effective Time or (ii)&nbsp;in connection with a dividend payable in accordance with Article&nbsp;V, Section&nbsp;C.2, the Corporation shall not at any time after the Effective Time issue any additional shares of Class&nbsp;B Common Stock.&#160; After the Final Conversion Date, the Corporation shall not issue any additional shares of Class&nbsp;A Common Stock or Class&nbsp;B Common Stock.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;VI</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following terms, where capitalized in this Amended and Restated Certificate, shall have the meanings ascribed to them in this Article&nbsp;VI:</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Change of Control Transaction</i></b>&#148; means:</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;the sale, lease, exchange, transfer or other disposition (other than liens and encumbrances created in the ordinary course of business, including liens or encumbrances to secure indebtedness for borrowed money that are approved by the Corporation&#146;s Board of Directors, so long as no foreclosure is consummated in respect of any such lien or encumbrance) of all or substantially all of the Corporation&#146;s property and assets (which shall for such purpose include the property and assets of any direct or indirect subsidiary of the Corporation); <i><u style="font-style:italic;">provided that</u></i> any sale, lease, exchange or other disposition of property or assets exclusively between or among the Corporation and any direct or indirect subsidiary or subsidiaries of the Corporation shall not be deemed a &#147;<b><i style="font-weight:bold;">Change of Control Transaction</i></b>&#148;;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="11035-2-QA-01_PB_8_210650_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=8,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=875339,FOLIO='8',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:08 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;the merger, consolidation, business combination, or other similar transaction of the Corporation with any other entity; <i><u style="font-style:italic;">provided that</u></i> a merger, consolidation, business combination, or other similar transaction that would result in (1)&nbsp;the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) more than 50% of the total voting power represented by the voting securities of the surviving entity <i><u style="font-style:italic;">and</u></i> (2)&nbsp;more than 50% of the total number of outstanding shares of the surviving entity&#146;s capital stock, in the case of clauses (1)&nbsp;and (2)&nbsp;above as outstanding immediately after such merger, consolidation, business combination, or other similar transaction, and the stockholders of the Corporation immediately prior to the merger, consolidation, business combination, or other similar transaction own voting securities of the Corporation, the surviving entity or its parent immediately following the merger, consolidation, business combination, or other similar transaction in substantially the same proportions (vis a vis each other) as such stockholders owned the voting securities of the Corporation immediately prior to the transaction shall not be deemed a &#147;<b><i style="font-weight:bold;">Change of Control Transaction</i></b>&#148;; and</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;the recapitalization, liquidation, dissolution, or other similar transaction involving the Corporation; <i><u style="font-style:italic;">provided that</u></i> a recapitalization, liquidation, dissolution, or other similar transaction that would result in (1)&nbsp;the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity or its parent) more than 50% of the total voting power represented by the voting securities of the surviving entity <i><u style="font-style:italic;">and</u></i> (2)&nbsp;more than 50% of the total number of outstanding shares of the surviving entity&#146;s capital stock, in the case of clauses (1)&nbsp;and (2)&nbsp;above as outstanding immediately after such recapitalization, liquidation, dissolution or other similar transaction, and the stockholders of the Corporation immediately prior to the recapitalization, liquidation, dissolution or other similar transaction own voting securities of the Corporation, the surviving entity or its parent immediately following the recapitalization, liquidation, dissolution or other similar transaction in substantially the same proportions (vis a vis each other) as such stockholders owned the voting securities of the Corporation immediately prior to the transaction shall not be deemed a &#147;<b><i style="font-weight:bold;">Change of Control Transaction</i></b>&#148;.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Class&nbsp;B Stockholder</i></b>&#148; means (i)&nbsp;a registered holder of a share of Class&nbsp;B Common Stock at the Effective Time and (ii)&nbsp;an initial registered holder of any shares of Class&nbsp;B Common Stock that are originally issued by the Corporation after the Effective Time.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Compensatory Plan</i></b>&#148; means any plan, contract, or arrangement which provides for the sale, grant, or other issuance of equity securities of the Corporation to any employee, director, or consultant of the Corporation or any direct or indirect subsidiary of the Corporation, and any deferred compensation and executive profit interest arrangements.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Distribution</i></b>&#148; means (i)&nbsp;any dividend or distribution of cash, property or shares of the Corporation&#146;s capital stock; and (ii)&nbsp;any distribution following or in connection with any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="11035-2-QA-01_PB_9_210729_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=9,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=594420,FOLIO='9',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:08 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Exchange Act</i></b>&#148; means the United States Securities Exchange Act of 1934, as amended.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Final Conversion Date</i></b>&#148; means 5:00 p.m.&nbsp;in New York City, New York on the first Trading Day falling on or after the date on which the outstanding shares of Class&nbsp;B Common Stock represent less than fifteen percent (15%) of the aggregate number of shares of the then outstanding Class&nbsp;A Common Stock and Class&nbsp;B Common Stock.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Permanent Incapacity</i></b>&#148; means permanent and total disability such that such Class&nbsp;B Stockholder is unable to engage in any substantial gainful activity by reason of any medically determinable mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months as determined by a licensed medical practitioner.&#160; In the event of a dispute as to whether such Class&nbsp;B Stockholder is &#147;Permanently Incapacitated&#148;, no Permanent Incapacity of such Class&nbsp;B Stockholder shall be deemed to have occurred unless and until an affirmative ruling regarding such Permanent Incapacity has been made by a court of competent jurisdiction, and such ruling has become final and non-appealable.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Rights</i></b>&#148; means any option, warrant, conversion right or contractual right of any kind to acquire shares of the Corporation&#146;s authorized but unissued capital stock.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Securities Exchange</i></b>&#148; means, at any time, the registered national securities exchange on which the Corporation&#146;s equity securities are then principally listed or traded, which shall be the Nasdaq Global Select Market (or similar national quotation system of the Nasdaq Stock Market) or any successor exchange.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Trading Day</i></b>&#148; means any day on which the Securities Exchange is open for trading.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Transfer</i></b>&#148; of a share of Class&nbsp;B Common Stock shall mean any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of such share or any legal or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law. A &#147;<b><i style="font-weight:bold;">Transfer</i></b>&#148; shall also include, without limitation, (i)&nbsp;a transfer of a share of Class&nbsp;B Common Stock to a broker or other nominee (regardless of whether or not there is a corresponding change in beneficial ownership) or (ii)&nbsp;the transfer of, or entering into a binding agreement with respect to, Voting Control over a share of Class&nbsp;B Common Stock by proxy or otherwise, other than the Transfer of exclusive Voting Control with respect to shares of Class&nbsp;B Common Stock of a Class&nbsp;B Stockholder as permitted in Article&nbsp;V, Section&nbsp;C.4(b)&nbsp;and Article&nbsp;V, Section&nbsp;C.4(c); <i>provided</i>, <i>however</i>, that the following shall not be considered a &#147;<b><i style="font-weight:bold;">Transfer</i></b>&#148;: (a)&nbsp;the grant of a proxy to officers or directors of the Corporation at the request of the Board of Directors of the Corporation in connection with actions to be taken at an annual or special meeting of stockholders; (b)&nbsp;the pledge of shares of Class&nbsp;B Common Stock by a Class&nbsp;B Stockholder that creates a mere security interest in such shares pursuant to a <i>bona fide</i> loan or indebtedness transaction so long as such Class&nbsp;B Stockholder continues to exercise Voting Control over such pledged shares; <i>provided</i>, <i>however</i>, that a foreclosure on such shares of Class&nbsp;B Common Stock or other similar action by the pledge shall constitute a &#147;<b><i style="font-weight:bold;">Transfer</i></b>&#148;; (c)&nbsp;the fact that, as of the Effective Time or at any time after the Effective Time, the spouse of any holder of Class&nbsp;B Common Stock possesses or obtains an interest in such holder&#146;s shares of Class&nbsp;B Common Stock arising solely by reason of the application of the community property laws of any jurisdiction; or (d)&nbsp;entering into a</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">10<a name="11035-2-QA-01_PB_10_210757_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=10,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=685688,FOLIO='10',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:08 2017' -->

<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">voting agreement (with or without a proxy) solely with stockholders who are holders of Class&nbsp;B Common Stock that (A)&nbsp;is disclosed either in a Schedule 13D filed with the Securities and Exchange Commission or in writing to the Secretary of the Corporation, (B)&nbsp;either has a term not exceeding one year or is terminable by the holder of the shares subject thereto at any time, and (C)&nbsp;does not involve any payment of cash, securities, property or other consideration to the holder of the shares subject thereto other than the mutual promise to vote shares in a designated manner, to vote in favor of a proposed Change of Control Transaction, so long as no other event or circumstance shall exist or have occurred that constitutes a &#147;<b><i style="font-weight:bold;">Transfer</i></b>&#148; of such shares of Class&nbsp;B Common Stock.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Voting Control</i></b>&#148; with respect to a share of Class&nbsp;B Common Stock means the exclusive power (whether directly or indirectly) to vote or direct the voting of such share of Class&nbsp;B Common Stock by proxy, voting agreement, or otherwise.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;VII</font></b></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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Board Size</u></b>.&#160; Subject to the rights of the holders of any series of Preferred Stock to elect additional directors under specified circumstances, the total number of authorized directors constituting the Board of Directors (the &#147;<b><i style="font-weight:bold;">Whole Board</i></b>&#148;) shall be fixed from time to time exclusively by the Board of Directors pursuant to a resolution adopted by a majority of the Whole Board.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Vacancies</u></b>.&#160; Except as otherwise provided by that certain Stockholders Agreement dated December&nbsp;20, 2016 (the &#147;<b>Stockholders Agreement</b>&#148;) by and among the Corporation and certain stockholders of the Corporation and that certain Wengen Securityholders Agreement dated as of July&nbsp;11, 2007, as amended and/or restated from time to time, by and among Wengen Alberta, Limited Partnership and the other parties thereto (the &#147;<b><i style="font-weight:bold;">Wengen Securityholders Agreement</i></b>&#148;): (i)&nbsp;directors shall be elected at each annual meeting of Stockholders to hold office until the next annual meeting; (ii)&nbsp;each director, including a director elected to fill a vacancy, shall hold office until his or her successor is elected and qualified or until his or her earlier resignation or removal; (iii)&nbsp;any director may resign at any time upon written notice to the attention of the President or Secretary at the principal office of the Corporation; and (iv)&nbsp;any director may be removed at any time with or without cause by the affirmative vote of the holders of a majority in voting power of the shares of Stock then entitled or required to vote at an election of directors.&#160; Notwithstanding the provisions of Section&nbsp;223(a)(1)&nbsp;and 223(a)(2)&nbsp;of the DGCL, and except as otherwise provided by the Certificate of Incorporation, the Stockholders Agreement and the Wengen Securityholders Agreement, any vacancy or newly created directorship may be filled by a majority of the directors then in office (including any directors that have tendered a resignation effective at a future date), though less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and shall qualify, unless sooner displaced; <i>provided</i>, <i>however</i>, that where such vacancy or newly created directorship occurs among the directors elected by the holders of a class or series of stock, the holders of shares of such class or series may override the Board of Directors&#146; action to fill such vacancy or newly created directorship by (i)&nbsp;voting for their own designee to fill such vacancy or newly created directorship at a meeting of the Stockholders or (ii)&nbsp;written consent, if the consenting Stockholders hold a sufficient number of shares to elect their designee at a meeting of the Stockholders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">11<a name="11035-2-QA-03_PB_11_210627_6597"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=11,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=551045,FOLIO='11',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:27 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;VIII</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following provisions are inserted for the management of the business and the conduct of the affairs of the Corporation, and for further definition, limitation and regulation of the powers of the Corporation and of its directors and stockholders:</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Board Power</u></b>. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.&#160; In addition to the powers and authority expressly conferred by statute or by this Amended and Restated Certificate or the Bylaws of the Corporation, the Board of Directors is hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Written Ballot</u></b>. Elections of directors need not be by written ballot unless otherwise provided in the Bylaws of the Corporation.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Amendment of Bylaws</u></b>.&#160; In furtherance and not in limitation of the powers conferred by the DGCL, the Board of Directors is expressly authorized to adopt, amend or repeal the Bylaws of the Corporation.&#160; The stockholders of the Corporation shall also have power to adopt, amend or repeal the Bylaws of the corporation.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Advance Notice Provisions</u></b>.&#160; Advance notice of stockholder nominations for election of directors and other business to be brought by stockholders before a meeting of stockholders shall be given in the manner provided by the Bylaws.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">E.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Special Meetings</u></b>.&#160; Subject to applicable law, special meetings of the stockholders may be called only by the Board of Directors pursuant to a resolution adopted by a majority of the Whole Board; <i>provided, however</i>, that at any time any Sponsor-Affiliate (as defined below) beneficially owns at least 40% of the total number of outstanding shares of stock of the Corporation, special meetings of the stockholders of the Corporation for any purpose or purposes shall also be called at the request of such Sponsor-Affiliate pursuant to a resolution that shall be adopted by a majority of the Whole Board or the Chairman of the Board of Directors.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">F.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Stockholder Action by Written Consent</u></b>.&#160; Any action required or permitted to be taken at any annual or special meeting of stockholders may be taken upon the vote of stockholders at an annual or special meeting duly noticed and called in accordance with the DGCL and may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, are signed by the holders of outstanding shares of the relevant class(es) or series of stock of the Corporation representing not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of stock of the Corporation then issued and outstanding (other than treasury stock) entitled to vote thereon were present and voted and delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business, or to an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded; <i>provided</i>, <i>however</i>, that, subject to the rights of any series of Preferred Stock, no action by stockholders may be taken by written consent in lieu of a meeting of stockholders unless such written consent and the taking of the action specified therein have been previously approved by the affirmative vote of directors constituting a majority of the Whole Board.&#160; Notwithstanding the</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">12<a name="11035-2-QA-03_PB_12_210722_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=12,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=346866,FOLIO='12',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:27 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">foregoing, and subject to the rights of the holders of any series of Preferred Stock, following the Final Conversion Date, any action required or permitted to be taken by the stockholders of the Corporation must be effected at a duly called annual or special meeting of stockholders of the Corporation and may not be effected by any consent in writing by such stockholders.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">G.</font></b><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;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">No Cumulative Voting</u></b>.&#160; No stockholder will be permitted to cumulate votes at any election of directors.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">H.</font></b><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;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Competition and Corporate Opportunities</u></b>.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</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;&#160;&#160;&#160; </font><u>Certain Definitions</u>.&#160; For purposes of this Section&nbsp;H., (i)&nbsp;&#147;<b><i style="font-weight:bold;">Affiliate</i></b>&#148; of any Person shall include any principal, member, director, partner, shareholder, subsidiary, officer, employee or other representative of any Person that, directly or indirectly, is controlled by such Person, controls such Person or is under common control with such Person (with respect to the Sponsor-Affiliates, other than the Corporation and any entity that is controlled by the Corporation) or any Person that, directly or indirectly, is controlled by such Person, controls such Person or is under common control with such Person, (ii)&nbsp;&#147;<b><i style="font-weight:bold;">Person</i></b>&#148; shall mean any individual, corporation, general or limited partnership, limited liability company, joint venture, trust, association or any other entity, and (iii)&nbsp;&#147;<b><i style="font-weight:bold;">Sponsor-Affiliates</i></b>&#148; shall mean Wengen Alberta, Limited Partnership (&#147;<b><i style="font-weight:bold;">Wengen</i></b>&#148;) and each of the parties (other than employees of the Corporation) to the Wengen Securityholders Agreement, and each of their respective Affiliates.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</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;&#160;&#160;&#160; </font><u>Certain Activities</u>.&#160; In anticipation of the benefits to be derived by the Corporation through its continued contractual, corporate and business relationships with the Sponsor-Affiliates and in anticipation and recognition that (i)&nbsp;certain directors, principals, officers, employees and/or other representatives of the Sponsor-Affiliates may serve as directors or officers of the Corporation, (ii)&nbsp;the Sponsor-Affiliates may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Corporation, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Corporation, directly or indirectly, may engage, and (iii)&nbsp;members of the Board of Directors who are not employees of the Corporation (&#147;<b><i style="font-weight:bold;">Non-Employee Directors</i></b>&#148;) and their respective Affiliates may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Corporation, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Corporation, directly or indirectly, may engage, the provisions of this Article&nbsp;VIII, Section&nbsp;H. are set forth to define the circumstances in which any duties of the Non-Employee Directors and the Sponsor-Affiliates to the Corporation or its stockholders would not be breached even if certain classes or categories of business opportunities are alleged to have been usurped by one or more of the Sponsor-Affiliates, the Non-Employee Directors or their respective Affiliates.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</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;&#160;&#160;&#160; </font><u>Certain Transactions</u>.&#160; None of (i)&nbsp;any Sponsor-Affiliate or (ii)&nbsp;any Non-Employee Director or his or her Affiliates (any such Person identified in clause (i)&nbsp;or (ii), an &#147;<b><i style="font-weight:bold;">Identified Person</i></b>&#148;) shall be in breach of any duty to the Corporation or its stockholders for directly or indirectly (A)&nbsp;engaging in a corporate opportunity in the same or similar business activities or lines of business in which the Corporation or any of the Affiliated persons has a reasonable expectancy interest or property right or (B)&nbsp;otherwise competing with the Corporation.&#160; For the avoidance of doubt, to the extent that any purchase, sale or other transaction by any</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">13<a name="11035-2-QA-03_PB_13_210805_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=13,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=517223,FOLIO='13',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:27 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identified Person involving any securities or indebtedness of the Corporation or any of its Affiliates (or involving any hedge, swap, derivative or other instrument relating to or in respect of any of the foregoing securities or indebtedness) may be deemed to be a corporate opportunity or to be in competition with the Corporation, the Identified Persons shall be fully protected by the foregoing provisions of this Article&nbsp;VIII, Section&nbsp;H. in pursuing such purchase, sale or other transaction or in taking any other action in respect of or affecting such securities, indebtedness or other instrument.&#160; The Corporation hereby renounces any reasonable expectancy interest or property right in any business opportunity which may be a corporate opportunity for both an Identified Person and the Corporation or any of its Affiliates, except as provided in paragraph (4)&nbsp;of this Article&nbsp;VIII, Section&nbsp;H.&#160; In the event that any Identified Person acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself, himself or herself and the Corporation or any of its Affiliates, such Identified Person would not be in breach of any applicable duty to the Corporation or its stockholders for failing to communicate or offer such transaction or other business opportunity to the Corporation or any of its Affiliates.&#160; To the fullest extent permitted by law, no Identified Person can be held personally liable to the Corporation or its stockholders or creditors for any damages as a result of engaging in any of activities permitted pursuant to this paragraph (3)&nbsp;or which are stated in this paragraph (3)&nbsp;to constitute a breach of its, his or her duties to the Corporation or its stockholders if engaged in by such Identified 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="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</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;&#160;&#160;&#160; </font><u>Usurping Certain Corporate Opportunities Are Breaches of Duty to the Corporation or its Stockholders</u>.&#160; The Corporation does not renounce its expectancy interest or property right in any corporate opportunity offered to any Non-Employee Director (including any Non-Employee Director who serves as an officer of this Corporation) if such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of the Corporation and the provisions of paragraph (4)&nbsp;of this Article&nbsp;VIII, Section&nbsp;H. shall not apply to any such corporate opportunity.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</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;&#160;&#160;&#160; </font><u>Exclusion</u>.&#160; In addition to and without limiting the foregoing provisions of this Article&nbsp;VIII, Section&nbsp;H., a corporate opportunity shall not be deemed to be a potential corporate opportunity for the Corporation if the Corporation is not financially capable or contractually permitted or legally able to undertake it, or such opportunity is, from its nature, not in the line of the Corporation&#146;s business or is of no practical advantage to it or such opportunity is one in which the Corporation has no reasonable expectancy interest or property right.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</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;&#160;&#160;&#160; </font><u>Other Agreements</u>.&#160; Notwithstanding the foregoing, this Article&nbsp;VIII, Section&nbsp;H. shall in no way modify, waive, amend or limit (i)&nbsp;any of the terms or conditions set forth in Section&nbsp;6 of the Executive Interest Subscription Agreement dated as of August&nbsp;17, 2007 between Wengen Alberta, Limited Partnership and Douglas L. Becker (as it may be amended, restated, supplemented or otherwise modified from time to time) or any employment or non-competition agreement between Mr.&nbsp;Becker and the Corporation or any of its Affiliates, as the same may limit or otherwise affect Mr.&nbsp;Becker, or (ii)&nbsp;any agreement entered into after the date hereof between the Corporation or any of its Affiliates, on the one hand, and any Sponsor Affiliate, on the other hand containing a covenant not to compete, a covenant not to solicit, or any other comparable provisions.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</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;&#160;&#160;&#160; </font>The enumeration and definition of particular powers of the Board of</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">14<a name="11035-2-QA-03_PB_14_210828_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=14,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=588783,FOLIO='14',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:27 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directors included in the foregoing shall in no way be limited or restricted by reference to or inference from the terms of any other clause of this or any other Article&nbsp;of this Certificate of Incorporation, or construed as or deemed by inference or otherwise in any manner to exclude or limit any powers conferred upon the Board of Directors under the DGCL now or hereafter in force.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;IX</font></b></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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Director Exculpation</u></b>.&#160; To the fullest extent permitted by the DGCL, as the same exists or as may hereafter be amended, no director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B</font></b>.<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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Indemnification</u></b>.&#160; The Corporation shall have the power to indemnify to the fullest extent permitted by law any person made or threatened to be made a party to an action or proceeding, whether criminal, civil, administrative or investigative, by reason of the fact that he, his testator or intestate is or was a director, officer, employee, agent or trustee of the Corporation, any predecessor of the Corporation or any subsidiary or affiliate of the Corporation, or serves or served at any other enterprise as a director, officer, employee, agent or trustee at the request of the Corporation or any predecessor to the Corporation.&#160; The Corporation shall indemnify any person made or threatened to be made a party to an action or proceeding, whether criminal, civil, administrative or investigative, by reason of the fact that he, his testator or intestate is or was a director or officer of the Corporation or any predecessor of the Corporation, or serves or served at any other enterprise as a director or officer at the request of the Corporation, any predecessor to the Corporation or any subsidiary or affiliate of the Corporation as and to the extent (and on the terms and subject to the conditions) set forth in the Bylaws of the Corporation or in any contract of indemnification entered into by the Corporation and any such person.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C</font></b>.<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;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">Vested Rights</u></b>.&#160; Neither any amendment nor repeal of this Article&nbsp;IX, nor the adoption of any provision of this Amended and Restated Certificate inconsistent with this Article&nbsp;IX, shall eliminate or reduce the effect of this Article&nbsp;IX in respect of any matter occurring, or any action or proceeding accruing or arising or that, but for this Article&nbsp;IX, would accrue or arise, prior to such amendment, repeal or adoption of an inconsistent provision.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;X</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for: (i)&nbsp;any derivative action or proceeding brought on behalf of the Corporation; (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation&#146;s stockholders; (iii)&nbsp;any action asserting a claim against the Corporation arising pursuant to any provision of the DGCL, the Amended and Restated Certificate or the Bylaws of the Corporation; or (iv)&nbsp;any action asserting a claim against the Corporation governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and to have consented to the provisions of this Article&nbsp;X.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">15<a name="11035-2-QA-03_PB_15_211000_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=15,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=920037,FOLIO='15',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:27 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;XI</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any provision of this Amended and Restated Certificate becomes or is declared on any ground by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Amended and Restated Certificate, and the court will replace such illegal, void or unenforceable provision of this Amended and Restated Certificate with a valid and enforceable provision that most accurately reflects the Corporation&#146;s intent, in order to achieve, to the maximum extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision.&#160; The balance of this Amended and Restated Certificate shall be enforceable in accordance with its terms.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as provided in Article&nbsp;IX above, the Corporation reserves the right to amend, alter, change or repeal any provision contained in this Amended and Restated Certificate, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation; <i>provided</i>, <i>however</i>, that, notwithstanding any other provision of this Amended and Restated Certificate or any provision of law that might otherwise permit a lesser vote or no vote, but in addition to any vote of the holders of any class or series of the stock of this Corporation required by law or by this Amended and Restated Certificate, (i)&nbsp;the affirmative vote of the holders of at least 66 2/3% of the voting power of the outstanding shares of stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class, shall be required to amend or repeal, or adopt any provision of this Amended and Restated Certificate, and (ii)&nbsp;the affirmative vote of a majority of the outstanding shares of Class&nbsp;A Common Stock and the affirmative vote of a majority of the outstanding shares of Class&nbsp;B Common Stock, each voting separately as a class, shall be required to amend or repeal, or adopt any provision of this Amended and Restated Certificate inconsistent with, ARTICLE&nbsp;V, ARTICLE&nbsp;VI, or this clause (ii)&nbsp;of ARTICLE&nbsp;XI of this Amended and Restated Certificate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;XII</font></b></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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Corporation hereby expressly elects not to be governed by Section&nbsp;203 of the DGCL.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding the foregoing, the Corporation shall not engage in any business combination (as defined below), at any point in time at which the Corporation&#146;s Common Stock is registered under Section&nbsp;12(b)&nbsp;or 12(g)&nbsp;of the Exchange Act, with any interested stockholder (as defined below) for a period of three (3)&nbsp;years following the time that such stockholder became an interested stockholder, unless:</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</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;&#160;&#160;&#160; </font>prior to such time, the Board of Directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder, or</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</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;&#160;&#160;&#160; </font>upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock (as defined below) of the Corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i)&nbsp;by</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">16<a name="11035-2-QA-03_PB_16_211052_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=16,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=226413,FOLIO='16',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:27 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">persons who are directors and also officers and (ii)&nbsp;employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer, or</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</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;&#160;&#160;&#160; </font>at or subsequent to such time, the business combination is approved by the Board of Directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock of the Corporation which is not owned by the interested stockholder.</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;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C.</font></b><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;&#160;&#160;&#160;&#160;&#160;&#160; </font>For purposes of this Article&nbsp;XII, references to:</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</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;&#160;&#160;&#160; </font>&#147;<u>affiliate</u>&#148; means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another person.</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</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;&#160;&#160;&#160; </font>&#147;<u>associate</u>,&#148; when used to indicate a relationship with any person, means: (i)&nbsp;any corporation, partnership, unincorporated association or other entity of which such person is a director, officer or partner or is, directly or indirectly, the owner of 20% or more of any class of voting stock; (ii)&nbsp;any trust or other estate in which such person has at least a 20% beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity; and (iii)&nbsp;any relative or spouse of such person, or any relative of such spouse, who has the same residence as such person.</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</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;&#160;&#160;&#160; </font>&#147;<u>Sponsor-Affiliate Direct Transferee</u>&#148; means any person that acquires (other than in a registered public offering) directly from any Sponsor-Affiliate or any of its affiliates or successors or any &#147;group&#148;, or any member of any such group, of which such persons are a party under Rule&nbsp;13d-5 of the Exchange Act beneficial ownership of 15% or more of the then outstanding voting stock of the Corporation.</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</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;&#160;&#160;&#160; </font>&#147;<u>Sponsor-Affiliate Indirect Transferee</u>&#148; means any person that acquires (other than in a registered public offering) directly from any Sponsor-Affiliate Direct Transferee or any other Sponsor-Affiliate Indirect Transferee beneficial ownership of 15% or more of the then outstanding voting stock of the Corporation.</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</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;&#160;&#160;&#160; </font>&#147;<u>business combination</u>,&#148; when used in reference to the Corporation and any interested stockholder of the Corporation, means:</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 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any merger or consolidation of the Corporation or any direct or indirect majority-owned subsidiary of the Corporation (a)&nbsp;with the interested stockholder, or (b)&nbsp;with any other corporation, partnership, unincorporated association or other entity if the merger</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">17<a name="11035-2-QA-03_PB_17_211325_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=17,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=452410,FOLIO='17',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:27 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or consolidation is caused by the interested stockholder and as a result of such merger or consolidation Section&nbsp;(B)&nbsp;of this Article&nbsp;XII is not applicable to the surviving entity;</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 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160; </font>any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), except proportionately as a stockholder of the Corporation, to or with the interested stockholder, whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation which assets have an aggregate market value equal to 10% or more of either the aggregate market value of all the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding stock of the Corporation;</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 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</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;&#160; </font>any transaction which results in the issuance or transfer by the Corporation or by any direct or indirect majority-owned subsidiary of the Corporation of any stock of the Corporation or of such subsidiary to the interested stockholder, except: (a)&nbsp;pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into stock of the Corporation or any such subsidiary which securities were outstanding prior to the time that the interested stockholder became such; (b)&nbsp;pursuant to a merger under Section&nbsp;251(g)&nbsp;of the DGCL; (c)&nbsp;pursuant to a dividend or distribution paid or made, or the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into stock of the Corporation or any such subsidiary which security is distributed, pro rata to all holders of a class or series of stock of the Corporation subsequent to the time the interested stockholder became such; (d)&nbsp;pursuant to an exchange offer by the Corporation to purchase stock made on the same terms to all holders of said stock; or (e)&nbsp;any issuance or transfer of stock by the Corporation;&nbsp;<i>provided</i>,&nbsp;<i>however</i>, that in no case under items (c)-(e)&nbsp;of this subsection (iii)&nbsp;shall there be an increase in the interested stockholder&#146;s proportionate share of the stock of any class or series of the Corporation or of the voting stock of the Corporation (except as a result of immaterial changes due to fractional share adjustments);</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 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</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>any transaction involving the Corporation or any direct or indirect majority-owned subsidiary of the Corporation which has the effect, directly or indirectly, of increasing the proportionate share of the stock of any class or series, or securities convertible into the stock of any class or series, of the Corporation or of any such subsidiary which is owned by the interested stockholder, except as a result of immaterial changes due to fractional share adjustments or as a result</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">18<a name="11035-2-QA-03_PB_18_211550_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=18,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=299421,FOLIO='18',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:27 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of any purchase or redemption of any shares of stock not caused, directly or indirectly, by the interested stockholder; or</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 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</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;&#160;&#160;&#160; </font>any receipt by the interested stockholder of the benefit, directly or indirectly (except proportionately as a stockholder of the Corporation), of any loans, advances, guarantees, pledges, or other financial benefits (other than those expressly permitted in subsections (i)-(iv)&nbsp;above) provided by or through the Corporation or any direct or indirect majority-owned subsidiary.</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</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;&#160;&#160;&#160; </font>&#147;<u>control</u>,&#148; including the terms &#147;<u>controlling</u>,&#148; &#147;<u>controlled by</u>&#148; and &#147;<u>under common control with</u>,&#148; 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 stock, by contract, or otherwise.&nbsp; A person who is the owner of 20% or more of the outstanding voting stock of any corporation, partnership, unincorporated association or other entity shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary.&nbsp; Notwithstanding the foregoing, a presumption of control shall not apply where such person holds voting stock, in good faith and not for the purpose of circumventing this Section, as an agent, bank, broker, nominee, custodian or trustee for one or more owners who do not individually or as a group have control of such entity.</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</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;&#160;&#160;&#160; </font>&#147;<u>interested stockholder</u>&#148; means any person (other than the Corporation and any direct or indirect majority-owned subsidiary of the Corporation) that (i)&nbsp;is the owner of 15% or more of the outstanding voting stock of the Corporation, or (ii)&nbsp;is an affiliate or associate of the Corporation and was the owner of 15% or more of the outstanding voting stock of the Corporation at any time within the three (3)&nbsp;year period immediately prior to the date on which it is sought to be determined whether such person is an interested stockholder, and the affiliates and associates of such person; <i>provided</i>,<i> however</i>, that the term &#147;interested stockholder&#148; shall not include (a)&nbsp;any Sponsor-Affiliate, any Sponsor-Affiliate Direct Transferee or any Sponsor-Affiliate Indirect Transferee or (b)&nbsp;any person whose ownership of shares in excess of the 15% limitation set forth herein is the result of any action taken solely by the Corporation,&nbsp;<i>provided</i>&nbsp;that such person shall be an interested stockholder if thereafter such person acquires additional shares of voting stock of the Corporation, except as a result of further corporate action not caused, directly or indirectly, by such person.&nbsp; For the purpose of determining whether a person is an interested stockholder, the voting stock of the Corporation deemed to be outstanding shall include stock deemed to be owned by the person through application of the definition of &#147;owner&#148; below but shall not include any other unissued stock of the Corporation which may be issuable pursuant to any agreement,</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">19<a name="11035-2-QA-03_PB_19_211634_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=19,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=695722,FOLIO='19',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:27 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</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;&#160;&#160;&#160; </font>&#147;<u>owner</u>,&#148; including the terms &#147;<u>own</u>&#148; and &#147;<u>owned</u>,&#148; when used with respect to any stock, means a person that individually or with or through any of its affiliates or associates:</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 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>beneficially owns such stock, directly or indirectly; or</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 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160; </font>has (a)&nbsp;the right to acquire such stock (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise;&nbsp;<i>provided</i>,&nbsp;<i>however</i>, that a person shall not be deemed the owner of stock tendered pursuant to a tender or exchange offer made by such person or any of such person&#146;s affiliates or associates until such tendered stock is accepted for purchase or exchange; or (b)&nbsp;the right to vote such stock pursuant to any agreement, arrangement or understanding;&nbsp;<i>provided</i>,&nbsp;<i>however</i>, that a person shall not be deemed the owner of any stock because of such person&#146;s right to vote such stock if the agreement, arrangement or understanding to vote such stock arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to ten (10)&nbsp;or more persons; or</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 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</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;&#160; </font>has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in item (b)&nbsp;of subsection (ii)&nbsp;above), or disposing of such stock with any other person that beneficially owns, or whose affiliates or associates beneficially own, directly or indirectly, such stock.</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</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;&#160;&#160;&#160; </font>&#147;<u>person</u>&#148; means any individual, corporation, partnership, unincorporated association or other entity.</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)</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; </font>&#147;<u>stock</u>&#148; means, with respect to any corporation, capital stock and, with respect to any other entity, any equity interest.</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 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)</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; </font>&#147;<u>voting stock</u>&#148; means stock of any class or series entitled to vote generally in the election of directors.&#160; Every reference to a percentage of voting stock shall refer to such percentage of the votes of such voting stock.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* * *</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">20<a name="11035-2-QA-03_PB_20_211739_8146"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=20,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=160299,FOLIO='20',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:27 2017' -->

<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-indent:17.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, this Amended and Restated Certificate of Incorporation has been signed on behalf of the Corporation by its duly authorized officer effective this 31st day of January, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LAUREATE   EDUCATION,&nbsp;INC.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Eilif Serck-Hanssen</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eilif Serck-Hanssen</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="11035-2-QA-05_PB_21_212401_7091"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=21,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=100885,FOLIO='21',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 26 23:01 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Appendix A</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATE OF DESIGNATIONS<br> OF<br> CONVERTIBLE REDEEMABLE PREFERRED STOCK, SERIES A<br> OF<br> LAUREATE EDUCATION,&nbsp;INC.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LAUREATE EDUCATION,&nbsp;INC., a public benefit corporation organized and existing under the General Corporation Law of the State of Delaware (the &#147;<b>Corporation</b>&#148;), in accordance with the provisions of Sections 103 and 151 thereof, does hereby certify:</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The board of directors of the Corporation (the &#147;<b>Board of Directors</b>&#148;), in accordance with the resolutions of the Board of Directors dated November&nbsp;21, 2016 and December&nbsp;8-9, 2016, the provisions of the Certificate of Incorporation and By-laws and applicable law, adopted the following resolution creating a series of Five Hundred Twelve Thousand (512,000) shares of Preferred Stock, par value $0.001 per share (&#147;<b>Preferred Stock</b>&#148;), of the Corporation designated as &#147;Convertible Redeemable Preferred Stock, Series&nbsp;A&#148; at a meeting duly called and held on November&nbsp;21, 2016.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESOLVED, that pursuant to the resolutions of the Board of Directors dated November&nbsp;21, 2016, the provisions of the Certificate of Incorporation and By-laws and applicable law, a series of Preferred Stock, par value $0.001 per share, of the Corporation be and hereby is created, and that the designation and number of shares of such series, and the voting and other powers, preferences and relative, participating, optional or other rights, and the qualifications, limitations and restrictions thereof, of the shares of such series, are as follows:</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;1.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><u style="font-style:italic;">Designation</u></i>.&#160; The distinctive serial designations of such series of Preferred Stock are &#147;Convertible Redeemable Preferred Stock, Series&nbsp;A-1&#148; (and, together with the PIK Dividend Shares, the &#147;<b>Series&nbsp;A-1 Preferred Stock</b>&#148;) and &#147;Convertible Redeemable Preferred Stock, Series&nbsp;A-2&#148; (the &#147;<b>Series&nbsp;A-2 Preferred Stock</b>&#148; and, together with the Series&nbsp;A-1 Preferred Stock, the &#147;<b>Series&nbsp;A Preferred Stock</b>&#148;).&#160; Each share of Series&nbsp;A Preferred Stock shall be identical in all respects to every other share of Series&nbsp;A Preferred Stock, except as set forth herein.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;2.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><u style="font-style:italic;">Number of Shares</u></i>.&#160; The authorized number of shares of Series&nbsp;A-1 Preferred Stock shall be Sixty-Two Thousand (62,000) and the authorized number of shares of Series&nbsp;A-2 Preferred Stock shall be Four Hundred Fifty Thousand (450,000).&#160; Shares of Series&nbsp;A Preferred Stock that are purchased, redeemed or otherwise acquired by the Corporation, or converted into another series of capital stock of the Corporation, shall be cancelled and retired and shall revert to authorized but unissued shares of Preferred Stock.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;3.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><u style="font-style:italic;">Definitions; Interpretation</u></i>.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As used herein with respect to Series&nbsp;A Preferred Stock:</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Additional Investor Director</b>&#148; has the meaning set forth in <u>Section&nbsp;7(a)(3)(i)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>1<a name="11035-2-QA-05_PB_1_224515_6318"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=22,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=1026605,FOLIO='A-1',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 26 23:01 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Adjusted EBITDA</b>&#148; </font>means, as of any date of determination, net income or loss, before or appropriately adjusted for the following items: (i)&nbsp;gain or loss on sales of discontinued operations, net of tax, (ii)&nbsp;income or loss from discontinued operations, net of tax, (iii)&nbsp;equity in net loss (income) of Affiliates, net of tax (iv)&nbsp;income tax expense (benefit), (v)&nbsp;foreign currency exchange loss (income), net, (vi)&nbsp;other (income) expense, net, (vii)&nbsp;loss (gain) on derivatives, (viii)&nbsp;loss on debt extinguishment, (ix)&nbsp;interest expense, (x)&nbsp;interest income, (xi)&nbsp;depreciation and amortization, (xii)&nbsp;stock-based compensation expense, (xiii)&nbsp;loss on impairment of assets, (xiv)&nbsp;restructuring charges, business optimization expenses or reserves (including restructuring costs related to acquisitions consummated after the date hereof, closure and/or consolidation of facilities, and/or the Company&#146;s Excellence in Process initiative), limited in the aggregate to (A)&nbsp;$50,000,000 in the calendar year 2016, $35,000,000 in the calendar year 2017, and (B)&nbsp;$15,000,000 for any twelve (12) month period commencing January&nbsp;1, 2018, (xv)&nbsp;any pro forma increase or decrease, as the case may be, in the Acquired EBITDA arising out of events occurring after the Closing Date that (a)&nbsp;are directly attributable to a specific transaction, (b)&nbsp;are factually supportable and are expected to have a continuing impact, and (c)&nbsp;are in each case (except for adjustments in the aggregate not exceeding $15,000,000 for any twelve month period immediately preceding such determination date) determined on a basis consistent with Article&nbsp;11 of Regulation S-X promulgated under the Securities Act of 1933, as amended, and as interpreted by the staff of the SEC, (xvi)&nbsp;other material non-recurring items, or non-cash expenses or accounting adjustments or charges, and (xvii)&nbsp;and gain or loss on a sale of a Subsidiary. Notwithstanding the foregoing, as of any date of determination, for any twelve month period preceding such date, the amount of the add-back in (xiv)&nbsp;above shall not exceed:&nbsp; $50,000,000 for any such twelve month period ending prior to December&nbsp;31, 2017; $35,000,000 for any such twelve month period ending on or after December&nbsp;31, 2017, but prior to September&nbsp;30, 2018; and $15,000,000 for any such twelve month period ending on or after September&nbsp;30, 2018.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Affiliate</b>&#148; of any particular Person means any other Person Controlling, Controlled by or under common Control with such particular Person; <i>provided</i>, <i>however</i>, that Persons shall not be deemed &#147;Affiliates&#148; of one another or the Corporation solely as a result of this Agreement or the Subscription Agreement; <i>provided</i>, <i>further</i>, that, when the term &#147;Affiliate&#148; is used with reference to any natural person, shall also include such person&#146;s spouse, domestic partner, parents and descendants (whether by blood or adoption, and including stepchildren) and the spouses and domestic partners of such persons.&#160; &#147;<b>Affiliated with</b>&#148; shall have a correlative meaning to the term &#147;Affiliate&#148;.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Board of Directors</b>&#148; has the meaning set forth in the Preamble.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Business Day</b>&#148; means a day that is a Monday, Tuesday, Wednesday, Thursday or Friday and is not a day on which banking institutions in New York City generally are authorized or obligated by law or executive order to close.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>By-laws</b>&#148; means the by-laws of the Corporation, as they may be amended from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>2<a name="11035-2-QA-05_PB_2_224523_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=23,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=132190,FOLIO='A-2',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 26 23:01 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Certificate of Designations</b>&#148; means this Certificate of Designations relating to the Series&nbsp;A Preferred Stock, as it may be amended from time to time.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Certificate of Incorporation</b>&#148; shall mean the certificate of incorporation of the Corporation, as it may be amended from time to time, and shall include this Certificate of Designations.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;<b>close of business</b>&#148; on any day means 5:00 p.m., New York City time, on any Business Day.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Common Stock</b>&#148; means the common stock of the Corporation, and, following the closing of the Corporation&#146;s initial public offering, the class of shares of common stock issued by the Corporation to the public.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Continuing Director</b>&#148; means any person (a)&nbsp;who was a member of the Board of Directors on June&nbsp;3, 2016 or (b)&nbsp;who has been nominated to be a member of the Board of Directors by a majority of the other Continuing Directors then in office.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Control</b>&#148; means the possession, direct or indirect, 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, and the terms &#147;<b>Controlling</b>&#148; and &#147;<b>Controlled</b>&#148; shall have meanings correlative thereto.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Conversion Date</b>&#148; has the meaning set forth in <u>Section&nbsp;8(b)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Conversion Election Period</b>&#148; has the meaning set forth in <u>Section&nbsp;8(a)(ii)(B)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Conversion Stock</b>&#148; means the shares of Registrable Securities that are issued or issuable upon conversion of any or all of the outstanding shares of Series&nbsp;A Preferred Stock pursuant to this Certificate of Designations.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Conversion Supporting Certifications</b>&#148; has the meaning set forth in <u>Section&nbsp;8(a)(iii)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Corporation</b>&#148; has the meaning set forth in the Preamble.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Corporation Redemption Date</b>&#148; has the meaning set forth in <u>Section&nbsp;7(b)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Corporation Redemption Price</b>&#148; has the meaning set forth in <u>Section&nbsp;7(b)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Corporation Redemption Shares</b>&#148; has the meaning set forth in <u>Section&nbsp;7(b)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Credit Agreement</b>&#148; means that certain Amended and Restated Credit Agreement, dated as of June&nbsp;16, 2011, among the Corporation, as the Parent Borrower,&nbsp;Iniciativas Culturales de Espa&#241;a S.L., as the Foreign Subsidiary Borrower, the several lenders party thereto from time to time, and Citibank, N.A. as successor Administrative Agent and Collateral Agent, as amended by that certain First Amendment to Amended and Restated Credit Agreement, dated as of January&nbsp;18, 2013, that certain Second Amendment to</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>3<a name="11035-2-QA-05_PB_3_224530_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=24,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=402923,FOLIO='A-3',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 26 23:01 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated Credit Agreement, dated as of April&nbsp;23, 2013, that certain Third Amendment to Amended and Restated Credit Agreement, dated as of October&nbsp;3, 2013, that certain Fourth Amendment to Amended and Restated Credit Agreement and Amendment to the U.S. Obligations Security Agreement and the U.S. Pledge Agreement, dated as of July&nbsp;7, 2015, that certain Fifth Amendment to Amended and Restated Credit Agreement, dated as of June&nbsp;3, 2016 and that certain Sixth Amendment to Amended and Restated Credit Agreement, dated as of July&nbsp;7, 2016, as amended, restated, refinanced, replaced, supplemented or otherwise modified from time to time.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Credit Documents</b>&#148; means the Credit Agreement, and all notes, guarantees, collateral and security documents, instruments and agreements executed in connection therewith, and in each case, as amended, restated, refinanced, replaced, supplemented or otherwise modified from time to time.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Current Stockholders</b>&#148; means Wengen and all Affiliates and limited partners of Wengen (and any of their Affiliates).</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Debt Documents</b>&#148; means the Credit Documents and the Note Documents.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Dividend Amount</b>&#148; has the meaning set forth in <u>Section&nbsp;5</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Dividend Payment Date</b>&#148; means, with respect to each share of Series&nbsp;A Preferred Stock, each three month anniversary following the Issue Date.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Dividend Rate</b>&#148; means, with respect to the Series&nbsp;A-1 Preferred Stock, the Series&nbsp;A-1 Dividend Rate, and with respect to the Series&nbsp;A-2 Preferred Stock, the Series&nbsp;A-2 Dividend Rate, respectively.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Educational Agency</b>&#148; means any entity or organization, whether governmental, government chartered, tribal, private, or quasi-private, that engages in granting or withholding Educational Approvals, administers Student Financial Assistance Programs to or for students of, or otherwise regulates schools or programs in accordance with standards relating to the performance, operation, financial condition, or academic standards of such schools and programs, including but not limited to the United States Department of Education, the Higher Learning Commission, the Western Association of Schools and Colleges Senior College and University Commission, the California Bureau for Private Postsecondary Education, the Florida Commission for Independent Education, the Illinois Board of Higher Education, the Minnesota Office of Higher Education, and the Texas Higher Education Coordinating Board.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Educational Approval</b>&#148; means any consent, license, permit, authorization, program participation agreement, certification, accreditation, or similar approval issued or required to be issued by an Educational Agency to any School subject to the oversight of such Educational Agency, including any such approval (i)&nbsp;for the School to operate and offer its educational programs in all jurisdictions in which it operates, including all jurisdictions where it offers educational programs online or through other distance education delivery methods, (ii)&nbsp;for the School to participate in any Student Financial Assistance Program, (iii)&nbsp;for graduates of the School to be eligible to obtain certification or licensure, or take any examinations to obtain</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>4<a name="11035-2-QA-05_PB_4_224535_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=25,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=130733,FOLIO='A-4',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 26 23:01 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">such certification or licensure, for any program for which the School has represented to students or prospective students that such program will enable students to obtain such certification or licensure, and (iv)&nbsp;that may be otherwise required in connection with the any of the transactions contemplated by this Agreement, including consents or approvals of a change in control or ownership of any School.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Educational Law</b>&#148; means any federal, state, municipal, foreign or other law, regulation, order, accrediting body standard or other requirement applicable thereto, issued or administered by, or related to, any Educational Agency.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;<b>effective time</b>&#148; means, when used in reference to a QPO or an IPO, the time at which the United States Securities and Exchange Commission declares the registration statement filed in connection with such QPO or IPO effective.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Exchange Act</b>&#148; means the Securities Exchange Act of 1934, as from time to time amended.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Exit Event</b>&#148; means (i)&nbsp;a merger or consolidation in which the Corporation or a Subsidiary of the Corporation is a constituent party and shares of capital stock of the Corporation are issued, or converted into other shares of capital stock, except any such merger or consolidation involving the Corporation or any of its Subsidiaries in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of the surviving or resulting corporation, (ii)&nbsp;any merger, consolidation or sale, transfer or issuance of equity interests, involving any Parent of the Corporation in which the holders of the voting power of outstanding equity interests of such Parent, immediately prior to such transaction, directly and indirectly own less than 50% in voting power of the outstanding equity interests of such Parent immediately following such transaction, (iii)&nbsp;the sale or transfer, directly or indirectly, in one or more related transactions, of the outstanding shares of capital stock of the Corporation, or issuance of shares of capital stock by the Corporation, in either case under circumstances in which the holders of the voting power of outstanding capital stock of the Corporation, immediately prior to such transaction, own less than 50% in voting power of the outstanding capital stock of the Corporation immediately following such transaction (collectively, clauses (i), (ii)&nbsp;and (iii), the &#147;<b>Sale of the Corporation</b>&#148;), or (iv)&nbsp;a sale, conveyance, lease. transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any of its Subsidiaries of assets representing all or substantially all of the assets of the Corporation and its Subsidiaries, taken as a whole (&#147;<b>Sale of Assets</b>&#148;).</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Exit Event Closing</b>&#148; has the meaning set forth in <u>Section&nbsp;8(a)(ii)(A)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Exit Event Closing Date</b>&#148; has the meaning set forth in <u>Section&nbsp;8(a)(ii)(A)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Fair Market Value</b>&#148; of a security means (i)&nbsp;if such security is listed on a securities exchange or the over-the-counter market, the VWAP of such security, (ii)&nbsp;if such security is not listed in any public market, then the value shall be equal to the price at which</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>5<a name="11035-2-QA-05_PB_5_224547_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=26,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=110190,FOLIO='A-5',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 26 23:01 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a willing and able seller would sell, and a willing and able unaffiliated third party buyer would buy, such security in an all-cash sale, having full knowledge of the facts, and assuming such party acts on an arm&#146;s-length basis with the expectation of concluding the purchase and sale within a reasonable time, as determined pursuant to <u>Section&nbsp;11</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>FMV Determination Date</b>&#148; has the meaning set forth in <u>Section&nbsp;11</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Follow-on Conversion Date</b>&#148; has the meaning set forth in <u>Section&nbsp;8(a)(ii)(C)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Forced Liquidity Transaction</b>&#148; has the meaning set forth in <u>Section&nbsp;7(a)(1)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Fundamental Actions</b>&#148; has the meaning set forth in <u>Section&nbsp;9(b)(3).</u></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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>GAAP</b>&#148; means United States generally accepted accounting principles in effect from time to time applied consistently.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Governmental Authority</b>&#148; means any domestic or foreign government or political subdivision thereof, whether on a Federal, state or local level and whether executive, taxing, legislative or judicial in nature, including any Educational Agency, authority, board, bureau, commission, court, department or other instrumentality thereof.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Holder</b>&#148; means the record holder of one or more shares of Series&nbsp;A Preferred Stock, as shown on the books and records of the Corporation.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Holder Optional Conversion Effective Date</b>&#148; has the meaning set forth in <u>Section&nbsp;8(a)(ii)(B)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Holder Optional Conversion Notice</b>&#148; has the meaning set forth in <u>Section&nbsp;8(a)(ii)(B)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Holder Optional Conversion Shares</b>&#148; has the meaning set forth in <u>Section&nbsp;8(a)(ii)(B)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>HSR Act</b>&#148; has the meaning set forth in <u>Section&nbsp;8(d)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Implied Equity Value</b>&#148; means, with respect to each share of capital stock of the Corporation, (a)&nbsp;if the Exit Event is a Sale of the Corporation, the net purchase price payable in respect of one share of Common Stock at the closing of such Sale of the Corporation, (b)&nbsp;if the Exit Event is a Sale of Assets, the net amount that is distributable in respect of one share of Common Stock at the closing of such Sale of Assets, or (c)&nbsp;if a Wengen Exit Event, the Fair Market Value of one share of Common Stock as of the close of business on the Business Day prior to the closing of such Wengen Exit Event.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Indenture</b>&#148; means that certain Indenture, dated as of July&nbsp;25, 2012, among the Corporation, each of the guarantors party thereto and Wells Fargo Bank, National Association, as Trustee, as supplemented by that certain First Supplemental Indenture, dated as of November&nbsp;13, 2012 and that certain Second Supplemental Indenture, dated as</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>6<a name="11035-2-QA-05_PB_6_224552_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=27,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=691768,FOLIO='A-6',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 26 23:01 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of December&nbsp;29, 2015, as amended, restated, refinanced, replaced, supplemented or otherwise modified from time to time.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Initial Issue Date</b>&#148; means December&nbsp;20, 2016.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Initial Follow-on Public Offering</b>&#148; means the first Public Offering following an IPO or QPO, as the case may be, in which the Holders of shares of Series&nbsp;A Preferred Stock shall receive net proceeds not less than the Priority Amount.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Initial Follow-on Public Offering Conversion Price</b>&#148; means an amount equal to the product of 0.85 and the price at which the shares of Common Stock are sold to the public in the Initial Follow-on Public Offering by the underwriter(s)&nbsp;thereof.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Initial Sale Period</b>&#148; has the meaning set forth in <u>Section&nbsp;7(a)(2)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Investor Seats</b>&#148; has the meaning set forth in <u>Section&nbsp;7(a)(2)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>IPO</b>&#148; means an initial Public Offering of Common Stock of the Corporation (other than a QPO) or a Subsidiary IPO.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Issue Amount</b>&#148; means the sum of the total face value of the shares of Series&nbsp;A Preferred Stock issued on each applicable Issue Date.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Issue Amount Per Share</b>&#148; means, with respect to shares of Series&nbsp;A Preferred Stock on each applicable Issue Date, the quotient obtained by dividing the total Issue Amount for such shares by the number of shares of Series&nbsp;A Preferred Stock issued on such applicable Issue Date.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Issue Date</b>&#148; means the first date on which a share of Series&nbsp;A Preferred Stock is issued (including the Initial Issue Date).</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Junior Securities</b>&#148; means the Common Stock and any other class or series of capital stock of the Corporation other than the Series&nbsp;A Preferred Stock.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Liquidation Preference</b>&#148; means, collectively, the aggregate Series&nbsp;A-1 Liquidation Preference and the aggregate Series&nbsp;A-2 Liquidation Preference, or either of the foregoing, as the context may require.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Lock-up Period</b>&#148; has the meaning set forth in <u>Section&nbsp;8(a)(ii)(C)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Mandatory Redemption Date</b>&#148; has the meaning set forth in <u>Section&nbsp;7(a)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Mandatory Redemption Payment Date</b>&#148; has the meaning set forth in <u>Section&nbsp;7(a)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Mandatory Redemption Price</b>&#148; has the meaning set forth in <u>Section&nbsp;7(a)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Mandatory Redemption Shares</b>&#148; has the meaning set forth in <u>Section&nbsp;7(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>7<a name="11035-2-QA-05_PB_7_224557_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=28,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=140209,FOLIO='A-7',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 26 23:01 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Market Disruption Event</b>&#148; means any of the following events that the Corporation, in its reasonable discretion, determines has occurred and is material:</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the occurrence or existence, for an aggregate period of at least two (2)&nbsp;hours or during the one-hour period prior to the close of trading for the regular trading session on the Relevant Exchange, of any suspension of, or limitation imposed on, trading by the Relevant Exchange, whether by reason of movements in price exceeding limits permitted by the Relevant Exchange, or otherwise:&#160; (1)&nbsp;relating to the Common Stock; or (2)&nbsp;in futures or options contracts relating to the Common Stock on the Relevant Exchange;</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any event (other than an event described in clause (iii)&nbsp;below) that disrupts or impairs the ability of market participants, for an aggregate period of at least two (2)&nbsp;hours or during the one-hour period prior to the close of trading for the regular trading session on the Relevant Exchange in general:&#160; (1)&nbsp;to effect transactions in, or obtain market values for, the Common Stock on the Relevant Exchange; or (2)&nbsp;to effect transactions in, or obtain market values for, futures or options contracts relating to the Common Stock on the Relevant Exchange; or</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the failure to open of the Relevant Exchange on which futures or options contracts relating to the Common Stock are traded or the closure of such exchange prior to its respective scheduled closing time for the regular trading session on such day (without regard to after hours or any other trading outside of the regular trading session hours), unless such earlier closing time is announced by such exchange at least one hour prior to the earlier of:&#160; (1)&nbsp;the actual closing time for the regular trading session on such day, and (2)&nbsp;the submission deadline for orders to be entered into such exchange for execution at the actual closing time on such day.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Modified Liquidation Preference</b>&#148; means, a reference to the Liquidation Preference of the Series&nbsp;A-1 Preferred Stock and/or the Liquidation Preference of the Series&nbsp;A-2 Preferred Stock, as the case may be, determined in the case of the Series&nbsp;A-2 Preferred Stock without regard to subparagraph (B)&nbsp;of the definition for the Series&nbsp;A-2 Liquidation Preference.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Note Documents</b>&#148; means the Indenture, and all notes, guarantees, collateral and security documents, instruments and agreements executed in connection therewith, and in each case, as amended, restated, refinanced, replaced, supplemented or otherwise modified from time to time.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;<b>open of business</b>&#148; means 9:00 a.m., New York City time, on any Business Day.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Optional Conversion Price</b>&#148; means an amount equal to the product of (i)&nbsp;0.85 and (ii)&nbsp;the Implied Equity Value of the Corporation.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Parent</b>&#148; means, with respect to any Person, a Person that owns, directly or indirectly, more than 50% of the voting power of the outstanding equity interests of such 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 align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>8<a name="11035-2-QA-05_PB_8_224606_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=29,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=613685,FOLIO='A-8',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 26 23:01 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Person</b>&#148; means an individual, a partnership, a joint venture, a corporation, an association, a joint stock company, a limited liability company, a trust, an unincorporated organization or a government or any department or agency or political subdivision thereof, or any group (within the meaning of Section&nbsp;13(d)(3)&nbsp;of the Exchange Act or any successor provision) consisting of one or more of the foregoing.&#160; For purposes of this Certificate of Designations, when used in reference to a Holder of shares of Series&nbsp;A Preferred Stock, the term &#147;group&#148; shall have the meaning set forth in Section&nbsp;13(d)(3)&nbsp;of the Exchange Act or any successor provision; <i>provided</i>, <i>however</i>, that no inference, presumption or conclusion that two or more Holders constitute a &#147;group&#148; within the meaning of Section&nbsp;13(d)(3)&nbsp;of the Exchange Act or Rule&nbsp;13d-5 thereunder shall be raised from the fact that such Holders collectively may exercise or refrain from exercising the rights under this Certificate of Designations in the same manner, that such Holders may be represented by a single law firm or advisor or that such rights were negotiated with the Corporation at the same time or amended or modified with the Corporation and such Holders in the same or a similar manner.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>PIK Dividend</b>&#148; means a dividend accrued on each share of Series&nbsp;A-1 Preferred Stock and paid in shares (including fractional shares) of Series&nbsp;A-1 Preferred Stock.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>PIK Dividend Shares</b>&#148; means the shares (including fractional shares) of Series&nbsp;A-1 Preferred Stock paid and issued in connection with a PIK Dividend.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>PO Conversion Outside Date</b>&#148; has the meaning set forth in <u>Section&nbsp;8(a)(ii)(C)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Preferred Return</b>&#148; of a share of Series&nbsp;A Preferred Stock means an amount equal to the product of 1.15 multiplied by the sum of (i)&nbsp;Issue Amount Per Share <u>plus</u> (ii)&nbsp;any accrued but unpaid dividends, including, in the case of Series&nbsp;A-1 Preferred Stock, PIK Dividends.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Preferred Stock</b>&#148; has the meaning set forth in the Preamble.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Priority Amount</b>&#148; means shares of Registrable Securities constituting Conversion Stock in a dollar amount equal to, as of any date of determination, the greater of (a)&nbsp;25% of the aggregate offering price of all Common Stock proposed to be offered and sold in the Initial Follow-On Public Offering, and (b)&nbsp;$275 million.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Prospectus</b>&#148; </font>means the prospectus included in any Registration Statement (including a prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule&nbsp;430A promulgated under the Securities Act and any free writing prospectus), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Proxy Holder</b>&#148; has the meaning set forth in <u>Section&nbsp;7(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>9<a name="11035-2-QA-05_PB_9_224611_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=30,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=837709,FOLIO='A-9',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 26 23:01 2017' -->

<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;<b>Public Offering</b>&#148; </font>means the offer and sale of Common Stock to the public pursuant to an effective Registration Statement (other than on Form&nbsp;S-4 or on Form&nbsp;S-8 or any similar or successor form) filed under the Securities Act or any comparable law or regulatory scheme of any foreign jurisdiction</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Public Offering Conversion Price</b>&#148; means the product of (i)&nbsp;0.85 multiplied by the lesser of (ii)&nbsp;(A)&nbsp;the price per share at which the Corporation&#146;s shares of Common Stock are sold to the public in a QPO or IPO by the underwriter(s)&nbsp;thereof, or (B)&nbsp;the 30 Trading Day VWAP prior to the Conversion Date; <i>provided</i>, that the Public Offering Conversion Price applicable to a conversion in connection with a QPO shall not be lower than 75% of the QPO Price, and with respect to an IPO, shall not be lower than 75% of the price per share at which the Corporation&#146;s shares of Common Stock are sold to the public in IPO (in each case, &#147;<b>Public Offering Conversion Price Floor</b>&#148;).</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>QPO</b>&#148; means (a)&nbsp;on or prior to August&nbsp;15, 2017, an initial underwritten Public Offering of Common Stock by the Corporation with net cash proceeds to the Corporation of not less than $450,000,000 and (b)&nbsp;after August&nbsp;15, 2017, an initial underwritten Public Offering of Common Stock by the Corporation with net cash proceeds to the Corporation of not less than $250,000,000.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>QPO Conversion Price</b>&#148; means an amount equal to the product of 0.85 and the QPO Price.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>QPO Price</b>&#148; means the price per share at which the shares of Common Stock are sold to the public in the QPO by the underwriter(s)&nbsp;thereof.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Redemption Holder</b>&#148; has the meaning set forth in <u>Section&nbsp;7(a)(i)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;<b>Registrable Securities</b>&#148; </font>means any and all shares of Common Stock and any other securities issued or issuable with respect to any such shares of Common Stock by way of share split, or in connection with a combination of shares, share dividend, recapitalization, merger, exchange, conversion, reclassification or similar event or otherwise.&#160; As to any particular Registrable Securities, once issued such securities shall cease to be Registrable Securities when (i)&nbsp;they are sold pursuant to an effective Registration Statement under the Securities Act, (ii)&nbsp;they are sold pursuant to Rule&nbsp;144 (or any similar provision then in force under the Securities Act) or (iii)&nbsp;they shall have ceased to be outstanding.&#160; No Registrable Securities may be registered under more than one Registration Statement at any one time.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Registration Rights Agreement</b>&#148; means that certain Registration Rights Agreement, dated as of December&nbsp;20, 2016, by and among the Corporation and the stockholders of the Corporation parties thereto, as from time to time amended, supplemented or modified.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Registration Statement</b>&#148; means any registration statement of the Corporation under the Securities Act which covers the offering of any of the Registrable Securities, including any Prospectus or amendments and supplements to such registration statement,</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>10<a name="11035-2-QA-07_PB_10_210625_4817"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=31,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=783196,FOLIO='A-10',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:09 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Related Party</b>&#148; shall mean, with respect to any specified Person, such Person&#146;s Affiliates and the directors, officers, employees, agents, trustees and advisors of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Relevant Exchange</b>&#148; means the principal U.S. national or regional securities exchange on which the Common Stock is listed; <i>provided</i>, <i>however</i>, that if the Common Stock is not listed on a U.S. national or regional securities exchange, then &#147;Relevant Exchange&#148; means the over-the-counter market on which the Common Stock is traded.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;<b>Requisite Series&nbsp;A Preferred Holders</b>&#148; shall mean, as of any date of determination, the Holders of two-thirds or more of the aggregate Modified Liquidation Preference as of such date, voting together as a separate class; </font><i>provided</i>, that, as of any date of determination from the date hereof until January&nbsp;23, 2017, solely for purposes of the determination of the Requisite Series&nbsp;A Preferred Holders on such date, the aggregate Modified Liquidation Preference as of such date shall be deemed to be equal to the full amount of the aggregate purchase price funded or agreed to be funded by the Holders on or prior to the date hereof</font>.&#160; Notwithstanding the foregoing or the applicable provisions of the General Corporation Law of the State of Delaware, including Section&nbsp;242(b)&nbsp;thereof, shares of Series&nbsp;A Preferred Stock held by Holders that are Wengen Investors or any of their Affiliates shall not be counted for purposes of determining whether the Requisite Series&nbsp;A Preferred Holders threshold has been satisfied (and shall be disregarded in the numerator and denominator of that determination); <i>provided</i>, that, such restriction shall automatically terminate without any further action upon the Transfer of shares of Series&nbsp;A Preferred Stock by such Person to an Unaffiliated Third Party and such Unaffiliated Third Party shall be entitled to vote or consent to the actions subject to a vote or consent of the Requisite Series&nbsp;A Preferred Holders pursuant hereto.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Sale of Assets</b>&#148; has the meaning set forth in the definition of &#147;Exit Event.&#148;</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Sale of the Corporation</b>&#148; has the meaning set forth in the definition of &#147;Exit Event.&#148;</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>School</b>&#148; means any educational institution owned and/or operated by the Corporation, including each main campus, branch campus, additional location, satellite or other facility thereof where it provides or offers 50% or more of an educational program.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Securities Act</b>&#148; means the United&nbsp;States Securities Act of 1933, as amended, and the rules&nbsp;and regulations thereunder.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Series&nbsp;A Preferred Stock</b>&#148; has the meaning set forth in <u>Section&nbsp;1</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Series&nbsp;A-1 Dividend Rate</b>&#148; means, with respect to each share of Series&nbsp;A-1 Preferred Stock:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>11<a name="11035-2-QA-07_PB_11_210648_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=32,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=688129,FOLIO='A-11',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:09 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>from the Issue Date of such share and continuing through and including the second anniversary of such Issue Date, 10.0% per annum, compounded quarterly on the original Issue Amount Per Share, any PIK Dividend and any accrued but unpaid dividends;</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>from the second anniversary of the Issue Date of such share and continuing through and including the third anniversary of such Issue Date, 13.0% per annum, compounded quarterly on the original Issue Amount Per Share, any PIK Dividend and any accrued but unpaid dividends;</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>from the third anniversary of the Issue Date of such share and thereafter, 16.0% per annum, compounded quarterly on the original Issue Amount Per Share, any PIK Dividend and any accrued but unpaid dividends; 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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>for the Special Dividend Rate Period, 10.0% per annum, compounded quarterly on the sum of the original Issue Amount Per Share, any PIK Dividend and any accrued but unpaid dividends;</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;text-indent:1.0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided</font></i>, <i>however</i>, for any period in which dividends are paid in cash and not as PIK Dividends, the &#147;Dividend Rate&#148; set forth above shall be reduced by 75 basis points.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Series&nbsp;A-1 Liquidation Preference</b>&#148; of a share of Series&nbsp;A-1 Preferred Stock means, as of any date of determination, an amount equal to the sum of (i)&nbsp;the Issue Amount Per Share <u>plus</u> (ii)&nbsp;accrued and unpaid dividends, including all PIK Dividend Shares as of such date.&#160; For the avoidance of doubt, such accrued and unpaid dividends per share of Series&nbsp;A Preferred Stock will include a <i>pro rata</i> portion of the Dividend Amount that would otherwise be payable on such share on the next subsequent Dividend Payment Date, to be calculated as such Dividend Amount (a)&nbsp;multiplied by the number of days between the most recent Dividend Payment Date and the date of determination of the Series&nbsp;A-1 Liquidation Preference pursuant to this Certificate of Designations and (b)&nbsp;divided by the number of days between the most recent Dividend Payment Date and the next subsequent Dividend Payment Date.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Series&nbsp;A-1 Preferred Stock</b>&#148; has the meaning set forth in <u>Section&nbsp;1</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Series&nbsp;A-2 Dividend Rate</b>&#148; means, with respect to each share of Series&nbsp;A-2 Preferred Stock, the greater of:</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; from the Issue Date of such share and continuing through </font>and including the second anniversary of such Issue Date, 10.0% per annum, compounded quarterly on the sum of the original Issue Amount Per Share and any accrued but unpaid dividends, including those that are added to the Issue Amount Per Share in respect of the Series&nbsp;A-2 Preferred Stock on each Dividend Payment Date pursuant to <u>Section&nbsp;5(a)(2)</u>&nbsp;of this 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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>from the second anniversary of the Issue Date of such share and continuing through and including the third anniversary of such Issue Date, 13.0% per annum,</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>12<a name="11035-2-QA-07_PB_12_210715_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=33,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=596923,FOLIO='A-12',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:09 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">compounded quarterly on the sum of the original Issue Amount Per Share and any accrued but unpaid dividends, including those that are added to the Issue Amount Per Share in respect of the Series&nbsp;A-2 Preferred Stock on each Dividend Payment Date pursuant to <u>Section&nbsp;5(a)(2)</u>&nbsp;of this Agreement;</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>from the third anniversary of the Issue Date of such share and thereafter, 16.0% per annum, compounded quarterly on the sum of the original Issue Amount Per Share and any accrued but unpaid dividends, including those that are added to the Issue Amount Per Share in respect of the Series&nbsp;A-2 Preferred Stock on each Dividend Payment Date pursuant to <u>Section&nbsp;5(a)(2)&nbsp;</u>of this Agreement; 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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>for the Special Dividend Rate Period, 10.0% per annum, compounded quarterly on the sum of the original Issue Amount Per Share and any accrued but unpaid dividends, including those that are added to the Issue Amount Per Share in respect of the Series&nbsp;A-2 Preferred Stock on each Dividend Payment Date pursuant to <u>Section&nbsp;5(a)(2)</u>&nbsp;of this Agreement; 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="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&nbsp; cash dividends declared and paid during any annual period on one (1)&nbsp;share of Common Stock (as adjusted for stock splits, stock dividends and other similar transactions).</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;text-indent:1.0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided</font></i>, <i>however</i>, for any period in which dividends on the Series&nbsp;A-2 Preferred Stock are paid pursuant to subparagraph (A)&nbsp;(but not subparagraph (B)) above in cash rather than automatically added to the Issue Amount Per Share in respect of the Series&nbsp;A-2 Preferred Stock in accordance with <u>Section&nbsp;5(a)(2)</u>&nbsp;hereof, the &#147;Dividend Rate&#148; set forth above shall be reduced by 75 basis points.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Series&nbsp;A-2 Liquidation Preference</b>&#148; of a share of Series&nbsp;A-2 Preferred Stock means, as of any date of determination, an amount equal to the greater of (A)&nbsp;the sum of (i)&nbsp;the Issue Amount Per Share <u>plus</u> (ii)&nbsp;accrued and unpaid dividends, including those that are added to the Issue Amount Per Share in respect of the Series&nbsp;A-2 Preferred Stock on each Dividend Payment Date pursuant to <u>Section&nbsp;5(a)(2)</u>&nbsp;of this Agreement or (B)&nbsp;the amount that would have been payable to the Holders of Series&nbsp;A Preferred Stock assuming all such shares were converted to shares of Common Stock, in each case, as of such date.&#160; For the avoidance of doubt, such accrued and unpaid dividends per share of Series&nbsp;A Preferred Stock will include a <i>pro rata</i> portion of the Dividend Amount that would otherwise be payable on such share on the next subsequent Dividend Payment Date, to be calculated as such Dividend Amount (i)&nbsp;multiplied by the number of days between the most recent Dividend Payment Date and the date of determination of the Series&nbsp;A-2 Liquidation Preference pursuant to this Certificate of Designations and (ii)&nbsp;divided by the number of days between the most recent Dividend Payment Date and the next subsequent Dividend Payment Date.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Series&nbsp;A-2 Preferred Stock</b>&#148; has the meaning set forth in <u>Section&nbsp;1</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>13<a name="11035-2-QA-07_PB_13_210733_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=34,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=13359,FOLIO='A-13',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:09 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Stockholders Agreement</b>&#148; means that certain Stockholders Agreement, dated as of December&nbsp;20, 2016, by and among the Corporation and the stockholders of the Corporation parties thereto, as from time to time amended, supplemented or modified.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Subsidiary</b>&#148; means, with respect to any Person, any corporation, limited liability company, partnership or other entity of which (i)&nbsp;if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is, at the time of determination, owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, (ii)&nbsp;if a partnership, limited liability company, association or other business entity, a majority of the partnership, limited liability company, or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof, or (iii)&nbsp;if a non-profit corporation or similar entity, the power to vote or direct the voting of sufficient securities or membership or other interests to elect directors (or comparable authorized persons of such entity) having a majority of the voting power of the board of directors (or comparable governing body) of such corporation or similar entity is, at the time of determination, owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof.&#160; For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a partnership, limited liability company, association or other business entity if such Person or Persons is allocated a majority of partnership, association or other business entity gains or losses or otherwise control the managing director, managing member, general partner or other managing Person of such partnership, limited liability company, association or other business entity.&#160; When used in the context of or based on the Corporation&#146;s consolidated financial statements, the term &#147;Subsidiaries&#148; shall mean those entities that the Corporation has determined to be consolidated subsidiaries under GAAP.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Subsidiary IPO</b>&#148; means an initial public offering of securities of any Subsidiary of the Corporation other than an initial public offering of securities of any Subsidiary of the Corporation (a)&nbsp;that, together with all other public offerings of securities of any other Subsidiaries of the Corporation, represents less than fifty percent (50%) of the Corporation&#146;s Adjusted EBITDA determined as of the last day of the fiscal quarter prior to the effective date of such offering, whether in a single offering or a series of offerings, (b)&nbsp;where any securities not sold or issued in such offering are retained by the Corporation (and not Transferred or issued to any other Person including any equity holder of the Corporation), and (c)&nbsp;the proceeds of which are used solely for repaying indebtedness of the Corporation or any of its Subsidiaries or, to the extent that, on a pro forma basis following such repayment and/or reinvestment, the Total Net Leverage (as such term is defined in the Stockholders Agreement) immediately following such reinvestment is less than 5.25x, reinvestments in assets of the Corporation or any of its Subsidiaries.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Super Majority Requisite Holders</b>&#148; shall mean the Holders of ninety-five percent (95%) or more of the aggregate Modified Liquidation Preference of the shares of Series&nbsp;A Preferred Stock then issued and outstanding, voting together as a separate class;<i> provided</i>, <i>that</i>, if Macquarie has waived its right to consent to any Fundamental Actions</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>14<a name="11035-2-QA-07_PB_14_210751_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=35,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=103640,FOLIO='A-14',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:09 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">pursuant to <u>Section&nbsp;9(b)(3)</u>, then in that case, and solely in respect of the Fundamental Action(s)&nbsp;so waived by Macquarie and solely for as long as such waiver remains in effect, </font>the shares of Series&nbsp;A Preferred Stock beneficially owned by Macquarie with respect to which such waiver is exercised shall not be included in the numerator or denominator of such ratio.&#160; Notwithstanding the foregoing or the applicable provisions of the General Corporation Law of the State of Delaware, including Section&nbsp;242(b)&nbsp;thereof, shares of Series&nbsp;A Preferred Stock held by certain Holders that are Wengen Investors or any of their Affiliates shall not be counted for purposes of determining whether the Super Majority Requisite Holders threshold has been satisfied (and shall be disregarded in the numerator and the denominator of that determination); provided, that, such restriction shall automatically terminate without any further action upon the Transfer of shares of Series&nbsp;A Preferred Stock by such Person to an Unaffiliated Third Party and such Unaffiliated Third Party shall be entitled to vote or consent to the actions subject to a vote or consent of the Super Majority Requisite Holders pursuant hereto.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Trading Day</b>&#148; means any day during which both of the following conditions are satisfied:&#160; (i)&nbsp;trading in the Common Stock generally occurs on the Relevant Exchange; and (ii)&nbsp;there is no Market Disruption Event.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Transaction Documents</b>&#148; has the meaning set forth in the Subscription Agreement.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Transfer</b>&#148; means (in either the noun or the verb form, including with respect to the verb form, all conjugations thereof within their correlative meanings) with respect to any security, the transfer, conveyance, issuance, gift, sale, assignment, transfer, pledge, hypothecation, encumbrance or </font>creation of a security interest in or lien, restriction or other encumbrance on, placing in trust (voting or otherwise) or other disposition (whether for or without consideration, whether directly or indirectly, and whether voluntary, involuntary or by operation of law) of such security or any interest therein.&#160; The terms &#147;<b>Transferred</b>&#148;, &#147;<b>Transferor</b>&#148; and &#147;<b>Transferee</b>&#148; have correlative meaning.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Trigger Event</b>&#148; has the meaning set forth in <u>Section&nbsp;8(c)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Unaffiliated Third Party</b>&#148; means a third party that is not Wengen, any Wengen Investor or any of their respective Affiliates or Related Parties.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>VWAP</b>&#148; means, per each security on any Trading Day, the volume-weighted average price per share of such security in respect of the period from 9:30 a.m.&nbsp;to 4:00 p.m.&nbsp;(New York City time) on such Trading Day, as displayed under the heading &#147;Bloomberg VWAP&#148; on the Bloomberg page&nbsp;on which the Common Stock is listed; <i>provided</i>, <i>however</i>, that if such volume-weighted average price shall not be available on such Trading Day, then VWAP on such Trading Day shall be determined, using a volume-weighted average method, pursuant to <u>Section&nbsp;11</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Wengen</b>&#148; means Wengen Alberta, Limited Partners, an Alberta limited partnership.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>15<a name="11035-2-QA-07_PB_15_210809_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=36,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=960866,FOLIO='A-15',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:09 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Wengen Exit Event</b>&#148; means a Transfer by Wengen of any equity securities in the Corporation or a Transfer by any Wengen Investor of any equity interests in Wengen, in each case, in which the holders of the voting power of outstanding equity interests of the Corporation or Wengen, respectively, immediately prior to such transaction, directly and indirectly own less than 50% in voting power of the outstanding equity interests of, or no longer exclusively Control, the Corporation or Wengen, respectively, immediately following such transaction, except for (i)&nbsp;any Transfer that constitutes an Exit Event, (ii)&nbsp;any Transfer by Wengen to a Wengen Investor or Transfer by a Wengen Investor to Wengen or another Wengen Investor, and (iii)&nbsp;any Transfer by a Wengen Investor to an Affiliate of that Wengen Investor or any other Wengen Investor.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Wengen Exit Event Notice</b>&#148; has the meaning set forth in <u>Section&nbsp;8(a)(ii)(B)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Wengen Investors</b>&#148; means all Affiliates and limited partners of Wengen.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Wengen Proxy Holder</b>&#148; has the meaning set forth in <u>Section&nbsp;7(a)</u>.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Interpretation</i>.&#160; Except where otherwise expressly provided or unless the context otherwise necessarily requires, in this Certificate of Designations: (i)&nbsp;reference to a given Article, Section, Subsection, clause, Exhibit&nbsp;or Schedule is a reference to an Article, Section, Subsection, clause, Exhibit&nbsp;or Schedule of this Certificate of Designations, unless otherwise specified; (ii)&nbsp;the terms &#147;hereof&#148;, &#147;herein&#148;, &#147;hereto&#148;, &#147;hereunder&#148; and &#147;herewith&#148; refer to this Certificate of Designations as a whole; (iii)&nbsp;reference to a given agreement, instrument, document or law is a reference to that agreement, instrument, document, law or regulation as modified, amended, supplemented and restated through the date as to which such reference was made, and, as to any law or regulation, any successor law or regulation; (iv)&nbsp;accounting terms have the meanings given to them under GAAP, and in any cases in which there exist elective options or choices in GAAP determinations relating to the Corporation or any of its Subsidiaries, or where management discretion is permitted in classification, standards or other aspects of GAAP related determinations relating to the Corporation or any of its Subsidiaries, the historical accounting principles and practices of the Corporation or such Subsidiaries, as applicable, shall continue to be applied, unless otherwise required under GAAP; (v)&nbsp;reference to a Person includes its predecessors, successors and permitted assigns and Transferees; (vi)&nbsp;the singular includes the plural and the masculine includes the feminine, and vice versa; (vii)&nbsp;the words &#145;include&#148;, &#147;includes&#148; or &#147;including&#148; means &#147;including, for example and without limitation&#148;; and (viii)&nbsp;references to &#147;days&#148; means calendar days.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;4.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><u style="font-style:italic;">Ranking</u></i>.&#160; The Series&nbsp;A Preferred Stock will, with respect to its special and relative rights and preferences, including conversion, redemption, payment of dividends and distributions of assets, rank senior to all Junior Securities.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;5.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><u style="font-style:italic;">Dividends</u></i><i>.</i></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u style="font-style:italic;">Dividend Amount</u></i>. With respect to each share of Series&nbsp;A Preferred Stock from time to time outstanding (including, for the avoidance of doubt, the PIK Dividend Shares, if any), from the Issue Date of such share, dividends shall accrue on each share of Series&nbsp;A-1 Preferred Stock, and Series&nbsp;A-2 Preferred Stock then outstanding in an amount equal to, in the case of each share of</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>16<a name="11035-2-QA-07_PB_16_210824_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=37,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=774920,FOLIO='A-16',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:09 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Series&nbsp;A-1 Preferred Stock, the Series&nbsp;A-1 Dividend Rate times the Issue Amount Per Share (compounded as provided in the definition for Series&nbsp;A-1 Dividend Rate, including with respect to any accrued and unpaid dividends) per each such share of Series&nbsp;A-1 Preferred Stock and, in the case of each share of Series&nbsp;A-2 Preferred Stock, in an amount equal to the Series&nbsp;A-2 Dividend Rate times Issue Amount Per Share (compounded as provided in the definition for the Series&nbsp;A-2 Dividend Rate, including with respect to any accrued and unpaid dividends) (for the avoidance of doubt, as may be adjusted in accordance with Section&nbsp;5(a)(2)&nbsp;hereof) per each such share of Series&nbsp;A-2 Preferred Stock (such per share amount, as applicable, the &#147;<b>Dividend Amount</b>&#148;) during each three month period following the applicable Issue Date.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Solely with respect to the Series&nbsp;A-1 Preferred Stock, the Dividend Amount shall be automatically declared and the applicable Dividend Amount automatically paid to the Holder thereof in kind in PIK Dividend Shares on the Dividend Payment Date. For the avoidance of doubt, unless otherwise expressly set forth in this Agreement, with respect to PIK Dividend Shares, the Dividend Payment Date of such shares shall be the Issue Date of such shares for all purposes hereunder. Notwithstanding the foregoing, at the option of the Corporation, the Corporation may pay all or a portion of any Dividend Amount in cash <i>pro rata </i>among the Holders of shares of Series&nbsp;A Preferred Stock based on each Holder&#146;s relative Dividend Amount by the Board of Directors declaring a cash dividend on or before the applicable Dividend Payment Date. All Dividend Amounts payable with respect to the Holders of Series&nbsp;A-1 Preferred Stock shall be paid, whether in cash or in PIK Dividend Shares pursuant to this Section&nbsp;5(a)(1), <i>pro rata </i>to each Holder of shares of Series&nbsp;A-1 Preferred Stock based upon the aggregate accrued but unpaid dividends on the shares held by each such Holder. PIK Dividend Shares issued on the applicable Issue Date shall have an aggregate Issue Amount on such Issue Date equal to the total Dividend Amount accrued on such shares as of such Issue Date minus any portion thereof paid in cash pursuant hereto. Notwithstanding anything contained herein to the contrary, the Corporation shall take all actions necessary for all PIK Dividend Shares to be duly authorized and validly issued, fully paid and nonassessable, and issued free and clear of all liens, mortgages, security interests, pledges, deposits, restrictions or other encumbrances, other than as set forth herein or in the Stockholders Agreement, on each Dividend Payment Date. The Corporation shall update its books and records to reflect the issuance of any PIK Dividend Shares promptly following each Dividend Payment Date, and at the request of any Holder of shares of Series&nbsp;A-1 Preferred Stock, shall deliver to such Holder a copy of such books and records reflecting the issuance of such PIK Dividend Shares; provided, however, that the failure of the Corporation to comply with the terms of this sentence shall not in any way affect the issuance of such PIK Dividend Shares in accordance with the terms hereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Holders of Series&nbsp;A-2 Preferred Stock shall be entitled to receive, when, as and if declared by the Board of Directors or a duly authorized committee of the Board of Directors, out of funds legally available for the payment of dividends under Delaware law, the Dividend Amount, in cash, on each Dividend Payment Date. On each Dividend Payment Date, solely with respect to the Series&nbsp;A-2 Preferred Stock, any Dividend Amount that is not declared and paid in cash to the Holder thereof shall be automatically added to the applicable Issue Amount Per Share in accordance with the definition thereof and shall accrue dividends thereafter in accordance with this Section&nbsp;5. All such Dividend Amounts, if not paid in cash, shall be so added to the applicable Issue Amount Per Share, pursuant to this Section&nbsp;5(a)(2), <i>pro rata </i>to each Holder of shares of Series&nbsp;A-2 Preferred Stock based upon the number of such shares held by each such Holder.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>17<a name="11035-2-QA-07_PB_17_210839_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=38,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=600499,FOLIO='A-17',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:09 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To the extent that the declaration or payment of any PIK Dividend is not permitted under the General Corporation Law of the State of Delaware, the portion of the Dividend Amount corresponding to such undeclared or unpaid PIK Dividends shall be added to the applicable Issue Amount Per Share and the failure to declare or pay any such dividend shall not negate or impair the right of such Holders to such dividend.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation shall not declare, pay or set aside any dividends (other than stock dividends to Junior Securities that are subordinated in all respects to the dividends payable to shares of Series&nbsp;A Preferred Stock pursuant hereto) on shares of any other class or series of capital stock of the Corporation (other than the Series&nbsp;A Preferred Stock) while any shares of Series&nbsp;A Preferred Stock remain outstanding.&#160; Dividends payable on the Series&nbsp;A Preferred Stock shall be computed on the basis of a 360-day year consisting of twelve 30-day months and shall be deemed to accumulate on a daily basis.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Holders of the Series&nbsp;A Preferred Stock shall not be entitled to any dividends, whether payable in cash, property or stock, in excess of the full cumulative dividends as herein described; <i>provided</i>, <i>however</i>, that the Corporation may pay any additional dividends on the Series&nbsp;A Preferred Stock out of legally available funds, when, as and if declared by the Board of Directors.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the case of shares of Series&nbsp;A Preferred Stock issued on the Issue Date, dividends shall accrue and be cumulative from the Issue Date.&#160; In the case of PIK Dividend Shares, dividends shall accrue and be cumulative from the Dividend Payment Date in respect of which such shares were issued or were scheduled to be paid pursuant to <u>Section&nbsp;5(a)</u>&nbsp;hereof as a PIK Dividend. In the case of any amounts of accrued but unpaid dividends, including those that are added to the Issue Amount Per Share in respect of the Series&nbsp;A-2 Preferred Stock on each Dividend Payment Date pursuant to <u>Section&nbsp;5(a)(2)</u>&nbsp;of this Agreement, dividends shall accrue on such amounts and be cumulative from the applicable Dividend Payment Date in respect of which such amounts were scheduled to be paid pursuant to <u>Section&nbsp;5(a)</u>&nbsp;hereof.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each fractional share of Series&nbsp;A Preferred Stock outstanding (or treated as outstanding pursuant to <u>Section&nbsp;5</u> hereof) shall be entitled to a ratably proportionate amount of all Dividend Amount accruing with respect to each outstanding or due to be issued and outstanding share of Series&nbsp;A Preferred Stock pursuant to <u>Section&nbsp;5(a)</u>, and such Dividend Amount with respect to such outstanding fractional shares shall be cumulative and shall accrue (whether or not declared), and shall be payable in the same manner and at such times as provided for in <u>Section&nbsp;5(a)</u>&nbsp;with respect to dividends on each outstanding or due to be issued and outstanding share of Series&nbsp;A Preferred Stock.&#160; Each fractional share of Series&nbsp;A Preferred Stock outstanding shall also be entitled to a ratably proportionate amount of any other distributions made with respect to each outstanding or due to be issued and outstanding share of Series&nbsp;A Preferred Stock, and all such distributions shall be payable in the same manner and at the same time as distributions on each outstanding or due to be issued and outstanding share of Series&nbsp;A Preferred Stock.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If a Conversion Date with respect to any share of Series&nbsp;A Preferred Stock is on or prior to a Dividend Payment Date for a dividend or distribution on the Series&nbsp;A Preferred Stock pursuant to <u>Section&nbsp;5(a)</u>, then the Holder of such share of Series&nbsp;A Preferred Stock shall have the right to receive a <i>pro rata</i> portion of such Dividend Amount that would otherwise be payable on</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>18<a name="11035-2-QA-07_PB_18_210856_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=39,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=853809,FOLIO='A-18',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:09 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">such share on the next subsequent Dividend Payment Date, to be calculated as such Dividend Amount (i)&nbsp;multiplied by the number of days between the most recent Dividend Payment Date and such Conversion Date and (ii)&nbsp;divided by the number of days between the most recent Dividend Payment Date and the next subsequent Dividend Payment Date.&#160; Payment of such Dividend Amounts shall be satisfied through the issuance of shares of Common Stock upon conversion except to the extent that the Corporation may satisfy any fractional shares through payment of cash pursuant to the terms of this Certificate of Designations.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;6.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><u style="font-style:italic;">Liquidation Rights</u></i><i>.</i></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Voluntary or Involuntary Liquidation</i>.&#160; In the event of any liquidation, bankruptcy, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, or an Exit Event, then, on a <i>pari passu</i> basis:</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Holders of Series&nbsp;A-1 Preferred Stock shall be entitled to receive in full, out of the assets of the Corporation or proceeds thereof (whether capital or surplus) available for distribution to stockholders of the Corporation, and after satisfaction of all liabilities and obligations to creditors of the Corporation, before any distribution of such assets and/or proceeds is made to or set aside for the holders of any other Junior Securities, an amount per share of Series&nbsp;A-1 Preferred Stock equal to the Series&nbsp;A-1 Liquidation Preference; 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Holders of Series&nbsp;A-2 Preferred Stock shall be entitled to receive in full, out of the assets of the Corporation or proceeds thereof (whether capital or surplus) available for distribution to stockholders of the Corporation, and after satisfaction of all liabilities and obligations to creditors of the Corporation, before any distribution of such assets and/or proceeds is made to or set aside for the holders of any other Junior Securities, an amount per share of Series&nbsp;A-2 Preferred Stock equal to the Series&nbsp;A-2 Liquidation Preference.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Partial Payment</i>.&#160; If in any distribution described in <u>Section&nbsp;6(a)</u>&nbsp;above, the assets of the Corporation and/or proceeds thereof are not sufficient to pay the Liquidation Preference in full to all Holders of shares of Series&nbsp;A Preferred Stock, the Holders of shares of Series&nbsp;A Preferred Stock shall be entitled to receive their <i>pro rata</i> portion of such assets and/or proceeds in accordance with their respective rights to the Liquidation Preference under <u>Section&nbsp;6(a)</u>, with each such Holder being entitled to receive a <i>pro rata</i> portion of such amount based on such Holder&#146;s relative aggregate Liquidation Preference then outstanding.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Residual Distributions</i>.&#160; If the Liquidation Preference has been paid in full to all Holders of shares of Series&nbsp;A Preferred Stock, the holders of shares of Junior Securities (for the avoidance of doubt, including the Common Stock into which any shares of Series&nbsp;A Preferred Stock have been previously converted), shall be entitled to receive all remaining assets of the Corporation (or proceeds thereof) according to their respective rights and preferences.&#160; Any amount payable in respect of Common Stock issued upon the conversion of shares of Series&nbsp;A-1 Preferred Stock shall be paid on a <i>pari passu</i> basis with any payments in respect of shares of Series&nbsp;A-2 Preferred Stock pursuant to <u>Section&nbsp;6(a)(2)</u>&nbsp;and <u>Section&nbsp;6(b)</u>.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Exit Event</i>.&#160; For purposes of this <u>Section&nbsp;6</u>, the Liquidation Preference payable in connection with an Exit Event shall, in consideration for the cancellation of the shares of Series&nbsp;A</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>19<a name="11035-2-QA-07_PB_19_210913_8146"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=40,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=976455,FOLIO='A-19',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:09 2017' -->

<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferred Stock, be paid in cash; <i>provided</i>, <i>however</i>, if the Exit Event is the result of a Sale of the Corporation and the consideration received by the holders of common stock of the Corporation in connection with such Exit Event consists of or includes equity securities in a publicly traded corporation with (i)&nbsp;a market capitalization of at least $5,000,000,000 and (ii)&nbsp;a public float of at least $2,000,000,000, in each case on a <i>pro forma</i>, post-transaction basis, the Holders agree that receipt of their <i>pro rata</i> portion of such equity securities (plus any related cash payments) shall satisfy in full the Corporation&#146;s payment obligations under this <u>Section&nbsp;6</u>.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;7.</font></i><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u style="font-style:italic;">Redemption</u></i>.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><i>Redemption by the Holders</i>.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</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;&#160;&#160;&#160; </font>After the fifth (5<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>) anniversary of the Issue Date (the &#147;<b>Mandatory Redemption Date</b>&#148;), each Holder may request in writing that the Corporation redeem all (but not less than all) of such Holder&#146;s shares of Series&nbsp;A Preferred Stock then outstanding (including, for the avoidance of doubt, any PIK Dividend Shares and any accrued but unpaid dividends, including those that are added to the Issue Amount Per Share in respect of the Series&nbsp;A Preferred Stock on each Dividend Payment Date pursuant to <u>Section&nbsp;5(a)(3)</u>&nbsp;or <u>Section&nbsp;5(a)(2)</u>, as applicable, of this Agreement) (such shares, the &#147;<b>Mandatory Redemption Shares</b>&#148;) at a redemption price per Mandatory Redemption Share equal to the Preferred Return for such Mandatory Redemption Share (the &#147;<b>Mandatory Redemption Price</b>&#148;).&#160; Notwithstanding anything herein to the contrary, if the Mandatory Redemption Payment Date occurs subsequent to a Dividend Payment Date, the amount of accrued but unpaid dividends payable to the holder of Mandatory Redemption Shares shall include a <i>pro rata</i> portion of the Dividend Amount that would otherwise be payable on such shares on the next subsequent Dividend Payment Date, to be calculated as such Dividend Amount (i)&nbsp;multiplied by the number of days between the most recent Dividend Payment Date and Mandatory Redemption Payment Date (ii)&nbsp;divided by the number of days between the most recent Dividend Payment Date and the next subsequent Dividend Payment Date.&#160; The Mandatory Redemption Price to each Holder that exercises its redemption right pursuant to this <u>Section&nbsp;7(a)</u>&nbsp;(each such Holder, the &#147;<b>Redemption Holder</b>&#148;) with respect to a share of Series&nbsp;A Preferred Stock shall be paid in immediately available funds on a date selected by the Corporation not later than thirty (30) days after the date of a Holder&#146;s request for redemption pursuant to the terms hereof (such date, the &#147;<b>Mandatory Redemption Payment Date</b>&#148;) against surrender of the certificate(s)&nbsp;evidencing such shares, if any, to the Corporation or its agent; <i>provided</i>, <i>however</i>, that, if the Corporation is not permitted under the Delaware General Corporation Law governing distributions to stockholders or under the Debt Documents to redeem all of the Mandatory Redemption Shares on the Mandatory Redemption Payment Date, then the Mandatory Redemption Price shall continue to be due by the Corporation in accordance with this <u>Section&nbsp;7(a)(1)</u>&nbsp;and the Corporation shall redeem the maximum number of such Mandatory Redemption Shares that it may redeem consistent with such law or Debt Documents (<i>pro rata</i> based on the respective amounts which would otherwise be payable in respect of all the Mandatory Redemption Shares), and shall redeem the remaining Mandatory Redemption Shares as soon as it may lawfully do so under such law or Debt Documents.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</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;&#160;&#160;&#160; </font>If any Mandatory Redemption Shares remain outstanding on the date that is forty-five (45) days following the fifth (5<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>) anniversary of the Issue Date, then, unless the Super Majority Requisite Holders determine otherwise, (a)&nbsp;(i)&nbsp;the size of the Board of Directors shall be</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>20<a name="11035-2-QA-09_PB_20_211022_8150"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=41,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=315841,FOLIO='A-20',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">increased by two (2)&nbsp;seats (the &#147;<b>Investor Seats</b>&#148;) and, except as set forth in <u>Section&nbsp;7(a)(3)</u>, the size of the Board of Directors shall not be further increased without the consent of the Requisite Series&nbsp;A Preferred Holders, (ii)&nbsp;the Requisite Series&nbsp;A Preferred Holders shall be entitled to (A)&nbsp;nominate and appoint the individuals to fill the vacancies created by such increase, (B)&nbsp;nominate and appoint each successor to such individuals and (C)&nbsp;to direct the removal from the Board of Directors of any member nominated and appointed under the foregoing clauses (A)&nbsp;or (B), and (iii)&nbsp;such individuals so nominated and appointed shall thereafter serve on the Board of Directors until their removal by the Requisite Series&nbsp;A Preferred Holders, and (b)&nbsp;notwithstanding anything in this Certificate of Designations or any other Transaction Documents to the contrary (including, for the avoidance of doubt, <u>Section&nbsp;8(a)(iii)</u>), the Series&nbsp;A -1 Dividend Rate with respect to such shares shall be automatically increased to a rate of 18% per annum (without any discount if paid in cash) and the Series&nbsp;A-2 Dividend Rate with respect to such shares shall be increased to the greater of (x)&nbsp;a rate of 18% per annum (without any discount if paid in cash) and (y)&nbsp;cash dividends declared and paid during any annual period on one (1)&nbsp;share of Common Stock (as adjusted for stock splits, stock dividends and other similar transactions) and (c)&nbsp;during the one hundred twenty (120) days following the date of such appointment (the &#147;<b>Initial Sale Period</b>&#148;), the Corporation will work in good faith with the Requisite Series&nbsp;A Preferred Holders to structure a mutually agreeable capital fundraising transaction and obtain any consents that may be required to be obtained under the Debt Documents to repurchase or redeem the then outstanding shares of Series&nbsp;A Preferred Stock in accordance with the terms of this <u>Section&nbsp;7(a)(2)</u>.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</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;&#160;&#160;&#160; </font>If, after the Initial Sale Period, any Mandatory Redemption Shares remain outstanding, then, unless the Super Majority Requisite Holders determine otherwise:</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Requisite Series&nbsp;A Preferred Holders may request in writing that the Continuing Directors of the Corporation (1)&nbsp;increase the size of the Board of Directors by a number of seats such that, after giving effect to such increase, the number of vacant seats in the Board of Directors plus the Investor Seats constitutes a majority of the Board of Directors sufficient to effect the transactions contemplated herein, (2)&nbsp;nominate, approve and appoint the individuals nominated by the Requisite Series&nbsp;A Preferred Holders to fill each vacancy created by such increase (it being understood that, after giving effect to such nomination and appointment, the aggregate number of directors so nominated and appointed shall constitute a majority of the Board of Directors sufficient to effect the transactions contemplated herein) and any successor to such individuals from time to time nominated by the Requisite Series&nbsp;A Preferred Holders (each such individual, an &#147;<b>Additional Investor Director</b>&#148; and, collectively, the &#147;<b>Additional Investor Directors</b>&#148;), and (3)&nbsp;remove any such Additional Investor Director from the Board of Directors;</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160; </font>if the Continuing Directors do not so nominate, approve and appoint each Additional Investor Director within five (5)&nbsp;Business Days after receipt of the request by the Requisite Series&nbsp;A Preferred Holders pursuant to clause (i)&nbsp;above, then automatically, and without any action on the part of any Person (and notwithstanding any terms of the By-laws to the contrary) the Requisite Series&nbsp;A Preferred Holders shall be entitled to (A)&nbsp;increase the size of the Board of Directors by a number of seats such that, after giving effect to such increase, the number of vacant seats in the Board of Directors plus the Investor Seats constitutes a majority of the Board of Directors sufficient to effect the transactions contemplated herein, (B)&nbsp;nominate and appoint the Additional Investor</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>21<a name="11035-2-QA-09_PB_21_211049_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=42,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=173211,FOLIO='A-21',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directors to the Board of Directors; (C)&nbsp;nominate and appoint each successor to each such Additional Investor Director; and (D)&nbsp;direct the removal from the Board of Directors of any individual nominated and appointed under the foregoing clauses (B)&nbsp;or (C);</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</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;&#160; </font>each individual nominated and appointed under this <u>Section&nbsp;7(a)(3)</u>&nbsp;shall thereafter serve on the Board of Directors until (i)&nbsp;his or her resignation, (ii)&nbsp;his or her removal at the direction of the Requisite Series&nbsp;A Preferred Holders, or (iii)&nbsp;redemption of all shares of Series&nbsp;A Preferred Stock; 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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</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 Requisite Series&nbsp;A Preferred Holders shall have the right to cause an Exit Event and/or cause the Corporation to raise capital (whether debt or equity), in each case in an amount sufficient to repurchase or redeem the then outstanding shares of Series&nbsp;A Preferred Stock (or any outstanding portion thereof) in accordance with the terms of this <u>Section&nbsp;7(a)(3)</u>&nbsp;(collectively, a &#147;<b>Forced Liquidity Transaction</b>&#148;).&nbsp; The Corporation shall use its reasonable best efforts to consummate a Forced Liquidity Transaction as promptly as practicable thereafter.&nbsp; Without limiting the generality of the foregoing, in connection with any such Forced Liquidity Transaction, (i)&nbsp;the Corporation shall cause each of its officers and employees, as the Requisite Series&nbsp;A Preferred Holders may reasonably request, to participate actively in the Forced Liquidity Transaction, including attending diligence meetings and responding to diligence requests, and (ii)&nbsp;Wengen (A)&nbsp;shall vote its shares of capital stock and take any and all other actions, execute and deliver any and all documents, in each case, as reasonably requested by the Requisite Series&nbsp;A Preferred to effect such Forced Liquidity Transaction, including any transfer agreements, sale agreements, escrow agreements, consents, assignments, releases of claims relating to their interest in the Corporation, waivers, applications, reports, returns, filings and other documents or instruments with any governmental authorities, (B)&nbsp;to the extent that the Forced Liquidity Transaction is an equity or debt financing, shall cause all or a portion of the proceeds of the Forced Liquidity Transaction to be paid to the Holders as consideration for the redemption of their respective shares of Series&nbsp;A Preferred Stock, (C)&nbsp;irrevocably waives all consent or approval rights, preemptive rights, co-sale rights, rights of first refusal, right of first offer or similar rights that the Corporation or such stockholder (as the case may be) may have (including under the Stockholders Agreement) in connection with such Forced Liquidity Transaction, (D)&nbsp;acknowledges and agrees not to sue any Holders of shares of Series&nbsp;A Preferred Stock, the members of the Board of Directors designated by such Holders or any of their respective Affiliates in connection with any of their actions or omissions pursuant to this <u>Section&nbsp;7(a)(3)</u>&nbsp;other than for taking an action in breach of a covenant from the Holders in this Certificate of Designations, (E)&nbsp;irrevocably waives any dissenter&#146;s rights, appraisal rights or similar rights under Section&nbsp;262 of the General Corporation Law of the State of Delaware or otherwise, and hereby waives all related claims (including any claims for breach of fiduciary duty arising out of or related to any actions taken or omissions, as the case may be, including claims relating to the fairness of a Forced Liquidity Transaction, the amount, nature, form or terms of consideration paid for shares of capital stock of the Corporation in such Forced Liquidity Transaction even if such Forced Liquidity Transaction results in no consideration being paid or payable to any or all of the holders other than the Holders, the process or timing of such Forced Liquidity Event or any similar claims), and (F)&nbsp;agrees to participate, up to such holder&#146;s <i>pro rata</i> portion of its proceeds in such Forced Liquidity Transaction, in any</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>22<a name="11035-2-QA-09_PB_22_211107_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=43,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=914403,FOLIO='A-22',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">payments received by the buyer in any Exit Event purchase price adjustments, indemnification or other obligations that the sellers of shares of capital stock, other equity interests or assets are required to provide in connection with the Forced Liquidity Transaction such that proceeds will be distributed as if they had been distributed after giving effect to such adjustments, escrows, holdbacks, indemnifications and other obligations, other than any such obligations that relate solely to a particular stockholder of the Corporation, such as indemnification with respect to representations and warranties given by such stockholder regarding such stockholder&#146;s title to and ownership of securities, in respect of which only such stockholder will be liable; <i>provided</i>, <i>however</i>, that notwithstanding anything to the contrary in this <u>Section&nbsp;7(a)</u>, neither Wengen nor the Wengen Investors shall be bound by any Forced Liquidity Transaction that would: (1)&nbsp;treat the Common Stock held directly or indirectly by Wengen or any Wengen Investor in a manner that is disproportionate to the Common Stock held by any other holder of Common Stock, including by imposing an escrow, clawback or other form of indemnification with respect to the Common Stock held directly or indirectly by Wengen or such Wengen Investor that is not imposed upon the Common Stock of any other holder of the Common Stock, (2)&nbsp;t</font>o the extent that Wengen or any Wengen are required to provide any indemnification with respect to breaches of representations and warranties by or on behalf of the Corporation or agreements by the Corporation or otherwise assume any other post-closing liabilities, including with respect to any post-closing adjustments of the purchase price, escrows, and holdbacks, in each case </font>in connection with such Forced Liquidity Transaction, require Wengen or any Wengen Investor to jointly and severally participate in any such indemnification or post-closing liabilities or for any amounts in excess of the aggregate proceeds to be received, respectively, by Wengen or such Wengen Investor, as applicable, in connection with such Forced Liquidity Transaction, or (3)&nbsp;impose a non-compete on any Wengen Investor or its Affiliates.&#160; The Corporation shall promptly provide any directors nominated and appointed by such Requisite Series&nbsp;A Preferred Holders pursuant to this <u>Section&nbsp;7(a)(3)</u>&nbsp;with indemnification rights, advancement of expenses and exculpation, including indemnification agreements and any new directors&#146; and officers&#146; liability insurance policy or policies or any amendment to the existing policy or policies in form satisfactory to such directors.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</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;&#160;&#160;&#160; </font>(i)&nbsp;A Person designated by the Requisite Series&nbsp;A Preferred Holders (with full power of substitution and re-substitution) is hereby appointed by Wengen (and upon any Transfer to a Transferee thereof, each such Transferee thereof shall be deemed to have irrevocably appointed), as Wengen&#146;s proxy and attorney in fact (each, in such capacity, a &#147;<b>Wengen Proxy Holder</b>&#148;) for and in the name, place and stead of such holder, to vote or cause to be voted (including by proxy or written consent, if applicable) its shares of Common Stock or other voting equity securities of the Corporation in connection with any vote, consent or approval necessary to consummate any Forced Liquidity Transaction that complies with the penultimate sentence of this <u>Section&nbsp;7(a)(4)</u>; (ii)&nbsp;to the maximum extent permitted from time to time under the laws of the State of Delaware, the proxy granted by operation of this <u>Section&nbsp;7(a)(4)</u>&nbsp;is not intended to create, and shall not create, a fiduciary duty or fiduciary or agency relationship between or among the Wengen Proxy Holder, on the one hand, and the Corporation or any other holder of capital stock of the Corporation, on the other; (iii)&nbsp;Wengen shall not sue the Wengen Proxy Holder or any of its Affiliates in connection with the Wengen Proxy Holder&#146;s exercise of the proxy and power of attorney granted it pursuant to clause (i)&nbsp;of this <u>Section&nbsp;7(a)(4)</u>&nbsp;other than for taking an action in</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>23<a name="11035-2-QA-09_PB_23_211122_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=44,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=636061,FOLIO='A-23',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">breach of a covenant from the Holders in this Certificate of Designations; (iv)&nbsp;Wengen shall not be entitled to any dissenter&#146;s rights, appraisal rights or similar rights under Section&nbsp;262 of the General Corporation Law of the State of Delaware or otherwise, and hereby irrevocably waives all related claims (including any claims for breach of fiduciary duty arising out of or related to any actions taken or omissions by the Wengen Proxy Holder (other than for taking an action or omitting to take an action in breach of a covenant in this Certificate of Designations) in connection with the Wengen Proxy Holder&#146;s exercise of the proxy and power of attorney granted it pursuant to clause (i)&nbsp;of this <u>Section&nbsp;7(a)(4)</u>, as the case may be, including claims relating to the fairness of a Forced Liquidity Transaction, the amount, nature, form or terms of consideration paid for shares of capital stock of the Corporation in such Forced Liquidity Transaction even if such Forced Liquidity Transaction results in no consideration being paid or payable to any or all of the holders other than the Holders of shares of Series&nbsp;A Preferred Stock, the process or timing of such Forced Liquidity Event or any similar claims); (v)&nbsp;Wengen hereby represents to the Holders of shares of Series&nbsp;A Preferred Stock that no other irrevocable proxy in connection with its Common Stock has been granted prior to the date hereof, and agrees that any other proxies heretofore given by such holder of Common Stock (which, for the avoidance of doubt, does not include this proxy) are hereby revoked effective immediately; and (vi)&nbsp;Wengen hereby affirms that this irrevocable proxy is given in consideration for the mutual agreements contained in this Agreement and in connection with such Stockholder&#146;s subscription for its Securities, and that this irrevocable proxy is coupled with an interest and may, under no circumstances, be revoked.&#160; The Corporation hereby acknowledges receipt of and the validity of the foregoing irrevocable proxy, and agrees to recognize the Wengen Proxy Holder as the sole attorney and proxy for each such holder at all times prior to the termination date of such irrevocable proxy as hereinafter provided in this <u>Section&nbsp;7(a)(4)</u>.&#160; Wengen acknowledges and agrees that the irrevocable proxy granted pursuant to this <u>Section&nbsp;7(a)(4)</u>&nbsp;will remain in effect until the earlier of (x)&nbsp;redemption in full all of the shares of the Series&nbsp;A Preferred Stock in accordance with this Certificate of Designations and (y)&nbsp;twenty (20) years from the date hereof. Notwithstanding anything in this <u>Section&nbsp;7(a)(4)</u>&nbsp;to the contrary, neither Wengen nor the Wengen Investors shall have any obligation to take action or cooperate with the Series&nbsp;A Preferred Stock in connection with, including voting in favor of, any Forced Liquidity Transaction that would: (A)&nbsp;</font>treat the Common Stock held directly or indirectly by Wengen or any Wengen Investor in a manner that is disproportionate to the Common Stock held by any other holder of Common Stock, including by imposing an escrow, clawback or other form of indemnification with respect to the Common Stock held directly or indirectly by Wengen or such Wengen Investor that is not imposed upon the Common Stock of any other holder of the Common Stock, (B)&nbsp;to the extent that Wengen or any Wengen are required to provide any indemnification with respect to breaches of representations and warranties by or on behalf of the Corporation or agreements by the Corporation or otherwise assume any other post-closing liabilities, including with respect to any post-closing adjustments of the purchase price, escrows, and holdbacks, in each case in connection with such Forced Liquidity Transaction, require Wengen or any Wengen Investor to jointly and severally participate in any such indemnification or post-closing liabilities or for any amounts in excess of the aggregate proceeds to be received, respectively, by Wengen or such Wengen Investor, as applicable, in connection with such Forced Liquidity Transaction, or (C)&nbsp;impose a non-compete on any Wengen Investor or its Affiliates.&#160; The proxy granted by this <u>Section&nbsp;7(a)(4)</u>&nbsp;shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware without regard to principles of conflicts of law.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>24<a name="11035-2-QA-09_PB_24_211136_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=45,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=345980,FOLIO='A-24',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font><i>Redemption by the Corporation</i>.&#160; The Corporation, at its option, may redeem, in whole at any time or in part from time to time, the shares of the Series&nbsp;A Preferred Stock then outstanding (such shares, the &#147;<b>Corporation Redemption Shares</b>&#148;), upon notice given as provided in <u>Section&nbsp;7(e)</u>&nbsp;below, indicating the effective date of such redemption (such date, the &#147;<b>Corporation Redemption Date</b>&#148;), at a cash redemption price per share of Series&nbsp;A Preferred Stock equal to the Preferred Return for such Corporation Redemption Share (the &#147;<b>Corporation Redemption Price</b>&#148;); <i>provided</i>, <i>however</i>, the Corporation may redeem shares of Series&nbsp;A Preferred Stock on or after a QPO solely if on the date notice of redemption is given the 30 Trading Day VWAP prior to such date is at or below 85% of the QPO Price.&#160; The Corporation Redemption Price shall be payable to the Holder of such shares on the Corporation Redemption Date against surrender of the certificate(s)&nbsp;evidencing such shares, if any, to the Corporation or its agent.&#160; Notwithstanding anything herein to the contrary, if the Corporation Redemption Date occurs subsequent to a Dividend Payment Date, the amount of accrued but unpaid dividends payable to the holder of such Corporation Redemption Shares shall include a <i>pro rata</i> portion of the Dividend Amount that would otherwise be payable on such shares on the next subsequent Dividend Payment Date, to be calculated as such Dividend Amount (i)&nbsp;multiplied by the number of days between the most recent Dividend Payment Date and the Corporation Redemption Date (ii)&nbsp;divided by the number of days between the most recent Dividend Payment Date and the next subsequent Dividend Payment Date.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font><i>No Sinking Fund</i>.&#160; Except as otherwise provided in this <u>Section&nbsp;7</u>, the Series&nbsp;A Preferred Stock will not be subject to any mandatory redemption, sinking fund, retirement fund or purchase fund or other similar provisions.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160;&#160; </font><i>Partial Redemption</i>. If, pursuant to <u>Section&nbsp;7(b)</u>&nbsp;above, the Corporation elects to redeem fewer than all of the shares of Series&nbsp;A Preferred Stock, (i)&nbsp;such redemption of shares of Series&nbsp;A Preferred Stock shall be pro rata among the Holders of Series&nbsp;A Preferred Stock based upon each Holder&#146;s relative aggregate Preferred Return then outstanding and (ii)&nbsp;the Corporation shall (A)&nbsp;cause the register of stockholders to be updated accordingly and (B)&nbsp;issue new certificates, if any, representing the unredeemed shares.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</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;&#160;&#160;&#160;&#160; </font><i>Notice of Redemption by the Corporation</i>.&#160; Notice of every redemption by the Corporation of shares of Series&nbsp;A Preferred Stock shall be mailed by first class mail, postage prepaid, addressed to the Holders of record of the shares to be redeemed at their respective last addresses appearing on the books of the Corporation or such other address as communicated in writing by any such Holders to the Corporation.&#160; Such mailing shall be at least thirty (30) days but not more than sixty (60) days before the date fixed for redemption.&#160; Any notice mailed as provided in this Subsection shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice, but failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any Holder of shares of Series&nbsp;A Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of Series&nbsp;A Preferred Stock.&#160; Notwithstanding the foregoing, if the Series&nbsp;A Preferred Stock or any depositary shares representing interests in the Series&nbsp;A Preferred Stock are issued in book-entry form through The Depository Trust Company or any other similar facility, notice of redemption may be given to the holders of Series&nbsp;A Preferred Stock at such time and in any manner permitted by such facility.&#160; Each such notice given to a Holder shall state:&#160; (1)&nbsp;the redemption date; (2)&nbsp;the number of shares of Series&nbsp;A Preferred Stock to be redeemed and, if less than all the</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>25<a name="11035-2-QA-09_PB_25_211155_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=46,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=458277,FOLIO='A-25',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shares held by such Holder are to be redeemed, the number of such shares to be redeemed from such Holder; (3)&nbsp;the redemption price; and (4)&nbsp;the place or places where certificates for such shares are to be surrendered for payment of the redemption price.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</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;&#160;&#160;&#160;&#160;&#160; </font><i>Order of Redemption</i>.&#160; All shares of Series&nbsp;A-1 Preferred Stock to be redeemed in accordance with <u>Section&nbsp;7</u> shall be redeemed in the following order: (i)&nbsp;first, the PIK Dividend Shares (if any) shall be redeemed in reverse order of issuance (so that the PIK Dividend Shares issued most recently are redeemed first), and (ii)&nbsp;second, all other shares of Series&nbsp;A-1 Preferred Stock shall be redeemed.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</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;&#160;&#160;&#160;&#160; </font><i>Educational Approvals.&#160; </i>To the extent that any Educational Law requires that the parties obtain an Educational Approval in order to consummate any of the transactions or actions set forth in <u>Sections 7(a)(2)</u>&nbsp;through <u>(5)</u>, the Corporation shall obtain such Educational Approval and the Holders shall cooperate in good faith with the Corporation to obtain them.&#160; The process of determining which Educational Approvals may be required in connection with the transactions and events set forth in <u>Sections 7(a)(2)</u>&nbsp;through <u>(5)</u>&nbsp;shall be initiated at least nine (9)&nbsp;months before the fifth (5<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>) anniversary of the Issue Date, including applying for and seeking to obtain any such Education Approvals at least six (6)&nbsp;months prior to any contemplated change in the composition of the Board of Directors of the Company, any Forced Liquidation Event, exercise of any proxy, or any other event or series of transactions set forth under <u>Section&nbsp;7(a)</u>. &#160;To the extent that any Educational Law requires that the Corporation obtain Educational Approvals prior to consummating any of the transactions set forth in <u>Sections 7(a)(2)</u>&nbsp;through <u>(5)</u>&nbsp;and <u>Section&nbsp;7(b)</u>, the Corporation shall obtain such Educational Approvals and the Holders shall cooperate in good faith with the Corporation to obtain them prior to such transaction effective date.&#160; The Corporation shall incur any costs, fees and expenses reasonably required in connection with obtaining such Educational Approvals.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;8.</font></i><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u style="font-style:italic;">Conversion</u></i>.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><i>Generally</i>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Conversion</u>.&#160; Except as set forth in this Certificate of Designations, prior to the earlier to occur of the closing of an Exit Event or a Wengen Exit Event, the shares of Series&nbsp;A Preferred Stock shall not be convertible into any other class or series of the Corporation&#146;s capital stock.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160; </font><u>Optional Conversion by Holders</u>.</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</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;&#160; </font>Simultaneous with the closing of an Exit Event (such closing, an &#147;<b>Exit Event Closing,</b>&#148; and the date thereof, the &#147;<b>Exit Event Closing Date</b>&#148;), each Holder of shares of Series&nbsp;A Preferred Stock may irrevocably elect, by providing prior written notice to the Corporation, to convert all of its shares of Series&nbsp;A Preferred Stock into that number of shares of Common Stock (including fractional shares of Common Stock) equal to the aggregate Modified Liquidation Preference of all such shares of Series&nbsp;A Preferred Stock to be so converted (including, for the avoidance of doubt, with respect to the Series&nbsp;A-1 Preferred Stock, any PIK Dividend Shares and any accrued but unpaid dividends, and, with respect to the Series&nbsp;A-2 Preferred Stock, any accrued but unpaid dividends) <u>divided</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>26<a name="11035-2-QA-09_PB_26_211219_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=47,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=177292,FOLIO='A-26',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;text-indent:2.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by the applicable Optional Conversion Price.&#160; The Corporation shall provide the Holders of shares of Series&nbsp;A Preferred Stock prior written notice of an Exit Event, including the expected material terms thereof, at least thirty (30) days prior to the closing of such Exit Event.</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</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;&#160; </font>In connection with a Wengen Exit Event, the Corporation shall provide, or cause to be provided, notice of such prospective Wengen Exit Event to each Holder of the Series&nbsp;A Preferred Stock as soon as practicable after the Company is made aware of such Wengen Exit Event but prior to the execution and delivery by or on behalf of such Wengen Investor of a binding agreement concerning such prospective Wengen Exit Event (the &#147;<b>Wengen Exit Event Notice</b>&#148;).&#160; Within thirty (30) days following receipt of the Wengen Exit Event Notice (the &#147;<b>Conversion Election Period</b>&#148;), each Holder of shares of Series&nbsp;A Preferred Stock may irrevocably elect to convert all of its shares of Series&nbsp;A Preferred Stock pursuant to this clause (B)&nbsp;by notice to the Corporation (a &#147;<b>Holder Optional Conversion Notice</b>&#148;) effective as of and subject to the closing of such Wengen Exit Event (the &#147;<b>Holder Optional Conversion Effective Date</b>&#148;) and the number of shares that it intends to convert (such shares, the &#147;<b>Holder Optional Conversion Shares</b>&#148;).&#160; The Wengen Exit Event triggering such conversion may not be consummated until the expiration of the Conversion Election Period.&#160; Upon delivery of a Holder Optional Conversion Notice, the Holder Optional Conversion Shares shall be converted into a number of shares of Common Stock (including fractional shares of Common Stock) equal to the Modified Liquidation Preference of all such shares of Series&nbsp;A Preferred Stock to be so converted (including, for the avoidance of doubt, with respect to the Series&nbsp;A-1 Preferred Stock, any PIK Dividend Shares and any accrued but unpaid dividends, and, with respect to the Series&nbsp;A-2 Preferred Stock, any accrued but unpaid dividends) <u>divided</u> by the applicable Optional Conversion Price.</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</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;&#160; </font>In the event of an IPO, a QPO that closes on or prior to August&nbsp;15, 2017 (an &#147;<b>Early QPO</b>&#148;), or a QPO that closes after August&nbsp;15, 2017 (&#147;<b>Late QPO</b>&#148;), each Holder of shares of Series&nbsp;A Preferred Stock may irrevocably elect to convert all of its shares of Series&nbsp;A Preferred Stock as follows: (1)&nbsp;in the case of an IPO, an Early QPO or, solely in the event that no QPO Early Convertibility Notice is timely issued by the Corporation pursuant to <u>Section&nbsp;8(a)(iii)(B)</u>, a Late QPO, at any time commencing on the earlier to occur of (x)&nbsp;one (1)&nbsp;day following the first (1<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>) anniversary of the closing of such QPO or IPO (in each case, the &#147;<b>PO Conversion Outside Date</b>&#148;) and (y)&nbsp;the time immediately prior to the effectiveness of the Registration Statement filed in connection with the Initial Follow-on Public Offering (the &#147;<b>Follow-on Conversion Date</b>&#148;); and (2)&nbsp;in the case of a Late QPO for which a QPO Early Convertibility Notice is timely issued by the Corporation in accordance with <u>Section&nbsp;8(a)(iii)(B)</u>, at any time after the closing of such Late QPO; <i>provided</i>, <i>however</i>, that, upon a conversion pursuant to this clause (2)&nbsp;that occurs prior to the 180-day anniversary of the date of entry into the underwriting agreement with the underwriters for such QPO, each converting Holder hereby agrees not to effect any public sale or distribution of any of such Investor&#146;s Common Stock (except as part of an Initial Follow-on Public Offering or other transaction permitted by Section&nbsp;4 of the Registration Rights Agreement), including a sale pursuant to Rule&nbsp;144 or any swap or other economic arrangement that transfers to another Person any of the economic consequences of owning shares of Common Stock or to give any demand notice other than</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>27<a name="11035-2-QA-09_PB_27_211237_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=48,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=554612,FOLIO='A-27',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">pursuant to the Registration Rights Agreement (it being understood that this will not prevent the exercise of any applicable piggyback rights under the Registration Rights Agreement) in each case during the period (such period, the &#147;<b>Lock-up Period</b>&#148;) commencing on the Conversion Date pursuant to this clause (2)&nbsp;and continuing until the earlier of (A)&nbsp;the 180-day anniversary of the date of entry into the underwriting agreement with the underwriters of such QPO, (B)&nbsp;the effectiveness of an Initial Follow-on Public Offering, or (C)&nbsp;the date on which Wengen or any Wengen Investor is released from any similar lock-up restrictions to which such Person is bound.&#160; If a Holder of shares of Series&nbsp;A Preferred Stock elects to so convert, such Holder shall provide prior written notice to the Corporation and as soon as practicable thereafter, but in no event later than ten (10)&nbsp;days following the Corporation&#146;s receipt of such notice, the Corporation shall deliver to such Holder the Conversion Supporting Certifications.&#160; Each share of Series&nbsp;A Preferred Stock elected to be converted pursuant to the foregoing shall be so converted into that number of shares of Common Stock (including fractional shares of Common Stock) equal to the Modified Liquidation Preference of all shares of Series&nbsp;A Preferred Stock to be so converted (including, for the avoidance of doubt, with respect to the Series&nbsp;A-1 Preferred Stock, any PIK Dividend Shares and any accrued but unpaid dividends, and, with respect to the Series&nbsp;A-2 Preferred Stock, any accrued but unpaid dividends) <u>divided</u> by the applicable Public Offering Conversion Price.&#160; Upon a conversion pursuant hereto, each Holder so converting shall have the registration rights that are granted to such Holder under the Registration Rights Agreement, in each case in accordance with the terms and subject to the conditions set forth therein.&#160; The Corporation shall provide the Holders of shares of Series&nbsp;A Preferred Stock prior written notice of a QPO or IPO, including the expected material terms thereof, not less than thirty (30) days prior to the closing of such QPO or IPO.</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</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;&#160; </font>For the avoidance of doubt, at any time when a conversion pursuant to this <u>Section&nbsp;8(a)(ii)</u>&nbsp;may be effected by the Holders, the election of any Holder to convert or not to convert such Holder&#146;s Series&nbsp;A Preferred Stock shall be independent of each other Holder&#146;s election to convert or not to convert its Series&nbsp;A Preferred Stock pursuant to this <u>Section&nbsp;8(a)(ii)</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</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;&#160; </font><u>Optional Conversion by Corporation</u>.</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</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;&#160; </font>In the event of an IPO or an Early QPO, subject to the requirements of any applicable Educational Law, including obtaining any required Educational Approvals, the Corporation may irrevocably elect to convert all of the shares of Series&nbsp;A Preferred Stock on the earlier to occur of (x)&nbsp;the applicable PO Conversion Outside Date, and (y)&nbsp;the Follow-on Conversion Date, by prior written notice to the Holders. Such notice shall be accompanied by (x)&nbsp;a certificate executed by the Chief Executive Officer of the Corporation certifying that the proposed conversion, if and when effected, is and will not at the time of its closing result in a violation or breach of, or constitute a default or give rise to any right of termination, cancellation, modification or acceleration under or pursuant to any of the terms or conditions of the Certificate of Incorporation or the By-laws, or any contract, instrument or other arrangement, including the Debt Documents, to which the Corporation or any of its Key Subsidiaries is a party or by which the Corporation or any of its Key Subsidiaries may be bound, and (y)&nbsp;a written opinion of one or more law firms of</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>28<a name="11035-2-QA-09_PB_28_211300_8146"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=49,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=756593,FOLIO='A-28',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">national standing as counsel to the Corporation in form and substance reasonably satisfactory to the Requisite Series&nbsp;A Preferred Holders opining that such conversion would not require any Education Approval by the U.S. Department of Education (the certificate and opinion under the foregoing clauses (x)&nbsp;and (y), collectively, the &#147;<b>Conversion Supporting Certifications</b>&#148;).&#160; Following the Corporation&#146;s election to convert pursuant hereto and subject to delivery of the Conversion Supporting Certifications to the Holders, each share of Series&nbsp;A Preferred Stock shall be converted into a number of shares of Common Stock (including fractional shares of Common Stock, and, with respect to the Series&nbsp;A-2 Preferred Stock, any accrued but unpaid dividends, and with respect to the Series&nbsp;A-1 Preferred Stock, for the avoidance of doubt, any PIK Dividend Shares and any accrued but unpaid dividends) equal to the Modified Liquidation Preference of all shares of Series&nbsp;A Preferred Stock to be so converted (including, with respect to the Series&nbsp;A-2 Preferred Stock, any accrued but unpaid dividends, and with respect to the Series&nbsp;A-1 Preferred Stock, for the avoidance of doubt, the PIK Dividend Shares, if any) <u>divided</u> by the applicable Public Offering Conversion Price.&#160; The Corporation shall provide the Holders of shares of Series&nbsp;A Preferred Stock prior written notice of such IPO or Early QPO, including all expected material terms thereof, not less than thirty (30) days prior to the closing thereof.&#160; Upon a conversion pursuant hereto, each Holder so converting shall have the registration rights that are granted to such Holder under the Registration Rights Agreement, in each case in accordance with the terms and subject to the conditions set forth therein.</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</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;&#160; </font>In the event of a Late QPO, within ten (10)&nbsp;Business Day following the closing thereof, the Corporation may send written notice to the Holders of shares of Series&nbsp;A Preferred Stock (the &#147;<b>QPO Early Convertibility Notice</b>&#148;) that it is permitted to and intends to convert all of the shares of Series&nbsp;A Preferred Stock in accordance with the terms and subject to the conditions set forth in this <u>Section&nbsp;8(a)(iii)(B)</u>.&#160; The QPO Early Convertibility Notice shall be accompanied by the Conversion Supporting Certifications.&#160; In the event of a QPO Early Convertibility Notice:</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 1.0in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&nbsp; From the closing date of the QPO and continuing through the date that is the 180 day anniversary of the closing of the Late QPO, dividends on each share of Series&nbsp;A Preferred Stock from time to time outstanding shall accrue at a 0.0% dividend rate; <i>provided</i>, <i>however</i>, that commencing on the date that is the 180-day anniversary of the closing of the Late QPO and continuing through the Conversion Date with respect to a conversion pursuant to this <u>Section&nbsp;8(a)(iii)(B)</u>&nbsp;(such period of time, the &#147;<b>Special Dividend Rate Period</b>&#148;), dividends on each share of Series&nbsp;A Preferred Stock shall accrue at the applicable Dividend Rate.</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 1.0in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)&nbsp; At any time after a Late QPO, and irrespective of whether a QPO Early Convertibility Notice has been given, the Corporation may, on the Follow-on Conversion Date, convert shares of Series&nbsp;A Preferred Stock then outstanding into that number of shares of Common Stock (including fractional shares of Common Stock) obtained by dividing the Modified Liquidation Preference of all shares of Series&nbsp;A Preferred Stock to be so converted (including, with respect to the Series&nbsp;A-2 Preferred Stock, any accrued but unpaid dividends, and with respect to the Series&nbsp;A-1 Preferred Stock, for the avoidance of doubt, the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>29<a name="11035-2-QA-09_PB_29_211323_7091"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=50,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=197461,FOLIO='A-29',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:49 2017' -->

<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt 1.0in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PIK Dividend Shares, if any) by the lower of the Public Offering Conversion Price or the Initial Follow-on Public Offering Conversion Price; <i>provided</i>, that, in each case, such price shall not be lower than 75% of the QPO Price.</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 1.0in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(z)&nbsp;The Corporation shall provide the Holders of shares of Series&nbsp;A Preferred Stock prior written notice of such Late QPO, including all expected material terms thereof, not less than thirty (30) days prior to the closing thereof </font>(it being understood that pricing terms shall be subject to market conditions at the time of the QPO or IPO)</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&nbsp; In the event of a QPO, any shares of Series&nbsp;A Preferred Stock that remain outstanding on the applicable PO Conversion Outside Date shall be automatically converted into that number of shares of Common Stock (including fractional shares of Common Stock) obtained by dividing the Modified Liquidation Preference of such shares of Series&nbsp;A Preferred Stock (including, with respect to the Series&nbsp;A-2 Preferred Stock, any accrued but unpaid dividends, and with respect to the Series&nbsp;A-1 Preferred Stock, for the avoidance of doubt, any PIK Dividend Shares and any accrued but unpaid dividends) by the applicable Public Offering Conversion Price.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Effect of Conversion</i>.&#160; On and after the date on which any conversion pursuant to <u>Section&nbsp;8(a)</u>&nbsp;is consummated (such date, a &#147;<b>Conversion Date</b>&#148;), each outstanding share of Series&nbsp;A Preferred Stock so converted shall cease to be outstanding, dividends and distributions on such share shall cease to accrue or be due, and all rights of the Holder(s)&nbsp;of such share shall terminate with respect to such share, except for the right of such Holder(s)&nbsp;to receive cash in lieu of any fractional share, at the option of the Corporation, as provided herein.&#160; All shares of Common Stock issued or delivered upon conversion of the Series&nbsp;A Preferred Stock pursuant to this <u>Section&nbsp;8</u> shall be validly issued, fully paid and non-assessable and shall be free of preemptive or similar rights and free of any liens, mortgages, security interests, pledges, deposits, restrictions or other encumbrances, other than as set forth herein or in the Stockholders Agreement.&#160; Notwithstanding anything herein to the contrary, the Corporation may, at the option of the Corporation, in lieu of issuing fractional shares of Common Stock upon conversion of the Series&nbsp;A Preferred Stock pursuant to this <u>Section&nbsp;8</u>, deliver a check in an amount equal to the value of such fraction computed on the basis of the Fair Market Value per share of Common Stock on the Trading Day immediately before the applicable Conversion Date.&#160; In connection with any conversion of shares of Series&nbsp;A Preferred Stock pursuant to this <u>Section&nbsp;8</u>, each Holder shall surrender its certificate(s)&nbsp;evidencing such shares, if then certificated, to the Corporation or its agent on the applicable Conversion Date.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="font-style:italic;">Rights Plan</font>, Stock Dividends, Recapitalizations, Etc.</i>.&#160; If the Corporation has a rights plan in effect that includes Common Stock on a Conversion Date, upon conversion of any shares of the Series&nbsp;A Preferred Stock, Holders of such shares will receive, in addition to the shares of Common Stock, the rights under the rights plan relating to such Common Stock, unless, prior to such conversion date, the rights have (A)&nbsp;become exercisable or (B)&nbsp;separated from the shares of Common Stock (the first of events to occur being the &#147;<b>Trigger Event</b>&#148;), in either of which cases the conversion rate will be adjusted, effective automatically at the time of such Trigger Event, as if the Corporation had made a distribution of such rights to all holders of the Common Stock. In the event of any stock dividend permitted by this Certificate of Designations, or any stock split,</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>30<a name="11035-2-QA-11_PB_30_211708_3470"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=51,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=392900,FOLIO='A-30',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:50 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">reverse stock split, reclassification, recapitalization or other similar event affecting the number of outstanding shares of Common Stock, the Corporation shall make any such adjustments, if any, as may be appropriate so as to give proper effect to any such event when calculating the number of shares of Common Stock issuable upon conversion of Series&nbsp;A Preferred Stock.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>HSR Act; Regulatory Compliance</i>.&#160; If, as a result of (i)&nbsp;a conversion pursuant to this <u>Section&nbsp;8</u> a Holder would be deemed to hold an aggregate number of shares of Common Stock that would require a notification in connection with such conversion under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the &#147;<b>HSR Act</b>&#148;) or (ii)&nbsp;any other event that, in the reasonable discretion of an Holder, would require a similar notification, then each of the Corporation and such Holder will prepare and file, or cause to be prepared and filed, with the appropriate Governmental Authorities, notifications with respect to such conversion&#160; pursuant to the HSR Act, and all competition filings required by Governmental Authorities outside the United States, seek early termination of any waiting periods under the HSR Act, supply all information requested by Governmental Authorities in connection with the HSR notifications and all other competition filings, and cooperate with each other in responding to any such request.&#160; The Corporation shall be solely responsible for all filing fees required to be paid in connection therewith. The Corporation and Holder will use their respective commercially reasonable efforts and will cooperate fully with one another to comply as promptly as practicable with all governmental requirements applicable to the contemplated conversion and to obtain promptly all approvals, Educational Approvals, orders, permits or other consents of any applicable Governmental Authorities and Educational Agencies necessary for the consummation of the contemplated conversion.&#160; No conversion or other event subject to filings described in this <u>Section&nbsp;8(d)</u>&nbsp;shall be consummated until all applicable waiting periods under the HSR Act or similar merger control laws have expired or been terminated, and all approvals, orders, permits or other consents of any applicable Governmental Authorities necessary under the HSR Act, or similar merger control laws, or any Educational Approvals required by any Educational Agency prior to the consummation of the contemplated conversion have been obtained; <i>provided</i>, <i>however</i>, that, to the extent so delayed, at the option of the Holder converting or otherwise requesting a notification under the HSR Act pursuant to this <u>Section&nbsp;8(d)</u>, the Conversion Date for purposes of determining the Optional Conversion Price, the Public Offering Conversion Price or the Initial Follow-on Public Offering Conversion Price, as the case may be, shall be the date on which all applicable waiting periods under the HSR Act or similar merger control laws have expired or been terminated.&#160; </font>Any conversion set forth in this <u>Section&nbsp;8</u> shall be undertaken in accordance with the requirements of all applicable Educational Laws. To the extent that the parties determine that an Educational Approval is required in connection with such conversion, the parties hereto shall cooperate in good faith, and the Corporation shall use its best efforts (including incurring any costs, fees and expenses reasonably required in connection thereto), to obtain such Educational Approval, including any Educational Approvals that must be obtained prior to any such conversion.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Reservation of Common Stock</i>.&#160; The Corporation shall, at all times when any shares of Series&nbsp;A Preferred Stock are outstanding, reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, the full number of shares of Common Stock then issuable upon conversion of all then outstanding shares of Series&nbsp;A Preferred Stock.&#160; Notwithstanding anything herein to the contrary, the Corporation may, at its election, deliver, upon conversion of the Series&nbsp;A Preferred Stock, treasury shares of Common Stock or</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>31<a name="11035-2-QA-11_PB_31_211733_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=52,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=602802,FOLIO='A-31',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:50 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other shares of Common Stock that the Corporation has reacquired, <i>provided</i> such shares comply with the provisions hereof.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Elective Conversion Delay.</i></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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Anything to the contrary herein notwithstanding, if, as of any Conversion Date, a conversion price applicable to a conversion pursuant to <u>Section&nbsp;8(a)(ii)(C)</u>&nbsp;or <u>Section&nbsp;8(a)(iii)</u>&nbsp;prior to the PO Conversion Outside Date would be lower than the Public Offering Conversion Price without the application of the Public Offering Conversion Price Floor, then the Requisite Series&nbsp;A Preferred Holders being converted pursuant thereto, voting together as a separate class, may elect to delay the conversion until a date that is not later than 90 days following the proposed Conversion Date (but not later than the PO Conversion Outside Date) by written notice to the Corporation within five (5)&nbsp;Business Days following such Holder&#146;s receipt of the Corporation&#146;s notice of conversion.&#160; If so elected, then the Requisite Series&nbsp;A Preferred Holders shall have the right to re-calculate the Public Offering Conversion Price utilizing </font>any 30 Trading Day VWAP during such 90 day period; <i>provided</i>, <i>however</i>, that, during such extension period, dividends on each shares of Series&nbsp;A Preferred Stock held by such Holders and being converted shall accrue at a 0.0% dividend rate.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Anything to the contrary herein notwithstanding, if, as of any Conversion Date, a conversion price applicable to a conversion pursuant to <u>Section&nbsp;8(a)(ii)(C)</u>&nbsp;or <u>Section&nbsp;8(a)(iii)</u>&nbsp;prior to the PO Conversion Outside Date would be lower than the Public Offering Conversion Price without the application of the Public Offering Conversion Price Floor, then the Corporation may elect to delay the conversion until a date that is not later than 90 days following the proposed Conversion Date (but not later than the PO Conversion Outside Date) by written notice to the Holders. If so elected, then the Corporation shall have the right to re-calculate the Public Offering Conversion Price utilizing any </font>30 Trading Day VWAP during such 90 day period.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Delayed Conversion.</i>&#160; In the event that a conversion under this <u>Section&nbsp;8</u> is delayed pursuant to the provisions of <u>Section&nbsp;8(d)</u>, <u>Section&nbsp;8(f)</u>&nbsp;or otherwise, the Corporation shall ensure that any Registration Statement proposed to be filed by or on behalf of the Corporation or any other Person pursuant to the Registration Rights Agreement shall be available at such time as the shares of Series&nbsp;A Preferred Stock so delayed are converted in full. &#160;Notwithstanding anything in this Certificate of Designations or other Transaction Documents to the contrary, the Corporation shall not be permitted to convert any shares of Series&nbsp;A Preferred Stock (including, for the avoidance of doubt, as a result of an automatic conversion on the PO Conversion Outside Date) unless and until (i)&nbsp;the effectiveness and availability to the Holders of one or more Registration Statements filed in compliance with the Registration Rights Agreement which provided to the Holders the opportunity to register at least an amount of Conversion Stock equal to the Priority Amount (or, if less, all of the remaining Registrable Securities that are Conversion Stock), and (ii)&nbsp;to the extent required by <u>Section&nbsp;8</u> hereof, the Conversion Supporting Certifications have been delivered to the Holders of shares of Series&nbsp;A Preferred Stock.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>32<a name="11035-2-QA-11_PB_32_211754_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=53,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=59583,FOLIO='A-32',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:50 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;9.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><u style="font-style:italic;">Voting Rights; Protective Provisions</u></i>.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>General</i>.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The holders of Series&nbsp;A Preferred Stock shall not have any voting rights except as from time to time required by law or expressly contemplated herein.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding anything to the contrary in <u>Section&nbsp;9(b)</u>&nbsp;hereof or the applicable provisions of the General Corporation Law of the State of Delaware, including Section&nbsp;242(b)&nbsp;thereof, shares of Series&nbsp;A Preferred Stock held by the Current Stockholders or any Affiliates of the Current Stockholders, if any, shall not have any voting or consent rights hereunder (including with respect to the actions described in <u>Section&nbsp;9(b)</u>&nbsp;hereof or the applicable provisions of the General Corporation Law of the State of Delaware, including Section&nbsp;242(b)&nbsp;thereof), and shall not be counted for purposes of determining whether the Requisite Series&nbsp;A Preferred Holders or the Super Majority Requisite Holders thresholds have been satisfied; <i>provided</i>, <i>however</i>, such restriction shall automatically terminate without any further action required by the Corporation or the Holders upon the Transfer of shares of Series&nbsp;A Preferred Stock by the Current Stockholders or any Affiliates of the Current Stockholders, as applicable, to an Unaffiliated Third Party and such Unaffiliated Third Party shall be entitled to vote or consent to the actions described in <u>Section&nbsp;9</u> hereof.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Protective Provisions</i>.&#160; So long as any shares of Series&nbsp;A Preferred Stock are outstanding, the Corporation shall not effect or agree to effect any amendment to the Certificate of Incorporation (including by means of merger, consolidation, reorganization, recapitalization or otherwise) without the approval of the Holders of the Series&nbsp;A Preferred to the extent required herein, no waiver by any Holder of shares of Series&nbsp;A Preferred Stock of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by such Holder, and no Holder of shares of Series&nbsp;A Preferred Stock shall be entitled to waive, and any waiver by such Holder shall not operate or be construed as a waiver in respect of, any rights, preferences or privileges of any other Holder of shares of Series&nbsp;A Preferred Stock.&#160; So long as any shares of Series&nbsp;A Preferred Stock are outstanding, in addition to any other vote or consent of stockholders required by law or by the Certificate of Incorporation or any other Transaction Documents:</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the consent of the Requisite Series&nbsp;A Preferred Holders, given in person or by proxy, either in writing without a meeting or by consenting at any meeting called for the purpose, shall be necessary for effecting or validating:</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any transaction by the Corporation or any of its Subsidiaries with, or amendment, waiver, or termination of (other than validly in accordance with its terms), any agreement or arrangement with any stockholder of the Corporation or any Affiliates of the Corporation, or any member of the Board of the Corporation, other than (A)&nbsp;transactions between and among the Corporation and its Subsidiaries and among Subsidiaries, (B)&nbsp;transactions entered into before the Issue Date, (C)&nbsp;any transaction, agreement or arrangement contemplated by any Transaction Document, and (D)&nbsp;transactions involving the Corporation or any Subsidiary on terms that are at arms&#146; length and at market terms, and not otherwise adverse to the rights, priorities, preferences or privileges of any Holder of shares of Series&nbsp;A Preferred Stock in respect of the shares of Series&nbsp;A Preferred Stock;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>33<a name="11035-2-QA-11_PB_33_211815_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=54,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=775891,FOLIO='A-33',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:50 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>except as set forth in any Transaction Document relating to payments with respect to the Series&nbsp;A Preferred Stock, the declaration or payment of any dividend or other distribution on any shares of any class or series of the Corporation&#146;s capital stock or any redemption, repurchase or other acquisition of shares of any class or series of the Corporation&#146;s capital stock (other than in connection with the redemption, repurchase or other acquisition of shares of any class or series of the Corporation&#146;s capital stock in connection with (w)&nbsp;payments made in connection with&nbsp;withholding or similar taxes payable or expected to be payable by any present or former employee, director, manager or consultant of the Corporation (or their respective Affiliates, estates or immediate family members) relating to the repurchase of Junior Securities (including any cancellation of debt in connection with the repurchase of Junior Securities), (x)&nbsp;an exchange or conversion for shares of other Junior Securities, (y)&nbsp;Junior Securities purchased, redeemed or otherwise acquired in connection with cashless option exercises (including with respect to tax withholdings), and (z)&nbsp;the repurchase or other acquisition of Junior Securities held by present or former officers, directors, employees or consultants of&nbsp;the Corporation or any of its Subsidiaries&nbsp;or any of its direct or indirect parent company upon termination or retirement pursuant to agreements providing for such repurchase);</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>other than with respect to Subsidiaries of the Corporation that own an immaterial amount of assets of the Corporation, taken as a whole, the commencement of any receivership, liquidation, reorganization or other similar case or proceeding with respect to the Company or any of its Subsidiaries or with respect to a material portion of their respective assets, any composition of liabilities or similar arrangement relating to the Company or any of its Subsidiaries, whether or not under a court&#146;s jurisdiction or supervision, any liquidation, dissolution, reorganization or winding up of any the Company or any of its Subsidiaries, whether voluntary or involuntary, whether or not under a court&#146;s jurisdiction or supervision, and whether or not involving insolvency or bankruptcy, or any general assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Company or any of its Subsidiaries; or</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any agreement to take any of the foregoing actions.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The consent of the Super Majority Requisite Holders, given in person or by proxy, either in writing without a meeting or by consenting at any meeting called for the purpose, shall be necessary for effecting or validating:</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>except as expressly permitted under any Transaction Documents, any amendment, alteration, modification or repeal of any provision of the Certificate of Incorporation or the By-laws (including by means of merger, consolidation, reorganization, recapitalization or otherwise) so as to adversely affect the rights, preferences, privileges or voting powers of the Series&nbsp;A Preferred Stock, taken as a whole, including: (A)&nbsp;any amendment or modification of &#147;Requisite Series&nbsp;A Preferred Holders&#148;, <u>Section&nbsp;5</u> (<i>Dividends</i>), <u>Section&nbsp;6</u> (<i>Liquidation Rights</i>), <u>Section&nbsp;7</u> (<i>Redemption</i>), <u>Section&nbsp;8</u> (<i>Conversion</i>) or this <u>Section&nbsp;9</u> (<i>Voting Rights; Protective Provisions</i>) or any defined terms used therein; and (B)&nbsp;any amendment, alteration or repeal of any provision of the Certificate of Incorporation or the By-laws (including by means of merger, consolidation, reorganization, recapitalization or otherwise) that would increase or decrease the</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>34<a name="11035-2-QA-11_PB_34_211831_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=55,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=727919,FOLIO='A-34',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:50 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">authorized number of shares of Series&nbsp;A Preferred Stock or authorize, create (by reclassification or otherwise) or increase the authorized amount of, any shares of any class or series of capital stock of the Corporation ranking senior to or on parity with the Series&nbsp;A Preferred Stock with respect to any or all of the payment of dividends, redemption, conversion and/or the distribution of assets on any liquidation, dissolution or winding up of the Corporation;</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if it is not an Initial Follow-on Public Offering, the first Public Offering following an IPO or QPO;</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any proposed IPO;</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>issuances of shares of Series&nbsp;A Preferred Stock other than in accordance with the terms and subject to the conditions of the Transaction Documents;</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(A)&nbsp;the material engagement by the Company or any of its Subsidiaries in a new business not directly or indirectly related to the business of the Company and its Subsidiaries, taken as a whole, as of the date hereof, or (B)&nbsp;to make a material change in the nature of the Company and its Subsidiaries&#146;, taken as a whole, line of business; or</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 .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any agreement to take any of the foregoing actions.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>At any time, Macquarie Sierra Investment Holdings Inc., a Delaware corporation (&#147;<b>Macquarie</b>&#148;) shall have the right to elect to temporarily waive its right to consent to any or all of the matters set forth in <u>Sections 9(b)(2)(i)</u>&nbsp;and <u>(iv)&nbsp;</u>(the &#147;<b>Fundamental Actions</b>&#148;), by providing written notice of such waiver to the Corporation and the other Holders.&#160; In the event that Macquarie has temporarily waived its right to vote in respect of all or some of the Fundamental Actions in accordance with this <u>Section&nbsp;9(b)(3)</u>&nbsp;and then seeks to Transfer any portion of its shares of Series&nbsp;A Preferred Stock to any Person under this Certificate of Designations or the Stockholders Agreement, Macquarie&#146;s right to vote on all of the Fundamental Actions for the shares being Transferred shall be automatically fully reinstated immediately prior to such Transfer.&#160; Nothing in this <u>Section&nbsp;9(b)(3)</u>&nbsp;shall have any effect on any rights attaching to any shares of Series&nbsp;A Preferred Stock (other than a temporary waiver by Macquarie of its right to exercise the voting rights attaching to such shares held by it pursuant to this <u>Section&nbsp;9(b)(3)</u>) nothing in this <u>Section&nbsp;9(b)(3)</u>&nbsp;shall create or amount to any waiver of any right attaching to any such share held by a shareholder other than Macquarie, including any Transferee of Macquarie.&#160; Any Holder shall have the right to waive the benefit of any provision in this Certificate of Designations in so far as such provision is applicable to such Holder.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;10.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Other Rights</i>.&#160; Subject to the rights of the Holders of the Series&nbsp;A Preferred Stock set forth in <u>Section&nbsp;9</u>, and without prejudice thereto, in connection with the proposed Transfer of any Series&nbsp;A-1 Preferred Stock or the issuance of shares of capital stock of the Corporation pursuant to Section&nbsp;2.5 of the Stockholders Agreement, the Corporation will cooperate with the Transferee to restructure, amend and/or modify the Series&nbsp;A-1 Preferred Stock to be transferred, issued and/or sold, as the case may be, or the Certificate of Incorporation, in each case, in a manner that is tax efficient to such proposed Transferee (including the issuance of new</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>35<a name="11035-2-QA-11_PB_35_211845_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=56,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=747894,FOLIO='A-35',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:50 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shares of capital stock of the Corporation) and which does not materially adversely affect the Corporation.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;11.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Determination of Fair Market Value</i>.&#160; The Fair Market Value shall be determined by agreement of the Corporation and the Requisite Series&nbsp;A Preferred Holders.&#160; If the Corporation and the Requisite Series&nbsp;A Preferred Holders fail to reach agreement on the Fair Market Value within ten (10)&nbsp;Business Days of the date on which such determination is reasonably expected to be made pursuant to this Certificate of Designations (the &#147;<b>FMV Determination Date</b>&#148;), then the value shall be determined by an independent, nationally recognized valuation firm selected by the Corporation and the Requisite Series&nbsp;A Preferred Holders. If the foregoing parties cannot agree on such independent, nationally recognized valuation firm within thirty (30) days following the FMV Determination Date, then the Board of Directors, on the one hand, and the Requisite Series&nbsp;A Preferred Holders, on the other hand, each shall select a valuation firm and such valuation firms in turn shall select a third valuation firm the appraisal of which shall be controlling. The determination of such valuation firm (as finally selected hereunder) shall be final and binding upon the parties, and the fees and expenses of such appraiser shall be borne by the Corporation.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;12.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><u style="font-style:italic;">Record Holders</u></i>.&#160; To the fullest extent permitted by applicable law, the Corporation and the transfer agent for the Series&nbsp;A Preferred Stock may deem and treat the record holder of any share of Series&nbsp;A Preferred Stock as the true and lawful owner thereof for all purposes, and neither the Corporation nor such transfer agent shall be affected by any notice to the contrary.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;13.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><u style="font-style:italic;">Notices</u></i>.&#160; All notices or communications in respect of Series&nbsp;A Preferred Stock shall be sufficiently given if given in writing and delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted herein, in the Certificate of Incorporation or By-laws or by applicable law.</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;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Section&nbsp;14.</font></i>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><u style="font-style:italic;">No Other Rights</u></i>.&#160; The shares of Series&nbsp;A Preferred Stock shall not have any voting powers, preferences or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Certificate of Incorporation, the Registration Rights Agreement, the Stockholders Agreement or as provided by applicable law.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>36<a name="11035-2-QA-11_PB_36_211921_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=57,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=270659,FOLIO='A-36',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:50 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, this Amended and Restated Certificate of Incorporation had been signed on behalf of the Corporation by its duly authorized officer effective this &nbsp;&nbsp;&nbsp;day of January, 2017.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LAUREATE   EDUCATION,&nbsp;INC.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.76%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-</font>37<a name="11035-2-QA-11_PB_37_212140_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=58,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="2",CHK=808023,FOLIO='A-37',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QA-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:50 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>a2230757zex-3_2.htm
<DESCRIPTION>EX-3.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;3.2</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<div style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED AND RESTATED BYLAWS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OF</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LAUREATE EDUCATION,&nbsp;INC.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated as of January&nbsp;31, 2017</font></p>
<div style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=221893,FOLIO='',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:52 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONTENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="79%" valign="bottom" style="padding:0in 0in 0in 0in;width:79.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page&nbsp;#</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;I.</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OFFICES</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.01</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered Office</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;II.</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MEETINGS   OF STOCKHOLDERS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.01</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Place of Meetings</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.02</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual Meetings</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.03</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Meetings</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.04</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Meetings</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.05</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjournments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.06</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quorum</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.07</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Organization</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.08</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting; Proxies</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.09</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixing Date for   Determination of Stockholders of Record</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.10</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of Stockholders</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.11</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inspector(s)&nbsp;of   Election</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.12</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conduct of Meetings</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.13</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Stockholder   Business and Nominations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Submission of   Questionnaire, Representation and Agreement</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;III.</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BOARD   OF DIRECTORS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.01</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.02</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number; Qualifications</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.03</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Election; Resignation;   Vacancies</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.04</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regular Meetings</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.05</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Meetings</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.06</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephonic Meetings   Permitted</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.07</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quorum; Vote Required   for Action</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.08</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Organization</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.09</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Action by Unanimous   Consent of Directors</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.10</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation of   Directors</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;IV.</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMMITTEES</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.01</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Committees</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.02</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Committee Rules</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;V.</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OFFICERS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.01</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officers</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.02</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.03</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.04</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.05</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.06</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.07</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">i<a name="11035-2-QC-01_PB_i_214953_1006"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=821447,FOLIO='i',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:52 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONTENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page&nbsp;#</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.08</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appointing Attorneys   and Agents; Voting Securities of Other Entities</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.09</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Election and Term of   Office</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.10</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.11</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Removal, Resignation   and Vacancies</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.12</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional Matters</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VI.</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STOCK</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.01</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificates</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.02</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Designation on   Certificate</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.03</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Public Benefit   Corporation Notice</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.04</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lost, Stolen or   Destroyed Stock Certificates; Issuance of New Certificates</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.05</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer of Shares</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VII.</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEMNIFICATION   AND ADVANCEMENT OF EXPENSES</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.01</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Right to   Indemnification</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.02</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Right to Advancement of   Expenses</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.03</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Right of Indemnitee to   Bring Suit</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.04</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification Not   Exclusive</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.05</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Obligations;   Reliance</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.06</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification of   Employees and Agents of the Corporation</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.07</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insurance</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VIII.</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PUBLIC   BENEFIT CORPORATION PROVISIONS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.01</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Required Statement in   Stockholder Meeting Notice</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.02</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Periodic Statements</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;IX.</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.01</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiscal Year</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.02</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seal and Attestation</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.03</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manner of Notice</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.04</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waiver of Notice of   Meetings of Stockholders, Directors and Committees</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.05</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Records</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.06</font></p>    </td>
<td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment of Bylaws</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">ii<a name="11035-2-QC-01_PB_ii_215103_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=3,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=115343,FOLIO='ii',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:52 2017' -->

<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;I.</font><br> OFFICES</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.01</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; </font><u>Registered Office</u>.&#160; The registered office and registered agent of Laureate Education,&nbsp;Inc., a public benefit corporation organized under the laws of Delaware (the &#147;<b><i style="font-weight:bold;">Corporation</i></b>&#148;) in the State of Delaware shall be as set forth in the Certificate of Incorporation (as defined below). The Corporation may also have offices in such other places in the United States or elsewhere (and may change the Corporation&#146;s registered agent) as the board of directors of the Corporation (the &#147;<b><i style="font-weight:bold;">Board of Directors</i></b>&#148;) may, from time to time, determine or as the business of the Corporation may require.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;II.<br> MEETINGS OF STOCKHOLDERS</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.01</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; </font><u>Place of Meetings</u>.&#160; Meetings of Stockholders of the Corporation (such Stockholders, the &#147;<b><i style="font-weight:bold;">Stockholders</i></b>&#148;), may be held at any place, within or without the State of Delaware, as may be designated by the Board of Directors.&#160; In the absence of such designation, meetings of Stockholders shall be held at the principal executive office of the Corporation.&#160; The Board of Directors may, in its sole discretion, determine that a meeting of Stockholders shall not be held at any place, but may instead be held solely by means of remote communication authorized by and in accordance with Section&nbsp;211(a)(2)&nbsp;of the General Corporation Law of the State of Delaware.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.02</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; </font><u>Annual Meetings</u>.&#160; If required by applicable law, an annual meeting of Stockholders shall be held for the election of directors at such date and time as may be designated by resolution of the Board of Directors from time to time. Any other proper business may be transacted at the annual meeting.&#160; The Corporation may postpone, reschedule or cancel any annual meeting of Stockholders previously scheduled by the Board of Directors.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.03</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; </font><u>Special Meetings</u>.&#160; Special meetings of Stockholders for any purpose or purposes may be called only in the manner provided in the Amended and Restated Certificate of Incorporation of the Corporation dated as of January&nbsp;31, 2017 (as the same may be further amended, restated, amended and restated or otherwise modified from time to time, and including any certificates of designations or other supplements thereto, the &#147;<b><i style="font-weight:bold;">Certificate of Incorporation</i></b>&#148;).&#160; Special meetings validly called in accordance with Article&nbsp;VIII of the Certificate of Incorporation may be held at such date and time as specified in the applicable notice.&#160; Business transacted at any special meeting of Stockholders shall be limited to the purposes stated in the notice.&#160; The Corporation may postpone, reschedule or cancel any special meeting of Stockholders previously scheduled by the Board of Directors.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.04</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; </font><u>Notice of Meetings</u>.&#160; Whenever Stockholders are required or permitted to take any action at a meeting, a notice of the meeting shall be given that shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which Stockholders and proxy holders may be deemed to be present in person and vote at such meeting, the record date for determining the</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="11035-2-QC-03_PB_1_213625_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=4,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=597585,FOLIO='1',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stockholders entitled to notice of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called.&#160; Unless otherwise provided by applicable law, the Certificate of Incorporation or these amended and restated bylaws adopted by the Board of Directors as of January&nbsp;9, 2017 (as the same may be further amended, restated, amended and restated or otherwise modified from time to time, these &#147;<b><i style="font-weight:bold;">Bylaws</i></b>&#148;), the notice of any meeting shall be given not less than ten (10)&nbsp;nor more than sixty (60) days before the date of the meeting to each Stockholder as of the record date for determining the Stockholders entitled to notice of the meeting.&#160; Notwithstanding the foregoing, holders of the shares of Convertible Redeemable Preferred Stock, Series&nbsp;A of the Corporation (the &#147;<b><i style="font-weight:bold;">Series&nbsp;A Preferred Stock</i></b>&#148;) shall be entitled to notice of all meetings of Stockholders in accordance with the terms of these Bylaws.&#160; If mailed, such notice shall be deemed to be given when deposited in the United States mail, postage prepaid, directed to the Stockholder at such Stockholder&#146;s address as it appears on the records of the Corporation.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.05</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; </font><u>Adjournments</u>.&#160; Any meeting of Stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place, if any, and notice need not be given of any such adjourned meeting if the time and place, if any, thereof are announced at the meeting at which the adjournment is taken.&#160; At the adjourned meeting the Corporation may transact any business which might have been transacted at the original meeting.&#160; If the adjournment is for more than thirty (30) days, a notice of the adjourned meeting shall be given to each Stockholder of record entitled to notice of the meeting; <i>provided</i>, <i>however</i>, that all holders of the Series&nbsp;A Preferred Stock shall be entitled to notice of such adjourned meeting.&#160; If after the adjournment a new record date for determination of Stockholders entitled to notice is fixed for the adjourned meeting, the Board of Directors shall fix the record date for determining Stockholders entitled to notice of such adjourned meeting as provided in <u>Section&nbsp;2.09(a)</u>&nbsp;of these Bylaws, and shall give notice of the adjourned meeting to each Stockholder of record as of the record date so fixed for notice of such adjourned meeting.&#160; If mailed, such notice shall be deemed to be given when deposited in the United States mail, postage prepaid, directed to the Stockholder at such Stockholder&#146;s address as it appears on the records of the Corporation.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.06</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; </font><u>Quorum</u>.&#160; Except as otherwise provided by applicable law, the Certificate of Incorporation or these Bylaws, and subject to the rights of the holders of the Series&nbsp;A Preferred Stock, at any meeting of Stockholders the presence or participation in person or by proxy of the holders of a majority in voting power of the outstanding shares of capital stock of the Corporation (&#147;<b><i style="font-weight:bold;">Stock</i></b>&#148;) entitled to notice of the meeting shall be necessary and sufficient to constitute a quorum.&#160; In the absence of a quorum, the Stockholders so present may, by a majority in voting power thereof, adjourn the meeting from time to time in the manner provided in <u>Section&nbsp;2.05</u> of these Bylaws until a quorum shall attend or participate.&#160; Shares of Stock belonging to the Corporation or to another corporation, if a majority of the shares entitled or required to vote in the election of directors of such other corporation is held, directly or indirectly, by the Corporation, shall neither be entitled or required to vote nor be counted for quorum purposes; <i>provided, however</i>, that the foregoing shall not limit the right of the Corporation or any subsidiary of the Corporation to vote shares of Stock held by it in a fiduciary capacity.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="11035-2-QC-03_PB_2_213715_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=5,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=240823,FOLIO='2',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.07</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; </font><u>Organization</u>.&#160; Such person as the Board of Directors may have designated or, in the absence of such a person, the Chief Executive Officer, or in his or her absence, the President or, in his or her absence, such person as may be chosen by the majority of the Stockholders entitled or required to vote at the meeting who are present, in person or by proxy, shall call to order any meeting of Stockholders and act as chairperson of the meeting.&#160; The Secretary shall act as secretary of the meeting, but in his or her absence, the chairperson of the meeting may appoint any person to act as secretary of the meeting.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.08</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; </font><u>Voting; Proxies</u>.&#160; Except as otherwise provided by or pursuant to the provisions of the Certificate of Incorporation, each Stockholder entitled or required to vote at any meeting of Stockholders shall be entitled to one vote for each share of Stock held by such Stockholder which has voting power upon the matter in question.&#160; Each Stockholder entitled or required to vote at a meeting of Stockholders or express consent to corporate action in writing without a meeting (if permitted by the Certificate of Incorporation) may authorize another person or persons to act for such Stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period.&#160; A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power.&#160; A Stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary a revocation of the proxy or a new proxy bearing a later date.&#160; Voting at meetings of Stockholders need not be by written ballot.&#160; Unless otherwise provided in the Certificate of Incorporation or that certain Wengen Securityholders Agreement dated July&nbsp;11, 2007, as may be amended and/or restated from time to time, by and among Wengen Alberta, Limited Partnership and the other parties thereto (the &#147;<b><i style="font-weight:bold;">Wengen Securityholders Agreement</i></b>&#148;), at all meetings of Stockholders for the election of directors at which a quorum is present, a plurality of the votes cast shall be sufficient to elect directors.&#160; All other elections and questions presented to the Stockholders at a meeting at which a quorum is present shall, unless otherwise provided by the Certificate of Incorporation, these Bylaws, the rules&nbsp;or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of Stock which are present in person or by proxy and entitled or required to vote thereon.&#160; Notwithstanding anything herein to the contrary, certain decisions and actions to be taken by the Corporation are subject to the prior written consent of a number of shares of the Series&nbsp;A Preferred Stock, so long as any shares of the Series&nbsp;A Preferred Stock remain outstanding, as set forth in the Certificate of Incorporation.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.09</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; </font><u>Fixing Date for Determination of Stockholders of Record</u>.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp; In order that the Corporation may determine the Stockholders entitled to notice of any meeting of Stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall, unless otherwise required by applicable law, not be more than sixty (60) nor</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="11035-2-QC-03_PB_3_213738_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=6,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=1007632,FOLIO='3',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">less than ten (10)&nbsp;days before the date of such meeting.&#160; If the Board of Directors so fixes a date, such date shall also be the record date for determining the Stockholders entitled or required to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination.&#160; If no record date is fixed by the Board of Directors, the record date for determining Stockholders entitled to notice of or to vote at a meeting of Stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held.&#160; A determination of Stockholders of record entitled to notice of or to vote at a meeting of Stockholders shall apply to any adjournment of the meeting; <i>provided, however</i>, that the Board of Directors may fix a new record date for determination of Stockholders entitled or required to vote at the adjourned meeting, and in such case shall also fix as the record date for Stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of Stockholders entitled or required to vote in accordance herewith at the adjourned meeting.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp; Unless otherwise provided by the Certificate of Incorporation, in order that the Corporation may determine the Stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of Stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall not be more than sixty (60) days prior to such action.&#160; If no such record date is fixed, the record date for determining Stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp; Unless otherwise restricted by the Certificate of Incorporation, in order that the Corporation may determine the Stockholders entitled to express consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than ten (10)&nbsp;days after the date upon which the resolution fixing the record date is adopted by the Board of Directors.&#160; If no record date for determining Stockholders entitled to express consent to corporate action in writing without a meeting is fixed by the Board of Directors, (i)&nbsp;when no prior action of the Board of Directors is required by applicable law or the Certificate of Incorporation, the record date for such purpose shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law, and (ii)&nbsp;if prior action by the Board of Directors is required by applicable law or the Certificate of Incorporation, the record date for such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.10</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; </font><u>List of Stockholders</u>.&#160; The officer who has charge of the stock ledger of the Corporation shall prepare at least ten (10)&nbsp;days before any meeting of</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="11035-2-QC-03_PB_4_213804_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=7,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=745645,FOLIO='4',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stockholders, a complete list of the Stockholders entitled or required to vote at the meeting (<i>provided, however</i>, that if the record date for determining the Stockholders entitled or required to vote is less than ten (10)&nbsp;days before the date of the meeting, the list shall reflect the Stockholders entitled or required to vote as of a date that is no more than ten (10)&nbsp;days before the meeting date), arranged in alphabetical order, and showing the address of each Stockholder and the number of shares registered in the name of each Stockholder as of the record date (or such other date).&#160; Such list shall be open to the examination of any Stockholder, for any purpose germane to the meeting at least ten (10)&nbsp;days prior to the meeting during ordinary business hours at the principal place of business of the Corporation.&#160; If the meeting is to be held at a place, then a list of Stockholders entitled or required to vote at the meeting shall be produced and kept at the time and place of the meeting during the whole time thereof and may be examined by any Stockholder who is present thereat.&#160; If the meeting is to be held solely by means of remote communication, then the list shall also be open to the examination of any Stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting.&#160; Except as otherwise provided by applicable law, the stock ledger shall be the only evidence as to who are the Stockholders entitled to examine the list of Stockholders required by this <u>Section&nbsp;2.10</u> or to vote in person or by proxy at any meeting of Stockholders.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.11</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; </font><u>Inspector(s)&nbsp;of Election</u>.&#160; The Corporation may, and shall if required by applicable law, in advance of any meeting of Stockholders, appoint one or more inspectors of election, who may be employees of the Corporation, to act at the meeting or any adjournment thereof and to make a written report thereof.&#160; The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act.&#160; In the event that no inspector so appointed or designated is able to act at a meeting of Stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting.&#160; Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector with strict impartiality and according to the best of his or her ability.&#160; Each inspector so appointed or designated shall (i)&nbsp;ascertain the number of shares of Stock outstanding and the voting power of each such share, (ii)&nbsp;determine the shares of Stock represented at the meeting and the validity of proxies and ballots, (iii)&nbsp;count all votes and ballots, (iv)&nbsp;determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspector(s), and (v)&nbsp;certify his or her determination of the number of shares of Stock represented at the meeting and such inspector&#146;s count of all votes and ballots.&#160; Such certification and report shall specify such other information as may be required by applicable law.&#160; No ballot, proxies, votes or any revocation thereof or change thereto shall be accepted by the inspector(s)&nbsp;after the closing of the polls unless the Court of Chancery of the State of Delaware upon application by a Stockholder shall determine otherwise.&#160; In determining the validity and counting of proxies and ballots cast at any meeting of Stockholders, the inspector(s)&nbsp;may consider such information as is permitted by applicable law.&#160; No person who is a candidate for an office at an election may serve as an inspector at such election.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="11035-2-QC-03_PB_5_213835_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=8,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=938318,FOLIO='5',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.12</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; </font><u>Conduct of Meetings</u>.&#160; The date and time of the opening and the closing of the polls for each matter upon which the Stockholders will vote at a meeting shall be announced at the meeting by the person presiding over the meeting.&#160; The Board of Directors may adopt by resolution such rules&nbsp;and regulations for the conduct of the meeting of Stockholders as it shall deem appropriate.&#160; Except to the extent inconsistent with such rules&nbsp;and regulations as adopted by the Board of Directors, the person presiding over any meeting of Stockholders shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such presiding person, are appropriate for the proper conduct of the meeting.&#160; Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the presiding person of the meeting, may include, without limitation, the following: (i)&nbsp;the establishment of an agenda or order of business for the meeting; (ii)&nbsp;rules&nbsp;and procedures for maintaining order at the meeting and the safety of those present; (iii)&nbsp;limitations on attendance at or participation in the meeting to Stockholders entitled or required to vote at the meeting, their duly authorized and constituted proxies or such other persons as the presiding person of the meeting shall determine; (iv)&nbsp;restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v)&nbsp;limitations on the time allotted to questions or comments by participants.&#160; The presiding person at any meeting of Stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting, and, if such presiding person should so determine, such presiding person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered.&#160; Unless and to the extent determined by the Board of Directors or the person presiding over the meeting, meetings of Stockholders shall not be required to be held in accordance with the rules&nbsp;of parliamentary procedure.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.13</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; </font><u>Notice of Stockholder Business and Nominations</u>.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)<i>&nbsp; Annual Meetings of Stockholders</i>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp; Except as otherwise provided by or pursuant to the Certificate of Incorporation or that certain Stockholders Agreement, dated December&nbsp;20, 2016 (the &#147;<b>Stockholders Agreement</b>&#148;), by and among the Corporation and certain stockholders of the Corporation, nominations of persons for election to the Board of Directors and the proposal of other business to be considered by the Stockholders may be made at an annual meeting of Stockholders only (A)&nbsp;pursuant to the Corporation&#146;s notice of meeting (or any supplement thereto), (B)&nbsp;by or at the direction of the Board of Directors or the nominating and corporate governance committee thereof or (C)&nbsp;by any Stockholder who is a Stockholder of record at the time the notice provided for in this <u>Section&nbsp;2.13</u> is delivered to the Secretary, who is entitled or required to vote at the meeting and who complies with the notice procedures set forth in this <u>Section&nbsp;2.13</u>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp; Except as otherwise provided by or pursuant to the Certificate of Incorporation or the Stockholders Agreement, for any nominations or other</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="11035-2-QC-03_PB_6_213903_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=9,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=574113,FOLIO='6',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">business to be properly brought before an annual meeting by a Stockholder pursuant to <u>Section&nbsp;2.13(a)(i)(C)</u>&nbsp;of these Bylaws, the Stockholder must have given timely notice thereof in writing to the Secretary and any such proposed business (other than the nominations of persons for election to the Board of Directors) must constitute a proper matter for Stockholder action.&#160; To be timely, a Stockholder&#146;s notice shall be delivered to the Secretary at the principal executive office of the Corporation not later than the close of business on the ninetieth (90th) day, nor earlier than the close of business on the one hundred twentieth (120th) day, prior to the first anniversary of the preceding year&#146;s annual meeting (<i>provided, however</i>, that in the event that the date of the annual meeting is more than thirty (30) days before or more than seventy (70) days after such anniversary date, notice by the Stockholder must be so delivered not earlier than the close of business on the one hundred twentieth (120th) day prior to such annual meeting and not later than the close of business on the later of the ninetieth (90th) day prior to such annual meeting or the tenth (10th) day following the day on which public announcement of the date of such meeting is first made by the Corporation).&#160; In no event shall the public announcement of an adjournment or postponement of an annual meeting commence a new time period (or extend any time period) for the giving of a Stockholder&#146;s notice as described above. To be in proper form, such Stockholder&#146;s notice must:</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 1.5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>as to each person whom the Stockholder proposes to nominate for election as a director of the Corporation, set forth (I)&nbsp;all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each case pursuant to and in accordance with Section&nbsp;14(a)&nbsp;of the Securities Exchange Act of 1934, as amended (the &#147;<b><i style="font-weight:bold;">Exchange Act</i></b>&#148;), and the rules&nbsp;and regulations promulgated thereunder, and (II)&nbsp;such person&#146;s written consent to being named in the proxy statement as a nominee and to serving as a director of the Corporation if elected;</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 1.5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to each nominee for election or reelection to the Board of Directors, include the completed and signed questionnaire, representation and agreement required by <u>Section&nbsp;2.14</u> of these Bylaws;</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 1.5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>as to any other business that the Stockholder proposes to bring before the meeting, set forth a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration and, in the event that such business includes a proposal to amend these Bylaws, the language of the proposed amendment), the reasons for conducting such business at the meeting and any material interest in such business of such Stockholder and the beneficial owner, if any, on whose behalf the </p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">7<a name="11035-2-QC-03_PB_7_213932_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=10,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=903357,FOLIO='7',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">proposal is made; and</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 1.5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>as to the Stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made, set forth (I)&nbsp;the name and address of such Stockholder, as they appear on the Corporation&#146;s books, and of such beneficial owner, (II)&nbsp;the class or series and number of shares of Stock which are owned beneficially and of record by such Stockholder and such beneficial owner, (III)&nbsp;a description of any agreement, arrangement or understanding with respect to the nomination or proposal between or among such Stockholder and/or such beneficial owner, any of their respective affiliates or associates, and any others acting in concert with any of the foregoing, including, in the case of a nomination, the nominee, (IV)&nbsp;a description of any agreement, arrangement or understanding (including any derivative or short positions, profit interests, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares) that has been entered into as of the date of the Stockholder&#146;s notice by, or on behalf of, such Stockholder and such beneficial owner, whether or not such instrument or right shall be subject to settlement in underlying shares of Stock, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such Stockholder or such beneficial owner, with respect to securities of the Corporation, (V)&nbsp;a representation that such Stockholder is a holder of record of Stock entitled or required to vote at such meeting and intends to appear in person or by proxy at the meeting to propose such business or nomination, (VI)&nbsp;a representation whether such Stockholder or such beneficial owner, if any, intends or is part of a group which intends (x)&nbsp;to deliver a proxy statement and/or form of proxy to holders of at least the percentage of outstanding Stock required to approve or adopt the proposal or elect the nominee and/or (y)&nbsp;otherwise to solicit proxies or votes from Stockholders in support of such proposal or nomination, and (VII)&nbsp;any other information relating to such Stockholder and such beneficial owner, if any, required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election of directors in an election contest pursuant to and in accordance with Section&nbsp;14(a)&nbsp;of the Exchange Act and the rules&nbsp;and regulations promulgated thereunder.</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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing notice requirements of this <u>Section&nbsp;2.13(a)</u>&nbsp;shall be deemed satisfied by a Stockholder with respect to business other than a nomination for election as a director of the Corporation if such Stockholder has notified the Corporation of his, her or its intention to present a proposal at an annual meeting</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="11035-2-QC-03_PB_8_214010_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=11,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=642941,FOLIO='8',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in compliance with applicable rules&nbsp;and regulations promulgated under the Exchange Act and such Stockholder&#146;s proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for such annual meeting.&#160; The Corporation may require any proposed nominee for election as a director of the Corporation to furnish such other information as the Corporation may reasonably require to determine the eligibility of such proposed nominee to serve as a director of the Corporation.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;Notwithstanding anything in the second sentence of <u>Section&nbsp;2.13(a)(ii)</u>&nbsp;of these Bylaws to the contrary, in the event that the number of directors to be elected to the Board of Directors at the annual meeting is increased effective after the time period for which nominations would otherwise be due under <u>Section&nbsp;2.13(a)(ii)</u>&nbsp;of these Bylaws and there is no public announcement by the Corporation naming the nominees for the additional directorships at least one hundred (100) days prior to the first anniversary of the preceding year&#146;s annual meeting, a Stockholder&#146;s notice required by this <u>Section&nbsp;2.13</u> shall also be considered timely, but only with respect to nominees for the additional directorships, if it shall be delivered to the Secretary at the principal executive office of the Corporation not later than the close of business on the tenth (10th) day following the day on which such public announcement is first made by the Corporation.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;S<i>pecial Meetings of Stockholders</i>.&#160; Except to the extent required by applicable law, special meetings of Stockholders may be called only in accordance with Article&nbsp;VIII of the Certificate of Incorporation.&#160; Only such business as shall have been brought before the meeting pursuant to the Corporation&#146;s notice of meeting shall be conducted at a special meeting of Stockholders.&#160; Except as otherwise provided by or pursuant to the Certificate of Incorporation or the Stockholders Agreement, nominations of persons for election to the Board of Directors may be made at a special meeting of Stockholders at which directors are to be elected pursuant to the Corporation&#146;s notice of meeting (1)&nbsp;by or at the direction of the Board of Directors or the nominating and corporate governance committee thereof or (2)&nbsp;provided that the Board of Directors has determined that directors shall be elected at such meeting, by any Stockholder who is a Stockholder of record at the time the notice provided for in this <u>Section&nbsp;2.13</u> is delivered to the Secretary, who is entitled or required to vote at the meeting and upon such election and who complies with the notice procedures set forth in this <u>Section&nbsp;2.13</u>.&#160; In the event that the Corporation calls a special meeting of Stockholders for the purpose of electing one or more directors to the Board of Directors, and except as otherwise provided by or pursuant to the Certificate of Incorporation or the Stockholders Agreement, any Stockholder entitled or required to vote in such election of directors may nominate a person or persons (as the case may be) for election to such position(s)&nbsp;as specified in the Corporation&#146;s notice of meeting if such Stockholder delivers the Stockholder&#146;s notice required by <u>Section&nbsp;2.13(a)(ii)</u>&nbsp;of these Bylaws (including the completed and signed questionnaire, representation and agreement required by <u>Section&nbsp;2.14</u> of these Bylaws and any other information, documents, affidavits, or certifications required by the Corporation) to the Secretary at the principal executive office of the Corporation not earlier than the close of</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="11035-2-QC-03_PB_9_214050_8146"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=12,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=265500,FOLIO='9',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 22:49 2017' -->

<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">business on the one hundred twentieth (120th) day prior to such special meeting and not later than the close of business on the later of the ninetieth (90th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. In no event shall the public announcement of an adjournment or postponement of a special meeting commence a new time period (or extend any time period) for the giving of a Stockholder&#146;s notice as described above.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)<i>&nbsp; General</i>.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;Except as otherwise expressly provided in any applicable rule&nbsp;or regulation promulgated under the Exchange Act, the Certificate of Incorporation or the Stockholders Agreement, only such persons who are nominated in accordance with the procedures set forth in this <u>Section&nbsp;2.13</u> shall be eligible to be elected at an annual or special meeting of Stockholders to serve as directors, and only such business as shall have been brought before the meeting in accordance with the procedures set forth in this <u>Section&nbsp;2.13</u> shall be conducted at a meeting of Stockholders.&#160; Except as otherwise provided by applicable law, the Certificate of Incorporation or the Stockholders Agreement, the chairperson of the meeting shall have the power and duty (A)&nbsp;to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this <u>Section&nbsp;2.13</u> (including whether the Stockholder or beneficial owner, if any, on whose behalf the nomination or proposal is made or solicited (or is part of a group which solicited) or did not so solicit, as the case may be, proxies or votes in support of such Stockholder&#146;s nominee or proposal in compliance with such Stockholder&#146;s representation as required by <u>Section&nbsp;2.13(a)(ii)(D)(VI)</u>&nbsp;of these Bylaws) and (B)&nbsp;if any proposed nomination or business was not made or proposed in compliance with this <u>Section&nbsp;2.13</u>, to declare that such nomination shall be disregarded or that such proposed business shall not be transacted.&#160; Notwithstanding the foregoing provisions of this <u>Section&nbsp;2.13</u>, unless otherwise required by applicable law, if a Stockholder (or a qualified representative of such Stockholder) does not appear at the annual or special meeting of Stockholders to present his, her or its nomination or proposed business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Corporation.&#160; For purposes of this <u>Section&nbsp;2.13</u>, to be considered a qualified representative of the Stockholder, a person must be a duly authorized officer, manager or partner of such Stockholder or must be authorized by a writing executed by such Stockholder or an electronic transmission delivered by such Stockholder to act for such Stockholder as proxy at the meeting of Stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of Stockholders.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;For purposes of this <u>Section&nbsp;2.13</u>, &#147;<b><i style="font-weight:bold;">close of business</i></b>&#148; shall mean 5:00</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">10<a name="11035-2-QC-05_PB_10_215334_4686"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=13,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=423436,FOLIO='10',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:57 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">p.m.&nbsp;local time at the principal executive offices of the Corporation on any calendar day, whether or not the day is a business day, and &#147;<b><i style="font-weight:bold;">public announcement</i></b>&#148; shall include disclosure in a press release reported by the Dow Jones News Service, Associated Press or other national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section&nbsp;13, 14 or 15(d)&nbsp;of the Exchange Act and the rules&nbsp;and regulations promulgated thereunder.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;Notwithstanding the foregoing provisions of this <u>Section&nbsp;2.13</u>, a Stockholder shall also comply with all applicable requirements of the Certificate of Incorporation, the Stockholders Agreement, the Exchange Act and the rules&nbsp;and regulations promulgated thereunder with respect to the matters set forth in this <u>Section&nbsp;2.13</u>; <i>provided, however</i>, that any references in these Bylaws to the Exchange Act or the rules&nbsp;and regulations promulgated thereunder are not intended to and shall not limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this <u>Section&nbsp;2.13</u> (including clause <u>(a)(i)(C)</u>&nbsp;hereof and clause <u>(b)</u>&nbsp;hereof), and compliance with clauses <u>(a)(i)(C)</u>&nbsp;and <u>(b)</u>&nbsp;of this <u>Section&nbsp;2.13</u> shall be the exclusive means for a Stockholder to make nominations or submit other business (other than, as provided in the penultimate sentence of clause <u>(a)(ii)</u>&nbsp;hereof, business other than nominations brought properly under and in compliance with Rule&nbsp;14a-8 promulgated under the Exchange Act, as may be amended from time to time).&#160; Nothing in this <u>Section&nbsp;2.13</u> shall be deemed to affect any rights (x)&nbsp;of Stockholders to request inclusion of proposals or nominations in the Corporation&#146;s proxy statement pursuant to applicable rules&nbsp;and regulations promulgated under the Exchange Act or (y)&nbsp;of the holders of the Series&nbsp;A Preferred Stock to elect directors pursuant to any applicable provisions of the Certificate of Incorporation.</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 .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp; The provisions of this <u>Section&nbsp;2.13</u> shall not apply (x)&nbsp;for either so long as (A)&nbsp;shares of Class&nbsp;B common stock, par value $0.001 per share, of the Corporation remain outstanding, or (B)&nbsp;the Wengen Securityholders Agreement is in effect, to the appointment of directors by Sponsor-Affiliates (as defined in the Certificate of Incorporation), and (y)&nbsp;to the appointment of any Additional Investor Director (as defined in the Certificate of Incorporation), in each case at any annual or special meeting of Stockholders.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.14&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Submission of Questionnaire, Representation and Agreement</u>.&#160; To be eligible to be a nominee for election or reelection as a director of the Corporation, the candidate for nomination must have previously delivered (in accordance with the time periods prescribed for delivery of notice under <u>Section&nbsp;2.13</u> of these Bylaws), to the Secretary at the principal executive office of the Corporation, (a)&nbsp;a completed and signed questionnaire (in the form provided by the Corporation) with respect to the background, qualifications, stock ownership and independence of such proposed nominee and (b)&nbsp;a written representation and agreement (in the form provided by the Corporation) that such candidate for nomination (i)&nbsp;other than with respect to the Additional Investor Directors</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">11<a name="11035-2-QC-05_PB_11_215427_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=14,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=1025559,FOLIO='11',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:57 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and candidates nominated by the Sponsor-Affiliates, is not and, if elected as a director during his or her term of office, will not become a party to (A)&nbsp;except as required by the Certificate of Incorporation and the Stockholders Agreement, any agreement, arrangement or understanding with, and has not given and will not give any commitment or assurance to, any person or entity as to how such proposed nominee, if elected as a director of the Corporation, will act or vote on any issue or question (a &#147;<b><i style="font-weight:bold;">Voting Commitment</i></b>&#148;) or (B)&nbsp;any Voting Commitment that could limit or interfere with such proposed nominee&#146;s ability to comply, if elected as a director of the Corporation, with such proposed nominee&#146;s fiduciary duties under applicable law, (ii)&nbsp;other than with respect to the Additional Investor Directors and candidates nominated by the Sponsor-Affiliates, is not, and will not become a party to, any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation or reimbursement for service as a director and (iii)&nbsp;if elected as a director of the Corporation, will comply with all applicable corporate governance, conflict of interest, confidentiality, stock ownership and trading and other policies and guidelines of the Corporation applicable to directors and in effect during such person&#146;s term in office as a director of the Corporation (and, if requested by any candidate for nomination, the Secretary shall provide to such candidate for nomination all such policies and guidelines then in effect).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;III.<br> BOARD OF DIRECTORS</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Powers</u>.&#160;&#160;&#160; Subject to the provisions of the General Corporation Law of the State of Delaware, as the same now exists or may hereafter be amended (the &#147;<b><i style="font-weight:bold;">Delaware General Corporation Law</i></b>&#148;), and any limitations in the Certificate of Incorporation or these Bylaws relating to action required to be approved by the Stockholders or by the holders of at least 66 2/3% of the voting power of the outstanding shares of Stock entitled or required to vote generally in the election of directors, the business and affairs of the Corporation shall be managed, and all corporate powers shall be exercised, by or under the direction of the Board of Directors.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Number; Qualifications</u>.&#160; Subject to the rights of the holders of the Series&nbsp;A Preferred Stock to elect additional directors pursuant to the terms of the Certificate of Incorporation, the total number of authorized directors constituting the Board of Directors (the &#147;<b><i style="font-weight:bold;">Whole Board</i></b>&#148;) shall be fixed from time to time exclusively by the Board of Directors pursuant to a resolution adopted by a majority of the directors then in office; <i>provided</i>, <i>however</i>, that the number of directors which shall constitute the Whole Board shall not be less than three (3)&nbsp;nor more than fifteen (15), plus any Additional Investor Directors, and each director shall be a natural person.&#160; No reduction of the authorized number of directors shall have the effect of removing any director before such director&#146;s term of office expires.&#160; Unless otherwise provided by applicable law, the Certificate of Incorporation or these Bylaws, directors need not be Stockholders of the Corporation.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Election; Resignation; Vacancies</u>.&#160; Except as otherwise provided by the Certificate of Incorporation, the Stockholders Agreement or the Wengen</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">12<a name="11035-2-QC-05_PB_12_215503_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=15,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=896251,FOLIO='12',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:57 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securityholders Agreement: (i)&nbsp;directors shall be elected at each annual meeting of Stockholders to hold office until the next annual meeting; (ii)&nbsp;each director, including a director elected to fill a vacancy, shall hold office until his or her successor is elected and qualified or until his or her earlier resignation or removal; (iii)&nbsp;any director may resign at any time upon written notice to the attention of the President or Secretary at the principal office of the Corporation; and (iv)&nbsp;any director may be removed at any time with or without cause by the affirmative vote of the holders of a majority in voting power of the shares of Stock then entitled or required to vote at an election of directors.&#160; Notwithstanding the provisions of Section&nbsp;223(a)(1)&nbsp;and 223(a)(2)&nbsp;of the Delaware General Corporation Law, and except as otherwise provided by the Certificate of Incorporation, the Stockholders Agreement or the Wengen Securityholders Agreement, any vacancy or newly created directorship may be filled by a majority of the directors then in office (including any directors that have tendered a resignation effective at a future date), though less than a quorum, or by a sole remaining director, and the director so chosen shall hold office until the next annual election and until his or her successor is duly elected and shall qualify, unless sooner displaced; <i>provided</i>, <i>however</i>, that where such vacancy or newly created directorship occurs among the directors elected by the holders of a class or series of stock, the holders of shares of such class or series may override the Board of Directors&#146; action to fill such vacancy or newly created directorship by (i)&nbsp;voting for their own designee to fill such vacancy or newly created directorship at a meeting of Stockholders or (ii)&nbsp;written consent, if the consenting Stockholders hold a sufficient number of shares to elect their designee at a meeting of Stockholders.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided by the Certificate of Incorporation, if at any time, by reason of death or resignation or other cause, the Corporation should have no directors in office, then any officer or any Stockholder or an executor, administrator, trustee or guardian of a Stockholder, or other fiduciary entrusted with like responsibility for the person or estate of a Stockholder, may call a special meeting of Stockholders in accordance with the provisions of the Certificate of Incorporation or these Bylaws, or may apply to the Court of Chancery of the State of Delaware for a decree summarily ordering an election as provided in Section&nbsp;211 of the Delaware General Corporation Law.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided by the Certificate of Incorporation, if, at the time of filling any vacancy or any newly created directorship, the directors then in office constitute less than a majority of the Whole Board (as constituted immediately prior to any such increase), then the Court of Chancery of the State of Delaware may, upon application of any Stockholder or Stockholders holding at least 10% of the total number of the shares of Stock then entitled or required to vote at an election of directors, summarily order an election to be held to fill any such vacancy or newly created directorship, or to replace the directors chosen by the directors then in office as aforesaid, which election shall be governed by the provisions of Section&nbsp;211 of the Delaware General Corporation Law as far as applicable.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any director nominated and elected by the holders of the Series&nbsp;A Preferred Stock pursuant to the Certificate of Incorporation shall serve for the period of time determined in accordance with the terms and conditions of the Certificate of Incorporation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">13<a name="11035-2-QC-05_PB_13_215529_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=16,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=866352,FOLIO='13',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:57 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Regular Meetings</u>.&#160; Prior to any Additional Investor Director being appointed to the Board of Directors in accordance with the Certificate of Incorporation: (1)&nbsp;regular meetings of the Board of Directors may be held at any time or place, if any, within or without the State of Delaware whenever called by the Chairperson, the Chief Executive Officer, the Secretary or by any two members of the Board of Directors; (2)&nbsp;notice shall be duly given to each director or such other person by (i)&nbsp;giving notice to such director and other person in person or by telephone, electronic transmission or voice message system at least twenty-four (24) hours in advance of the meeting, (ii)&nbsp;sending a facsimile to such director&#146;s and other person&#146;s facsimile number as it appears in the records of the Corporation, or delivering written notice by hand to such director&#146;s and other person&#146;s address as it appears in the records of the Corporation, at least twenty-four (24) hours in advance of the meeting, or (iii)&nbsp;mailing a written notice, addressed to such director or other person at their respective address as it appears in the records of the Corporation, at least seventy-two (72) hours in advance of the meeting (with such notice deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid); (3)&nbsp;any director may waive notice of any meeting, either before or after such meeting, by signing a waiver of notice that is filed with the records of the meeting; (4)&nbsp;attendance of a director at a meeting shall constitute a waiver of notice of such meeting, in each case, except where such director attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened; and (5)&nbsp;the business to be transacted at and the purpose of any meeting of the Board of Directors need not be specified.&#160; From and after any Additional Investor Director being appointed to the Board of Directors in accordance with the Certificate of Incorporation: (1)&nbsp;notice shall be duly given to each director or such other person by (i)&nbsp;giving notice to such director and other person in person or by telephone, electronic transmission or voice message system at least forty-eight (48) hours in advance of the meeting, (ii)&nbsp;sending a facsimile to such director&#146;s and other person&#146;s facsimile number as it appears in the records of the Corporation, or delivering written notice by hand to such director&#146;s and other person&#146;s address as it appears in the records of the Corporation, at least forty-eight (48) hours in advance of the meeting, or (iii)&nbsp;mailing written notice, addressed to such director or other person at their respective address as it appears in the records of the Corporation, at least seventy-two (72) hours in advance of the meeting (with such notice deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid); (2)&nbsp;any director may waive notice of any meeting, either before or after such meeting, by signing a waiver of notice that is filed with the records of the meeting; (3)&nbsp;attendance of a director at a meeting shall constitute a waiver of notice of such meeting, in each case, except where such director attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened; and (4)&nbsp;the business to be transacted at and the purpose of any meeting of the Board of Directors shall be specified in reasonable detail in the notice and waiver of notice of such meeting.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Special Meetings</u>.&#160; Prior to any Additional Investor Director being appointed to the Board of Directors in accordance with the Certificate of Incorporation: (1)&nbsp;special meetings of the Board of Directors may be held at any time or place, if any,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">14<a name="11035-2-QC-05_PB_14_215542_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=17,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=228218,FOLIO='14',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:57 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">within or without the State of Delaware whenever called by the Chairperson the Chief Executive Officer, the Secretary or by any two members of the Board of Directors; (2)&nbsp;notice shall be duly given to each director or such other person by (i)&nbsp;giving notice to such director and other person in person or by telephone, electronic transmission or voice message system at least twenty-four (24) hours in advance of the meeting, (ii)&nbsp;sending a facsimile to such director&#146;s and other person&#146;s facsimile number as it appears in the records of the Corporation, or delivering written notice by hand to such director&#146;s and other person&#146;s address as it appears in the records of the Corporation, at least twenty-four (24) hours in advance of the meeting, or (iii)&nbsp;mailing written notice, addressed to such director or other person at their respective address as it appears in the records of the Corporation, at least seventy-two (72) hours in advance of the meeting (with such notice deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid); (3)&nbsp;any director may waive notice of any meeting, either before or after such meeting, by signing a waiver of notice that is filed with the records of the meeting; (4)&nbsp;attendance of a director at a meeting shall constitute a waiver of notice of such meeting, in each case, except where such director attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened; and (5)&nbsp;the business to be transacted at and the purpose of any meeting of the Board of Directors need not be specified. &#160;From and after any Additional Investor Director being appointed to the Board of Directors in accordance with the Certificate of Incorporation: (1)&nbsp;special meetings of the Board of Directors may be held at any time or place, if any, within or without the State of Delaware whenever called by the Chairperson, a Vice Chairperson, the Chief Executive Officer, the Secretary, by any two members of the Board of Directors or any Additional Investor Director; (2)&nbsp;notice shall be duly given to each director or such other person by (i)&nbsp;giving notice to such director and other person in person or by telephone, electronic transmission or voice message system at least forty-eight (48) hours in advance of the meeting, (ii)&nbsp;sending a facsimile to such director&#146;s and other person&#146;s facsimile number as it appears in the records of the Corporation, or delivering written notice by hand to such director&#146;s and other person&#146;s address as it appears in the records of the Corporation, at least forty-eight (48) hours in advance of the meeting, or (iii)&nbsp;mailing written notice, addressed to such director or other person at their respective address as it appears in the records of the Corporation, at least seventy-two (72) hours in advance of the meeting (with such notice deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid); (3)&nbsp;any director may waive notice of any meeting, either before or after such meeting, by signing a waiver of notice that is filed with the records of the meeting; (4)&nbsp;attendance of a director at a meeting shall constitute a waiver of notice of such meeting, in each case, except where such director attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened; and (5)&nbsp;the business to be transacted at and the purpose of any meeting of the Board of Directors shall be specified in reasonable detail in the notice and waiver of notice of such meeting.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Telephonic Meetings Permitted</u>.&#160; Members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting thereof by means of conference telephone or other communications equipment</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">15<a name="11035-2-QC-05_PB_15_215604_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=18,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=163133,FOLIO='15',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:57 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this <u>Section&nbsp;3.06</u> shall constitute presence in person at such meeting.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Quorum; Vote Required for Action</u>.&#160; At all meetings of the Board of Directors, the directors entitled to cast a majority of the votes of the Whole Board shall constitute a quorum for the transaction of business; <i>provided</i> that, solely for the purposes of filling vacancies pursuant to <u>Section&nbsp;3.03</u> of these Bylaws, a meeting of the Board of Directors may be held if a majority of the directors then in office participate in such meeting.&#160; Unless the Delaware General Corporation Law, the Certificate of Incorporation or these Bylaws requires a greater proportion, a majority of the votes entitled to be cast by the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.&#160; If a quorum is not present at any meeting of the Board of Directors, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present.&#160; A meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of directors, if any action taken is approved by at least a majority of the required quorum for that meeting.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise provided by or pursuant to the provisions of the Certificate of Incorporation, (a)&nbsp;if any director&#146;s attendance at any meeting of the Board of Directors or a committee of the Board of Directors, or any portion thereof, in the reasonable judgment of the Board of Directors, would create a conflict of interest, then such director shall recuse himself or herself from the portion of such meeting that would create such conflict and (b)&nbsp;to the extent that receipt of materials or other information provided to directors at any meeting of the Board of Directors or a committee of the Board of Directors would create, in the reasonable judgment of the Board of Directors, a conflict of interest with respect to any director, such director shall not receive such materials or other information.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.08&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization</u>.&#160; Such person as the Board of Directors may have designated or, in the absence of such a person, the Chief Executive Officer, or in his or her absence, the President or, in his or her absence, such person as may be chosen by the majority of the directors who are present at the meeting, shall call to order any meeting of the Board of Directors and act as chairperson of the meeting.&#160; The Secretary shall act as secretary of the meeting, but in his or her absence the chairperson of the meeting may appoint any person to act as secretary of the meeting.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Action by Unanimous Consent of Directors</u>.&#160; Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all of the members of the Board of Directors or such committee, as the case may be, consent thereto in writing or by electronic transmission and the writing or writings or electronic transmissions are filed with the minutes of proceedings of the Board of Directors or such committee in accordance with applicable law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">16<a name="11035-2-QC-05_PB_16_215628_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=19,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=579737,FOLIO='16',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:57 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any copy, facsimile or other reliable reproduction of a consent in writing may be substituted or used in lieu of the original writing for any and all purposes for which the original writing could be used, provided that such copy, facsimile or other reproduction shall be a complete reproduction of the entire original writing.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compensation of Directors</u>.&#160; Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board of Directors or a committee designated by the Board of Directors shall have the authority to fix the compensation of directors.&#160; The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors or a committee of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or such committee or a stated salary or other compensation as a director.&#160; No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.&#160; Members of special or standing committees may be allowed like compensation for attending committee meetings.&#160; Any director of the Corporation may decline any or all such compensation payable to such director in his or her discretion.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;IV.<br> COMMITTEES</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Committees</u>.&#160; Except as otherwise provided by or pursuant to the provisions of the Certificate of Incorporation, (i)&nbsp;the Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation; (ii)&nbsp;the Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of such committee; (iii)&nbsp;the absence or disqualification of a member of any committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he, she or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in place of any such absent or disqualified member; and (iv)&nbsp;any such committee, to the extent permitted by applicable law and to the extent provided in the resolution of the Board of Directors, shall have and may exercise all of the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it, but no such committee shall have the power or authority in reference to the following matter:&#160; (i)&nbsp;approving or adopting, or recommending to the Stockholders, any action or matter (other than the election or removal of directors) expressly required by the Delaware General Corporation Law to be submitted to the Stockholders for approval or (ii)&nbsp;adopting, amending or repealing any bylaw of the Corporation.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Committee Rules</u>.&#160; Except as otherwise provided by or pursuant to the provisions of the Certificate of Incorporation, unless the Board of Directors otherwise provides, each committee designated by the Board of Directors may make, alter and repeal rules&nbsp;for the conduct of its business.&#160; In the absence of such rules, each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to Article&nbsp;III of these Bylaws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">17<a name="11035-2-QC-05_PB_17_215701_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=20,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=885170,FOLIO='17',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:57 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;V.<br> OFFICERS</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Officers</u>.&#160; The officers of the Corporation shall be a President and a Secretary, and such other officers as the Board of Directors may appoint, including a Chairman of the Board, a Chief Financial Officer, one or more Vice Presidents and such other officers, assistant or deputy officers and agents, as may be elected from time to time by or under the authority of the Board of Directors, who shall exercise such powers and perform such duties as are provided in these Bylaws and as may be determined from time to time by resolution of the Board of Directors.&#160; Any two or more offices may be held by the same person, but any person who holds more than one office may not act in more than one capacity to execute, acknowledge or verify any instrument required by applicable law to be executed, acknowledged or verified by more than one officer. The Chairman of the Board, if one is appointed, shall be a director, and the other officers may be directors.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Chief Executive Officer</u>.&#160; The Board of Directors may elect or appoint a Chief Executive Officer, who may also be the President.&#160; The Chief Executive Officer shall, subject to the direction and control of the Board of Directors, supervise and control the business and affairs of the Corporation.&#160; In general, the Chief Executive Officer shall perform all duties incident to the position of chief executive officer or as may be prescribed by the Board of Directors or these Bylaws from time to time.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>President</u>.&#160; The President shall have general and active supervision over the business and affairs of the Corporation, shall insure that all lawful orders and resolutions of the Board of Directors are carried into effect, and, unless otherwise provided by the Board of Directors, shall preside at all meetings of the Board of Directors and of the Stockholders.&#160; The President shall have the authority to execute bonds, mortgages, and other contracts requiring a seal, under the seal of the Corporation, except where required by applicable law to be otherwise signed and executed, and except where the execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent of the Corporation.&#160; If the Board of Directors has elected or appointed a Chief Executive Officer who is different than the individual appointed as President, the Board of Directors may provide that the President report to the Chief Executive Officer.&#160; If the Board of Directors has not elected or appointed a Chief Executive Officer or the office of Chief Executive Officer is otherwise vacant, then, unless otherwise determined by the Board of Directors, the President shall also have all of the powers and duties of the Chief Executive Officer.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Vice President</u>.&#160; In the absence of the President or in the event of the President&#146;s inability or refusal to act, the Vice President (or in the event there be more than one Vice President, the Vice Presidents in the order designated by the Board of Directors, or in the absence of any designation, then in the order of their election) shall perform the duties of the President, and when so acting shall have all of the powers of, and be subject to all of the restrictions upon, the President.&#160; Each Vice President shall perform such other duties and have such other powers as the Board of Directors may from time to time prescribe.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">18<a name="11035-2-QC-05_PB_18_215726_8146"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=21,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=497165,FOLIO='18',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:57 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Chairman of the Board</u>.&#160; If the directors shall appoint a Chairman of the Board, the Chairman of the Board shall, when present, preside at all meetings of the Board of Directors and shall perform such other duties and have such other powers as may be vested in the Chairman of the Board by the Board of Directors.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Chief Financial Officer</u>.&#160; The Chief Financial Officer shall have general charge and supervision of the financial affairs of the Corporation, including budgetary, accounting and statistical methods, and shall approve payment, or designate others serving under him or her to approve for payment, all vouchers and warrants for disbursements of funds, and, in general, shall perform such other duties as are incident to the office of a chief financial officer of a corporation, including those duties customarily performed by persons occupying such office, and shall perform such other duties as, from time to time, may be assigned to him or her by the Board of Directors, the Chief Executive Officer (if one has been appointed), or, if a Chief Executive Officer has not been appointed, the President.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Secretary</u>.&#160; The Secretary shall attend all meetings of Stockholders and the Board of Directors shall record or cause to be recorded all of the proceedings of the meetings of the Stockholders and of the Board of Directors in a book or books to be kept for that purpose, and shall perform like duties for any committee, when required.&#160; The Secretary shall give, or cause to be given, such notices as are required to be given in accordance with the provisions of these Bylaws or as required by applicable law or the Certificate of Incorporation.&#160; The Secretary shall have custody of the seal of the Corporation, and shall have the authority to affix the same to any instrument or document the execution of which in the name or on behalf of the Corporation is duly authorized, and when so affixed it may be attested by the signature of the Secretary.&#160; The Secretary shall see that the books, records and other documents required by applicable law (including the stock ledger and the records of the issue, transfer and registration of certificates for shares of the common stock of the Corporation) are properly kept and filed.&#160; The Secretary shall perform all other duties incident to the office of Secretary and such other duties as from time to time may be prescribed by these Bylaws or may be assigned to him or her by the Board of Directors, the Chief Executive Officer (if one has been appointed), or, if a Chief Executive Officer has not been appointed, the President.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.08&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Appointing Attorneys and Agents; Voting Securities of Other Entities</u>.&#160; Unless otherwise provided by a resolution adopted by the Board of Directors, the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Secretary or the Corporation&#146;s General Counsel may from time to time appoint an attorney or attorneys or agent or agents of the Corporation, in the name and on behalf of the Corporation, to (a)&nbsp;cast the votes which the Corporation may be entitled to cast as the holder of stock or other securities in any other corporation or other entity, any of whose stock or other securities may be held by the Corporation, at meetings of the holders of the stock or other securities of such other corporation or other entity, or to consent in writing, in the name of the Corporation as such holder, to any action by such other corporation or other entity, and may instruct the person or persons so appointed as to the manner of casting such votes or giving such consents, and may execute or cause to be executed in the name and on behalf of the Corporation and under its corporate seal or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">19<a name="11035-2-QC-05_PB_19_215753_7091"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=22,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=750941,FOLIO='19',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:57 2017' -->

<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">otherwise, all such written proxies or other instruments as he or she may deem necessary or proper and (b)&nbsp;exercise the rights of the Corporation in its capacity as a general partner of a partnership or in its capacity as a managing member of a limited liability company as to which the Corporation, in such capacity, is entitled to exercise pursuant to the applicable partnership agreement or limited liability company operating agreement, including without limitation to take or refrain from taking any action, or to consent in writing, in each case in the name of the Corporation as such general partner or managing member, to any action by such partnership or limited liability company, and may instruct the person or persons so appointed as to the manner of taking such actions or giving such consents, and may execute or cause to be executed in the name and on behalf of the Corporation and under its corporate seal or otherwise, all such written proxies or other instruments as he or she may deem necessary or proper.&#160; Unless otherwise provided by a resolution adopted by the Board of Directors, any of the rights set forth in this <u>Section&nbsp;4.08</u> which may be delegated to an attorney or agent may also be exercised directly by the Chief Executive Officer, the President, the Chief Financial Officer or the Corporation&#146;s General Counsel.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.09&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Election and Term of Office</u>.&#160; Each officer of the Corporation shall be elected at each annual meeting of the Board of Directors, or as soon thereafter as possible, to hold office until the next annual meeting of the Board of Directors and until his or her successor is elected and qualified, or until his or her earlier death, resignation or removal.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compensation</u>.&#160; The compensation of all officers of the Corporation shall be fixed from time to time by the Board of Directors.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Removal, Resignation and Vacancies</u>.&#160; Any officer may be removed by the Board of Directors whenever, in its judgment, the best interests of the Corporation will be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.&#160; Any officer may resign at any time by giving written notice of such resignation to the President or the Secretary at the principal office of the Corporation.&#160; Unless otherwise specified therein, such resignation shall take effect upon receipt thereof.&#160; A vacancy in any office because of death, resignation, removal, disqualification or otherwise may be filled by the Board of Directors for the unexpired portion of the term of such office and until a successor is elected and qualified.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.12&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Additional Matters</u>.&#160; In addition to the foregoing authority and duties, all of the officers of the Corporation shall respectively have such authority and perform such duties in the management of the business of the Corporation as may be designated from time to time by the Board of Directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VI.<br> STOCK</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certificates</u>.&#160; The shares of Stock shall be represented by certificates, <i>provided</i> that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of such Stock shall be uncertificated shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">20<a name="11035-2-QC-07_PB_20_214550_2634"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=23,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=278287,FOLIO='20',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:2.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any such resolution shall not apply to shares then represented by a certificate until such certificate is surrendered to the Corporation.&#160; Every holder of shares of Stock represented by certificates shall be entitled to have a certificate signed by or in the name of the Corporation by any two authorized officers of the Corporation representing the number of shares registered in certificate form.&#160; Any of or all of the signatures on the certificate may be a facsimile or electronic.&#160; In case any officer, transfer agent or registrar who has signed or whose facsimile or electronic signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent, or registrar at the date of issue.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Special Designation on Certificate</u>.&#160; If the Corporation is authorized to issue more than one class of stock or more than one series of any class, then the powers, the designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate that the corporation shall issue to represent such class or series of stock; <i>provided</i>, <i>however</i>, that, except as otherwise provided in Section&nbsp;202 of the Delaware General Corporation Law, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate that the Corporation shall issue to represent such class or series of stock a statement that the Corporation will furnish, without charge to each stockholder who so requests the powers, the designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Public Benefit Corporation Notice</u>.&#160; Any certificate representing shares of Stock shall note conspicuously that that the Corporation is a public benefit corporation formed pursuant to Subchapter XV of the Delaware General Corporation Law.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Lost, Stolen or Destroyed Stock Certificates; Issuance of New Certificates</u>.&#160; The Corporation may issue a new certificate for shares of Stock in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner&#146;s legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Transfer of Shares</u>.&#160; Shares of Stock shall be transferable upon its books by the holders thereof, in person or by their duly authorized attorneys or legal representatives, in the manner prescribed by law, the Certificate of Incorporation and in these Bylaws, upon surrender to the Corporation by delivery thereof (to the extent evidenced by a physical stock certificate) to the person in charge of the stock and transfer books and ledgers. Certificates representing such shares, if any, shall be cancelled and new certificates, if the shares are to be certificated, shall thereupon be issued. Shares of Stock that are not represented by a certificate shall be transferred in accordance with</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="11035-2-QC-07_PB_21_214617_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=24,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=844934,FOLIO='21',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">applicable law. A record shall be made of each transfer. Whenever any transfer of shares of Stock shall be made for collateral security, and not absolutely, it shall be so expressed in the entry of the transfer if, when the certificates are presented, both the transferor and transferee request the Corporation to do so. The Board of Directors shall have power and authority to make such rules&nbsp;and regulations as it may deem necessary or proper concerning the issue, transfer and registration of certificates for shares of Stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VII.<br> INDEMNIFICATION AND ADVANCEMENT OF EXPENSES</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Right to Indemnification</u>.&#160; Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a &#147;<b><i style="font-weight:bold;">Proceeding</i></b>&#148;), by reason of the fact that he or she is or was a director or an officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee, agent or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (hereinafter an &#147;<b><i style="font-weight:bold;">Indemnitee</i></b>&#148;), whether the basis of such Proceeding is alleged action in an official capacity as a director, officer, employee, agent or trustee or in any other capacity while serving as a director, officer, employee, agent or trustee, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by Delaware law, as the same exists or may hereafter be amended (but, in the case of any such amendment, if permitted, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than such law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss (including attorneys&#146; fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred or suffered by such Indemnitee in connection therewith; <i>provided, however</i>, that, except as provided in <u>Section&nbsp;7.02</u> of these Bylaws with respect to Proceedings to enforce rights to indemnification or Advancement of Expenses or with respect to any compulsory counterclaim brought by such Indemnitee, the Corporation shall indemnify any such Indemnitee in connection with a Proceeding (or part thereof) initiated by such Indemnitee only if such Proceeding (or part thereof) was authorized by the Board of Directors.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Right to Advancement of Expenses</u>.&#160; In addition to the right to indemnification conferred in <u>Section&nbsp;7.01</u> of these Bylaws, an Indemnitee shall also have the right to be paid by the Corporation the expenses (including attorneys&#146; fees) incurred in appearing at, participating in or defending any such Proceeding in advance of its final disposition or in connection with a Proceeding brought to establish or enforce a right to indemnification or advancement of expenses under this Article&nbsp;VII (which shall be governed by <u>Section&nbsp;7.03</u> of these Bylaws) (hereinafter an &#147;<b><i style="font-weight:bold;">Advancement of Expenses</i></b>&#148;); <i>provided</i>, <i>however</i>, that, (a)&nbsp;if the Delaware General Corporation Law requires or (b)&nbsp;in the case of an advance made in a Proceeding brought to establish or enforce a right to indemnification or advancement, an Advancement of Expenses incurred by an Indemnitee in his or her capacity as a director or officer of the Corporation (and not in any other capacity in which service was or is rendered by such Indemnitee, including, without limitation, service to an employee benefit plan) shall be made solely upon</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">22<a name="11035-2-QC-07_PB_22_214645_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=25,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=245257,FOLIO='22',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">delivery to the Corporation of an undertaking (hereinafter an &#147;<b><i style="font-weight:bold;">Undertaking</i></b>&#148;), by or on behalf of such Indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal (hereinafter a &#147;<b><i style="font-weight:bold;">Final Adjudication</i></b>&#148;) that such Indemnitee is not entitled to be indemnified or entitled to Advancement of Expenses under <u>Sections 7.01</u> and <u>7.02</u> of these Bylaws or otherwise.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Right of Indemnitee to Bring Suit</u>.&#160; If a claim under <u>Section&nbsp;7.01</u> or <u>7.02</u> of these Bylaws is not paid in full by the Corporation within (a)&nbsp;sixty (60) days after a written claim for indemnification has been received by the Corporation or (b)&nbsp;twenty (20) days after a claim for an Advancement of Expenses has been received by the Corporation, the Indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim or to obtain Advancement of Expenses, as applicable. To the fullest extent permitted by law, if successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an Advancement of Expenses pursuant to the terms of an Undertaking, the Indemnitee also shall be entitled to recover the expenses incurred in prosecuting or defending such suit. In (a)&nbsp;any suit brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the Indemnitee to enforce a right to an Advancement of Expenses) it shall be a defense that, and (b)&nbsp;any suit brought by the Corporation to recover an Advancement of Expenses pursuant to the terms of an Undertaking, the Corporation shall be entitled to recover such expenses upon a Final Adjudication that, the Indemnitee has not met any applicable standard for indemnification set forth in the Delaware General Corporation Law. Neither the failure of the Corporation (including its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual determination by the Corporation (including its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) that the Indemnitee has not met such applicable standard of conduct, shall create a presumption that the Indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an Advancement of Expenses hereunder, or brought by the Corporation to recover an Advancement of Expenses pursuant to the terms of an Undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such Advancement of Expenses, under this Article&nbsp;VII or otherwise shall be on the Corporation.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Indemnification Not Exclusive</u>.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp; The provision of indemnification to or the Advancement of Expenses and costs to any Indemnitee under this Article&nbsp;VII, or the entitlement of any Indemnitee to indemnification or Advancement of Expenses and costs under this Article&nbsp;VII, shall not limit or restrict in any way the power of the Corporation to indemnify or advance expenses and costs to such Indemnitee in any other way permitted by law or be deemed exclusive of, or invalidate, any right to which any Indemnitee seeking indemnification or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">23<a name="11035-2-QC-07_PB_23_214719_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=26,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=821803,FOLIO='23',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advancement of Expenses and costs may be entitled under any law, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such Indemnitee&#146;s capacity as an officer, director, employee or agent of the Corporation and as to action in any other capacity;</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp; Given that certain Jointly Indemnifiable Claims (as defined below) may arise due to the service of the Indemnitee as a director and/or officer of the Corporation at the request of the Indemnitee-Related Entities (as defined below), the Corporation shall be fully and primarily responsible for the payment to the Indemnitee in respect of indemnification or advancement of all expenses judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of the Certificate of Incorporation or these Bylaws (or any other agreement between the Corporation and such persons) in connection with any such Jointly Indemnifiable Claims, pursuant to and in accordance with the terms of this Article&nbsp;VII, irrespective of any right of recovery the Indemnitee may have from the Indemnitee-Related Entities. Any obligation on the part of any Indemnitee-Related Entities to indemnify or advance expenses to any Indemnitee shall be secondary to the Corporation&#146;s obligation and shall be reduced by any amount that the Indemnitee may collect as indemnification or advancement from the Corporation. The Corporation irrevocably waives, relinquishes and releases the Indemnitee-Related Entities from any and all claims against the Indemnitee-Related Entities for contribution, subrogation or any other recovery of any kind in respect thereof. Under no circumstance shall the Corporation be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement or recovery the Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Corporation hereunder. In the event that any of the Indemnitee-Related Entities shall make any payment to the Indemnitee with respect to indemnification or Advancement of Expenses with respect to any Jointly Indemnifiable Claim, the Indemnitee-Related Entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against the Corporation, and the Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. Each of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this <u>Section&nbsp;7.04(b)</u>&nbsp;of Article&nbsp;VII of these Bylaws, entitled to enforce this <u>Section&nbsp;7.04(b)</u>&nbsp;of Article&nbsp;VII of these Bylaws.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this <u>Section&nbsp;7.04(b)</u>&nbsp;of Article&nbsp;VII, the following terms shall have the following meanings:</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; The term &#147;<b><i style="font-weight:bold;">Indemnitee-Related Entities</i></b>&#148; means any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Corporation or any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise for which the Indemnitee has agreed, on behalf of the Corporation or at the Corporation&#146;s request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described herein) from whom an Indemnitee may be entitled to</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">24<a name="11035-2-QC-07_PB_24_214742_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=27,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=484826,FOLIO='24',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">indemnification or Advancement of Expenses with respect to which, in whole or in part, the Corporation may also have an indemnification or advancement obligation.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; The term &#147;<b><i style="font-weight:bold;">Jointly Indemnifiable Claims</i></b>&#148; shall be broadly construed and shall include, without limitation, any action, suit or Proceeding for which the Indemnitee shall be entitled to indemnification or Advancement of Expenses from both the Indemnitee-Related Entities and the Corporation pursuant to Delaware law, any agreement or certificate of incorporation, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Corporation or the Indemnitee-Related Entities, as applicable.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Corporate Obligations; Reliance</u>.&#160; The rights granted pursuant to the provisions of this Article&nbsp;VII shall vest at the time a person becomes a director or officer of the Corporation and shall be deemed to create a binding contractual obligation on the part of the Corporation to the persons who from time to time are elected as officers or directors of the Corporation, and such persons in acting in their capacities as officers or directors of the Corporation or of any subsidiary of the Corporation shall be entitled to rely on such provisions of this Article&nbsp;VII without giving notice thereof to the Corporation. Such rights shall continue as to an Indemnitee who has ceased to be a director or officer of the Corporation and shall inure to the benefit of the Indemnitee&#146;s heirs, executors and administrators. Any amendment, alteration or repeal of this Article&nbsp;VII that adversely affects any right of an Indemnitee or its successors shall be prospective only and shall not limit, eliminate, or impair any such right with respect to any Proceeding involving any occurrence or alleged occurrence of any action or omission to act that took place prior to such amendment or repeal.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Indemnification of Employees and Agents of the Corporation</u>.&#160; The Corporation may, to the extent authorized from time to time by the Board of Directors, grant rights to indemnification and to the Advancement of Expenses to any employee or agent of the Corporation to the fullest extent of the provisions of this Article&nbsp;VII with respect to the indemnification and Advancement of Expenses of directors and officers of the Corporation.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.07&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Insurance</u>.&#160; The Corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the Delaware General Corporation Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VIII.<br> PUBLIC BENEFIT CORPORATION PROVISIONS</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Required Statement in Stockholder Meeting Notice</u>.&#160; The Corporation shall include in every notice of a meeting of Stockholders a statement to the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">25<a name="11035-2-QC-07_PB_25_214808_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=28,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=593140,FOLIO='25',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">effect that it is a public benefit corporation under Subsection XV of the Delaware General Corporation Law.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Periodic Statements</u>.&#160; The Corporation shall no less than biennially provide the Stockholders with a statement as to the Corporation&#146;s promotion of the public benefit or public benefits identified in the Certificate of Incorporation and of the best interests of those materially affected by the Corporation&#146;s conduct.&#160; The statement shall include:</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 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>The objectives the Board of Directors has established to promote such public benefit or public benefits and interests;</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 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>The standards the Board of Directors has adopted to measure the Corporation&#146;s progress in promoting such public benefit or public benefits and interests;</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 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font>Objective factual information based on those standards regarding the Corporation&#146;s success in meeting the objectives for promoting such public benefit or public benefits and interests; 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 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160;&#160; </font>An assessment of the Corporation&#146;s success in meeting the objectives and promoting such public benefit or public benefits and interests.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;IX.<br> MISCELLANEOUS</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fiscal Year</u>.&#160; The fiscal year of the Corporation shall be fixed by a resolution of the Board of Directors and may be changed by the Board of Directors.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Seal and Attestation</u>.&#160; The corporate seal of the Corporation shall have inscribed thereon the name of the Corporation, the year of its organization, and the words &#147;Corporate Seal&#148; and &#145;&#145;Delaware,&#148; and shall be in such form as shall be approved from time to time by the Board of Directors. The seal may be used by causing it, or a facsimile thereof, to be impressed, affixed, or otherwise reproduced.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any officer of the Corporation is empowered to affix the corporate seal on all documents, and may attest the signature of any person executing an instrument on behalf of the Corporation.&#160; In the execution on behalf of the Corporation of any instrument, document, writing, notice or paper, it shall not be necessary to affix the corporate seal of the Corporation thereon, and any such instrument, document, writing, notice or paper when executed without said seal affixed thereon shall be of the same force and effect and as binding on the Corporation as if said corporate seal had been affixed thereon in each instance.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.03&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Manner of Notice</u>.&#160; Except as otherwise provided herein or permitted by applicable law, notices to directors and Stockholders shall be in writing and delivered personally or mailed to the directors or Stockholders at their addresses</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">26<a name="11035-2-QC-07_PB_26_214843_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=29,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=137729,FOLIO='26',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:49 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">appearing on the books of the Corporation.&#160; Without limiting the manner by which notice otherwise may be given effectively to Stockholders, and except as prohibited by applicable law, any notice to Stockholders given by the Corporation under any provision of applicable law, the Certificate of Incorporation or these Bylaws shall be effective if given by a single written notice to Stockholders who share an address if consented to by the Stockholders at that address to whom such notice is given.&#160; Any such consent shall be revocable by the Stockholder by written notice to the Corporation.&#160; Any Stockholder who fails to object in writing to the Corporation, within sixty (60) days of having been given written notice by the Corporation of its intention to send the single notice permitted under this <u>Section&nbsp;9.03</u> shall be deemed to have consented to receiving such single written notice.&#160; Notice to directors may be given in person, by mail or by e-mail, telephone, telecopier or other means of electronic transmission.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.04&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Waiver of Notice of Meetings of Stockholders, Directors and Committees</u>.&#160; Any waiver of notice, given by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice.&#160; Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.&#160; Neither the business to be transacted at, nor the purpose of, any regular or special meeting of Stockholders, the Board of Directors or members of a committee of the Board of Directors need be specified in a waiver of notice.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.05&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Form&nbsp;of Records</u>.&#160; Any records maintained by the Corporation in the regular course of its business, including its stock ledger, books of account and minute books, may be kept on, or by means of, or be in the form of, any information storage device or method, provided that the records so kept can be converted into clearly legible paper form within a reasonable time.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.06&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendment of Bylaws</u>.&#160; These Bylaws may be altered, amended or repealed, and new bylaws made, only by the affirmative vote of (a)&nbsp;a majority of the Board of Directors or (b)&nbsp;Stockholders representing at least 66-2/3% of the votes eligible to be cast in an election of directors of the Corporation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">27<a name="11035-2-QC-07_PB_27_214923_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=30,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="3",CHK=977488,FOLIO='27',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QC-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:49 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.74
<SEQUENCE>4
<FILENAME>a2230757zex-10_74.htm
<DESCRIPTION>EX-10.74
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;10.74</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM&nbsp;OF</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED AND RESTATED SECURITYHOLDERS AGREEMENT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DATED AS OF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMONG</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WENGEN ALBERTA, LIMITED PARTNERSHIP</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LAUREATE EDUCATION,&nbsp;INC.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE OTHER PARTIES HERETO</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=637769,FOLIO='',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:17 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Table&nbsp;of&nbsp;Contents</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="82%" valign="bottom" style="padding:0in 0in 0in 0in;width:82.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;I   REPRESENTATIONS AND WARRANTIES AND COVENANTS OF THE PARTIES</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representations and   Warranties of the Company</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representations and   Warranties of the Securityholders and Investors</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representations and   Warranties of the General Partner</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Covenant of the Company</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;II   EXISTENCE AFTER IPO; REDEMPTION</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Post- IPO Provisions</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferred Investor   Registration Rights</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Redemption of Interests</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange of   Class&nbsp;A Common Stock and Class&nbsp;B Common Stock</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liquidity in Laureate   Common Stock</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;III   AMENDMENT AND TERMINATION</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment and Waiver</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination of   Agreement</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination as to a   Party</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment of Carry   Vehicle Agreements; Transfer Under Carry Vehicle Agreements</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rights of Carry   Investors</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;IV   [Intentionally Omitted]; [Intentionally Omitted]; OTHER TRANSFER RESTRICTIONS</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Intentionally Omitted]</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Intentionally Omitted]</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Restrictions on   Transfer</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;V   MANAGEMENT; INFORMATION</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board of Directors of   the General Partner</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Laureate Board</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pass-Along of Voting   and Disposition Rights in Laureate Held by the Company</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VCOC Party</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VI   MISCELLANEOUS</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Defined Terms</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legends</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">i<a name="11035-2-QI-01_PB_i_210645_9709"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=446738,FOLIO='i',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:17 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Severability</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Entire Agreement</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.5</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Successors and Assigns</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.6</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counterparts</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.7</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Remedies</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.8</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.9</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governing Law;   Jurisdiction</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.10</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Descriptive Headings</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.11</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Affiliate Transactions</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.12</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outside Activities</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.13</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further Assurances</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.14</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Recourse</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.15</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Covenants</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.16</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Spouses of Investors   and Securityholders</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.17</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opportunities</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.18</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pledges</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.16%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.19</font></p>    </td>
<td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreements of Laureate</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>    </td>   </tr>  </table>
<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;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibits</font></u></b></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;A Form&nbsp;of Spousal Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;B Form&nbsp;of Amended and Restated Certificate of Incorporation of Laureate Education,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;C Committee Membership</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;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Appendices</font></u></b></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appendix 1</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;&#160;&#160;&#160; </font>Securityholders<br> Appendix 2<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;&#160;&#160;&#160; </font>Investors<br> Appendix 3<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;&#160;&#160;&#160; </font>Carry Vehicles and Carry Investors</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">ii<a name="11035-2-QI-01_PB_ii_214324_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=3,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=340832,FOLIO='ii',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:17 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED AND RESTATED SECURITYHOLDERS AGREEMENT</font></u></b></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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Amended and Restated Securityholders Agreement (as amended from time to time, this &#147;<u>Agreement</u>&#148;) is entered into as of &nbsp;&nbsp;&nbsp;&nbsp;, 2017 by and among Wengen Alberta, Limited Partnership (the &#147;<u>Company</u>&#148;), Wengen Investments Limited, the general partner of the Company (the &#147;<u>General Partner</u>&#148;), Laureate Education,&nbsp;Inc., a public benefit corporation organized under the laws of Delaware (&#147;<u>Laureate</u>&#148;), Douglas L. Becker (&#147;<u>Executive</u>&#148;), the other parties appearing on the signature pages&nbsp;hereto and each other party who, in accordance with the terms of this Agreement, hereafter executes a separate agreement to be bound by the terms hereof.&#160; The parties listed on Appendix 1, and each other holder of Securities who, in accordance with the terms of this Agreement, hereafter executes a separate agreement to be bound by the terms hereof and is added to Appendix 1, are sometimes referred to herein collectively as the &#147;<u>Securityholders</u>&#148; and individually as a &#147;<u>Securityholder</u>&#148;.&#160; The parties listed on Appendix 2, and each other Person who, in accordance with the terms of this Agreement, hereafter executes a separate agreement to be bound by the terms hereof and is added to Appendix 2, are sometimes referred to herein collectively as the &#147;<u>Investors</u>&#148; and individually as an &#147;<u>Investor</u>&#148;.&#160; Certain capitalized terms used herein are defined in Section&nbsp;6.1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RECITALS</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Securityholders, the Investors, the Company and the General Partner are parties to the Securityholders Agreement, dated as of July&nbsp;11, 2007, as amended by Amendment No.&nbsp;1, dated as of August&nbsp;17, 2007, Amendment No.&nbsp;2, dated as of December&nbsp;1, 2008 and Amendment No.&nbsp;3, dated as of December&nbsp;4, 2016 (collectively, the &#147;<u>Original Securityholders Agreement</u>&#148;), which agreement governs the rights of the limited partners in the Company;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Company is the majority owner of all outstanding Common Stock of Laureate;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Laureate is anticipating reclassifying its Common Stock into Class&nbsp;A Common Stock, which will have one vote per share, and Class&nbsp;B Common Stock, which will have multiple votes per share, and upon completing an IPO, listing its Class&nbsp;A Common Stock on the Nasdaq Global Select Market;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, in connection with such IPO, the parties hereto wish to amend the Original Securityholders Agreement to include Laureate as a party, define the rights of the Company as a holder of Common Stock of Laureate and to provide for the transfer of such rights from the Company to those limited partners of the Company that acquire from the Company any Common Stock of Laureate;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW THEREFORE, the parties hereto agree to amend and restate the Original Securityholders Agreement as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="11035-2-QI-01_PB_3_220613_4838"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=4,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=685210,FOLIO='3',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:17 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;I<br> REPRESENTATIONS AND WARRANTIES AND COVENANTS<br> OF THE PARTIES</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</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;&#160; </font><u>Representations and Warranties of the Company</u>.&#160; The Company hereby represents and warrants to the Securityholders and Investors that as of the date of this 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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>it is a limited partnership duly formed, validly existing and in good standing under the laws of Alberta, it has full partnership power and authority to execute, deliver and perform this Agreement, the LP Agreement and the Laureate Registration Rights Agreement and to consummate the transactions contemplated hereby and thereby, and the execution, delivery and performance by it of this Agreement, the LP Agreement and the Laureate Registration Rights Agreement and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary partnership action;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>this Agreement, the LP Agreement and the Laureate Registration Rights Agreement have been duly and validly executed and delivered by the General Partner on behalf of the Company and each constitutes a legal and binding obligation of the Company, enforceable against the General Partner and the Company in accordance with its terms;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font>the execution, delivery and performance by the General Partner on behalf of the Company of this Agreement, the LP Agreement and the Laureate Registration Rights Agreement and the consummation by the General Partner on behalf of the Company of the transactions contemplated hereby and thereby will not, with or without the giving of notice or lapse of time, or both, (i)&nbsp;violate in any material respect any provision of law, statute, rule&nbsp;or regulation to which the Company is subject, (ii)&nbsp;violate any order, judgment or decree applicable to the Company, or (iii)&nbsp;conflict with, or result in a breach or default under, any term or condition of the Company&#146;s organizational documents or any agreement or instrument to which the Company is a party or by which it is bound;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160;&#160; </font>the Company is treated as a partnership for U.S. federal income tax purposes and has not made any election to be treated as a corporation for U.S. federal income tax purposes; 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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</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;&#160;&#160;&#160;&#160; </font>no consent, approval, permit, license, order or authorization of, filing with, or notice or other action to, with or by any Governmental Authority or any other Person, is necessary, on the part of the Company to perform its obligations hereunder or under the LP Agreement and the Laureate Registration Rights Agreement or to authorize the execution, delivery and performance by the Company of its obligations hereunder or thereunder, except where such consent, approval, permit, license, order, authorization, filing or notice would not reasonably be expected to, individually or in the aggregate, have an adverse effect on the Company&#146;s ability to satisfy its obligations hereunder or thereunder.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</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;&#160; </font><u>Representations and Warranties of the Securityholders and Investors</u>.&#160; Each Securityholder and Investor severally and not jointly, (as to himself or itself only)</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="11035-2-QI-01_PB_4_220618_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=5,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=346693,FOLIO='4',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:17 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">represents and warrants to the Company, the General Partner and the other Securityholders and Investors that, as of the time such Securityholder or Investor becomes a party to this Agreement:</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>if such Person is an entity, such Person is duly organized and validly existing under the laws of its jurisdiction of organization;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>such Person has full power and authority to execute and deliver this Agreement, the LP Agreement (with respect to Securityholders only), and the Laureate Registration Rights Agreement and to perform its obligations hereunder and thereunder, and the execution, delivery, and performance by such Person of this Agreement, the LP Agreement (with respect to Securityholders only) and the Laureate Registration Rights Agreement have been duly authorized by all necessary action;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font>this Agreement, the LP Agreement (with respect to Securityholders only) and the Laureate Registration Rights Agreement (or in each case the separate counterpart agreement thereto, if any, executed by such Person) have been duly and validly executed and delivered by such Person, and each of this Agreement, the LP Agreement (with respect to Securityholders only) and the Laureate Registration Rights Agreement constitutes a legal and binding obligation of such Person, enforceable against such Person in accordance with its terms;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160;&#160; </font>the execution, delivery and performance by such Person of this Agreement, the LP Agreement (with respect to Securityholders only) and the Laureate Registration Rights Agreement (or in each case the separate counterpart agreement thereto, if any, executed by such Person) and the consummation by such Person of the transactions contemplated hereby (and thereby) will not, with or without the giving of notice or lapse of time, or both, (i)&nbsp;violate in any material respect any provision of law, statute, rule&nbsp;or regulation to which such Person is subject, (ii)&nbsp;violate any order, judgment or decree applicable to such Person, or (iii)&nbsp;conflict with, or result in a breach or default under, any term or condition of such Person&#146;s organizational documents or any other material agreement or other instrument to which such Person is a party or by which such Person is bound;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</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;&#160;&#160;&#160;&#160; </font>no consent, approval, permit, license, order or authorization of, filing with, or notice or other action to, with or by any Governmental Authority or any other Person, is necessary, on the part of such Person to perform its obligations hereunder or under the LP Agreement (with respect to Securityholders only) and the Laureate Registration Rights Agreement or to authorize the execution, delivery and performance by such Person of its obligations hereunder or thereunder, except where such consent, approval, permit, license, order, authorization, filing or notice would not reasonably be expected to, individually or in the aggregate, have an adverse effect on such Person&#146;s ability to satisfy its obligations hereunder or thereunder;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</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;&#160;&#160;&#160;&#160;&#160; </font>such Person is acquiring its Interests (to the extent he or it is acquiring Interests) and its Ordinary Shares (to the extent he or it is acquiring Ordinary Shares) for Investment and not with a view toward any resale or distribution thereof except in compliance with the Securities Act; such Person acknowledges that its Interests and/or Ordinary Shares have not been registered pursuant to the Securities Act and may not be Transferred in the absence of such registration or an exemption therefrom under the Securities Act; and such Person</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="11035-2-QI-01_PB_5_220623_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=6,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=13121,FOLIO='5',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:17 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the risks of its investment in the Interests and/or Ordinary Shares and is capable of bearing the economic risks of its Interest and/or Ordinary Shares;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</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;&#160;&#160;&#160;&#160; </font>such Person is an &#147;accredited investor&#148;, as that term is defined in Regulation D promulgated under the Securities Act and a &#147;qualified purchaser&#148; as that term is defined under the Investment Company Act of 1940, as amended, and the rules&nbsp;and regulations promulgated thereunder;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</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;&#160;&#160;&#160; </font>either (i)&nbsp;no part of the funds used by the Person to acquire Interests and/or Ordinary Shares, as applicable, constitutes assets of any &#147;employee benefit plan&#148; within the meaning of Section&nbsp;3(3)&nbsp;of the Employee Retirement Income Security Act of 1974, as amended (&#147;<u>ERISA</u>&#148;) that is subject to Title I, Subtitle B, Part&nbsp;4 of ERISA, or any plan to which Section&nbsp;4975 of the Internal Revenue Code of 1986, as amended (the &#147;<u>Code</u>&#148;), applies, or (ii)(A)&nbsp;neither the General Partner nor any of its affiliates acted as a &#147;fiduciary&#148; within the meaning of Section&nbsp;3(21) of ERISA with respect to the purchase of Interests and/or Ordinary Shares, as applicable, by such Person, (B)&nbsp;the purchase of such Person&#146;s Interests and/or Ordinary Shares, as applicable has been duly authorized in accordance with its governing documents and (C)&nbsp;the acquisition and the subsequent holding of such Person&#146;s Interests and/or Ordinary Shares, as applicable, do not and will not constitute a &#147;prohibited transaction&#148; within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code that is not subject to an exemption contained in ERISA or in the rules&nbsp;and regulations adopted by the U.S. Department of Labor thereunder;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such Person acknowledges that the Company and the General Partner seek to comply with all applicable anti-money laundering laws and regulations.&#160; Such Person does not know or have any reason to suspect that:&#160; (i)&nbsp;any part of the funds used by such Person to acquire, directly or indirectly, its Interests and, if applicable, Ordinary Shares has been, or shall be, directly or indirectly derived from, or related to, any activity that may contravene United States federal, state, or non-United States laws and regulations, including anti-money laundering laws and regulations, (ii)&nbsp;the proceeds from such Person&#146;s investment in the Company or, if applicable, the General Partner will be used to finance any illegal activities and (iii)&nbsp;any commitment, contribution or payment to the Company or, if applicable, the General Partner by such Person shall cause the Company or the General Partner to be in violation of any applicable anti-money laundering laws and regulations including without limitation, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the United States Department of the Treasury Office of Foreign Assets Control regulations.&#160; Such Person does not appear on the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control of the United States Department of the Treasury (the &#147;<u>List</u>&#148;) and, to the best knowledge of such Person, based on application of anti-money laundering policies and procedures applicable to such Person and its Affiliates, no Person having a direct or indirect beneficial interest in such Person&#146;s Interests (other than other unaffiliated Carry Investors) or, if applicable, Ordinary Shares appears on the List.&#160; Such Person agrees to provide such additional information and representations promptly as the General Partner may request to ensure compliance with all applicable anti-money laundering laws and regulations;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="11035-2-QI-01_PB_6_220628_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=7,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=290929,FOLIO='6',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:17 2017' -->

<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</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;&#160;&#160;&#160;&#160;&#160;&#160; </font>neither such Person nor any of its Affiliates is a party to any financial instrument or contract (other than agreements to which the Company is party) the value of which is determined in whole or in part by reference to the Company (including the amount of distributions by the Company, the value of the Company&#146;s assets or the results of the Company&#146;s operations; 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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</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;&#160;&#160;&#160; </font>such Person is an informed and sophisticated participant in the transactions contemplated hereby and has undertaken such investigation, and has been provided with and has evaluated such documents and information, as it has deemed necessary in connection with the execution, delivery and performance of this Agreement and the investment in the Company and, if applicable, the General Partner, such Person acknowledges that it is relying on its own investigation and analysis in entering into the transactions contemplated hereby, including making its Capital Contribution to the Company and, if applicable, its investments in the General Partner, and has consulted its own legal, tax, financial and accounting advisors to determine the merits and risks thereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3</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;&#160; </font><u>Representations and Warranties of the General Partner</u>.&#160; The General Partner hereby represents and warrants to the Securityholders and Investors that as of the date of this Agreement it is a Cayman Islands exempted limited partnership duly formed, validly existing and in good standing under the laws of the Cayman Islands, it has full partnership power and authority to execute, deliver and perform this Agreement, the LP Agreement and the Laureate Registration Rights Agreement and to consummate the transactions contemplated hereby and thereby, and the execution, delivery and performance by it of this Agreement, the LP Agreement and the Laureate Registration Rights Agreement and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary partnership action.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4</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;&#160; </font><u>Covenant of the Company</u>.&#160; The Company will not undertake any activity or make any investment or fail to take any action that will cause the Company to earn or to be allocated any income that is (i)&nbsp;income other than qualifying income as defined in Section&nbsp;7704(d)&nbsp;of the Code, (ii)&nbsp;income treated as effectively connected with the conduct of a U.S. trade or business within the meaning of Section&nbsp;864 of the Code, or (iii)&nbsp;income treated as unrelated business taxable income within the meaning of Sections 512-514 of the Code.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;II<br> EXISTENCE AFTER IPO; REDEMPTION</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</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;&#160; </font><u>Post- IPO Provisions</u>.&#160; If the Company shall continue to exist after an IPO and the Company shall be the holder of Registrable Securities (as such term is defined in the Laureate Registration Rights Agreement), the General Partner shall take all actions as are necessary to effect the registration rights provided to the Company in the Laureate Registration Rights Agreement, including (a)&nbsp;making requests and elections in accordance with the terms of the Laureate Registration Rights Agreement at the request of the Investors in respect of the Registrable Securities held by the Company, (b)&nbsp;providing the notices to the Investors as would be provided to such Investors pursuant to the Laureate Registration Rights Agreement if such Investors were the holders of such Registrable Securities and (c)&nbsp;passing on all rights provided to, and obligations of, the holders of Registrable Securities in the Laureate Registration Rights</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">7<a name="11035-2-QI-03_PB_7_220653_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=8,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=650625,FOLIO='7',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:21 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement to the Investors (including allocating to the Investors any cutbacks as provided for therein to the holders of Registrable Securities), in each such case, solely to the extent the Investors would have such rights if they were the actual holders of the Registrable Securities.&#160; For purposes of effectuating any provisions of the Laureate Registration Rights Agreement, the General Partner shall deliver notices to all Investors regarding the possibility of a registration and sale and shall not register and sell Registrable Securities on behalf of an Investor if such Investor notifies the General Partner that it does not wish the General Partner to register and sell such Registrable Securities.&#160; If such Investor does not notify the General Partner that it does not wish the General Partner to register and sell such Registrable Securities, the Company shall cause to be registered and sold up to the number of Registrable Securities that would have been allocable to such Investor if the Company liquidated and distributed the Registrable Securities in Laureate held by the Company directly to the Investors, and if more than one such Investor is selling (or causing to be sold) Registrable Securities in any such transaction, the cutbacks shall be calculated based on the Registrable Securities allocable to each such Investors so selling or causing to be sold Registrable Securities.&#160; In the event that either the Company or Laureate is required to pay any costs or expenses or bear any liabilities (including through any indemnification agreement) which would have been paid or borne by an Investor if such Investor was the holder of Registrable Securities, all such costs and expenses shall be paid, and liabilities borne, by such Investor and not by the Company or Laureate (and if there is more than one such Investor pro rata based on the Registrable Securities being sold allocable to such Investor or pursuant to such other method of contribution provided for in the Laureate Registration Rights Agreement).</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</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;&#160; </font><u>Preferred Investor Registration Rights</u>.&#160; Notwithstanding anything in this Agreement to the contrary, to the extent any Investor or Securityholder has rights with respect to any Laureate Registrable Securities that (x)&nbsp;are inconsistent with either the terms of (i)&nbsp;the Preferred Investor Registration Rights Agreement (including any rights granted to any parties thereunder) or (ii)&nbsp;this Section&nbsp;2.2, as applicable, or (y)&nbsp;would breach or limit the ability of the Preferred Investors to exercise the rights of the Preferred Investors under the Preferred Investor Registration Rights Agreement then, in either case, to the extent necessary either to enforce the terms of the Preferred Investor Registration Rights Agreement or for any Preferred Investor to fully exercise its rights under the Preferred Investor Registration Rights Agreement, the Securityholders and/or the Investors shall not be entitled to enforce such rights against the Company, Laureate, or any other Person, as the case may be. The Preferred Investors shall be third party beneficiaries for the purposes of this Section&nbsp;2.2 and shall have the right to enforce the provisions hereof. Notwithstanding anything in this Agreement to the contrary, the preceding two sentences of this Section&nbsp;2.2 shall not be amended, modified, supplemented or terminated, and compliance with such provisions shall not be waived or released, in each case, without the prior written consent of the Super Majority Requisite Holders (as defined in the Laureate Certificate of Designations, determined pursuant to Section&nbsp;9(a)(2)&nbsp;thereof).</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</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;&#160; </font><u>Redemption of Interests</u>.&#160; In the event of a redemption by the Company of any Series&nbsp;A-1 Interests (other than pursuant to Section&nbsp;5.1.3 of the LP Agreement, or in connection with the exercise of indirect registration rights as contemplated herein (including Section&nbsp;2.1 hereof)), the General Partner shall cause the Company to redeem Series&nbsp;A-1 Interests held by the Limited Partners on a pro rata basis.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="11035-2-QI-03_PB_8_220656_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=9,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=778974,FOLIO='8',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:21 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</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;&#160; </font><u>Exchange of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock</u>.&#160; After the consummation of an IPO of Laureate, the Company shall exchange each share of Class&nbsp;B Common Stock for one (1)&nbsp;share of Class&nbsp;A Common Stock in the following circumstances:</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>Upon the Company owning less than fifteen percent (15%) of all of the outstanding equity interests of Laureate, the Company shall exchange all shares of Class&nbsp;B Common Stock held by it for, in the case of each share of Class&nbsp;B Common Stock so exchanged, one (1)&nbsp;share of Class&nbsp;A Common Stock; 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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>As determined by the General Partner, in accordance with the terms of the IPO Charter.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</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;&#160; </font><u>Liquidity in Laureate Common Stock</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>No Investor shall be permitted to, directly or indirectly, Transfer Common Stock during the No Sale Period and the Company shall not Transfer Common Stock on behalf of such Investor during the No Sale Period.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>After the No Sale Period, provided that (x)&nbsp;the Company has received the approvals set forth in Section&nbsp;9.5 of the LP Agreement, if necessary, and (y)&nbsp;the Company has not been dissolved pursuant to the LP 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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any Investor who has a representative on the Board or the Laureate Board immediately following the IPO of Laureate (including each Founder), unless the General Partner agrees to apply Section&nbsp;2.5(b)(ii)&nbsp;to such Investor, who is not in possession of material non-public information regarding Laureate or its Subsidiaries shall be entitled to cause the Company to (A)&nbsp;Transfer all or part of such Investor&#146;s shares of Common Stock to a Person pursuant to Rule&nbsp;144 and, after the consummation of such Transfer, the Company shall use the proceeds from such Transfer to redeem Interests from such Investor in accordance with Section&nbsp;5.1.3 of the LP Agreement or (B)&nbsp;Transfer such shares pursuant to a block trade or underwritten offering pursuant to the Laureate Registration Rights Agreement; 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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any other Investor shall be entitled to cause the Company to distribute a number of shares of Common Stock to such Investor that such Investor reasonably expects to Transfer in the nine (9)&nbsp;months immediately following such distribution in consideration for a redemption of Interests in accordance with Section&nbsp;5.1.3 of the LP Agreement, <u>provided</u> that, unless such Transfer is pursuant to a block trade or underwritten offering pursuant to the Laureate Registration Rights Agreement, such Investor shall not be entitled to Transfer Common Stock to any Person (A)&nbsp;during any three (3)&nbsp;month period in which aggregate Transfers of Class&nbsp;A Common Stock by Investors covered by this Section&nbsp;2.5(b)(ii)&nbsp;exceed the Bucket Maximum and (B)&nbsp;to the extent such Investors are Transferring pursuant to Rule&nbsp;144, until any new holding</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="11035-2-QI-03_PB_9_220700_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=10,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=793984,FOLIO='9',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:21 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">period under Rule&nbsp;144 has expired; <u>provided</u>, <u>further</u>, that in lieu of distributing such Common Stock to such Investor, the Company may, in its sole discretion, sell such shares pursuant to a block trade, underwritten offering or Rule&nbsp;144, to the extent permitted thereunder.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font>After the No Sale Period and only if the Company has been dissolved pursuant to the LP 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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any Investor who has a representative on the Board or the Laureate Board (or has had such position within the preceding three (3)&nbsp;months) (including each Founder) and who is not in possession of material non-public information regarding Laureate or its Subsidiaries shall be entitled to Transfer pursuant to Rule&nbsp;144 or pursuant to a block trade or underwritten offering pursuant to the Laureate Registration Rights Agreement Common Stock to any Person; 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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any other Investor who is not in possession of material non-public information regarding Laureate or its Subsidiaries shall be entitled to Transfer Common Stock to any Person, <u>provided</u> that, unless such Transfer is pursuant to a block trade or underwritten offering under the Laureate Registration Rights Agreement, such Investor shall not be entitled to sell Common Stock to any Person (A)&nbsp;during any three (3)&nbsp;month period in which aggregate Transfers of Common Stock by Investors covered by this Section&nbsp;2.5(c)(ii)&nbsp;exceed the Bucket Maximum and (B)&nbsp;to the extent such Investors are Transferring pursuant to Rule&nbsp;144, until any new holding period under Rule&nbsp;144 has expired.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160;&#160; </font>The Coordination Committee shall oversee sales of Common Stock effected pursuant to Section&nbsp;2.5(b)&nbsp;and (c)&nbsp;in accordance with Section&nbsp;5.2(b)(ii)&nbsp;for the period beginning with the IPO of Laureate and ending with the expiration and dissolution of the Coordination Committee by the Laureate Board in accordance with Section&nbsp;5.2(b)(iv).</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</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;&#160;&#160;&#160;&#160; </font>No Investor may use Common Stock in any hedging, derivative, shorting or other similar transactions if the Transfer of such Common Stock is restricted pursuant to applicable law, this Agreement and/or the LP 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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</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;&#160;&#160;&#160;&#160;&#160; </font>Any pledges of the Common Stock shall be governed by Sections 6.18 and 2.5(b)&nbsp;and (c)&nbsp;of this 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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</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;&#160;&#160;&#160;&#160; </font>Any Transfer in violation of this Section&nbsp;2.5 or Section&nbsp;6.18 shall be null and void.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</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;&#160;&#160;&#160; </font>Notwithstanding anything to the contrary in the foregoing, the Company shall not Transfer the shares of Common Stock except in accordance with this Article&nbsp;II and Section&nbsp;4.3.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">10<a name="11035-2-QI-03_PB_10_220704_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=11,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=879370,FOLIO='10',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:21 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;III<br> AMENDMENT AND TERMINATION</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</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;&#160; </font><u>Amendment and Waiver</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>For so long as the Company is in existence, except as set forth in Section&nbsp;4.3 hereof, any amendment, modification or waiver of this Agreement shall require the approval of the Majority Holders and, upon the approval of the Majority Holders, the General Partner shall, on behalf of the Company, execute and deliver to Laureate documents evidencing the Company&#146;s approval of such amendment, modification and waiver; <u>provided</u>, that if the Company shall cease to exist, any amendment modification or waiver of the Agreement shall require the approval of Majority Holders and Laureate; <u>provided further</u>, that (i)&nbsp;any such modification, amendment or waiver that by its terms affects the rights or obligations of any Investor (or holder) in a manner that is materially adverse and different relative to other Investors (or holders), shall also require the prior written consent of such Investor (or such holder), (ii)&nbsp;the prior written consent of Investors (or holders) who hold, or on whose behalf a Carry Vehicle holds, at least seventy-five percent (75%) of the aggregate number of Series&nbsp;A-1 Interests (or Common Stock held by the Investors after the dissolution of the Company) outstanding at the time of such action shall be required to amend or alter (A)&nbsp;this Agreement or the LP Agreement so as to impose additional restrictions on Transfers, (B)&nbsp;this Agreement so as to limit the rights of Investors (or holders) to designate a Director or Laureate Director as provided in Article&nbsp;V hereof, (C)&nbsp;the Laureate Registration Rights Agreement so as to limit the rights of Investors to participate in registrations of Securities pursuant thereto or (D)&nbsp;to amend Sections 5.2(a)(i), 5.2(a)(ii)&nbsp;and 5.3, in each case in addition to any approval required pursuant to clause (i)&nbsp;above, and (iii)&nbsp;any amendment, modification or waiver that affects the obligations of Laureate shall require the approval of Laureate.&#160; The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.&#160; The Company will provide each party hereto with a copy of any amendment.&#160; Notwithstanding the foregoing, in addition to other amendments authorized herein, amendments may be made to this Agreement from time to time by the Company, without the consent of any other Securityholder or Investor: (a)&nbsp;to correct any typographical or similar ministerial errors, (b)&nbsp;to delete or add any provision of this Agreement required to be so deleted or added by any applicable law, (c)&nbsp;to take such actions as may be necessary (if any) to ensure that the Company will be treated as a partnership for United States federal income tax purposes, and (d)&nbsp;to add as a party hereto any Person who hereafter becomes a Securityholder or Investor; <u>provided</u> that no amendment may be made by the Company or Laureate pursuant to clauses (a)&nbsp;through (d)&nbsp;above which would have a material adverse effect on any Investor&#146;s investment in the Company or holder&#146;s investment in Laureate.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>The parties hereto agree not to consent to or approve any such modification, amendment or waiver of Sections 10.2, 10.14 or 10.16(b)&nbsp;of the LP Agreement that by its terms affects the rights or obligations of any Carry Investor in a manner that is materially adverse and different relative to other Investors, and any such modification, amendment or waiver shall also require the prior written consent of such Carry Investor.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">11<a name="11035-2-QI-03_PB_11_220708_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=12,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=79585,FOLIO='11',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:21 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font>For so long as the Company is in existence, any amendment, modification or waiver of the General Partners&#146; governing documents shall require the approval of sixty-six and two-thirds percent (66 <font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font>/<font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font>%) of the Directors.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</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;&#160; </font><u>Termination of Agreement</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>This Agreement will terminate in respect of all Securityholders and Investors upon the dissolution, liquidation or winding-up of the Company, other than in connection with a dissolution, liquidation or winding up whereby shares of Common Stock are distributed to the Investors.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>In the event the Company engages in an amalgamation, merger, consolidation or similar transaction in which the Interests are converted into securities of another company, appropriate arrangements will be made so that the registration rights provided under the Laureate Registration Rights Agreement continue to be provided to Investors by the issuer of such securities.&#160; To the extent such new issuer, or any other company acquired by the Company in a merger or consolidation, was bound by registration rights obligations that would conflict with the provisions of this Agreement, the Company will, unless the Majority Holders otherwise agree, use its best efforts to modify any such &#147;inherited&#148; registration rights obligations so as not to interfere in any material respects with the rights provided under this 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</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;&#160; </font><u>Termination as to a Party</u>.&#160; Any Person who at any time ceases to hold any Securities (or a fraction thereof) or ceases to have a Carry Vehicle hold Apportioned Interests (or any fraction thereof) shall have no further rights or obligations under this Agreement.&#160; Following the second (2<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">nd</font>) anniversary of the consummation of an IPO of Laureate, any Securityholder that ceases to beneficially own, or any Carry Investor that ceases to have a Carry Vehicle hold Apportioned Interests on its behalf equal to, at least one percent (1%) of the outstanding Laureate Common Equity may elect to cease being a Securityholder and, following written notice to the Company to such effect, shall have no further rights or obligations under this 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</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;&#160; </font><u>Amendment of Carry Vehicle Agreements; Transfer Under Carry Vehicle Agreements</u>.&#160; Each party hereto that is party to (or the subject of) a Carry Vehicle Agreement agrees that it shall not (a)&nbsp;amend or permit any amendment, waiver or other modification of Article&nbsp;XV, XVI or XIV thereof (or to any provision of such Carry Vehicle Agreement relating to matters of the type covered by such Articles) without the prior written consent of the General Partner or (b)&nbsp;Transfer, or, in the case of the Carry Vehicles, permit the Transfer of Units (as defined in the applicable Carry Vehicle Agreement) or Apportioned Holdings Interests other than in accordance with the terms of the LP Agreement, this Agreement and the applicable Carry Vehicle Agreement (it being understood that, for purposes of the LP Agreement and this Agreement, any Transfer of Units constitutes an indirect Transfer of Securities).</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</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;&#160; </font><u>Rights of Carry Investors</u>.&#160; The Carry Vehicles and each of the other&nbsp;parties hereto&nbsp;agree that each&nbsp;Carry Investor&nbsp;shall have&nbsp;the power&nbsp;to exercise rights on behalf&nbsp;of, and without any additional consent or authorization of, its respective&nbsp;Carry Vehicle with respect to the Apportioned Holdings Interests held by such Carry Vehicle on behalf of such&nbsp;Carry Investor, including, without limitation, to the extent that any vote, approval or consent or any other action is required of&nbsp;such Carry Vehicle&nbsp;under this Agreement.&#160; In</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">12<a name="11035-2-QI-03_PB_12_220712_8146"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=13,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=916470,FOLIO='12',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:21 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">furtherance of this provision, each Carry Vehicle makes, constitutes and appoints each&nbsp;Carry&nbsp;Investor that is a member or partner of such Carry Vehicle as its true and lawful attorney-in-fact for it and in its name, place and stead, which appointment shall be coupled with an irrevocable proxy to exercise all the rights, powers and privileges with respect to the Apportioned Holdings Interests held by such Carry Vehicle on behalf of such Carry Investor (subject only to the obligation that any proceeds from or on account of such Apportioned Holdings Interests shall be paid over to the Carry Vehicle for treatment as set forth in the applicable Carry Vehicle governing documents).&#160; No Carry Investor shall enter into any agreement, which shall have the effect of limiting the scope of the power of attorney granted in this Section&nbsp;3.5.&#160; Each Carry Vehicle covenants and agrees on behalf of itself, its successors and its assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish and deliver such consents, waivers, amendments, instruments, documents and statements and to otherwise exercise any rights it may have as&nbsp;a Limited Partner and the record holder of Interests on behalf of the Carry Investors that are members or partners of such Carry Vehicle or otherwise, and to take such further actions, as may be required by law or reasonably necessary or as directed by a Carry Investor (or reasonably requested by the Company in connection therewith) to give effect to such power of attorney.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;IV<br> [INTENTIONALLY OMITTED]; [INTENTIONALLY OMITTED]; OTHER TRANSFER RESTRICTIONS</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</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;&#160; </font><u>[Intentionally Omitted]</u>.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</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;&#160; </font><u>[Intentionally Omitted]</u>.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</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;&#160; </font><u>Other Restrictions on Transfer</u>. Notwithstanding anything in this Agreement to the contrary, starting immediately after the pricing of a Public Offering (as defined in the Laureate Certificate of Designations) and continuing, until the earlier of (x)&nbsp;the date on which the Initial Follow-on Public Offering (as defined in the Laureate Certificate of Designations) is consummated pursuant to the Laureate Certificate of Designations and the Preferred Investor Registration Rights Agreement or (y)&nbsp;if then converted, the date which is 120 days (or if a registration is suspended, postponed or otherwise not available pursuant to the terms of the Preferred Investor Registration Rights Agreement, then an additional number of days equal to the length of such suspension, postponement or lack of availability) after the date on which an amount of Conversion Stock (as defined in the Laureate Certificate of Designations) equal to or more than the Priority Amount (as defined in the Laureate Certificate of Designations) has been registered pursuant to an effective registration statement in accordance with the terms of the Preferred Investor Registration Rights Agreement, or if earlier, the date on which at least the Priority Amount under such registration statement has been sold, no Securityholder or Investor shall offer, sell or otherwise Transfer (as defined in the Preferred Stockholders Agreement), either directly or indirectly, or agree to offer, sell or otherwise Transfer, either directly or indirectly, any of such Person&#146;s Securities, including pursuant to a Registration Statement (as defined in the Certificate of Designations) or in a Public Offering; <u>provided</u>, that this Section&nbsp;4.3 shall not apply to Transfers (as defined in the Preferred Stockholders Agreement) with respect to Becker Excluded Securities (as defined in the Preferred Stockholders Agreement). Notwithstanding anything in this Agreement to the contrary, this</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">13<a name="11035-2-QI-03_PB_13_220716_7091"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=14,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=291230,FOLIO='13',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:21 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.3 shall not be amended, modified, supplemented or terminated, and compliance with its provisions shall not be waived or released, in each case, without the prior written consent of the Super Majority Requisite Holders (as defined in the Laureate Certificate of Designations, determined pursuant to Section&nbsp;9(a)(2)&nbsp;thereof).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;V<br> MANAGEMENT; INFORMATION</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</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;&#160; </font><u>Board of Directors of the General Partner</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><u>Size and Composition of the Board</u>.&#160; To the extent permitted by applicable law, each Investor shall vote all voting securities of the General Partner over which such Investor has voting control, and shall take all other reasonably necessary or desirable actions within such Investor&#146;s control (whether in such Investor&#146;s capacity as an equityholder, a Director, a member of a board committee or an officer or otherwise, and including, without limitation, attendance at meetings in person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of meetings), and the General Partner shall take all necessary or desirable actions within its control (including, without limitation, calling special board and equityholder meetings), in each case so that:</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the total number of members of the Board shall be nine (9)&nbsp;(the members of the Board collectively, the &#147;<u>Directors</u>&#148;, and each individually, a &#147;<u>Director</u>&#148;);</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Directors shall be designated as follows:</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</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;&#160; </font>So long as the Founders are the beneficial owners of a number of Securities equal to at least seventy-five percent (75%) of the Securities beneficially owned thereby immediately following the consummation of the IPO of Laureate (the &#147;<u>Sterling Minimum Ownership Percentage</u>&#148;), two (2)&nbsp;Directors nominated and approved by Sterling (the &#147;<u>Sterling Directors</u>&#148;), who after such IPO shall initially be Steven Taslitz, and &nbsp;&nbsp;&nbsp;&nbsp;, and who may be removed and/or replaced at any time and from time to time without cause by the Founders, and for so long as Executive is the Chief Executive Officer of Laureate, Sterling shall be entitled to appoint Executive as an additional Director.&#160; In the event of any vacancy created by the removal, replacement, resignation or death of a Sterling Director, such vacancy shall be filled in the sole discretion of Sterling.&#160; In the event that the Founders cease to have the Sterling Minimum Ownership Percentage, one of the Sterling Directors shall offer its resignation as a Director to the Board and Sterling shall thereafter be entitled to designate only one (1)&nbsp;Sterling Director, who may be removed and/or replaced at any time and from time to time without cause by the Founders, and for so long as Executive is the Chief Executive Officer of Laureate, Sterling shall be entitled to appoint Executive as an additional Director.&#160; In the event that the Founders cease to be the beneficial owners of a number of Securities equal to at least fifty percent (50%) of the</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">14<a name="11035-2-QI-03_PB_14_220721_455"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=15,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=1041555,FOLIO='14',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:21 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities beneficially owned thereby immediately following the consummation of the IPO of Laureate, then all of the Sterling Directors shall offer their resignations as Directors to the Board and Sterling shall thereafter not be entitled to designate any Directors, and for so long as Executive is the Chief Executive Officer of Laureate, Sterling shall be entitled to appoint Executive as an additional Director. Notwithstanding anything to the contrary in the foregoing, Sterling shall not be entitled to appoint Executive as one of the Sterling Directors;</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</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;&#160; </font>So long as KKR is the beneficial owner of a number of Securities equal to at least seventy-five percent (75%) of the Securities beneficially owned thereby immediately following the consummation of the IPO of Laureate (the &#147;<u>KKR Minimum Ownership Percentage</u>&#148;), two (2)&nbsp;Directors nominated and approved by KKR (the &#147;<u>KKR Directors</u>&#148;), who after such IPO shall initially be William Cornog and Brian Carroll, and who may be removed and/or replaced at any time and from time to time without cause by KKR.&#160; In the event of any vacancy created by the removal, replacement, resignation or death of a KKR Director, such vacancy shall be filled in the sole discretion of KKR.&#160; In the event that KKR ceases to have the KKR Minimum Ownership Percentage, one of the KKR Directors shall offer its resignation as a Director to the Board and KKR shall thereafter be entitled to designate only one (1)&nbsp;Director.&#160; In the event that KKR ceases to be the beneficial owner of a number of Securities equal to at least fifty percent (50%) of the Securities beneficially owned thereby immediately following the consummation of the IPO of Laureate, then all of the KKR Directors shall offer their resignations as Directors to the Board and KKR shall thereafter not be entitled to designate any Directors;</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</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;&#160; </font>So long as StepStone is the beneficial owner of a number of Securities equal to at least seventy-five percent (75%) of the Securities beneficially owned thereby immediately following the consummation of the IPO of Laureate (the &#147;<u>StepStone Minimum Ownership Percentage</u>&#148;), one (1)&nbsp;Director nominated and approved by StepStone (the &#147;<u>StepStone Director</u>&#148;), who after such IPO shall initially be Darren Friedman, and who may be removed and/or replaced at any time and from time to time without cause by StepStone.&#160; In the event of any vacancy created by the removal, replacement, resignation or death of the StepStone Director, such vacancy shall be filled in the sole discretion of StepStone.&#160; In the event that StepStone ceases to have the StepStone Minimum Ownership Percentage, the StepStone Director shall offer its resignation as a Director to the Board and StepStone shall thereafter not be entitled to designate any Directors;</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</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;&#160; </font>So long as SPG is the beneficial owner of a number of Securities equal to at least seventy-five percent (75%) of the Securities beneficially owned thereby immediately following the consummation of</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">15<a name="11035-2-QI-03_PB_15_220725_4141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=16,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=149756,FOLIO='15',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:21 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the IPO of Laureate (the &#147;<u>SPG Minimum Ownership Percentage</u>&#148;), one (1)&nbsp;Director nominated and approved by SPG (the &#147;<u>SPG Director</u>&#148;), who after such IPO shall initially be Ian Snow, and who may be removed and/or replaced at any time and from time to time without cause by SPG.&#160; In the event of any vacancy created by the removal, replacement, resignation or death of the SPG Director, such vacancy shall be filled in the sole discretion of SPG.&#160; In the event that SPG ceases to have the SPG Minimum Ownership Percentage, the SPG Director shall offer its resignation as a Director to the Board and SPG shall thereafter not be entitled to designate any Directors;</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)</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;&#160;&#160; </font>So long as CPV is the beneficial owner of a number of Securities equal to at least seventy-five percent (75%) of the Securities beneficially owned thereby immediately following the consummation of the IPO of Laureate (the &#147;<u>CPV Minimum Ownership Percentage</u>&#148;), one (1)&nbsp;Director nominated and approved by CPV (the &#147;<u>CPV Director</u>&#148;), who after such IPO shall initially be Andrew Cohen, and who may be removed and/or replaced at any time and from time to time without cause by CPV.&#160; In the event of any vacancy created by the removal, replacement, resignation or death of the CPV Director, such vacancy shall be filled in the sole discretion of CPV.&#160; In the event that CPV ceases to have the CPV Minimum Ownership Percentage, the CPV Director shall offer its resignation as a Director to the Board and CPV shall thereafter not be entitled to designate any Directors; 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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)</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;&#160;&#160;&#160; </font>So long as Bregal is the beneficial owner of a number of Securities equal to at least seventy-five percent (75%) of the Securities beneficially owned thereby immediately following the consummation of the IPO of Laureate (the &#147;<u>Bregal Minimum Ownership Percentage</u>&#148;), one (1)&nbsp;Director nominated and approved by Bregal (the &#147;<u>Bregal Director</u>&#148;), who after such IPO shall initially be Quentin Van Doosselaere, and who may be removed and/or replaced at any time and from time to time without cause by Bregal.&#160; In the event of any vacancy created by the removal, replacement, resignation or death of the Bregal Director, such vacancy shall be filled in the sole discretion of Bregal.&#160; In the event that Bregal ceases to have the Bregal Minimum Ownership Percentage, the Bregal Director shall offer its resignation as a Director to the Board and Bregal shall thereafter not be entitled to designate any Directors.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The Director appointment rights set forth in Section&nbsp;5.1(a)(ii)&nbsp;are not transferable.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>All references to a number of Securities in Section&nbsp;5.1(a)(ii)&nbsp;shall be equitably adjusted with respect to any splits, divisions or distributions with respect to the Securities outstanding immediately after the consummation of the IPO of Laureate.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">16<a name="11035-2-QI-03_PB_16_220729_8627"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=17,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=988829,FOLIO='16',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:21 2017' -->

<div style="font-family:Times New Roman;">
<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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that an Investor loses or chooses not to exercise its right to designate one or more Directors pursuant to this Section&nbsp;5.1(a), the seat or seats held by such Director or Directors shall be filled by the Majority Holders.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font><u>Director Voting</u>.&#160; Each Director shall be entitled to cast one (1)&nbsp;vote with respect to each matter brought before the Board for vote.&#160; Any action of the General Partner under this Agreement or the LP Agreement shall require the affirmative vote of the Board or a duly authorized committee thereof acting pursuant to the terms of this Section&nbsp;5.1.&#160; The approval of a majority of the Board shall be required in connection with each matter brought before the Board for vote.&#160; Except as otherwise provided in Section&nbsp;5.3, a majority of the Board shall be required to approve any matter on which the Company in its capacity as a shareholder of Laureate is required to vote (e.g., an election of directors on the Laureate Board).</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The following actions to be taken by the General Partner or the Company (and any Subsidiary of the Company other than Laureate and its Subsidiaries) shall require the approval of at least sixty-six and two-thirds percent (66 <font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font>/<font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font>%) of the Directors:</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</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;&#160; </font>any acquisition, whether by merger, stock acquisition, asset purchase or otherwise, of assets, securities, Persons or other investment involving consideration (including any contingent consideration and any consideration tied to subsequent related acquisition or other transactions) with a value in excess of $25,000,000;</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</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;&#160; </font>any sale, lease, spin-off or other disposition of assets, securities, or Persons involving consideration (including any contingent consideration and any consideration tied to subsequent related dispositions or other transactions);</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</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;&#160; </font>except as provided in Section&nbsp;9.2(d)&nbsp;of the LP Agreement, any liquidation, dissolution, winding-up, recapitalization, reorganization, merger, consolidation or similar transaction, but in each case, only in accordance with the LP 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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</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;&#160; </font>the issuance of equity securities except as otherwise contemplated by the Executive Interest Subscription Agreement and the Advisor Interest Subscription 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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)</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;&#160;&#160; </font>the declaration and/or payment of dividends, distributions and other payments to equityholders except as otherwise contemplated by this Agreement, the Executive Interest Subscription Agreement and the Advisor Interest Subscription Agreement and except as contemplated by Section&nbsp;9.2(d)&nbsp;of the LP 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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)</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;&#160;&#160;&#160; </font>the Company (x)&nbsp;pursuant to or in the meaning of any Bankruptcy Law: (1)&nbsp;commencing a voluntary case; (2)&nbsp;consenting to the entry of any order for relief against it in an involuntary case; (3)</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">17<a name="11035-2-QI-05_PB_17_220749_5715"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=18,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=110961,FOLIO='17',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:30 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consenting to the appointment of a Custodian of it; or (4)&nbsp;making a general assignment for the benefit of its creditors; or (y)&nbsp;taking, under any foreign laws relating to insolvency, any action comparable to the actions set forth in clause (x);</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(G)</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;&#160; </font>the incurrence of indebtedness;</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(H)</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>any change in the fiscal year of the Company; 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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I)</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;&#160;&#160;&#160;&#160;&#160; </font>the engagement of the Company in new activities not incidental or ancillary to owning, managing and disposing of Laureate or Santa Fe or to operating any other line of business previously approved pursuant to this clause.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The following action to be taken by the General Partner shall require the approval of at least sixty-six and two-thirds percent (66 <font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font>/<font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font>%) of the Directors:</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</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;&#160; </font>An increase or decrease in the size of the Board.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font><u>Actions on Certain Matters</u>.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>With respect to any determination by the General Partner pursuant to Section&nbsp;8.17 of the LP Agreement, such determination shall be made by no less than a majority of Directors unaffiliated with the interested party.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>[Intentionally omitted].</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>With respect to any determination by the General Partner to Transfer all or any portion of Interests held by the General Partner, such determination shall be made by no less than sixty-six and two-thirds percent (66 <font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font>/<font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font>%) of the Directors.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160;&#160; </font><u>Conflicts of Interest</u>.&#160; If any Director&#146;s attendance at any meeting of the Board or the Laureate Board or a committee of the Board or the Laureate Board, or any portion thereof, in the reasonable judgment of the Board or the Laureate Board, would create a conflict of interest, then such Director shall recuse himself from the portion of such meeting that would create such conflict.&#160; To the extent that receipt of materials or other information provided to Directors at any meeting of the Board or a committee of the Board would create, in the reasonable judgment of the Board, a conflict of interest with respect to any Director, such Director shall not receive such materials or other information.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</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;&#160;&#160;&#160;&#160; </font>[Intentionally omitted].</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</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;&#160;&#160;&#160;&#160;&#160; </font><u>Non-Voting Board Observers</u>.&#160; Certain Investors shall have the right to designate a natural Person to be a non-voting observer of the Board (a &#147;<u>Non-Voting Board Observer</u>&#148;) in accordance with the following:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">18<a name="11035-2-QI-05_PB_18_220753_7906"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=19,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=741088,FOLIO='18',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:30 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For so long as Moore Capital is the beneficial owner of a number of Interests equal to at least twenty-five percent (25%) of the number of Interests beneficially owned thereby immediately following the IPO of Laureate, then Moore Capital shall have the right to designate one (1)&nbsp;Non-Voting Board Observer.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For so long as Caisse is the beneficial owner of a number of Interests equal to at least twenty-five percent (25%) of the number of Interests beneficially owned thereby immediately following the IPO of Laureate, then Caisse shall have the right to designate one (1)&nbsp;Non-Voting Board Observer.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>For so long as Torreal is the beneficial owner of a number of Interests equal to at least twenty-five percent (25%) of the number of Interests beneficially owned thereby immediately following the IPO of Laureate, then Torreal shall have the right to designate one (1)&nbsp;Non-Voting Board Observer.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>For so long as Vulcan and Makena are the collective beneficial owners of a number of Interests equal to at least twenty-five percent (25%) of the number of Interests beneficially owned thereby immediately following the IPO of Laureate, then Vulcan and Makena shall jointly have the right to designate one (1)&nbsp;Non-Voting Board Observer.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If StepStone no longer has the right to designate a Director, then for so long as StepStone is the beneficial owner of a number of Interests equal to at least twenty-five percent (25%) of the Interests beneficially owned thereby immediately following the IPO of Laureate, then StepStone shall have the right to designate one (1)&nbsp;Non-Voting Board Observer.</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The General Partner shall provide each Non-Voting Board Observer with written notice of each meeting of the Board, at the same time and in the same manner as notice is provided to the Directors, and permit the Non-Voting Board Observers to attend, as a non-voting observer, all such meetings, either in person or by telephone conference; <u>provided</u> that if any Non-Voting Board Observer&#146;s attendance at any such meeting or any portion thereof, in the reasonable judgment of the Board, would create a conflict of interest for the General Partner or a waiver of attorney-client privilege by the General Partner, then the General Partner may exclude such Non-Voting Board Observer from the portion of such meeting that would create such conflict or cause such waiver.&#160; Each Non-Voting Board Observer shall be entitled to receive all written materials and other written information provided to the Directors in connection with such meetings at the same time such materials and information are provided to such Directors, except to the extent that receipt of such materials or other information would create, in the reasonable judgment of the Board, a conflict of interest for the General Partner or waiver of attorney-client privilege by the General Partner.&#160; If any Non-Founder Investor has a representative on the board of any Subsidiary of the Company, each Non-Voting Board Observer shall be entitled to the same rights</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">19<a name="11035-2-QI-05_PB_19_220757_3736"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=20,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=167993,FOLIO='19',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:30 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with respect to the board of such Subsidiary as he has with respect to the Board.&#160; No Investor shall be permitted to designate a Non-Voting Board Observer to the Laureate Board.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</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;&#160;&#160;&#160;&#160; </font><u>Expenses</u>.&#160; The Company shall pay all reasonable out-of-pocket expenses incurred by the Directors in connection with the performance of their duties as Directors and in connection with their attendance at any meeting of the Board and any committee thereof.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</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;&#160;&#160;&#160; </font><u>Governing Documents</u>.&#160; If, at any time, any provision of the General Partner&#146;s governing documents is inconsistent with the requirements of any provision of this <u>Section&nbsp;5.1</u>, the parties hereto shall take any such action reasonably in their power as may be necessary to amend any such provision in the applicable governing document to conform with such requirements.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding anything in this Agreement to the contrary, the provisions of this Agreement (including, without limitation, Section&nbsp;5.1 and Section&nbsp;5.2) are subject, in all respects, to the rights granted to the Preferred Investors pursuant to Section&nbsp;2.6 of the Preferred Stockholders Agreement, and each party to this Agreement shall, with respect to itself (but not with respect to any other party) promptly take all action necessary to give effect to the terms of the Preferred Stockholders Agreement, including all such applicable actions specified in Section&nbsp;2.6 of the Preferred Stockholders Agreement. For so long as (x)&nbsp;the Preferred Stockholders Agreement remains in effect, the Company shall not distribute any equity interests in Laureate held by the Company (and no Securityholder or Investor party to this Agreement shall accept any such equity interests in Laureate) unless and until, as a condition to such distribution, such Securityholder or Investor executes and delivers to Laureate and the Preferred Investors a counterpart to the Preferred Stockholders Agreement, agreeing to be bound by the restrictions and obligations binding on the Company thereunder and (y)&nbsp;the Preferred Investor Registration Rights Agreement remains in effect, the Company shall not distribute any equity interests in Laureate held by the Company (and no Securityholder or Investor shall accept any such equity interests in Laureate) unless and until, as a condition to such distribution, such Securityholder or Investor executes and delivers to Laureate and the Preferred Investors a counterpart to the Preferred Investor Registration Rights Agreement, agreeing to be bound by the restrictions and obligations on Sponsor (as defined in the Preferred Investor Registration Rights Agreement) thereunder. The Preferred Investors shall be third party beneficiaries for the purposes of this Section&nbsp;5.1(i)&nbsp;and shall have the right to enforce the provisions hereof. Notwithstanding anything in this Agreement to the contrary, this Section&nbsp;5.1(i)&nbsp;shall not be amended, modified, supplemented or terminated, and compliance with this Section&nbsp;5.1(i)&nbsp;shall not be waived or released, in each case, without the prior written consent of the Super Majority Requisite Holders (as defined in the Laureate Certificate of Designations, determined pursuant to Section&nbsp;9(a)(2)&nbsp;thereof).</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</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;&#160; </font><u>Laureate Board</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><u>Size and Composition of the Laureate Board</u>.&#160; To the extent permitted by law, until such time as the Company and the Investors collectively cease to own at least forty percent (40%) of the outstanding Laureate Common Equity, the General Partner shall have the right to designate a number of Laureate Directors (the &#147;<u>Wengen Designees</u>&#148;) equal to</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">20<a name="11035-2-QI-05_PB_20_220801_9621"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=21,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=126917,FOLIO='20',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:30 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Company&#146;s or the Investors&#146; proportionate share (rounded up) of the economic ownership of Common Stock.&#160; Four of such Wengen Designees shall be the Sterling Laureate Director, the KKR Laureate Director, the CPV Laureate Director and the Bregal Laureate Director until such Wengen Designee shall cease to have a right to serve as a Laureate Director in accordance with the terms of Sections 5.2(a)(i)(A), (B), (C)&nbsp;and (D), respectively. The initial Laureate Board shall be eleven Laureate Directors including seven Wengen Designees.&#160; To the extent permitted by law, regardless of the amount of Common Stock held by the Company and the Investors, the General Partner and Laureate shall cause the Laureate Board to include the Sterling Laureate Director, the KKR Laureate Director, the CPV Laureate Director and the Bregal Laureate Director until such Person shall cease to have a right to serve as a Laureate Director in accordance with the terms of Sections 5.2(a)(i)(A), (B), (C)&nbsp;and (D), respectively.&#160; In the event of any vacancy created by the removal, replacement, resignation or death of a Wengen Designee, such vacancy shall be filled by the General Partner at the direction of the Investor entitled to appoint such Wengen Designee or, in the absence of such a right, by the Majority Holders.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The General Partner shall cause to be voted, all voting securities of Laureate owned by the Company and shall take all necessary or desirable actions within its control, and each Investor shall vote all Common Stock it has received pursuant to Section&nbsp;2.5 over which it has direct or indirect voting control, and shall take all other reasonably necessary or desirable actions within such Investor&#146;s control (whether in such Investor&#146;s capacity as a holder of Securities, a Laureate Director, a member of a board committee or an officer or otherwise, and including, without limitation, attendance at meetings in person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of meetings), in each case, so that the Wengen Designees shall include the following:</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</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;&#160; </font>So long as the Founders are the beneficial owners of a number of shares of Common Stock equal to $75 million divided by the IPO price of a share of Class&nbsp;A Common Stock (the &#147;<u>Sterling Laureate Board Minimum Ownership Amount</u>&#148;), one (1)&nbsp;Laureate Director nominated and approved by Sterling (the &#147;<u>Sterling Laureate Director</u>&#148;), who shall initially be Steven Taslitz who may be removed and/or replaced at any time and from time to time without cause by the Founders.&#160; In the event that the Founders cease to be the beneficial owners of a number of Securities equal to at least the Sterling Laureate Board Minimum Ownership Amount, then the Sterling Laureate Director shall offer his resignation as a Laureate Director to the Laureate Board and Sterling shall thereafter not be entitled to designate a Laureate Director;</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</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;&#160; </font>So long as KKR is the beneficial owner of a number of shares of Common Stock equal to $75 million divided by the IPO price of a share of Class&nbsp;A Common Stock (the &#147;<u>KKR Laureate Board Minimum Ownership Amount</u>&#148;), one (1)&nbsp;Laureate Director nominated and approved by KKR (the &#147;<u>KKR Laureate Director</u>&#148;), who shall initially be William Cornog, and who may be removed and/or replaced at any time and from</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="11035-2-QI-05_PB_21_220806_8715"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=22,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=154568,FOLIO='21',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:30 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">time to time without cause by KKR.&#160; In the event of any vacancy created by the removal, replacement, resignation or death of a KKR Laureate Director, such vacancy shall be filled in the sole discretion of KKR.&#160; In the event that KKR ceases to be the beneficial owner of a number of Securities equal to at least the KKR Laureate Board Minimum Ownership Amount, then the KKR Laureate Director shall offer his resignation as a Laureate Director to the Laureate Board and KKR shall thereafter not be entitled to designate a Laureate Director;</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</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;&#160; </font>So long as CPV is the beneficial owner of a number of shares of Common Stock equal to $75 million divided by the IPO price of a share of Class&nbsp;A Common Stock (the &#147;<u>CPV Laureate Board Minimum Ownership Amount</u>&#148;), one (1)&nbsp;Laureate Director nominated and approved by CPV (the &#147;<u>CPV Laureate Director</u>&#148;), who shall initially be Andrew Cohen, and who may be removed and/or replaced at any time and from time to time without cause by CPV.&#160; In the event of any vacancy created by the removal, replacement, resignation or death of the CPV Laureate Director, such vacancy shall be filled in the sole discretion of CPV.&#160; In the event that CPV ceases to be the beneficial owner of a number of Securities equal to at least the CPV Laureate Board Minimum Ownership Amount, then the CPV Laureate Director shall offer his resignation as a Laureate Director to the Laureate Board and CPV shall thereafter not be entitled to designate a Laureate Director;</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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</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;&#160; </font>So long as Bregal is the beneficial owner of a number of shares of Common Stock equal to $75 million divided by the IPO price of a share of Class&nbsp;A Common Stock (the &#147;<u>Bregal Laureate Board Minimum Ownership Amount</u>&#148;), one (1)&nbsp;Laureate Director nominated and approved by Bregal (the &#147;<u>Bregal Laureate Director</u>&#148;), who shall initially be Quentin Van Doosselaere, and who may be removed and/or replaced at any time and from time to time without cause by Bregal.&#160; In the event of any vacancy created by the removal, replacement, resignation or death of the Bregal Laureate Director, such vacancy shall be filled in the sole discretion of Bregal.&#160; In the event that Bregal ceases to be the beneficial owner of a number of Securities equal to at least the Bregal Laureate Board Minimum Ownership Amount, then the Bregal Laureate Director shall offer his resignation as a Laureate Director to the Laureate Board and Bregal shall thereafter not be entitled to designate a Laureate Director; 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 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)</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;&#160;&#160; </font>The remaining Wengen Designees not designated under Section 5.2(a)(i)(A)-(D) shall initially be chosen by the Majority Holders and shall initially be Brian Carroll, Pedro del Corro Garc&#237;a-Lomas and Ian Snow;</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Laureate Director appointment rights set forth in this Section&nbsp;5.2(a)&nbsp;are not transferable except they shall transfer automatically to the Investors upon a dissolution of the Company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">22<a name="11035-2-QI-05_PB_22_220809_563"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=23,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=162400,FOLIO='22',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:30 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>All references to a number of Securities in Section&nbsp;5.2(a)(i)&nbsp;shall be equitably adjusted with respect to any splits, divisions or distributions with respect to the Securities outstanding immediately after the consummation of the IPO of Laureate.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>The size of the Laureate Board shall not be increased or decreased without a vote of the Majority Holders.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For so long as Executive remains the Chief Executive Officer of Laureate, the General Partner shall cause to be voted all voting securities of Laureate owned by the Company and each Investor shall vote all Common Stock it has received pursuant to Section&nbsp;2.5 over which it has direct or indirect voting control, to elect Executive to be a Laureate Director.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>If Executive shall no longer be the Chief Executive Officer of Laureate, he shall not be a Wengen Designee.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font><u>Certain Board Committees of Laureate; Coordination Committee</u>.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Immediately after the consummation of an IPO of Laureate, each of the Company and Laureate and each Investor who shall own shares of Common Stock (or, if such Investor is a Carry Vehicle, its Carry Investor) shall use its reasonable best efforts to cause the Laureate Board (which shall be composed of the individuals set forth in Section&nbsp;5.2(a)) to form the following committees, the members of each of which are set forth on <u>Exhibit&nbsp;C</u> hereto:&#160; (A)&nbsp;an audit committee (the &#147;<u>Audit Committee</u>&#148;), (B)&nbsp;a compensation committee (the &#147;<u>Compensation Committee</u>&#148;), (C)&nbsp;a coordination committee (the &#147;<u>Coordination Committee</u>&#148;) and (D)&nbsp;a nominating and corporate governance committee (the &#147;<u>Governance Committee</u>&#148; and, together with the Audit Committee, the Compensation Committee and the Coordination Committee, the &#147;<u>Committees</u>&#148;).&#160; The members of each of the Committees shall be appointed by a vote of a majority of the Laureate Directors. &#160;The Coordination Committee shall initially consist of the Wengen Designees.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Committees shall have such powers and rights as determined by the Laureate Board and as required by the Nasdaq Global Select Market; <i>provided</i>, that the role of the Coordination Committee shall be limited to (A)&nbsp;in the case of Rule&nbsp;144 sales after the first secondary offering of Common Stock held by the Investors, coordinating such sales to avoid violations of Rule&nbsp;144 by Investors that desire or that may desire (after the Coordination Committee asks all of the Investors) to sell or cause the Company to sell Common Stock and (B)&nbsp;in the case of all other dispositions, in its discretion, the orderly disposition of Common Stock in a manner that does not (x)&nbsp;prejudice the ability of Investors to dispose of their shares of Common Stock or (B)&nbsp;affect the value of the shares held by</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">23<a name="11035-2-QI-05_PB_23_220813_9497"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=24,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=947523,FOLIO='23',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:30 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investors. For purposes of this Section&nbsp;5.2(b)(ii), Executive agrees with Laureate that should Executive desire to sell or cause the Company to sell Laureate Common Equity, dispositions of stock and options by Executive are subject to Laureate&#146;s approval as governed by the Coordination Committee, regardless of whether Executive received such stock and options from the Company or Laureate. Notwithstanding anything to the contrary in the foregoing, the Coordination Committee shall have no authority with respect to sales of Common Stock by Investors to their Affiliates and sales of Common Stock by Investors and their Affiliates to other Investors and their Affiliates.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The Coordination Committee will keep the Investors reasonably informed of the times when they are entitled to sell (or to direct the Company to sell if the Company exists) in a Rule&nbsp;144 sale and the amounts they are entitled to sell therein.&#160; Subject to the notice requirements of the following sentence, the presence, in person or by telephone, of members of the Coordination Committee (the &#147;<u>Committee Members</u>&#148;) representing a majority of the votes entitled to be cast by all Committee Members shall constitute a quorum for action, and the Coordination Committee shall act by affirmative vote of Committee Members representing a majority of the votes entitled to be cast by all Committee Members.&#160; Meetings of the Coordination Committee may be called by any Committee Member on at least two (2)&nbsp;Business Days&#146; notice to each Committee Member, either personally, by telephone, by mail, by telecopier, by electronic mail or by any other means of communication reasonably calculated to give notice.&#160; The Coordination Committee shall meet and make a determination regarding a requested Transfer of Securities reasonably promptly upon receipt of a bona fide written request from an Investor requesting General Partner approval to Transfer such Securities.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>The Coordination Committee shall expire, and shall be dissolved by the Laureate Board, on the third (3<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">rd</font>) anniversary of the consummation of an IPO of Laureate; <i>provided</i>, that such expiration date may be extended to no later than the fourth (4<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>) anniversary of the consummation of an IPO of Laureate if (i)&nbsp;the holders of at least two-thirds (2/3) of the Interests and (ii)&nbsp;at least a majority of the Investors that indirectly own over one percent (1%) of the outstanding Laureate Common Equity approve such extension.</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Wengen Designees shall be entitled to seats on any executive committee formed by the Laureate Board in proportion to the aggregate proportionate interest of the Company and the Investors in the outstanding Common Stock.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">24<a name="11035-2-QI-05_PB_24_220817_3641"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=25,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=808899,FOLIO='24',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:30 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</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;&#160; </font><u>Pass-Along of Voting and Disposition Rights in Laureate Held by the Company</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>If at any time after the consummation of an IPO of Laureate the Company is requested or required to vote in its capacity as a shareholder of Laureate on any acquisition, merger or a sale of all or substantially all of the assets, of Laureate, the General Partner shall cause the Company to vote all of the shares of Common Stock held by it in accordance with the instructions of each Investor as if such Investor held such shares of Common Stock directly.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>Approval of the Majority Holders shall be required for any proposed change in the rights of the Company in Laureate after the consummation of an IPO of Laureate.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font>If the Company has been asked by Laureate or any other Person to tender or sell shares of Common Stock, the Company shall act in accordance with instructions of each Investor as if such Investor held such shares of Common Stock directly.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160;&#160; </font>Approval of the Majority Holders shall be required for filling vacated seats for Wengen Designees unless such seats are already allocated pursuant to <u>Section&nbsp;5.2(a)(i)(A)-(D)</u>.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4</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;&#160; </font><u>VCOC Party</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>At the written request of an Investor on its own behalf or on behalf of an Affiliate thereof that indirectly has an interest in the Company, in each case that is intended to qualify as a &#147;venture capital operating company&#148; as defined in the Plan Asset Regulations (each, a &#147;<u>VCOC Party</u>&#148;), for so long as the VCOC Party, directly or through one or more wholly owned Subsidiaries, continues to be an Investor, the General Partner, the Company, the IPO Corporation and each Holding Entity shall, and the General Partner shall cause the Company, the IPO Corporation and each Holding Entity to, subject to such VCOC Party entering into a confidentiality and standstill agreement with the Company in form and substance reasonably acceptable to the General Partner, with respect to each such requesting VCOC Party, provide such VCOC Party or its designated representative with:</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the right to visit and inspect any of the offices and properties of the Company and its Subsidiaries and inspect and copy the books and records of the Company and its Subsidiaries, as the VCOC Party shall reasonably request;</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>as soon as available and in any event within forty five (45) days after the end of each of the first three quarters of each fiscal year of a Holding Entity, consolidated balance sheets of such Holding Entity and its Subsidiaries as of the end of such period, and consolidated statements of income and cash flows of such Holding Entity and its Subsidiaries for the period then ended prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted therein, and subject to the absence of footnotes and to year-end adjustments;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">25<a name="11035-2-QI-05_PB_25_220821_5250"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=26,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=562505,FOLIO='25',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:30 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>as soon as available and in any event within ninety (90) days after the end of each fiscal year of a Holding Entity, a consolidated balance sheet of such Holding Entity and its Subsidiaries as of the end of such year, and consolidated statements of income and cash flows of such Holding Entity and its Subsidiaries for the year then ended prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted therein, together with an auditor&#146;s report thereon of a firm of established national reputation;</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>to the extent the Company is required by law or pursuant to the terms of any outstanding indebtedness of the Company to prepare such reports, any annual reports, quarterly reports and other periodic reports pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act, actually prepared by the Company as soon as available;</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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the extent consistent with applicable law, inform the VCOC Party or its designated representative in advance with respect to any significant corporate actions involving the Company and its Subsidiaries, including extraordinary dividends, mergers, acquisitions or dispositions of assets, issuances of significant amounts of debt or equity and material amendments to the organizational documents of the Company; 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 1.5in;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>to provide the VCOC Party or its designated representative with the right to consult with and advise the Company and its Subsidiaries with respect to such actions and all other matters relating to the operation of the Company and its Subsidiaries.</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Investor whose Ownership Percentage is 10% or greater shall be entitled to the rights set forth in this Section&nbsp;5.4(a).</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>The Company agrees to consider, in good faith, the recommendations of the VCOC Party or its designated representative in connection with the matters on which it is consulted as described above, recognizing that the ultimate discretion with respect to all such matters shall be retained by the Company.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5</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;&#160; </font><u>Information</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>No Securityholder or Investor shall be entitled to obtain any information relating to the Company, any Holding Entity or the General Partner except as expressly provided in this Agreement or the LP Agreement or to the extent required by applicable law; and to the extent a Securityholder or Investor is so entitled to such information, such Securityholder or Investor shall be subject to the provisions of Section&nbsp;5.5(b).&#160; The General Partner shall have access to all information regarding the Company and its Subsidiaries subject to the provisions of Section&nbsp;5.5(b).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">26<a name="11035-2-QI-05_PB_26_220824_7672"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=27,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=355509,FOLIO='26',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:30 2017' -->

<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In furtherance of and not in limitation of any other similar agreement such Securityholder or Investor may have with the Company, each Securityholder&#160; and Investor agrees that all Confidential Information shall be kept confidential by such party and shall not be disclosed by such party in any manner whatsoever; <u>provided</u>, <u>however</u>, that (i)&nbsp;any of such Confidential Information may be disclosed by a party to its Affiliates (which, for purposes of this Section&nbsp;5.5(b), shall not include any portfolio companies of such a party) and its and their representative managers, officers, employees and authorized representatives (including attorneys, accountants, consultants, bankers and financial advisors of such party) and each party that is a limited partnership or limited liability company may disclose such Confidential Information to any former partners or members who retained an economic interest in such party, and to any current or prospective partner, limited partner, general partner or management company (or an Affiliate thereof) of such party (or any employee, attorney, accountant, consultant, banker or financial advisor or representative of any of the foregoing) (collectively, for purposes of this Section&nbsp;5.5(b), &#147;</font><u>Representatives</u>&#148;) who need to be provided such Confidential Information to assist such party in evaluating its investment, each of which Representatives shall be bound by the provisions of this Section&nbsp;5.5(b)&nbsp;and such party shall be responsible for any breach of this provision by any such Representative, (ii)&nbsp;any disclosure of Confidential Information may be made by a party or its Representatives to the extent the Company consents in writing, and (iii)&nbsp;Confidential Information may be disclosed by any Investor, Securityholder or Representative to the extent that the Investor, Securityholder or its Representative has received advice from its counsel that it is legally compelled to do so.&#160; Prior to any disclosure pursuant to clause (iii)&nbsp;of the preceding sentence required in connection with any legal proceeding, subpoena, civil investigative demand or any other similar process, the Investor, Securityholder or Representative, as the case may be, uses commercially reasonable efforts to preserve the confidentiality of the Confidential Information, including consulting with the General Partner regarding such disclosure and, if reasonably requested by the General Partner, assisting the Company, at the Company&#146;s expense, in seeking a protective order to prevent the requested disclosure, and provided further that the Investor, Securityholder or Representative, as the case may be, discloses only that portion of the Confidential Information as is, based on the advice of its counsel, legally required.&#160; Notwithstanding anything to the contrary herein, the confidentiality obligations of the parties hereto under this Section&nbsp;5.5 shall not apply to the disclosure of the fact that the disclosing party has an indirect investment in a Holding Entity (or its successors) in name only (it being understood that this disclosure shall not include the investment amount, valuation information or any other information related thereto).</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [Intentionally omitted].</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything in this Agreement to the contrary, to comply with United States Treasury Regulation Section&nbsp;1.6011-4(b)(3)(i), each holder of Interests (and any employee, representative or other agent of such holder) may disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure of the Company or any transactions undertaken by the Company, it being understood and agreed, for this purpose, (1)&nbsp;the name of, or any other identifying information regarding (a)&nbsp;the Company or any existing or future investor (or any affiliate thereof) in the Company, or (b)&nbsp;any investment or transaction entered into by the Company, (2)&nbsp;any performance information relating to the Company or its investments and (3)&nbsp;any performance or other information relating</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">27<a name="11035-2-QI-07_PB_27_220845_5487"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=28,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=894845,FOLIO='27',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to previous funds or investments sponsored by any holder of Interests, does not constitute such tax treatment or tax structure information.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The General Partner shall provide, or cause to be provided, to each Investor the information provided to VCOC Parties pursuant to Section&nbsp;5.4(a)(ii), (iii)&nbsp;and (iv).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VI<br> MISCELLANEOUS</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certain Defined Terms</u></font>.&#160; As used in this Agreement, the following terms shall have the meanings set forth or as referenced below:</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Advisor</u>&#148; means SP-L Founders, LLC.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Affiliate</u>&#148; of any particular Person means any other Person Controlling, Controlled by or under common Control with such particular Person or, in the case of a natural Person, any other member of such Person&#146;s Family Group; <u>provided</u>, <u>however</u>, that for purposes of aggregating any Interests of &#147;Affiliates&#148; herein, &#147;Affiliate&#148; of a Person shall be deemed to also include any other Persons with a common investment manager; <u>provided</u>, <u>however</u>, that Persons shall not be deemed &#147;Affiliates&#148; of one another or the Company solely as a result of holding Interests or the existence of this Agreement, the LP Agreement or the Laureate Registration Rights Agreement; <u>provided</u> further, however, that no Carry Investor (or other partner or member in a Carry Vehicle) shall be deemed an &#147;Affiliate&#148; of one another or any Carry Vehicle solely as a result of being a partner or member in a Carry Vehicle, and no Carry Vehicle shall be deemed an &#147;Affiliate&#148; of one another or any Carry Investor (or other partner or member in a Carry Vehicle). For purposes of this Agreement, the following Persons shall be deemed to be Affiliates of each other: Torreal Sociedad De Capital Riesgo S.A., Pedro del Corro Garc&#237;a-Lomas, Jos&#233; D&#237;az-Rato Revuelta and Bernardino D&#237;az-Andreu Garc&#237;a.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Agreement</u>&#148; has the meaning set forth in the preface.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Apportioned Holdings Interest</u>&#148; means, with respect to each Carry Investor, the respective Series&nbsp;A-1 Interests held by a Carry Vehicle in respect of such Carry Investor.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Audit Committee</u>&#148; has the meaning set forth in Section&nbsp;5.2(b).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bankruptcy Law</u>&#148; means Title 11, United States Code, or any similar federal, state, local or foreign law providing for the insolvency, reorganization, receivership, dissolution, winding up or liquidation of a debtor.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Board</u>&#148; means the Board of Directors of the General Partner.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bregal</u>&#148; means Bregal Europe Co-Investment L.P., and any other party hereto that is (i)&nbsp;an Affiliate of the foregoing and (ii)&nbsp;a Permitted Transferee of Interests held by the foregoing immediately following the consummation of the Merger, collectively.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bregal Director</u>&#148; has the meaning set forth in Section&nbsp;5.1(a)(ii)(E).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">28<a name="11035-2-QI-07_PB_28_220849_536"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=29,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=210038,FOLIO='28',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bregal Laureate Board Minimum Ownership Amount</u>&#148; has the meaning set forth in Section&nbsp;5.2(a)(i)(D).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bregal Laureate Director</u>&#148; has the meaning set forth in Section&nbsp;5.2(a)(i)(D).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bregal Minimum Ownership Percentage</u>&#148; has the meaning set forth in Section&nbsp;5.1(a)(ii)(E).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bucket Maximum</u>&#148; shall mean one percent (1%) of all of the outstanding shares of Class&nbsp;A Common Stock; <u>provided</u>, that the Bucket Maximum shall not apply to any sale of Common Stock pursuant to a registration statement.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business Day</u>&#148; means any day other than a Saturday, a Sunday, or a holiday on which national banking associations in the State of New York are authorized by law to close.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Caisse</u>&#148; means Caisse de d&#233;p&#244;t et placement du Qu&#233;bec, and any other party hereto that is (i)&nbsp;an Affiliate of the foregoing and (ii)&nbsp;a Permitted Transferee of Interests held by the foregoing immediately following the consummation of the Merger, collectively.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Capital Contributions</u>&#148; has the meaning given such term in the LP Agreement.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Carry Investors</u>&#148; means the entities identified in the column entitled &#147;Carry Investors&#148; in Appendix 3.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Carry Vehicle Agreements</u>&#148; means, collectively, the Partnership or Operating Agreement of Laureate Co-Investors I, Limited Partnership, Laureate Co-Investors II, Limited Partnership, Laureate Co-Investors III, Limited Partnership, Laureate Co-Investors IV, Limited Partnership, Laureate Co-Investors V, Limited Partnership and ILM Investments Limited Partnership true and correct copies of which have been provided to the General Partner on the date hereof in accordance with this Agreement.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Carry Vehicles</u>&#148; means the entities identified in the column entitled &#147;Carry Vehicles&#148; in Appendix 3.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;A Common Stock</u>&#148; means the Class&nbsp;A Common Stock, par value $0.001 per share, of Laureate to be authorized in the IPO Charter.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;B Common Stock</u>&#148; means the Class&nbsp;B Common Stock, par value $0.001 per share, of Laureate to be authorized in the IPO Charter.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Code</u>&#148; means the Internal Revenue Code of 1986, as amended.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Committees</u>&#148; has the meaning set forth in Section&nbsp;5.2(b).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Committee Members</u>&#148; has the meaning set forth in Section&nbsp;5.2(b).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Common Stock</u>&#148; means the Class&nbsp;A Common Stock and Class&nbsp;B Common Stock, in each case held by the Company or acquired from the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">29<a name="11035-2-QI-07_PB_29_220854_5926"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=30,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=29064,FOLIO='29',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Company</u>&#148; has the meaning set forth in the preface.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Compensation Committee</u>&#148; has the meaning set forth in Section&nbsp;5.2(b).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Confidential Information</u>&#148; means all confidential and proprietary information (irrespective of the form of communication) obtained by or on behalf of, an Investor or a Securityholder from the Company or its Representatives or through the ownership of an equity interest in the General Partner, other than information which (i)&nbsp;was or becomes generally available to the public other than as a result of a breach of this Agreement by such Person or Representative, (ii)&nbsp;was or becomes available to such Person on a nonconfidential basis prior to disclosure to the Investors or the Securityholder by the Company, the General Partner or their respective Representatives or through its ownership of an equity interest in the General Partner, (iii)&nbsp;was or becomes available to the Investors or the Securityholder from a source other than the Company, the General Partner or their respective Representatives or through such parties direct or indirect ownership of an equity interest in the General Partner, provided that such source is not known by such party to be bound by a confidentiality agreement with the Company or the General Partner, or (iv)&nbsp;is independently developed by such party without the use of any such information received under this Agreement or the LP Agreement.&#160; Confidential Information also includes all information previously provided under the provisions of any confidentiality agreement to which any Investor or Securityholder is party with respect to Laureate, including all information, documents and reports referred to thereunder, all understandings, agreements and other arrangements between and among the parties hereto, and all other non-public information received from, or otherwise relating to the Company, Laureate and their Subsidiaries and any party hereto or any other investor in any of the foregoing.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Control</u>&#148; (in either the noun or the verb form, including with respect to the verb form, all conjugations thereof within their correlative meanings) means, with respect to any Person, the ability of another Person to control or direct the actions or policies of such first Person, whether by ownership of voting securities, by contract or otherwise.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Coordination Committee</u>&#148; has the meaning set forth in Section&nbsp;5.2(b).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Covered Opportunity</u>&#148; has the meaning set forth in Section&nbsp;6.12.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Custodian</u>&#148; means any receiver, trustee, conservator, assignee, liquidator, custodian or similar official under any Bankruptcy Law.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Director</u>&#148; has the meaning set forth in Section&nbsp;5.1(a)(i).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>ERISA</u>&#148; means the Employee Retirement Income Security Act of 1974, as amended.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Exchange Act</u>&#148; means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute thereto, and the rules&nbsp;and regulations of the SEC promulgated thereunder.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Executive</u>&#148; has the meaning set forth in the preface.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">30<a name="11035-2-QI-07_PB_30_220858_4688"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=31,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=563421,FOLIO='30',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Family Group</u>&#148; means, with respect to any individual, such individual&#146;s spouse and descendants (whether natural or adopted) and any trust, partnership, limited liability company or similar vehicle established and maintained solely for the benefit of (or the sole members or partners of which are) such individual, such individual&#146;s spouse and/or such individual&#146;s descendants or any trust, partnership, limited liability company or similar vehicle established and maintained solely for the benefit of such persons.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Founder</u>&#148; means, collectively, Executive, Steven Taslitz, Sterling Capital Partners II, L.P., Sterling Capital Partners III, L.P., SP-L Affiliate, LLC and each of their respective Affiliates (other than any Carry Vehicle, SP-L Management, LLC or any other party to a Carry Vehicle Agreement).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>General Partner</u>&#148; has the meaning set forth in the preface.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Governance Committee</u>&#148; has the meaning set forth in Section&nbsp;5.2(b).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Governmental Authority</u>&#148; means any: (i)&nbsp;nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (ii)&nbsp;U.S. and other federal, state, local, municipal, foreign or other government; or (iii)&nbsp;governmental or quasi-governmental authority of any nature (including any governmental division, department, agency, commission, instrumentality, official, organization, unit, body or entity and any court or other tribunal).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Holding Entity</u>&#148; has the meaning set forth in the LP Agreement.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Interests</u>&#148; has the meaning set forth in the LP Agreement.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Investors</u>&#148; has the meaning set forth in the preface.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>IPO</u>&#148; means an initial public offering.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>IPO Charter</u>&#148; means that certain form of Amended and Restated Certificate of Incorporation of Laureate attached hereto as <u>Exhibit&nbsp;B</u>, as the same may be amended in accordance with the terms hereof and thereof.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>KKR</u>&#148; means KKR 2006 Fund (Overseas), Limited Partnership and KKR Partners II (International), L.P., and any other party hereto that is (i)&nbsp;an Affiliate of any of the foregoing and (ii)&nbsp;a Permitted Transferee of Interests held by any of the foregoing immediately following the consummation of the Merger, collectively.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>KKR Director</u>&#148; has the meaning set forth in Section&nbsp;5.1(a)(ii)(B).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>KKR Laureate Board Minimum Ownership Amount</u>&#148; has the meaning set forth in Section&nbsp;5.2(a)(i)(B).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>KKR Laureate Directors</u>&#148; has the meaning set forth in Section&nbsp;5.2(a)(i)(B).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">31<a name="11035-2-QI-07_PB_31_220902_2983"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=32,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=106316,FOLIO='31',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>KKR Minimum Ownership Percentage</u>&#148; has the meaning set forth in Section&nbsp;5.1(a)(ii)(B).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Laureate</u>&#148; has the meaning set forth in the preamble to this Agreement.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Laureate Board</u>&#148; means the board of directors of Laureate.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Laureate Certificate of Designations</u>&#148; means that certain Certificate of Designations of Convertible Preferred Stock, Series&nbsp;A of Laureate, dated as of December&nbsp;20, 2016.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Laureate Common Equity</u>&#148; means the Class&nbsp;A Common Stock and the Class&nbsp;B Common Stock.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Laureate Director</u>&#148; means a member of the Laureate Board.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Laureate Registrable Securities</u>&#148; has the same meaning as &#147;Registrable Securities&#148; as such term is defined in the Preferred Investor Registration Rights Agreement.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Laureate Registration Rights Agreement</u>&#148; means the Registration Rights Agreement, dated as of the date hereof, by and among Laureate, the Company, the General Partner and the other parties thereto.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Laureate Subscription Agreement</u>&#148; means that certain Subscription Agreement, entered into as of December&nbsp;4, 2016 by and among Laureate and the Preferred Investors.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Limited Partner</u>&#148; means a limited partner of the Company.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>LP Agreement</u>&#148; means the Eighth Amended and Restated Limited Partnership Agreement of the Company among the General Partner and the Limited Partners, as amended from time to time.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Majority Holders</u>&#148; means the Investors who hold, or on whose behalf a Carry Vehicle holds, more than fifty percent (50%) of the number of outstanding Series&nbsp;A-1 Interests.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Makena</u>&#148; means Makena Capital Holdings B, L.P., and any other party hereto that is (i)&nbsp;an Affiliate of the foregoing and (ii)&nbsp;a Permitted Transferee of Interests held by the foregoing immediately following the consummation of the Merger, collectively.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Merger</u>&#148; means the merger of L Curve Sub Inc. with and into Laureate pursuant to the Merger Agreement.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Merger Agreement</u>&#148; means that certain Amended and Restated Agreement and Plan of Merger among the Company, Laureate and L Curve Sub Inc., as amended from time to time.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Moore Capital</u>&#148; means Kendall Family Investments, LLC, Moore Macro Fund, LP, and&#160; Moore Emerging Markets Fund (Master), LP any other party hereto that is (i)&nbsp;an Affiliate of any of the foregoing and (ii)&nbsp;a Permitted Transferee of Interests held by any of the foregoing immediately following the consummation of the Merger, collectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">32<a name="11035-2-QI-07_PB_32_220906_6228"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=33,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=1025612,FOLIO='32',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>No Sale Period</u>&#148; means any period after an IPO of Laureate in which the underwriters in such IPO have requested that one or more Laureate shareholders not sell their shares of Common Stock.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Non-Employee Directors</u>&#148; has the meaning set forth in Section&nbsp;6.17(b).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Non-Founder Investor</u>&#148; means each Investor that is not a Founder.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Ordinary Shares</u>&#148; means the shares, par value US$1.00, of the General Partner.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Ownership Percentage</u>&#148; means, for each Investor and with respect to a type and class of Security, the percentage obtained by dividing (1)&nbsp;the sum of (a)&nbsp;the number of Interests or shares of such Security held by such Investor and (b)&nbsp;the Apportioned Holdings Interests or shares of such Security held by a Carry Vehicle in respect of such Investor by (2)&nbsp;the total number of Interests or shares of such Security outstanding.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Permitted Transferee</u>&#148; means any Person that acquires Interests in accordance with the LP Agreement.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Person</u>&#148; means an individual, a partnership, a joint venture, a corporation, an association, a joint stock company, a limited liability company, a trust, an unincorporated organization or a government or any department or agency or political subdivision thereof, or any group consisting of one or more of the foregoing.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Plan Asset Regulations</u>&#148; means the regulations issued by the U.S. Department of Labor at Section&nbsp;2510.3-101 of Part&nbsp;2510 of Chapter XXV, Title 29 of the U.S. Code of Federal Regulations.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Preferred Investor Registration Rights Agreement</u>&#148; means that certain Registration Rights Agreement, entered into as of December&nbsp;20, 2016 by and among Laureate, the Company, the Preferred Investors and the other parties thereto.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Preferred Investors</u>&#148; means all Investors (as defined in the Preferred Stockholders Agreement) party to the Preferred Stockholders Agreement, including any Persons who become a party to the Preferred Stockholders Agreement as an Investor following the Closing (as defined in the Laureate Subscription Agreement) pursuant to the terms and conditions thereof.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Preferred Stockholders Agreement</u>&#148; means that certain Stockholders Agreement of Laureate, dated as of December&nbsp;20, 2016 by and among Laureate, the Company and the other parties thereto.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Related Parties</u>&#148; has the meaning set forth in Section&nbsp;6.14(b).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Representatives</u>&#148; has the meaning set forth in Section&nbsp;5.4(b).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Rule&nbsp;144</u>&#148; means Rule&nbsp;144 adopted under the Securities Act.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">33<a name="11035-2-QI-07_PB_33_220909_6479"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=34,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=870617,FOLIO='33',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CPV</u>&#148; means S.A.C. Capital Management, LLC, S.A.C. Capital Management, L.P., S.A.C. Capital International,&nbsp;Ltd., S.A.C. Global Diversified Fund,&nbsp;Ltd., S.A.C. Multi-Strategy Fund, L.P. and S.A.C. Multi-Strategy Fund,&nbsp;Ltd., and any other party hereto that is (i)&nbsp;an Affiliate of any of the foregoing and (ii)&nbsp;a Permitted Transferee of Interests held by any of the foregoing immediately following the consummation of the Merger, collectively.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CPV Director</u>&#148; has the meaning set forth in Section&nbsp;5.1(a)(ii)(D).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CPV Laureate Directors</u>&#148; has the meaning set forth in Section&nbsp;5.2(a)(i)(C).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CPV Laureate Board Minimum Ownership Amount</u>&#148; has the meaning set forth in Section&nbsp;5.2(a)(i)(C).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CPV Minimum Ownership Percentage</u>&#148; has the meaning set forth in Section&nbsp;5.1(a)(ii)(D).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Sale Notice</u>&#148; has the meaning set forth in the LP Agreement.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Santa Fe</u>&#148; means Santa Fe University of Art and Design.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>SEC</u>&#148; means the Securities and Exchange Commission.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Securities</u>&#148; means the Interests or other equity securities issued from time to time by the Company or the Common Stock.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Securityholder</u>&#148; has the meaning set forth in the preface.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Securities Act</u>&#148; means the Securities Act of 1933, as amended from time to time, or any successor statute thereto, and the rules&nbsp;and regulations of the SEC promulgated thereunder.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Series&nbsp;A-1 Interests</u>&#148; has the meaning set forth in the LP Agreement.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Significant Subsidiary</u>&#148; shall have the meaning ascribed thereto in Rule&nbsp;1.02 of Regulation S-X promulgated by the SEC.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>SPG</u>&#148; means Snow, Phipps&nbsp;&amp; Guggenheim (Offshore), L.P., Snow, Phipps&nbsp;&amp; Guggenheim (B), L.P., Snow, Phipps&nbsp;&amp; Guggenheim, L.P., Snow, Phipps&nbsp;&amp; Guggenheim (RPV), L.P., and S.P.G. Co-Investment, L.P., and any other party hereto that is (i)&nbsp;an Affiliate of any of the foregoing and (ii)&nbsp;a Permitted Transferee of Interests held by any of the foregoing immediately following the consummation of the Merger, collectively.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>SPG Director</u>&#148; has the meaning set forth in Section&nbsp;5.1(a)(ii)(C).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>SPG Minimum Ownership Percentage</u>&#148; has the meaning set forth in Section&nbsp;5.1(a)(ii)(C).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>StepStone</u>&#148; means StepStone Capital Partners II Onshore, L.P., StepStone Capital Partners II Cayman Holdings, L.P., 2007 Co-Investment Portfolio, L.P. and any other party hereto that is (i)&nbsp;an Affiliate of any of the foregoing and (ii)&nbsp;a Permitted Transferee of Interests</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">34<a name="11035-2-QI-07_PB_34_220913_2639"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=35,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=251334,FOLIO='34',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">held by any of the foregoing immediately following the consummation of the Merger, collectively.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>StepStone Director</u>&#148; has the meaning set forth in <u>Section&nbsp;5.1(a)(ii)(C)</u>.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>StepStone Minimum Ownership Percentage</u>&#148; has the meaning set forth in <u>Section&nbsp;5.1(a)(ii)(C)</u>.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Sterling</u>&#148; means Sterling Capital Partners II, L.P.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Sterling Directors</u>&#148; has the meaning set forth in Section&nbsp;5.1(a)(ii)(A).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Sterling Laureate Board Minimum Ownership Amount</u>&#148; has the meaning set forth in Section&nbsp;5.2(a)(i)(A).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Sterling Laureate Directors</u>&#148; has the meaning set forth in Section&nbsp;5.2(a)(i)(A).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Sterling Minimum Ownership Percentage</u>&#148; has the meaning set forth in Section&nbsp;5.1(a)(ii)(A).</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Subsidiary</u>&#148; means any corporation, limited liability company, partnership or other entity with respect to which another specified entity has the power to vote or direct the voting of sufficient securities to elect directors (or comparable authorized persons of such entity) having a majority of the voting power of the board of directors (or comparable governing body) of such entity.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Torreal</u>&#148; means Torreal Sociedad De Capital Riesgo S.A., and any other party hereto that is (i)&nbsp;an Affiliate of the foregoing and (ii)&nbsp;a Permitted Transferee of Interests held by the foregoing immediately following the consummation of the Merger, collectively.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Transfer</u>&#148; means (in either the noun or the verb form, including with respect to the verb form, all conjugations thereof within their correlative meanings) with respect to any security, the gift, sale, assignment, transfer, pledge, hypothecation, encumbrance or other disposition (whether for or without consideration, whether directly or indirectly, and whether voluntary, involuntary or by operation of law) of such security or any interest therein.&#160; The term &#147;Transferred&#148; has a correlative meaning.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>VCOC Party</u>&#148; has the meaning set forth in Section&nbsp;5.4.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Vulcan</u>&#148; means Vulcan Education Holdings LLC, and any other party hereto that is (i)&nbsp;an Affiliate of the foregoing and (ii)&nbsp;a Permitted Transferee of Interests held by the foregoing immediately following the consummation of the Merger, collectively.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Wengen Designees</u>&#148; has the meaning set forth in Section&nbsp;5.2(a).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">35<a name="11035-2-QI-07_PB_35_220925_8247"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=36,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=195460,FOLIO='35',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Legends</u></font>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Securityholders Agreement</u>.&#160; Each certificate or instrument evidencing Securities, if any, and each certificate or instrument, if any, issued in exchange for or upon the Transfer of any such Securities (if such securities remain subject to this Agreement after such Transfer) shall be stamped or otherwise imprinted with a legend (as appropriately completed under the circumstances) in substantially the following form:</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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;THE SECURITIES REPRESENTED BY THIS CERTIFICATE CONSTITUTE SECURITIES UNDER A CERTAIN AMENDED AND RESTATED SECURITYHOLDERS AGREEMENT, AS AMENDED FROM TIME TO TIME, DATED AS OF &nbsp;&nbsp;&nbsp;, 2017 AMONG WENGEN ALBERTA, LIMITED PARTNERSHIP (THE &#147;COMPANY&#148;),&nbsp;ITS GENERAL PARTNER AND CERTAIN OF THE COMPANY&#146;S OTHER SECURITYHOLDERS AND INVESTORS AND, AS SUCH, ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN THE SECURITYHOLDERS AGREEMENT.&#160; A COPY OF SUCH SECURITYHOLDERS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.&#148;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Restricted Securities</u>.&#160; Each instrument or certificate, if any, evidencing Securities and each instrument or certificate, if any, issued in exchange or upon the Transfer of any Securities shall be stamped or otherwise imprinted with a legend substantially in the following form:</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 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS, AND MAY&nbsp;NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.&#148;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Removal of Legends</u>.&#160; Whenever in the opinion of the Company and, if reasonably requested by the Company pursuant to the terms hereof, counsel reasonably satisfactory to the Company (which opinion shall be delivered to the Company in writing) the restrictions described in any legend set forth above cease to be applicable to any Securities, the holder thereof shall be entitled to receive from the Company, without expense to the holder, a new instrument or certificate not bearing a legend stating such restriction.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability</u></font>.&#160; Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">36<a name="11035-2-QI-07_PB_36_220921_8299"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=37,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=219320,FOLIO='36',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-07_ZBH43502.CHC",USER="HYUNG",CD='Jan 30 19:16 2017' -->

<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any applicable law or rule&nbsp;in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Entire Agreement</u></font>.&#160; Except as otherwise expressly set forth herein, this Agreement, the LP Agreement, the Memorandum and Articles of Association of the General Partner, as amended from time to time, the Laureate Registration Rights Agreement, the Advisor Interest Subscription Agreement, the Executive Interest Subscription Agreement, to the extent surviving in accordance with its terms and with respect to Section&nbsp;2.4 thereof, the Preferred Investor Registration Rights Agreement and the Preferred Stockholders Agreement, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and fully supersede any and all prior or contemporaneous agreements or understandings between the parties hereto pertaining to the subject matter hereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.5&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Successors and Assigns</u></font>.&#160; Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by the Company, Laureate and each of their respective successors and assigns.&#160; The rights and obligations of the Securityholders and Investors shall not be assigned or delegated except that the Company&#146;s rights shall be automatically assigned to the Investors upon dissolution of the Company. Any assignment or delegation in violation of this Section&nbsp;6.5 shall be null and void.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.6&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u></font>.&#160; This Agreement may be executed in separate counterparts each of which shall be an original and all of which taken together shall constitute one and the same 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Remedies</u></font>.&#160; The Company and the parties hereto shall be entitled to enforce their rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement (including costs of enforcement) and to exercise all other rights existing in their favor.&#160; The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that the Company or any Securityholder or Investors may in its or his sole discretion apply to any court of law or equity of competent jurisdiction for specific performance or injunctive relief (without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this 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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</u></font>.&#160; Any notice, consent, payment, demand or communication required or permitted to be given by any provision of this Agreement shall be in writing and shall be (a)&nbsp;delivered personally to the Person or to an officer of the Person to whom the same is directed, or (b)&nbsp;sent by electronic mail, facsimile, overnight courier or registered or certified mail, return receipt requested, postage prepaid, addressed as follows: if to the Company, to the Company at the address set forth below, or to such other address as the Company may from time to time specify by written notice to the Investors and Securityholders; and if to any other recipient, to any other recipient at the address indicated in the appendices hereto or on the Company&#146;s records.&#160; Any such notice shall be deemed to be delivered, given and received for all purposes as of: (i)&nbsp;the date so delivered, if delivered personally; (ii)&nbsp;upon receipt, if sent by electronic mail, facsimile or overnight courier; or (iii)&nbsp;on the date of receipt or refusal indicated</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">37<a name="11035-2-QI-09_PB_37_220956_4325"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=38,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=257090,FOLIO='37',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:10 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">on the return receipt, if sent by registered or certified mail, return receipt requested, postage and charges prepaid and properly addressed.</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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company:</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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wengen Alberta, Limited Partnership</font></p>
<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Laureate Education,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">650 S. Exeter Street</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Baltimore, Maryland 21202</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; </font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopy:</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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a copy to:</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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Simpson Thacher&nbsp;&amp; Bartlett LLP<br> 425 Lexington Avenue<br> New York, New York 10017<br> Attention:&#160; Gary Horowitz,&nbsp;Esq.</font></p>
<p style="margin:0in 0in .0001pt 108.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopy:&#160; (212) 455-2502</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.9&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law; Jurisdiction</u></font>.&#160; This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without regard to conflicts of law principles thereof.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each party (i)&nbsp;irrevocably and unconditionally consents and submits to the personal jurisdiction of the state and federal courts of the United States of America located in the State of New York solely for the purposes of any suit, action or other proceeding between any of the parties hereto arising out of this Agreement, (ii)&nbsp;agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court, (iii)&nbsp;waives any claim of improper venue or any claim that the courts of the State of New York are an inconvenient forum for any action, suit or proceeding between any of the parties hereto arising out of this Agreement, (iv)&nbsp;agrees that it will not bring any action relating to this Agreement in any court other than such New York courts and (v)&nbsp;to the fullest extent permitted by law, consents to service being made through the notice procedures set forth in Section&nbsp;6.8 of this Agreement.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY&nbsp;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&nbsp;HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.10&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Descriptive Headings</u></font>.&#160; The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">38<a name="11035-2-QI-09_PB_38_221001_5893"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=39,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=36469,FOLIO='38',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:10 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.11&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Affiliate Transactions</u></font>.&#160; Neither the Company nor any Subsidiary shall enter into any transaction with any Affiliate if the terms of such transaction are materially less favorable to the Company or such Subsidiary, as the case may be, than those that could be obtained in a comparable transaction at the time of such transaction in arm&#146;s-length dealings with a Person who is not such an Affiliate.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.12&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Outside Activities</u></font>. Any Investor (other than the Executive and the Advisor), director or Affiliate of the foregoing, who is not an employee of the Company or its Subsidiaries, may engage in or possess any interest in other investments, business ventures or Persons of any nature or description, independently or with others, similar or dissimilar to, or that competes with, the investments or business of the Company and its Subsidiaries, and may provide advice and other assistance to any such investment, business venture or Person, (ii)&nbsp;the Company and the Investors shall have no rights by virtue of this Agreement in and to such investments, business ventures or Persons or the income or profits derived therefrom, and (iii)&nbsp;the pursuit of any such investment or venture, even if competitive with the business of the Company and its Subsidiaries, shall not be deemed wrongful or improper.&#160; No Investor (other than the Executive and the Advisor), director or Affiliate of the foregoing, who is not an employee of the Company or its Subsidiaries, shall be obligated to present any particular investment or business opportunity to the Company even if such opportunity is of a character that, if presented to the Company, could be pursued by the Company, and any Investor (other than the Executive and the Advisor), director or Affiliate of the foregoing, who is not an employee of the Company or its Subsidiaries, shall have the right to pursue for its own account (individually or as a partner or a fiduciary) or to recommend to any other Person any such investment opportunity.&#160; Each Investor or director who is an employee of the Company or its Subsidiaries shall, promptly after becoming aware of any investment or business opportunity or venture such Person reasonably believes may be within the scope of the business objectives of the Company and its Subsidiaries or otherwise competitive with the business of the Company or any Subsidiary thereof (any such opportunity or venture a &#147;<u>Covered Opportunity</u>&#148;), shall present such Covered Opportunity to the Company and assist the Company and its Subsidiaries in the event they elect to pursue such Covered Opportunity.&#160; No Investor or director who is an employee of the Company or its Subsidiaries may pursue a Covered Opportunity in his or her personal capacity or in conjunction with or on behalf of any other Person without the prior written approval of the General Partner.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.13&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Further Assurances</u></font>.&#160; Each of the parties hereto covenants and agrees on behalf of itself, its successors and its assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish and deliver such other instruments, documents and statements, and to take such other action, as may be required by law or reasonably necessary to effectively carry out the purposes of this Agreement and the intentions of the parties expressed herein.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.14&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Recourse</u></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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Neither the Company nor any of its Subsidiaries shall enter into any agreement which shall provide for recourse to any Investor or Securityholder or, without its consent, the General Partner.&#160; No recourse to (a)&nbsp;any assets or properties of any members, partners or shareholders of any Investor or Securityholder (or any Person that controls or controlled such member, partner or shareholder within the meaning of Section&nbsp;15 of the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">39<a name="11035-2-QI-09_PB_39_221005_9862"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=40,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=492511,FOLIO='39',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:10 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities Act or Section&nbsp;20 of the Exchange Act), (b)&nbsp;any current or former Affiliate of any Investor or Securityholder or (c)&nbsp;any former, current or future officer, director, agent, general or limited partner, member, shareholder, employee or Affiliate of the General Partner, the Company or any Investor or Securityholder or any former, current or future officer, director, agent, general or limited partner, member, shareholder, employee or Affiliate of the foregoing shall be had and no judgment relating to the obligations of any Investor or Securityholder under this Agreement (except to the extent any such Person expressly is individually liable thereunder) or for any payment obligations under this Agreement (except to the extent any such Person expressly is individually liable thereunder), or any part thereof, or for any claim based thereon or otherwise in respect thereof or related thereto, shall be obtainable by the Company or any Investor or Securityholder against any direct or indirect member, partner, shareholder, incorporator, employee or Affiliate, past, present or future, of the General Partner, the Company or any Investor or Securityholder.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact that the Company and certain of the parties hereto may be partnerships or limited liability companies, the Company and each party hereto covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any former, current or future directors, officers, agents, affiliates, general or limited partners, members, managers or stockholders of the Company or any party hereto or any former, current or future directors, officers, agents, affiliates, employees, general or limited partners, members, managers or stockholders of any of the foregoing (collectively, the &#147;<u>Related Parties</u>&#148;), as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any of the Related Parties, as such, for any obligation of the Company or any party hereto under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.15&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Covenants</u></font>.&#160; Each Investor or Securityholder entitled to vote on matters submitted to a vote of the Investors or Securityholders, as the case may be, agrees to vote the Securities owned by such Investor or Securityholder upon all matters arising under this Agreement submitted to a vote of the Investors or Securityholders, as the case may be, in a manner that will implement the terms of this 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="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.16&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Spouses of Investors and Securityholders</u></font>.&#160; Spouses of Investors and Securityholders that are natural persons do not become Investors or Securityholders as a result of such marital relationship.&#160; Each spouse of an Investor or a Securityholder shall be required to execute a Spousal Agreement in the form of Exhibit&nbsp;A to evidence their agreement and consent to be bound by the terms and conditions of this Agreement as to their interest, whether as community property or otherwise, if any, in the Securities owned by such Securityholder.</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;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.17&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Opportunities</u></font>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of this Section&nbsp;6.17, (i)&nbsp;&#147;Affiliate&#148; of any Person shall include any principal, member, director, partner, shareholder, subsidiary, officer, employee</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">40<a name="11035-2-QI-09_PB_40_221009_9111"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=41,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=70242,FOLIO='40',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:10 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or other representative of any Person that, directly or indirectly, is controlled by such Person, controls such Person or is under common control with such Person (with respect to the Sponsor-Affiliates, other than the Company or its Subsidiaries and any entity that is controlled by the Company or its Subsidiaries) or any Person that, directly or indirectly, is controlled by such Person, controls such Person or is under common control with such Person and (ii)&nbsp;&#147;Sponsor-Affiliates&#148; shall mean each of the parties to this Agreement other than the Company and the General Partner, and each of their respective Affiliates.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certain Activities</u>.&#160; In anticipation of the benefits to be derived by the Company, Laureate and their Subsidiaries through its continued contractual, corporate and business relationships with the Sponsor-Affiliates and in anticipation and recognition that (i)&nbsp;certain directors, principals, officers, employees and/or other representatives of Sponsor-Affiliates may serve as directors or officers of the Company, Laureate and their Subsidiaries, (ii)&nbsp;the Sponsor-Affiliates may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Company, Laureate and their Subsidiaries, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Company, Laureate and their Subsidiaries, directly or indirectly, may engage, and (iii)&nbsp;members of the Board of Directors of the General Partner who are not employees of the Company, Laureate or their Subsidiaries (&#147;<u>Non-Employee Directors</u>&#148;) and their respective Affiliates may now engage and may continue to engage in the same or similar activities or related lines of business as those in which the Company, Laureate and their Subsidiaries, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Company, Laureate or their Subsidiaries, directly or indirectly, may engage, the provisions of this Section&nbsp;6.17 are set forth to define the circumstances in which the fiduciary duties of the Non-Employee Directors and the Sponsor-Affiliates would not be breached even if certain classes or categories of business opportunities are alleged to have been usurped by one or more of the Sponsor-Affiliates, the Non-Employee Directors or their respective Affiliates.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certain Transactions</u>.&#160; None of (i)&nbsp;any Sponsor-Affiliate or (ii)&nbsp;any Non-Employee Director or his or her Affiliates (any such Person identified in clause (i)&nbsp;or (ii), an &#147;<u>Identified Person</u>&#148;) shall be in breach of a fiduciary duty for directly or indirectly (A)&nbsp;engaging in a corporate opportunity in the same or similar business activities or lines of business in which the Company, Laureate or their Subsidiaries or any of their Affiliated persons has a reasonable expectancy interest or property right or (B)&nbsp;otherwise competing with the Company, Laureate or their Subsidiaries.&#160; For the avoidance of doubt, to the extent that any purchase, sale or other transaction by any Identified Person involving any securities or indebtedness of the Company, Laureate or any of their Affiliates (or involving any hedge, swap, derivative or other instrument relating to or in respect of any of the foregoing securities or indebtedness) may be deemed to be a corporate opportunity or to be in competition with the Company, Laureate and their Subsidiaries, the Identified Persons shall be fully protected by the foregoing provisions of this Section&nbsp;6.17 in pursuing such purchase, sale or other transaction or in taking any other action in respect of or affecting such securities, indebtedness or other instrument.&#160; The Company and Laureate, on behalf of themselves and their Subsidiaries, hereby renounce any reasonable expectancy interest or property right in any business opportunity which may be a corporate opportunity for both an Identified Person and the Company, Laureate or any of their Affiliates, except as provided in paragraph (d)&nbsp;of this Section&nbsp;6.17.&#160; In the event that any Identified 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 align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">41<a name="11035-2-QI-09_PB_41_221013_2270"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=42,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=937609,FOLIO='41',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:10 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself, himself or herself and the Company, Laureate or any of their Affiliates, such Identified Person would not be in breach of a fiduciary duty for failing to communicate or offer such transaction or other business opportunity to the Company, Laureate or any of their Affiliates.&#160; To the fullest extent permitted by law, no Identified Person can be held individually liable to the Company, Laureate and their Subsidiaries or their stockholders or creditors for any damages as a result of engaging in any of activities permitted pursuant to this paragraph (c)&nbsp;or which are stated in this paragraph (c)&nbsp;to constitute a breach of its, his or her fiduciary duties if engaged in by such Identified Person.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Usurping Certain Corporate Opportunities Are Breaches of Fiduciary Duty</u>.&#160; The Company, Laureate and their Subsidiaries do not renounce their expectancy interest or property right in any corporate opportunity offered to any Non-Employee Director (including any Non-Employee Director who serves as an officer of the Company, Laureate or any of their Subsidiaries) if such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of the Company, Laureate or any of their Subsidiaries and the provisions of paragraph (c)&nbsp;of this Section&nbsp;6.17 shall not apply to any such corporate opportunity.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Exclusion</u>.&#160; In addition to, and without limiting the foregoing provisions of this Section&nbsp;6.17, a corporate opportunity shall not be deemed to be a potential corporate opportunity for the Company, Laureate and their Subsidiaries if the Company, Laureate and their Subsidiaries are not financially capable or contractually permitted or legally able to undertake, or that is, from its nature, not in the line of the business of the Company, Laureate and its Subsidiaries or is of no practical advantage to them or that is one in which the Company, Laureate and its Subsidiaries have no reasonable expectancy interest or property right.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Agreements</u>.&#160; Notwithstanding the foregoing, this Section&nbsp;6.17 shall in no way modify, waive, amend or limit any agreement entered into after the date hereof between the Company, Laureate or any of their Affiliates, on the one hand, and any Sponsor Affiliate, on the other hand, containing a covenant not to compete, a covenant not to solicit, or any other comparable provisions.</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;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.18&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Pledges</u>.&#160; Notwithstanding anything contained in this Agreement to the contrary and only after the Company has obtained the approvals required by law pursuant to Section&nbsp;9.5 of the LP Agreement, an Investor or Securityholder may pledge the Common Stock pursuant to a <i>bona fide</i> financing transaction(s)&nbsp;at any time after an IPO of Laureate, up to 100% of its Common Stock; <u>provided </u>that, any agreement entered into with a lender in connection with such pledge shall provide that in the event the lender seeks to enforce such pledge and foreclose on the Common Stock that is pledged, such foreclosure shall be a Transfer subject to the terms of this Agreement. To the extent the lender upon foreclosure acquires such shares of Common Stock, such lender (i)&nbsp;shall continue to be subject to the Transfer restrictions under this Agreement with respect to subsequent Transfers, (ii)&nbsp;shall be subject to the same lock-up obligations as any other Investor and/or Securityholder in this Agreement and the Laureate Registration Rights Agreement, and (iii)&nbsp;shall not have any right to vote any of its Common Stock on any matter to be voted on by the shareholders of Laureate, nor have any right to appoint</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">42<a name="11035-2-QI-09_PB_42_221017_6952"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=43,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=70372,FOLIO='42',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:10 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or designate any members of any governing body of Laureate or any of its Subsidiaries or Affiliates or any other governance, consent or approval rights.</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;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">6.19&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Agreements of Laureate</u></font>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Laureate agrees not to amend Articles V and VI of its Amended and Restated Certificate of Incorporation or any other provision relating to the voting rights of the Class&nbsp;B Common Stock without the prior written approval of holders of 75% of the Series&nbsp;A-1 Interests (or Common Stock held by the Investors after the dissolution of the Company).</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Laureate agrees to apply for and use best efforts to obtain regulatory approval described in Section&nbsp;9.5 of the LP Agreement to enable the Company to be dissolved.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">43<a name="11035-2-QI-09_PB_43_221020_9801"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=44,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=678434,FOLIO='43',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-09_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:10 2017' -->

<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;A</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM&nbsp;OF SPOUSAL AGREEMENT</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The spouse of the Securityholder/Investor executing the foregoing Securityholders Agreement (or the counterpart signature above) is aware of, understands, and consents to the provisions of the foregoing Agreement and its binding effect upon any community property interest or marital settlement awards he or she may now or hereafter own or receive, and agrees that the termination of his or her marital relationship with such Securityholder/Investor for any reason shall not have the effect of removing any Securities subject to the foregoing Agreement from the coverage thereof and that his or her awareness, understanding, consent, and agreement is evidenced by his or her signature below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[</font></b>Spouse&#146;s   Name<b>]</b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">44<a name="11035-2-QI-11_PB_44_221045_462"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=45,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=625959,FOLIO='44',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:11 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;B</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM&nbsp;OF AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF LAUREATE EDUCATION,&nbsp;INC.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">45<a name="11035-2-QI-11_PB_45_221050_2440"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=46,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=284806,FOLIO='45',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:11 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;C</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMMITTEE MEMBERSHIP</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">46<a name="11035-2-QI-11_PB_46_221054_5340"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=47,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=547943,FOLIO='46',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:11 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPENDIX 1</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURITYHOLDERS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">47<a name="11035-2-QI-11_PB_47_221057_1065"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=48,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=197487,FOLIO='47',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:11 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPENDIX 2</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTORS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">48<a name="11035-2-QI-11_PB_48_221100_9995"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=49,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=1013474,FOLIO='48',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:11 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPENDIX 3</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CARRY VEHICLES AND CARRY INVESTORS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">49<a name="11035-2-QI-11_PB_49_221104_6763"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=50,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="4",CHK=158018,FOLIO='49',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QI-11_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 22:11 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.75
<SEQUENCE>5
<FILENAME>a2230757zex-10_75.htm
<DESCRIPTION>EX-10.75
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;10.75</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM&nbsp;OF</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this &#147;<u>Agreement</u>&#148;), dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017, is by and among Wengen Alberta, Limited Partnership, an Alberta limited partnership (the &#147;<u>Partnership</u>&#148;), Wengen Investments Limited, a Cayman Islands limited company and the general partner of the Partnership (&#147;<u>WIL</u>&#148;), Laureate Education,&nbsp;Inc., a public benefit corporation organized under the laws of Delaware (the &#147;<u>Corporation</u>&#148; or &#147;<u>Laureate</u>&#148;) and each of the parties hereto.&#160; The Partnership and any other Person who becomes a party hereto pursuant to Section&nbsp;11(c)&nbsp;and are referred to individually as a &#147;<u>Shareholder</u>&#148; and collectively as the &#147;<u>Shareholders</u>&#148;.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, WIL and certain Shareholders are parties to that certain Eighth Amended and Restated Limited Partnership Agreement, dated as of the date hereof, as the same may hereafter be amended from time to time (the &#147;<u>Partnership Agreement</u>&#148;);</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Corporation, the Partnership, WIL and certain Shareholders are parties to that certain Amended and Restated Securityholders Agreement, dated as of the date hereof, as the same may hereafter be amended from time to time (the &#147;<u>Securityholders Agreement</u>&#148;);</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, in connection with the Corporation choosing to effect an Initial Public Offering, the parties have agreed to amend and restate the original Registration Rights Agreement dated as of July&nbsp;11, 2007.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, for and in consideration of the mutual agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Definitions</u>.&#160; As used in this Agreement, the following terms shall have the following meanings, and terms used herein but not otherwise defined herein shall have the meanings assigned to them in 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="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Agreement</u>&#148; shall have the meaning set forth in the Preamble.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Carry Investor</u>&#148; shall mean each of the Carry Investors listed in Exhibit&nbsp;B.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Carry Vehicle</u>&#148; shall mean each of the Carry Vehicles listed in Exhibit&nbsp;B.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Common Stock</u>&#148; shall mean all shares hereafter authorized of any class of common stock of the Corporation which has the right (subject always to the rights of any class or series of preferred stock of the Corporation) to participate in the distribution of the assets and earnings of the Corporation without limit as to per share amount, including any shares of capital stock into which Common Stock may be converted (as a result of recapitalization, share exchange or similar event) or are issued with respect to Common Stock, including, without limitation, with respect to any stock split or stock dividend, or a successor security.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=390889,FOLIO='',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:12 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Corporation</u>&#148; shall have the meaning set forth in the preamble.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Coordination Committee</u>&#148; shall have the meaning set forth in the Securityholders Agreement.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Demand Notice</u>&#148; shall have the meaning set forth in Section&nbsp;3(a)&nbsp;hereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Demand Party</u>&#148; shall mean (i)&nbsp;any holder of Registrable Securities that either individually or in aggregate with all other holders with whom it is acting together to demand registration owns at least 10% of the total number of Registrable Securities then outstanding or (ii)&nbsp;any holder of Registrable Securities that either individually or in the aggregate with all other holders with whom it is acting together to demand registration reasonably expects to receive (without regard to any underwriting discount or commission) proceeds in excess of $100 million.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Demand Registration</u>&#148; shall have the meaning set forth in Section&nbsp;3(a)&nbsp;hereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Exchange Act</u>&#148; shall mean the Securities Exchange Act of 1934, as amended, and any successor statute thereto and the rules&nbsp;and regulations of the SEC promulgated thereunder.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indemnified Party</u>&#148; shall have the meaning set forth in Section&nbsp;8(c)&nbsp;hereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indemnifying Party</u>&#148; shall have the meaning set forth in Section&nbsp;8(c)&nbsp;hereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Initial Public Offering</u>&#148; means the initial firm commitment underwritten offering of Common Stock to the public pursuant to an effective registration statement under the Securities Act.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Laureate</u>&#148; shall have the meaning set forth in the preamble.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Laureate Certificate of Designations</u>&#148; means that certain Certificate of Designations of Convertible Preferred Stock, Series&nbsp;A of Laureate, dated as of the Closing Date (as defined in the Preferred Stock Subscription Agreement).</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>LEI 2013 Stockholders Agreement</u>&#148; means that certain Investors Stockholders Agreement, dated as of January&nbsp;16, 2013 by and among Laureate, the IFC Entities (as defined therein) and the other parties thereto.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Losses</u>&#148; shall have the meaning set forth in Section&nbsp;8(a)&nbsp;hereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Notice</u>&#148; shall have the meaning set forth in Section&nbsp;3(a).</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Partnership</u>&#148; shall have the meaning set forth in the Preamble.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Partnership Agreement</u>&#148; shall have the meaning set forth in the recitals.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Person</u>&#148; shall mean an individual, a partnership, a joint venture, a corporation, an association, a joint stock company, a limited liability company, a trust, an unincorporated</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="11035-2-QK-01_PB_2_210642_5877"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=2,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=128916,FOLIO='2',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:12 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">organization or a government or any department or agency or political subdivision thereof, or any group consisting of one or more of the foregoing.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Piggyback Notice</u>&#148; shall have the meaning set forth in Section&nbsp;4(a)&nbsp;hereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Piggyback Registration</u>&#148; shall have the meaning set forth in Section&nbsp;4(a)&nbsp;hereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Preferred Investor Registration Rights Agreement</u>&#148; means that certain Registration Rights Agreement, entered into as of December&nbsp;20, 2016, by and among Laureate, the Partnership, the Preferred Investors and the other parties thereto.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Preferred Investors</u>&#148; means all investors party to the Preferred Stockholders Agreement, including any Persons who become a party to the Preferred Stockholders Agreement as an investor pursuant to the terms and conditions thereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Preferred Stock Subscription Agreement</u>&#148; means that certain Subscription Agreement, entered into as of December&nbsp;4, 2016 regarding Series&nbsp;A Preferred Stock of the Corporation by and among Laureate and the other investors party thereto.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Preferred Stockholders Agreement</u>&#148; means that certain Stockholders Agreement of Laureate, entered into as of December&nbsp;20, 2016 by and among Laureate, the Partnership and the other parties thereto.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Proceeding</u>&#148; shall mean an action, claim, suit, arbitration or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Prospectus</u>&#148; shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule&nbsp;430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Public Offering</u>&#148; shall mean the sale of Common Stock to the public pursuant to an effective Registration Statement (other than Form&nbsp;S-4 or Form&nbsp;S-8 or any similar or successor form) filed under the Securities Act or any comparable law or regulatory scheme of any foreign jurisdiction.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Registrable Securities</u>&#148; shall mean any shares of Common Stock currently held (or in the case of Carry Investors, indirectly held) or hereafter acquired by the Shareholders, and any other securities issued or issuable with respect to such shares by way of share split, share dividend, recapitalization, exchange or similar event or otherwise.&#160; As to any particular Registrable Securities, once issued such securities shall cease to be Registrable Securities when (i)&nbsp;they are sold pursuant to an effective Registration Statement under the Securities Act, (ii)&nbsp;they are sold pursuant to Rule&nbsp;144 (or any similar provision then in force under the Securities Act),</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="11035-2-QK-01_PB_3_210704_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=3,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=40151,FOLIO='3',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:12 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;they shall have ceased to be outstanding, or (iv)&nbsp;they have been sold in a private transaction in which the transferor&#146;s rights under this Agreement are not assigned to the transferee of the securities.&#160; No Registrable Securities may be registered under more than one Registration Statement at any one time.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Registration Statement</u>&#148; shall mean any registration statement of the Corporation under the Securities Act which covers any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Rule&nbsp;144</u>&#148; shall mean Rule&nbsp;144 under the Securities Act, as such Rule&nbsp;may be amended from time to time, or any similar rule&nbsp;or regulation hereafter adopted by the SEC.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>SEC</u>&#148; shall mean the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Securities Act</u>&#148; shall mean the Securities Act of 1933, as amended, and any successor statute thereto and the rules&nbsp;and regulations of the SEC promulgated thereunder.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Securityholders Agreement</u>&#148; shall have the meaning set forth in the recitals.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Shareholders</u>&#148; shall have the meaning set forth in the Preamble.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Shelf Underwritten Offering</u>&#148; shall have the meaning set forth in Section&nbsp;4(c)&nbsp;hereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Take-Down Notice</u>&#148; shall have the meaning set forth in Section&nbsp;4(c)&nbsp;hereof.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>underwritten registration</u> or <u>underwritten offering</u>&#148; shall mean a registration in which securities of the Corporation are sold to an underwriter for reoffering to the public.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>WIL</u>&#148; shall have the meaning set forth in the Preamble.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Holders of Registrable Securities</u>.&#160; A Person is deemed, and shall only be deemed, to be a &#147;holder of Registrable Securities&#148; if such Person owns Registrable Securities (except that, if a Carry Vehicle is the record holder of Registrable Securities, each Carry Investor will be deemed to own such Registrable Securities beneficially owned by it as a result of its investment in a Carry Vehicle and the respective Carry Vehicle will be deemed not to own such Registrable Securities) or has a right to acquire such Registrable Securities and such Person is a Shareholder.&#160; Subject to Sections 8(b)&nbsp;and 10(b)&nbsp;hereof, the Corporation shall be entitled to rely exclusively on information provided by the applicable Carry Vehicle in determining the number of Registrable Securities beneficially owned by each Carry Investor and such information shall be determinative of all rights of such Carry Investor hereunder.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="11035-2-QK-01_PB_4_210723_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=4,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=10055,FOLIO='4',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:12 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Demand Registrations</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><u>Requests for Registration</u>.&#160; (i)&nbsp;Subject to the following paragraphs of this Section&nbsp;3(a), on or after the 180th day following the Initial Public Offering, a Demand Party shall have the right, by delivering a written notice to the Corporation, to require the Corporation to register, directly or indirectly, and pursuant to the terms of this Agreement, under and in accordance with the provisions of the Securities Act, the number of Registrable Securities requested to be so registered pursuant to the terms of this Agreement (any such written notice, a &#147;<u>Demand Notice</u>&#148; and any such registration, a &#147;<u>Demand Registration</u>&#148;); <u>provided</u>, <u>however</u>, that a Demand Notice may only be made prior to the expiration of the Coordination Committee if previously approved in writing by the Coordination Committee; <u>provided</u>, <u>further</u> that, the Corporation shall not be obligated to file a Registration Statement relating to any registration request under this Section&nbsp;3(a)&nbsp;within a period of 180 days after the effective date of any other Registration Statement relating to any registration request under this Section&nbsp;3(a)&nbsp;(except if the underwriters shall require a longer period, but in any event no more than 270 days).&#160; Following receipt of a Demand Notice for a Demand Registration in accordance with this Section&nbsp;3(a), the Corporation shall use its reasonable best efforts to file a Registration Statement as promptly as practicable and shall use its reasonable best efforts to cause such Registration Statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160; </font>No Demand Registration shall be deemed to have occurred for purposes of this Section&nbsp;3 if the Registration Statement relating thereto (x)&nbsp;does not become effective, (y)&nbsp;is not maintained effective for the period required pursuant to this Section&nbsp;3, or (z)&nbsp;the offering of the Registrable Securities pursuant to such Registration Statement is subject to a stop order, injunction, or similar order or requirement of the SEC during such period, in which case, such requesting holder of Registrable Securities shall be entitled to an additional Demand Registration in lieu thereof.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</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;&#160; </font>Within 10 days after receipt by the Corporation of a Demand Notice in accordance with this Section&nbsp;3(a), the Corporation shall give written notice (the &#147;<u>Notice</u>&#148;) of such Demand Notice to all other holders of Registrable Securities and shall, subject to the provisions of Section&nbsp;3(b)&nbsp;hereof, include in such registration all Registrable Securities with respect to which the Corporation received written requests for inclusion therein within 15 days after such Notice is given by the Corporation to such holders.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</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>All requests made pursuant to this Section&nbsp;3 will specify the number of Registrable Securities to be registered and the intended methods of disposition thereof.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</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;&#160;&#160;&#160; </font>The Corporation shall be required to maintain the effectiveness of the Registration Statement with respect to any Demand Registration for a period of at least 180 days after the effective date thereof or such shorter period during which all Registrable Securities included in such Registration Statement have actually been sold; <u>provided</u>, <u>however</u>, that such period shall be extended for a period of time equal to the period the holders of Registrable Securities are required to refrain from selling any securities included in such Registration Statement at the request of the Corporation or an underwriter of the Corporation pursuant to the provisions of this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="11035-2-QK-01_PB_5_210745_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=5,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=62980,FOLIO='5',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:12 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font><u>Priority on Demand Registration</u>.&#160; If any of the Registrable Securities registered pursuant to a Demand Registration are to be sold in a firm commitment underwritten offering, and the managing underwriter or underwriters advise the holders of such securities in writing that in its view the total number or dollar amount of Registrable Securities proposed to be sold in such offering is such as to adversely affect the success of such offering (including, without limitation, securities proposed to be included by other holders of securities entitled to include securities in such Registration Statement pursuant to incidental or piggyback registration rights), then there shall be included in such firm commitment underwritten offering the number or dollar amount of Registrable Securities that in the opinion of such managing underwriter can be sold without adversely affecting such offering, and such number of Registrable Securities shall be allocated as follows, unless the underwriter requires a different allocation:</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 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>first, pro rata among the holders of Registrable Securities on the basis of the percentage of the Registrable Securities requested to be included in such Registration Statement by such holders; 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 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160; </font>second, the securities for which inclusion in such Demand Registration, as the case may be, was requested by the Corporation.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of any underwriter cutback, all Registrable Securities held by any Shareholder shall also include any Registrable Securities held by the partners, retired partners, members, retired members, shareholders or affiliates of such holder, or the estates and family members of any such holder or such partners and retired partners, any trusts for the benefit of any of the foregoing Persons and, at the election of such holder or such partners, retired partners, trust or affiliates, any charitable organization, in each case to which any of the foregoing shall have been distributed, transferred or contributed Common Stock prior to the execution of the underwriting agreement in connection with such underwritten offering; <u>provided</u> that such distribution, transfer or contribution occurred not more than 90 days prior to such execution, and such holder and other Persons shall be deemed to be a single selling holder, and any pro rata reduction (unless the managing underwriter requires a different allocation) with respect to such selling holder shall be based upon the aggregate amount of Common Stock owned by all entities and individuals included in such selling holder, as defined in this sentence.&#160; No securities excluded from the underwriting by reason of the underwriter&#146;s marketing limitation shall be included in such registration.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font><u>Postponement of Demand Registration</u>.&#160; The Corporation shall be entitled to postpone (but not more than once in any 12-month period), for a reasonable period of time not in excess of 60 days, the filing of a Registration Statement if the Corporation delivers to the holders requesting registration a certificate signed by both the president and chief financial officer of the Corporation certifying that, in the good faith judgment of the board of directors of the Corporation, such registration and offering would reasonably be expected to materially adversely affect or materially interfere with any <u>bona fide</u> material financing of the Corporation or any material transaction under consideration by the Corporation or would require disclosure of information that has not been disclosed to the public, the premature disclosure of which would materially adversely affect the Corporation.&#160; Such certificate shall contain a statement of the reasons for such postponement and an approximation of the anticipated delay.&#160; The holders</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="11035-2-QK-01_PB_6_210804_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=6,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=943306,FOLIO='6',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:12 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">receiving such certificate shall keep the information contained in such certificate confidential subject to the same terms set forth in Section&nbsp;6(p).&#160; If the Corporation shall so postpone the filing of a Registration Statement, the Demand Party requesting such registration shall have the right to withdraw the request for registration by giving written notice to the Corporation within 20 days of the anticipated termination date of the postponement period, as provided in the certificate delivered to the holders, in which event no Demand Registration shall be deemed to have been made for purposes of Section&nbsp;3(e).</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160;&#160; </font><u>Cancellation of a Demand Registration</u>.&#160; Holders of a majority of the Registrable Securities which are to be registered in a particular offering pursuant to this Section&nbsp;3, shall have the right to notify the Corporation that they have determined that the Registration Statement be abandoned or withdrawn, in which event the Corporation shall abandon or withdraw such Registration Statement.&#160; In the event of such a withdrawal prior to the filing of a Registration Statement, no Demand Registration shall be deemed to have been made for purposes of Section&nbsp;3(e).&#160; In the event of such a withdrawal following the filing of such a Registration Statement, a Demand Registration shall be deemed to have been made for purposes of Section&nbsp;3(e)&nbsp;unless otherwise agreed by the Corporation (acting through the Coordination Committee, if then in existence).</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</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;&#160;&#160;&#160;&#160; </font><u>Number of Demand Registrations</u>.&#160; In connection with the provisions of this Section&nbsp;3, the Demand Parties shall be limited to a number equal to ten Demand Registrations in the aggregate (including shelf demand registrations if the Corporation is eligible).</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</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;&#160;&#160;&#160;&#160;&#160; </font><u>Registration Statement Form</u>.&#160; If any registration requested pursuant to this Section&nbsp;3 which is proposed by the Corporation to be effected by the filing of a Registration Statement on Form&nbsp;S-3 (or any successor or similar short-form registration statement) shall be in connection with an underwritten Public Offering, and if the managing underwriter shall advise the Corporation in writing that, in its opinion, the use of another form of Registration Statement is of material importance to the success of such proposed offering or is otherwise required by applicable law, then such registration shall be effected on such other form.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Piggyback Registration</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><u>Right to Piggyback</u>.&#160; (i)&nbsp;Except with respect to a Demand Registration, the procedures for which are addressed in Section&nbsp;3, if the Corporation proposes to file a registration statement under the Securities Act with respect to an offering of Common Stock whether or not for sale of its own account (other than a registration statement (x)&nbsp;on Form&nbsp;S-4, Form&nbsp;S-8 or any successor forms thereto or (y)&nbsp;filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan), then, each such time after the Initial Public Offering, the Corporation shall give prompt written notice of such proposed filing at least twenty (20) days before the anticipated filing date (the &#147;<u>Piggyback Notice</u>&#148;) to all of the holders of Registrable Securities.&#160; The Piggyback Notice shall offer all such holders the opportunity to include (or cause to be included) in such Registration Statement the number of Registrable Securities as each such holder may request (a &#147;<u>Piggyback Registration</u>&#148;).&#160; Subject to Section&nbsp;4(b)&nbsp;hereof, the Corporation shall include in each such Piggyback Registration all Registrable Securities with respect to which the Corporation has received written requests for</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">7<a name="11035-2-QK-01_PB_7_210828_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=7,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=372498,FOLIO='7',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:12 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">inclusion therein within fifteen (15) days after notice has been given to the applicable holder.&#160; The eligible holders of Registrable Securities shall be permitted to withdraw all or part of the Registrable Securities from a Piggyback Registration at any time at least two business days prior to the effective date of such Piggyback Registration.&#160; The Corporation shall not be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration beyond the earlier to occur of (A)&nbsp;180 days after the effective date thereof and (B)&nbsp;consummation of the distribution by the holders of the Registrable Securities included in such Registration Statement.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160; </font>Notwithstanding anything to the contrary in this Agreement, unless otherwise consented to by the Coordination Committee, for an Initial Public Offering the Corporation shall not be required to deliver any Piggyback Notice nor include in such registration any Registrable Securities; <u>provided</u>, <u>however</u>, if any holder of Registrable Securities is selling (or causing to be sold) shares of Common Stock beneficially owned by them in any such Initial Public Offering on a secondary basis, the Corporation shall be required to provide a Piggyback Notice to all holders of Registrable Securities, who shall have the right to participate in such offering on a pro rata basis consistent with the terms of this Section&nbsp;4.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font><u>Priority on Piggyback Registrations</u>.&#160; The Corporation shall use reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit holders of Registrable Securities who have submitted a Piggyback Notice in connection with such offering to include in such offering all Registrable Securities included in each holder&#146;s Piggyback Notice on the same terms and conditions as any other shares of capital stock, if any, of the Corporation included in the offering. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering have informed the Corporation in writing that it is their good faith opinion that the total amount of securities that such holders, the Corporation and any other Persons having rights to participate in such registration, intend to include in such offering is such as to adversely affect the success of such offering, then the amount of securities to be offered (i)&nbsp;for the account of holders of Registrable Securities (other than the Corporation) and (ii)&nbsp;for the account of all such other Persons (other than the Corporation) shall be reduced to the extent necessary to reduce the total amount of securities to be included in such offering to the amount recommended by such managing underwriter or underwriters by first reducing, or eliminating if necessary, all securities of the Corporation requested to be included by such other Persons (other than the Corporation and holders of Registrable Securities) and then, if necessary, reducing the securities requested to be included by the holders of Registrable Securities requesting such registration pro rata among such holders on the basis of the percentage of the Registrable Securities requested to be included in such Registration Statement by such holders.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font><u>Shelf-Take Downs</u>.&#160; At any time that a shelf Registration Statement covering Registrable Securities pursuant to Section&nbsp;3 or Section&nbsp;4 is effective, if any holder or group of holders of Registrable Securities delivers a notice to the Corporation (a &#147;<u>Take-Down Notice</u>&#148;) stating that it intends to effect an underwritten offering on the shelf Registration Statement of (x)&nbsp;Registrable Securities which would, in the aggregate, reasonably be expected to generate (without regard to any underwriting discount or commission) proceeds of $50 million or greater, or (y)&nbsp;all of the Registrable Securities then issued and outstanding (a &#147;<u>Shelf Underwritten Offering</u>&#148;), then, provided that the Coordination Committee approves of such Shelf Underwritten Offering, the Corporation shall amend or supplement the shelf</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="11035-2-QK-01_PB_8_210846_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=8,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=19000,FOLIO='8',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:12 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Statement as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Underwritten Offering (taking into account the inclusion of Registrable Securities by any other holders pursuant to this Section&nbsp;4(c)).&#160; In connection with any Shelf Underwritten Offering:</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 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such proposing holder(s)&nbsp;shall also deliver the Take-Down Notice to all other holders included on such shelf Registration Statement and permit each holder to include its Registrable Securities included on the shelf Registration Statement in the Shelf Underwritten Offering if such holder notifies the proposing holders and the Corporation within five business days after delivery of the Take-Down Notice to such holder; 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 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160; </font>in the event that the underwriter determines that marketing factors (including an adverse effect on the per share offering price) require a limitation on the number of shares which would otherwise be included in such take down, the underwriter may limit the number of shares which would otherwise be included in such take-down offering in the same manner as described in Section&nbsp;3(b)&nbsp;with respect to a limitation of shares to be included in a registration.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Restrictions on Public Sale by Holders of Registrable Securities</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>Each Shareholder agrees, in connection with the Initial Public Offering, and each holder of Registrable Securities and each Carry Vehicle agrees, in connection with any underwritten offering made pursuant to a Registration Statement filed pursuant to Section&nbsp;3 or Section&nbsp;4 hereof (whether or not such holder elected to include Registrable Securities in such Registration Statement), if requested (pursuant to a written notice) by the managing underwriter or underwriters in an underwritten offering, not to effect any public sale or distribution of any of the Corporation&#146;s securities (except as part of such underwritten offering), including a sale pursuant to Rule&nbsp;144 or any swap or other economic arrangement that transfers to another any of the economic consequences of owning the Common Stock, or to give any Demand Notice during the period commencing on the date of the request (which shall be no earlier than 14 days prior to the expected &#147;pricing&#148; of such offering) and continuing for not more than 180 days (with respect to the Initial Public Offering) or 90 days after the date of the Prospectus (or Prospectus supplement if the offering is made pursuant to a &#147;shelf&#148; registration), pursuant to which such public offering shall be made, plus an extension period, which shall be no longer than 17 days, as may be proposed by the managing underwriter to address NASD regulations regarding the publishing of research, or such lesser period as is required by the managing underwriter.&#160; The Coordination Committee shall be responsible for negotiating all &#147;lock-up&#148; agreements with the underwriters and, in addition to the foregoing provisions of this Section&nbsp;5, the Shareholders and holders of Registrable Securities agree to execute the form so negotiated; <u>provided</u> that each Shareholder (in connection with the Initial Public Offering) and each holder of Registrable Securities shall execute a substantially identical form of agreement and <u>provided</u>, <u>further</u>, that no material waiver or early termination shall be granted under such agreements to one Shareholder unless such waiver or early termination is offered to all Shareholders on the same terms.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="11035-2-QK-01_PB_9_210904_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=9,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=862157,FOLIO='9',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:12 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>If any registration pursuant to Section&nbsp;3 of this Agreement shall be in connection with any underwritten Public Offering, the Corporation will not effect any public sale or distribution of any common equity (or securities convertible into or exchangeable or exercisable for common equity) (other than a registration statement (i)&nbsp;on Form&nbsp;S-4, Form&nbsp;S-8 or any successor forms thereto or (ii)&nbsp;filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan) for its own account, within 90 days (or such shorter periods as the managing underwriters may agree to with the Coordination Committee) after the effective date of such registration.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Registration Procedures</u>.&#160; If and whenever the Corporation is required to use its reasonable best efforts to effect the registration of any Registrable Securities under the Securities Act as provided in Section&nbsp;3 and Section&nbsp;4 hereof, the Corporation shall effect such registration to permit the sale of such Registrable Securities in accordance with the intended method or methods of disposition thereof, and pursuant thereto the Corporation shall cooperate in the sale of the securities and shall, as expeditiously as possible:</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>prepare and file with the SEC a Registration Statement or Registration Statements on such form as shall be available for the sale of the Registrable Securities by the holders thereof or by the Corporation in accordance with the intended method or methods of distribution thereof, and use its reasonable best efforts to cause such Registration Statement to become effective and to remain effective as provided herein; <u>provided</u>, <u>however</u>, that, a reasonable period of time before filing a Registration Statement or Prospectus or any amendments or supplements thereto (including documents that would be incorporated or deemed to be incorporated therein by reference), the Corporation shall furnish or otherwise make available to the holders of the Registrable Securities covered by such Registration Statement, their counsel and the managing underwriters, if any, copies of all such documents proposed to be filed, which documents will be subject to the reasonable review and comment of such counsel, and such other documents reasonably requested by such counsel, including any comment letter from the SEC, and, if requested by such counsel, provide such counsel reasonable opportunity to participate in the preparation of such Registration Statement and each Prospectus included therein and such other opportunities to conduct a reasonable investigation within the meaning of the Securities Act, including reasonable access to the Corporation&#146;s books and records, officers, accountants and other advisors.&#160; The Corporation shall not file any such Registration Statement or Prospectus or any amendments or supplements thereto (including such documents that, upon filing, would be incorporated or deemed to be incorporated by reference therein) (i)&nbsp;with respect to a Demand Registration to which the holders of a majority of the Registrable Securities covered by such Registration Statement, their counsel, or the managing underwriters, if any, shall reasonably object, in writing, on a timely basis, unless, in the opinion of the Corporation, such filing is necessary to comply with applicable law, or (ii)&nbsp;if any holder of Registrable Securities covered by such Registration Statement reasonably objects, in writing, on a timely basis, to the information pertaining to such holder (other than any information provided by such holder) set forth in such Registration Statement or Prospectus.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective during the period provided herein and comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">10<a name="11035-2-QK-01_PB_10_210918_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=10,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=693052,FOLIO='10',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-01_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:12 2017' -->

<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">covered by such Registration Statement; and cause the related Prospectus to be supplemented by any Prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule&nbsp;424 (or any similar provisions then in force) under the Securities Act;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font>notify each selling holder of Registrable Securities, its counsel and the managing underwriters, if any, promptly, and (if requested by any such Person) confirm such notice in writing, (i)&nbsp;when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective, (ii)&nbsp;of any request by the SEC or any other federal or state governmental authority for amendments or supplements to a Registration Statement or related Prospectus or for additional information, (iii)&nbsp;of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv)&nbsp;if at any time the Corporation has reason to believe that the representations and warranties of the Corporation contained in any agreement (including any underwriting agreement) contemplated by Section&nbsp;6(o)&nbsp;below cease to be true and correct, (v)&nbsp;of the receipt by the Corporation of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (vi)&nbsp;if the Corporation has knowledge of the happening of any event that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (which notice shall notify the selling holders only of the occurrence of such an event and shall provide no additional information regarding such event to the extent such information would constitute material non-public information);</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160;&#160; </font>use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction at the earliest date reasonably practical;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</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;&#160;&#160;&#160;&#160; </font>if requested by the managing underwriters, if any, or the Coordination Committee, promptly include in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and the Coordination Committee may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Corporation has received such request; <u>provided</u>, <u>however</u>, that the Corporation shall not be required to take any actions under this Section&nbsp;6(e)&nbsp;that are not, in the opinion of counsel for the Corporation, in compliance with applicable law;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">11<a name="11035-2-QK-03_PB_11_210808_9171"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=11,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=172377,FOLIO='11',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:18 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</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;&#160;&#160;&#160;&#160;&#160; </font>furnish or make available to each selling holder of Registrable Securities, its counsel and each managing underwriter, if any, without charge, at least one conformed copy of the Registration Statement, the Prospectus and Prospectus supplements, if applicable, and each post-effective amendment thereto, including financial statements (but excluding schedules, all documents incorporated or deemed to be incorporated therein by reference, and all exhibits, unless requested in writing by such holder, counsel or underwriter);</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</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;&#160;&#160;&#160;&#160; </font>deliver to each selling holder of Registrable Securities, its counsel, and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto as such Persons may reasonably request from time to time in connection with the distribution of the Registrable Securities; and the Corporation, subject to the last paragraph of this Section&nbsp;6, hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any such amendment or supplement thereto;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</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;&#160;&#160;&#160; </font>prior to any public offering of Registrable Securities, use its reasonable best efforts to register or qualify or cooperate with the selling holders of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or &#147;Blue Sky&#148; laws of such jurisdictions within the United States as any seller or underwriter reasonably requests in writing and to keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and to take any other action that may be necessary or advisable to enable such holders of Registrable Securities to consummate the disposition of such Registrable Securities in such jurisdiction; <u>provided</u>, <u>however</u>, that the Corporation will not be required to (i)&nbsp;qualify generally to do business in any jurisdiction where it is not then so qualified or (ii)&nbsp;take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>cooperate with the selling holders of Registrable Securities and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written representations from each holder of such Registrable Securities that the Registrable Securities represented by the certificates so delivered by such holder will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters, if any, or holders may request at least two (2)&nbsp;business days prior to any sale of Registrable Securities in a firm commitment public offering, but in any other such sale, within ten (10)&nbsp;business days prior to having to issue the securities;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</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;&#160;&#160;&#160;&#160;&#160;&#160; </font>use its reasonable best efforts to cause the Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities within the United States, except as may be required solely as a consequence of the nature of such selling holder&#146;s business, in which case the Corporation will cooperate in all reasonable respects with the filing of such Registration Statement and the</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">12<a name="11035-2-QK-03_PB_12_210905_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=12,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=737101,FOLIO='12',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:18 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">granting of such approvals, as may be necessary to enable the seller or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable Securities;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</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;&#160;&#160;&#160; </font>upon the occurrence of, and its knowledge of, any event contemplated by Section&nbsp;6(c)(iii), 6(c)(iv)&nbsp;or 6(c)(vi)&nbsp;above, prepare a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>prior to the effective date of the Registration Statement relating to the Registrable Securities, provide a CUSIP number for the Registrable Securities;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</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; </font>provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</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;&#160;&#160;&#160; </font>use its reasonable best efforts to cause all shares of Registrable Securities covered by such Registration Statement to be listed on a national securities exchange if shares of the particular class of Registrable Securities are at that time listed on such exchange, as the case may be, prior to the effectiveness of such Registration Statement (or, if such Registration is an Initial Public Offering, use its best efforts to cause such Registrable Securities to be so listed within ten (10)&nbsp;business days following the effectiveness of such Registration Statement);</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</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;&#160;&#160;&#160; </font>Enter into such agreements (including an underwriting agreement in form, scope and substance as is customary in underwritten offerings) and take all such other actions reasonably requested by the holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by the managing underwriters, if any) to expedite or facilitate the disposition of such Registrable Securities, and in such connection, whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten registration, (i)&nbsp;make such representations and warranties to the holders of such Registrable Securities and the underwriters, if any, with respect to the business of the Corporation and its subsidiaries, and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings, and, if true, confirm the same if and when requested, (ii)&nbsp;use its reasonable best efforts to furnish to the selling holders of such Registrable Securities opinions of counsel to the Corporation and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters, if any, and counsels to the selling holders of the Registrable Securities), addressed to each selling holder of Registrable Securities and each of the underwriters, if any, covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such counsel and underwriters, (iii)&nbsp;use its reasonable best efforts to obtain &#147;cold comfort&#148; letters and updates thereof from the independent certified public accountants of the Corporation (and, if</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">13<a name="11035-2-QK-03_PB_13_210939_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=13,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=416042,FOLIO='13',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:18 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">necessary, any other independent certified public accountants of any subsidiary of the Corporation or of any business acquired by the Corporation for which financial statements and financial data are, or are required to be, included in the Registration Statement) who have certified the financial statements included in such Registration Statement, addressed to each selling holder of Registrable Securities (unless such accountants shall be prohibited from so addressing such letters by applicable standards of the accounting profession) and each of the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered in &#147;cold comfort&#148; letters in connection with underwritten offerings, (iv)&nbsp;if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures substantially to the effect set forth in Section&nbsp;8 hereof with respect to all parties to be indemnified pursuant to said Section&nbsp;and (v)&nbsp;deliver such documents and certificates as may be reasonably requested by the holders of a majority of the Registrable Securities being sold pursuant to such Registration Statement, their counsel and the managing underwriters, if any, to evidence the continued validity of the representations and warranties made pursuant to Section&nbsp;6(o)(i)&nbsp;above and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Corporation.&#160; The above shall be done at each closing under such underwriting or similar agreement, or as and to the extent required thereunder;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</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;&#160;&#160;&#160; </font>make available for inspection by a representative of the selling holders of Registrable Securities, any underwriter participating in any such disposition of Registrable Securities, if any, and any attorneys or accountants retained by such selling holders or underwriter, at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and properties of the Corporation and its subsidiaries, and cause the officers, directors and employees of the Corporation and its subsidiaries to supply all information in each case reasonably requested by any such representative, underwriter, attorney or accountant in connection with such Registration Statement; <u>provided</u>, <u>however</u>, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Persons unless (i)&nbsp;disclosure of such information is required by court or administrative order, (ii)&nbsp;disclosure of such information, in the opinion of counsel to such Person, is required by law or applicable legal process, or (iii)&nbsp;such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard by such Person.&#160; In the case of a proposed disclosure pursuant to (i)&nbsp;or (ii)&nbsp;above, such Person shall be required to give the Corporation written notice of the proposed disclosure prior to such disclosure and, if requested by the Corporation, assist the Corporation in seeking to prevent or limit the proposed disclosure.&#160; Without limiting the foregoing, no such information shall be used by such Person as the basis for any market transactions in securities of the Corporation or its subsidiaries in violation of law;</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</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;&#160;&#160;&#160; </font>cause its officers to use their reasonable best efforts to support the marketing of the Registrable Securities covered by the Registration Statement (including, without limitation, participation in &#147;road shows&#148;) taking into account the Corporation&#146;s business needs; 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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</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;&#160;&#160;&#160;&#160;&#160;&#160; </font>cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the NASD.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">14<a name="11035-2-QK-03_PB_14_210958_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=14,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=687082,FOLIO='14',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:18 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation may require each holder of Registrable Securities as to which any registration is being effected to furnish to the Corporation in writing such information required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the Corporation may, from time to time, reasonably request in writing and the Corporation may exclude from such registration the Registrable Securities of any holder who unreasonably fails to furnish such information within a reasonable time after receiving such request.</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;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each holder of Registrable Securities agrees if such holder has Registrable Securities covered by such Registration Statement that, upon receipt of any notice from the Corporation of the happening of any event of the kind described in Section&nbsp;6(c)(iii), 6(c)(iv), 6(c)(v)&nbsp;or 6(c)(vi)&nbsp; hereof, such holder will forthwith discontinue disposition of such Registrable Securities covered by such Registration Statement or Prospectus until such holder&#146;s receipt of the copies of the supplemented or amended Prospectus contemplated by Section&nbsp;6(k)&nbsp;hereof, or until it is advised in writing by the Corporation that the use of the applicable Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus; <u>provided</u>, <u>however</u>, that the time periods under Section&nbsp;3 with respect to the length of time that the effectiveness of a Registration Statement must be maintained shall automatically be extended by the amount of time the holder is required to discontinue disposition of such securities.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Registration Expenses</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>All reasonable fees and expenses incident to the performance of or compliance with this Agreement by the Corporation (including, without limitation, (i)&nbsp;all registration and filing fees (including, without limitation, fees and expenses (A)&nbsp;with respect to filings required to be made with the National Association of Securities Dealers,&nbsp;Inc. and (B)&nbsp;of compliance with securities or Blue Sky laws, including, without limitation, any fees and disbursements of counsel for the underwriters in connection with Blue Sky qualifications of the Registrable Securities pursuant to Section&nbsp;6(h)), (ii)&nbsp;printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses if the printing of Prospectuses is requested by the managing underwriters, if any, or by the holders of a majority of the Registrable Securities included in any Registration Statement), (iii)&nbsp;messenger, telephone and delivery expenses of the Corporation, (iv)&nbsp;fees and disbursements of counsel for the Corporation, (v)&nbsp;expenses of the Corporation incurred in connection with any road show, (vi)&nbsp;fees and disbursements of all independent certified public accountants referred to in Section&nbsp;6(o)(iii)&nbsp;hereof (including, without limitation, the expenses of any &#147;cold comfort&#148; letters required by this Agreement) and any other Persons, including special experts retained by the Corporation, and (vii)&nbsp;fees and disbursements of (x)&nbsp;one counsel for the holders of Registrable Securities whose shares are included in a Registration Statement, which counsel shall be selected by the holders of a majority of the Registrable Securities included in such Registration Statement and (y)&nbsp;counsel for each holder of Registrable Securities, in the case of this clause (y)&nbsp;solely with respect to the preparation and review of any required legal opinions, powers of attorney and custody agreements) shall be borne by the Corporation whether or not any Registration Statement is filed or becomes effective.&#160; In addition, the Corporation shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">15<a name="11035-2-QK-03_PB_15_211026_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=15,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=960481,FOLIO='15',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:18 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">accounting duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange on which similar securities issued by the Corporation are then listed and rating agency fees and the fees and expenses of any Person, including special experts, retained by the Corporation.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>The Corporation shall not be required to pay (i)&nbsp;fees and disbursements of any counsel retained by any holder of Registrable Securities or by any underwriter (except as set forth in clauses 7(a)(i)(B)&nbsp;and 7(a)(vii)), (ii)&nbsp;any underwriter&#146;s fees (including discounts, commissions or fees of underwriters, selling brokers, dealer managers or similar securities industry professionals) relating to the distribution of the Registrable Securities (other than with respect to Registrable Securities sold by the Corporation), or (iii)&nbsp;any other expenses of the holders of Registrable Securities not specifically required to be paid by the Corporation pursuant to the first paragraph of this Section&nbsp;7.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Indemnification</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><u>Indemnification by the Corporation</u>.&#160; The Corporation shall, without limitation as to time, indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities (including, for the avoidance of doubt, any Carry Investor who indirectly holds Registrable Securities) whose Registrable Securities are covered by a Registration Statement or Prospectus, the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each of them, each Person who controls each such holder (within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act) and the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each such controlling Person, each underwriter, if any, and each Person who controls (within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act) such underwriter, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, costs of preparation and reasonable attorneys&#146; fees and any legal or other fees or expenses incurred by such party in connection with any investigation or Proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement (collectively, &#147;<u>Losses</u>&#148;), as incurred, arising out of or based upon any untrue statement (or alleged untrue statement) of a material fact contained in any Prospectus, offering circular, or other document (including any related Registration Statement, notification, or the like) incident to any such registration, qualification, or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Corporation of the Securities Act, the Exchange Act, any state securities law, or any rule&nbsp;or regulation thereunder applicable to the Corporation and (without limitation of the preceding portions of this Section&nbsp;8(a)) will reimburse each such holder, each of its officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees and each Person who controls each such holder and the officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees of each such controlling Person, each such underwriter, and each Person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such claim, loss, damage, liability, or action, provided that the Corporation will not be liable in any such case to the extent that any such claim, loss, damage, liability, or expense arises out of or is based on any untrue statement or omission by such holder or underwriter, but only to the extent, that such untrue</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">16<a name="11035-2-QK-03_PB_16_211045_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=16,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=395266,FOLIO='16',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:18 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement, Prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to the Corporation by such holder for use therein.&#160; It is agreed that the indemnity agreement contained in this Section&nbsp;8(a)&nbsp;shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Corporation (which consent shall not be unreasonably withheld).</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font><u>Indemnification by Holder of Registrable Securities</u>.&#160; The Corporation may require, as a condition to including any Registrable Securities in any registration statement filed in accordance with Section&nbsp;8 herein, that the Corporation shall have received an undertaking reasonably satisfactory to it from the prospective seller of such Registrable Securities to indemnify, to the fullest extent permitted by law, severally and not jointly with any other holders of Registrable Securities, the Corporation, its directors and officers and each Person who controls the Corporation (within the meaning of Section&nbsp;15 of the Securities Act and Section&nbsp;20 of the Exchange Act) and all other prospective sellers, from and against all Losses arising out of or based on any untrue statement of a material fact contained in any such Registration Statement, Prospectus, offering circular, or other document, or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will (without limitation of the portions of this Section&nbsp;8(b)) reimburse the Corporation and such directors and officers, or control Persons and all other prospective sellers for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action, in each case to the extent, but only to the extent, that such untrue statement or omission is made in such Registration Statement, Prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to the Corporation by such holder (or on behalf of such holder by its applicable Carry Vehicle, which written information is approved in writing by such holder) for inclusion in such Registration Statement, Prospectus, offering circular or other document; <u>provided</u>, <u>however</u>, that the obligations of such holder hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages, or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such holder (which consent shall not be unreasonably withheld); and <u>provided</u>, <u>further</u>, that the liability of such holder of Registrable Securities shall be limited to the net proceeds received (directly or indirectly) by such selling holder or its pro rata portion of the gross amount received by its applicable Carry Vehicle from the sale of Registrable Securities covered by such Registration Statement.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160;&#160; </font><u>Conduct of Indemnification Proceedings</u>.&#160; If any Person shall be entitled to indemnity hereunder (an &#147;<u>Indemnified Party</u>&#148;), such Indemnified Party shall give prompt notice to the party from which such indemnity is sought (the &#147;<u>Indemnifying Party</u>&#148;) of any claim or of the commencement of any Proceeding with respect to which such Indemnified Party seeks indemnification or contribution pursuant hereto; <u>provided</u>, <u>however</u>, that the delay or failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party from any obligation or liability except to the extent that the Indemnifying Party has been materially prejudiced by such delay or failure.&#160; The Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party promptly after the receipt of written notice from such Indemnified Party of such claim or Proceeding, to, unless in the Indemnified Party&#146;s reasonable judgment a conflict of interest between such indemnified and indemnifying parties</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">17<a name="11035-2-QK-03_PB_17_211109_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=17,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=1009467,FOLIO='17',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:18 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may exist in respect of such claim, assume, at the Indemnifying Party&#146;s expense, the defense of any such claim or Proceeding, with counsel reasonably satisfactory to such Indemnified Party; <u>provided</u>, <u>however</u>, that an Indemnified Party shall have the right to employ separate counsel in any such claim or Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (i)&nbsp;the Indemnifying Party agrees to pay such fees and expenses; or (ii)&nbsp;the Indemnifying Party fails promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or Proceeding or fails to employ counsel reasonably satisfactory to such Indemnified Party; in which case the Indemnified Party shall have the right to employ counsel and to assume the defense of such claim or proceeding at the Indemnifying Party&#146;s expense; <u>provided</u>, <u>further</u>, <u>however</u>, that the Indemnifying Party shall not, in connection with any one such claim or Proceeding or separate but substantially similar or related claims or Proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys (together with appropriate local counsel) at any time for all of the Indemnified Parties, or for fees and expenses that are not reasonable.&#160; Whether or not such defense is assumed by the Indemnifying Party, such Indemnifying Party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld).&#160; The Indemnifying Party shall not consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release, in form and substance reasonably satisfactory to the Indemnified Party, from all liability in respect of such claim or litigation for which such Indemnified Party would be entitled to indemnification hereunder.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160;&#160; </font><u>Contribution</u>.&#160; (i)&nbsp; If the indemnification provided for in this Section&nbsp;8 is unavailable to an Indemnified Party in respect of any Losses (other than in accordance with its terms), then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.&#160; The relative fault of such Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160; </font>The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;8(d)&nbsp;were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph.&#160; Notwithstanding the provisions of this Section&nbsp;8(d), an Indemnifying Party that is a selling holder of Registrable Securities shall not be required to contribute any amount in excess of the amount that such Indemnifying Party has otherwise been, or would otherwise be, required to pay pursuant to Section&nbsp;8(b)&nbsp;by reason of such untrue or alleged untrue statement or omission or alleged omission.&#160; No Person guilty of fraudulent</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">18<a name="11035-2-QK-03_PB_18_211130_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=18,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=198632,FOLIO='18',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:18 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</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;&#160;&#160;&#160;&#160; </font>Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Rule&nbsp;144</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>After an Initial Public Offering, the Corporation shall (i)&nbsp;file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner, (ii)&nbsp;take such further action as any holder of Registrable Securities may reasonably request, and (iii)&nbsp;furnish to each holder of Registrable Securities forthwith upon written request, (x)&nbsp;a written statement by the Corporation as to its compliance with the reporting requirements of Rule&nbsp;144, the Securities Act and the Exchange Act, (y)&nbsp;a copy of the most recent annual or quarterly report of the Corporation, and (z)&nbsp;such other reports and documents so filed by the Corporation as such holder may reasonably request in availing itself of Rule&nbsp;144, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule&nbsp;144.&#160; Upon the request of any holder of Registrable Securities, the Corporation shall deliver to such holder a written statement as to whether it has complied with such requirements.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>The foregoing provisions of this Section&nbsp;9 are not intended to modify or otherwise affect any restrictions on transfers of securities contained in the Partnership 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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10.</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;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Underwritten Registrations</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font>In the case of any Demand Registration that is an underwritten offering, and any Shelf Underwritten Offerings, the demanding investors shall have the right to select the investment banker or investment bankers and managers to administer the offering, subject to approval by the Corporation, not to be unreasonably withheld.&#160; The Corporation shall have the right to select the investment banker or investment bankers and managers to administer any Piggyback Registration.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font>No Person may participate in any underwritten registration hereunder unless such Person (i)&nbsp;agrees to sell the Registrable Securities it desires to have covered by the Demand Registration on the basis provided in any underwriting arrangements in customary form and (ii)&nbsp;completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements, provided that such Person shall not be required to make any representations or warranties other than those related to title and ownership of such Person&#146;s shares and as to the accuracy and completeness of statements made in a Registration Statement, Prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to the Corporation or the managing underwriter by such Person or its applicable Carry Vehicle with respect to such Person for use therein; and provided further that</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">19<a name="11035-2-QK-03_PB_19_211154_8146"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=19,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=234020,FOLIO='19',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:18 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any such representation or warranty by any Carry Vehicle shall be deemed made only with respect to, and any liability arising from any breach of or other inaccuracy in any such representation or warranty shall be borne solely by, the Person(s)&nbsp;on whose behalf such Carry Vehicle proposes to sell the Registrable Securities, and not the Carry Vehicle itself.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.</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;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Miscellaneous</u>.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><u>Amendments and Waivers</u>.&#160; The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the written consent of the Corporation, the Partnership, WIL and the holders of a majority of the then-outstanding Registrable Securities; <u>provided</u> that (i)&nbsp;any such modification, amendment or waiver that by its terms materially and adversely affects the rights or obligations of any Shareholder in a manner that would subject such Shareholder to materially adverse different treatment relative to all other Shareholders, shall also require the prior written consent of such Shareholder, and (ii)&nbsp;the prior written consent of the holders of at least seventy-five percent (75%) of the then-outstanding Registrable Securities (in addition to any approval required pursuant to clause (i)&nbsp;above) shall be required to amend or alter this Agreement so as to limit the rights of Shareholders to participate in registrations of Registrable Securities pursuant to this Agreement.&#160; Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not affect the rights of other holders of Registrable Securities or materially and adversely affect the rights or obligations of any such participating holder in a manner that is prejudicial to such participating holder relative to the other participating holders may be given by holders of at least a majority of the Registrable Securities being sold by such holders pursuant to such Registration Statement; and <u>provided</u>, <u>further</u>, that WIL may, without the consent of any holder of Registrable Securities or other Shareholder, amend this Agreement to (i)&nbsp;add as a Shareholder to this Agreement any management level employee of Laureate (or its subsidiaries) that receives, after the date hereof, Common Stock or options to acquire Common Stock, (ii)&nbsp;to correct any typographical or similar ministerial errors, and (iii)&nbsp;to delete or add any provision of this Agreement required to be so deleted or added by any applicable law.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160;&#160; </font><u>Notices</u>.&#160; Any notice, consent, payment, demand or communication required or permitted to be given by any provision of this Agreement shall be in writing and shall be (a)&nbsp;delivered personally to the Person or to an officer of the Person to whom the same is directed, or (b)&nbsp;sent by electronic mail, facsimile, overnight courier or registered or certified mail, return receipt requested, postage prepaid, addressed as follows: if to the Partnership, to the Partnership at the address set forth below, or to such other address as the Partnership may from time to time specify by written notice to the Shareholders; and if to any other recipient, to any other recipient at the address indicated on the Partnership&#146;s records.&#160; Any such notice shall be deemed to be delivered, given and received for all purposes as of: (i)&nbsp;the date so delivered, if delivered personally; (ii)&nbsp;upon receipt, if sent by electronic mail, facsimile or overnight courier; or (iii)&nbsp;on the date of receipt or refusal indicated on the return receipt, if sent by registered or certified mail, return receipt requested, postage and charges prepaid and properly addressed.</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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Partnership:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">20<a name="11035-2-QK-03_PB_20_211218_7091"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=20,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=176922,FOLIO='20',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-03_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:18 2017' -->

<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wengen Alberta, Limited Partnership</font></p>
<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Laureate Education,&nbsp;Inc.</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">650 S. Exeter Street</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Baltimore, Maryland 21202</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; <br>  </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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecopy:</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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a copy to:</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 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Simpson Thacher&nbsp;&amp; Bartlett LLP<br> 425 Lexington Avenue<br> New York, New York 10017<br> Attention:&#160; Gary Horowitz,&nbsp;Esq.</font></p>
<p style="margin:0in 0in .0001pt 108.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopy:&#160; (212) 455-2502</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Successors and Assigns; Additions of New Shareholders; Shareholder Status</u>.&#160; This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of the Partnership (including investors in the Partnership after the Partnership is dissolved and Registrable Securities are distributed to them who upon distribution shall be deemed a shareholder for purposes of this Agreement) and the Corporation and subsequent holders of Registrable Securities acquired, directly or indirectly, from the Shareholders (including as a result of the dissolution of the Partnership); <u>provided</u>, <u>however</u>, that such successor or assign (other than an investor in the Partnership after the Partnership dissolves) shall not be entitled to such rights unless the successor or assign shall have executed and delivered to the Corporation and the Partnership an Addendum Agreement substantially in the form of Exhibit&nbsp;A hereto promptly following the acquisition of such Registrable Securities, in which event such successor or assign shall be deemed a Shareholder for purposes of this Agreement.&#160; Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any Person other than the parties hereto and their respective successors and permitted assigns any legal or equitable right, remedy or claim under, in or in respect of this Agreement or any provision herein contained, </font>except that the provisions of Section&nbsp;8 hereof shall also inure to the benefit of and be enforceable by the Indemnified Parties, and the provisions of Section&nbsp;11(n)&nbsp;hereof shall also inure to the benefit of and be enforceable by the Preferred Investors.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Counterparts</u>.&#160; This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Headings</u>.&#160; The section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this 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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Governing Law</u>.&#160; The provisions of this Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="11035-2-QK-05_PB_21_211158_754"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=21,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=702774,FOLIO='21',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability</u>.&#160; If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction.&#160; It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Entire Agreement</u>.&#160; This Agreement, the Securityholders Agreement, the Partnership Agreement and the Preferred Investor Registration Rights Agreement are intended by the parties as a final expression of their agreement in respect of the subject matter contained herein, and are intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein, with respect to the registration grants granted by the Corporation with respect to Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Securities Held by the Corporation or its Subsidiaries</u>.&#160; Whenever the consent or approval of holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Corporation or its subsidiaries shall not be counted in determining whether such consent or approval was given by the holders of such required percentage.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Specific Performance</u>.&#160; The parties hereto recognize and agree that money damages may be insufficient to compensate the holders of any Registrable Securities for breaches by the Corporation of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be available in the event of any such breach.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Actions by WIL; Actions by the Partnership</u>.&#160; To the extent the Partnership sells Registrable Securities or other shares of Common Stock at the direction of the limited partners thereof, the proceeds of such sale shall be used by the Partnership to redeem interests in the Partnership from such limited partners.&#160; If the Partnership shall be the holder of Registrable Securities, each of the Partnership and WIL agrees to take, or cause to be taken, such actions as are necessary to effectuate the rights of the limited partners with respect to such Registrable Securities hereunder, including (i)&nbsp;making requests and elections at the requests of the limited partners of the Partnership in respect of the Registrable Securities held directly or indirectly by the Partnership, (ii)&nbsp;providing all notices to the limited partners of the Partnership in respect of the Registrable Securities held directly or indirectly by the Partnership that are provided to the Partnership in respect of such Registrable Securities in order to enable such limited partners to effectuate the rights provided for herein to holders of Registrable Securities if such limited partners were the direct holders of the Registrable Securities and (iii)&nbsp;passing on all rights provided for herein with respect to Registrable Securities to the limited partners of the Partnership, in each case, solely to the extent such limited partners of the Partnership would have such rights if they were the holders of such Registrable Securities.&#160; In the event the Partnership is</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">22<a name="11035-2-QK-05_PB_22_211222_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=22,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=152556,FOLIO='22',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">causing such Registrable Securities to be sold on behalf of one or more than one limited partner of the Partnership and the amount of such Registrable Securities to be sold is the subject of any required cutback as provided herein, the cutback shall be calculated based on the amount of the Registrable Securities allocable to each such limited partner of the Partnership so selling or causing to be sold Registrable Securities (as if such limited partner was selling such securities directly as provided hereunder).</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Term</u>.&#160; This Agreement shall terminate with respect to a Shareholder at the earlier of (i)&nbsp;the date on which such Shareholder ceases to own (or deemed to own as provided in this Agreement) Registrable Securities and (ii)&nbsp;the date on which such Shareholder ceases to own (or is deemed to own as provided in this Agreement) at least one percent (1%) of the outstanding Common Stock at such time of written notice of such Shareholder&#146;s termination of this Agreement with respect to such Shareholder; <u>provided</u>, that the provisions of Sections 7 and 8 with respect to such Shareholder shall survive any such termination; and, provided, further, that for the avoidance of doubt, any underwriter lock-up that a Shareholder has executed prior to a Shareholder&#146;s termination in accordance with this clause shall remain in effect in accordance with its terms.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Consent to Jurisdiction</u>.&#160; Each party (i)&nbsp;irrevocably and unconditionally consents and submits to the personal jurisdiction of the state and federal courts of the United States of America located in the State of New York solely for the purposes of any suit, action or other proceeding between any of the parties hereto arising out of this Agreement, (ii)&nbsp;agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court, (iii)&nbsp;waives any claim of improper venue or any claim that the courts of the State of New York are an inconvenient forum for any action, suit or proceeding between any of the parties hereto arising out of this Agreement, (iv)&nbsp;agrees that it will not bring any action relating to this Agreement in any court other than such New York courts and (v)&nbsp;to the fullest extent permitted by law, consents to service being made through the notice procedures set forth in Section&nbsp;11(b)&nbsp;of this 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="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY&nbsp;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&nbsp;HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.</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;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Precedence of Preferred Investor Registration Rights Agreement</u>.&#160; Notwithstanding anything in this Agreement to the contrary, to the extent any Investor or Securityholder has rights with respect to any Laureate Registrable Securities that (x)&nbsp;are inconsistent with the terms of the Preferred Investor Registration Rights Agreement (including any rights granted to any parties thereunder) or (y)&nbsp;would breach or limit the ability of the Preferred Investors to exercise the rights of the Preferred Investors under the Preferred Investor Registration Rights Agreement then, in either case, to the extent necessary either to enforce the terms of the Preferred Investor Registration Rights Agreement or for any Preferred Investor to fully exercise its rights under the Preferred Investor Registration Rights Agreement, the Shareholders shall not be entitled to enforce such rights against the Partnership, Laureate or any</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">23<a name="11035-2-QK-05_PB_23_211249_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=23,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=111761,FOLIO='23',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:16 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other Person, as the case may be. The Preferred Investors shall be third party beneficiaries for the purposes of this Section&nbsp;11(n)&nbsp;and shall have the right to enforce the provisions hereof. This Section&nbsp;11(n)&nbsp;shall not be amended, modified, supplemented or terminated, and compliance with this Section&nbsp;11(n)&nbsp;shall not be waived or released, in each case, without the prior written consent of the Super Majority Requisite Holders (as defined in the Laureate Certificate of Designations, determined pursuant to Section&nbsp;9(a)(2)&nbsp;thereof)</font>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">24<a name="11035-2-QK-05_PB_24_211310_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=24,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="5",CHK=772383,FOLIO='24',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QK-05_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 21:16 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>a2230757zex-23_1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 23.1</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></u></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the use in this Registration Statement on Amendment No.&nbsp;7 of Form&nbsp;S-1 of Laureate Education,&nbsp;Inc. of our report dated March&nbsp;25, 2016, except for the manner in which the Company classifies deferred financing costs as discussed in Note 2 as to which the date is May&nbsp;20, 2016 and except for the change in composition of reportable segments discussed in Note 6 as to which the date is December&nbsp;14, 2016 and except for the reverse stock split described in Note 1 as to which the date is January 31, 2017 relating to the financial statements and financial statement schedule which appear in such Registration Statement.&#160; We also consent to the reference to us under the heading &#147;Experts&#148; in such Registration Statement.</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ PricewaterhouseCoopers LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Baltimore, Maryland<i><br>  </i>January 31, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="6",CHK=34486,FOLIO='',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QW_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 05:43 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>7
<FILENAME>a2230757zex-23_2.htm
<DESCRIPTION>EX-23.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 23.2</font></b></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;"><font size="2" face="Times New Roman"><img width="139" height="100" src="g110352qxi001.gif"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONSENT OF INDEPENDENT ACCOUNTANTS</font></u></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the use in this Registration Statement on Amendment No.&nbsp;7 of Form&nbsp;S-1 of Laureate Education,&nbsp;Inc. of our report dated September&nbsp;23, 2015 relating to the combined financial statements of FMU Group, which appears in such Registration Statement. We also consent to the references to us under the headings &#147;Experts&#148; in such Registration Statement.</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ PricewaterhouseCoopers</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PricewaterhouseCoopers</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Auditores Independentes</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">S&#227;o Paulo, Brazil</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January 27, 2017</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;"><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-style:italic;">PricewaterhouseCoopers,</font>  </font></i><i><font style="font-style:italic;">Av. Francisco Matarazzo 1400, Torre Torino, S&#227;o Paulo, SP, Brasil 05001-903, Caixa Postal 61005</font>  </i><i>T: </i><i>(11) </i><i>3674-2000, </i>www.pwc.com/br</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="7",CHK=1012537,FOLIO='',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QX_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 05:32 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>8
<FILENAME>a2230757zex-23_3.htm
<DESCRIPTION>EX-23.3
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 23.3</font></b></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;"><font size="2" face="Times New Roman"><img width="123" height="99" src="g110352qyi001.gif"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONSENT OF INDEPENDENT ACCOUNTANTS</font></u></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the use in this Registration Statement on Amendment No.&nbsp;7 of Form&nbsp;S-1 of Laureate Education,&nbsp;Inc. of our report dated September&nbsp;28, 2015 relating to the financial statements of Sociedade Educacional Sul-Rio-Grandense Ltda., which appears in such Registration Statement. We also consent to the references to us under the headings &#147;Experts&#148; in such Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ PricewaterhouseCoopers</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PricewaterhouseCoopers</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Auditores Independentes</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Porto Alegre, Brazil</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January 27, 2017</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;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">PricewaterhouseCoopers, Rua Mostardeiro, 800 - 9&#186; andar, Bairro Independ&#234;ncia, Porto Alegre-RS, Brasil 90430-000</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telefone: (51) 3378-1700, Fax: (51) 3328-1609, www.pwc.com/br</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="8",CHK=925459,FOLIO='',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-QY_ZBH43502.CHC",USER="HYUNG",CD='Jan 27 05:32 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>9
<FILENAME>a2230757zex-99_2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;99.2</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Consent of Director Designee</font></b></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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Laureate Education,&nbsp;Inc., a Delaware public benefit corporation, has filed a Registration Statement on Form&nbsp;S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), in connection with the initial public offering of Laureate Education,&nbsp;Inc. In connection therewith,&nbsp;I hereby consent, pursuant to Rule&nbsp;438 of the Securities Act, to be named as a designee to the board of directors of Laureate Education,&nbsp;Inc., in the Registration Statement, as it may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.</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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the undersigned has executed this Consent as of the 31st&nbsp;day of January, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Pedro del Corro</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Pedro del Corro</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=1,EFW="2230757",CP="LAUREATE EDUCATION, INC.",DN="9",CHK=627754,FOLIO='',FILE="DISK128:[12ZBH2.12ZBH43502]11035-2-YA_ZBH43502.CHC",USER="HYUNG",CD='Jan 25 21:52 2017' -->

<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>g110352qxi001.gif
<DESCRIPTION>G110352QXI001.GIF
<TEXT>
begin 644 g110352qxi001.gif
M1TE&.#=ABP!D '<  "'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "P
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ML:/'CR!#BAQ)LJ3)DRA3JES)LJ7+ES E_@,P <"_F35GZ@1 ;N=-<C&#1IQ
M+EBP \:,'CUPM"E2IDC) 15*5>&_ \6R%M*:M>O6KF )&:M*]N $K,6^J@6;
MUFM7J67C"KSZE2O7NFS]% M64R[9?T4+"19<S #AP8C;;CT@U1BYOGYCTC5L
M@'+ERH4H(\Y,@) "#PH.S(P<D]P!R@0*$4BM>K!AU899$P+M@3%IR:=3IS9
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M'ZW\]XG7B&-J50,/N^P#01;,NEUK/T %01^K^_Q-TQCJK$<3X#S;:/+AP?\
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M0!U\@ PL+!K4!0CC;P_UZ$FM*0Q_HC2=L(!)35XQ3X_.=*;I!"I"_[E,/@"
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6"""!A"4+%"@+_0>!!T%]&H@0 0$ .P$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g110352qyi001.gif
<DESCRIPTION>G110352QYI001.GIF
<TEXT>
begin 644 g110352qyi001.gif
M1TE&.#=A>P!C '<  "'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E "P
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MVJ3*P, #DPZN2K<QQ[U!$Q @0%7SY\X-0)^NBH%U!@FR:]?.RG7RCOJ>"_]
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MH$(^: 8S9) MFF !.P(0@#.8X7$-P  +,=" %R9$'YCX0B(:X+F!:,(,*VC
M#O]9<",5LG !8SA("L_ PB8&  -C$.%--#&&!3@Q #S$0PRO^ \VK* @/VP
M&ZYXPH*LL(E?B,= \' ")R[ A@))83^N>$4,P-$D9C@C'<_1 "O2,0#]J,,7
M 7  )OXQ '<4R!ADV,03>$Z+5VR #U= QP48T8F8D"))MGC(3C:1'2\TPQP/
MV4, X,&/:,3#0 [0@"N>P360O"(+!&+()F) E2;9(B/I^(]_>/(, -#$)3AY
M13.,:0QC=.(%<&G*5CI1DE2\8C\&"8!:-I$"FBR)&5#)0E .Y))U3*(/Z7C'
M%>RRB2X<B!FL&8 5:(*25V0'0<[)PE!T\"-X2&83:UC_$!;0,P @((@FZ&D&
M$6I"CTX\ 3/9^,P?<C, ;+@C.Q%YDSQ&LI2Q="([I(@'>GKN$O\,P!<>64M+
M H %OG1B/PK"SC,P\R3S>"@_">*/,532<P,MYD#J<,@&+-29 3A!,&UZQ06
M99& 7,%+3W* ARK4($1U(AL6RE,GGG"+9SC#.9<YD'DX\PP:9.@5V=";?+HR
MD0! !!V]&4>"FI*19FC *%GHTX%<8H:A$(A%I=D;%CR4K02):A,70($UDK.C
MW<1#2VW8 %]"49W_).MK\(!0+**5!6ME9DZ=&%=?OA( Q&RG*EDPQL>JDYT8
MZ$<VU[+-BT*5CL!<(SV12E'0_Y[3I^MD(37CN(*4#A:M7S'K,Q,IS#I*TH<A
M#0 [</F%K>(!GG7M)R^/^YB][A.C0#WB'?%053HR\P*W340=^K$ 3!P$$W-M
M(AM6ZY6F1C*1_G0E&$/: "G*U8VC%*=!])'=3[(7 &9@P5))@HF'G@..FNAO
M $Q*$#S\$0,L[6DI?8C20V) P'A@02U=:I-YZ).%+OP@.-&YVLTZL90G^.<8
M9D60UGKRBDJUR2E?[,1_4+<@B'7B;@5R7R>>X0 L;G%W:9Q7T B7QNE$B(E9
MN-KFJG26#CE 9>F(@2_<Z+\>L>X,V7$.=BR '0T0\$(.NH %L($=B#C(&+S,
MAC)#^5PA_M P/1<PTZ/$-)(#?HTF]HQEF[AWN!9\2('C"=Q '\0,'\;BA(?5
M9XU0]KV&;HB+KQOI4R6ZSI56(@N&'( #-]J"9DBN$_6;:0!S^H\K7M>G2\WJ
)5KOZU1(,"  [

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g894714.jpg
<DESCRIPTION>G894714.JPG
<TEXT>
begin 644 g894714.jpg
M_]C_X  02D9)1@ ! 0$ V #8  #__@!)35),3%]'4D%02$E#4SI;3$%54D5!
M5$5?14150T%424].7TE.0R0U3EU,055214%415]%1%5#051)3TY?-$-?3$]'
M3RY%4%/_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_VP!# 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0'_P  1" !5 5<# 2(  A$! Q$!_\0 'P   @(!!0$!
M      D("@L! @,&!P0%_\0 6A    8" 0("!0,)$@P$!P   0(#! 4&!P@
M"1$2(0H3%#%1%19!,V%Q<GF!DJ&R%QHB(S(V.#E8=WB1L;6WN-+P&!DD*#4W
M1IBTMM'6*3ITB4)68I6YQM7_Q  > 0$  00# 0$              0(#" D%
M!@<$"O_$ $01  $# P$%!00&!@@'      $" P0 !1$&!Q(A,4$(46%Q\!.!
MD:$5(C*QP=$)%$)RLN$6(R0W.$-U\5)38G1VM;;_V@ , P$  A$#$0 _ +_'
M#APXI1PX<.*4<.'. CENJLLW371.NW!(RZ)%2&61*N!S(F52 PJ)E6*0YDA.
M4H*%(8Q!,!1$(R!C) R<#Q."<#O. 3Y GI4@$Y(!( R2!G R!D]PR0,GJ0.9
M%<XCVY'7-&V.ON $CER?DROPLL"2BB%69JJ3MO=B0@'(1&L0I'LLF"WB*5-P
M];LV?B'N=R0I3F(I?JE[=YWQWE1'!^/+@K1:BZH4#8I22K"1H^X2KJ;>SS1P
MS/9_7*/(R.21C4/5)01(MZH91;VE^LD8J)43N'#AXY<O7:Z[MZ]6.X>O72RK
MEX\<*&$ZB[QVN=1PZ7.81,=9PJHJ<PB)CB(]^8Q[2.T.G3%UN6G-.V43+I;7
MUQ)=PNJE(@,R&\;Z8\2,X)$M*<[OM')$,!:3A#J""=C'9][!CVTG35@U_KS5
M_P!$::U!#:N=LL>F6DOWR7 >S[)<VYW!A4"TN+W2L,L0;PI3:DA;D9W>2A\N
M5^M(B4[ICA'$"CDI5!*ULV3Y/V1)1( ["H2HUI59SW,(]TP=V9L<OA[*MQ P
M@"^;WU(=R+VHJ!\NN::Q4$1+%X]@H.KH( 9,4S$3D#,I*PF W<3B96;.<J@^
ML2,F)2@$&N',9+[M=VBZA6LS=4W&,THDB+:7/HB.E)_RRFW_ *NX\@=/UEU]
M? %2R0#6QO1795V Z#::%IV:Z?N4MM*=ZYZIC_TJG.N) 'MP;Z9L6*ZK&3]'
MQ838)5N-H!(IJG2KE+)=MS"3UFFYNQR4?BS(+Q>3F'SJ3=?Y:^K;,WKG3E11
M0"JK/3'[&,!3*F\OT0]N6?.5[NBI2UG-SSGD0Z( WBJW4J0T7.B;],<S4G(6
M&3207$0((IMH6),Z2*!C@5=J<PE*)0/81YF/V>8K[.S6%+D+6XY=KK=KAONJ
M4MQ:1($ +6M:E*45?J!()/%)3YG4KV\+E E=H6\6JW-,,1M+Z;TO8DL16VV8
MS*E6U-\4RRRTA#326C>MPH0" XE?+[(.'#F@B!0$1]P (C]@/,>>XUAK6O#G
MF>,,N4?,#"VR5$DG4DTI&2LB8EL)W48_BS-+OBVT/J?<HY).000.[;,)V/=-
MFTFV*HPDDB%=L5UFRA%#>F<4HX<.<:RI$$E5E!$$T4SJG$ $P@1,@G,(  "(
MB!2B(  =Q]P>?%*Y.'$5X'](XZ4VR.<,;:[XGS9>IO*66+O'8\I,-(8(R_7V
M,E:95=9LR9.)V:JK.(CTE%D%"G>/7239$"B=50I $P/3 0, "'N$ $/L#YAQ
M2M>'#D--X]^M8.G5B&.SAM9?7-"H,S=8?'T.YC:U8+C,R]KFV$M*M(V,KE78
MR4T]%*+@I62?.$&AF[%DS46<J)@9,#J5,OAQ2NC76[Z=?44RY+8-U=S#.VK)
M<1297(2M>M.,<@XZ,^K,'*0T1+N8=Y=8*(9R[R.<S\8LZC&"RS]-BLK(>H,T
M:NE46TB/;^, _C$ #\8\4K7AQ&&(/2,^E3G3/="UJQSFN\RV6LE9*C\2U*#>
M8*R[#Q[^[R<TK ,XU:PR=6;0K% \FBHBI(.WB;-$A3+*JD2*8Q7G /< $/<(
M /\ 'Q2M>'$];H==CIPZ!YO>:\;,Y9N-0RDQK%:M[B%A,-Y/N[(D%;4GBT&Y
M";J=<E(HRCDC!R*C<'/KFXD\*I2F'L$QAWHUR#2S_& _.V6_P8OS& S[\\OF
MC9/EC\S(8OY8^6?F9\G_ #H]K]@_31A_D[Y2[_I?L_C\N/QY>..=/PY^&>52
M_P"'*Y(^E8=%XHB [ Y)[@(@/^;9G;W@/8?]B^>R87]))Z->;[.RIT+N) T:
M>E'[6.C S+0LEX=@GCAWXP3$UQOM3B*;'(E,0$U'$S8(Q BBB1!4[J$[S@]Q
M^%,CO]>B*>EPY^:WF(QY$HSK)\U?P[F/3E6DBP72?,WD:LU!Z@]9.6IUD7C5
MRT,1PV7;'52<HG350.HFH0QJ[ROI5G1@05514V R0"B*JB*@!K;G4P HDH9,
MX 8M+$!['(8.X#]'&">0)I5C/ARN2'I6'1>,( &P.2>XB !_FV9V]XCV#_8O
MCO-8=E,2[@8'QOLE@J<?67$V5X9S/TJ<DX&7K#Z1C&DQ)P2ZSB"GFK*7CC%D
MHA\D5)ZU24.FF1<@&153.801S!'G2O>N'(I;G;JZZZ!8,E]B=H+P>AXPB)ZM
M5<TBS@IJTS,E8K9(A&PD-!5FN,Y"<FY!P8KI\LVCF:YV<3'2DLZ!)A'.UDX1
M:8=>+II;\9QC=<]<,U6"PY:G*[9+- UJTXGR5C\DZPJ31*2GT(>4M]=BXQ_*
M1\29>7/%(N1?*1;"2?(I'18.1)&#SQP[Z4XKAQ8.^W6"T5Z:ELQ]2MM<DVBC
MV#)U=FK54&M?Q=D#(";^&@)9M"R;APYID'+HQYT9!V@D5!X9)54I_6D*).PC
M ;\]8]%W]T#DG_=KSM_V7R<$\@3[J<N?KUD?&K&_#E<C\]8]%W]T#DG_ ':\
M[?\ 9?)B:C]<7IT;OFS8GKSEVS6AQK]B67S?DMI-8FR13GD9C>!,NG+SL8UL
M]?CEI\S%1$J2K"(*Z?"HY:$(B8S@@<8/<?A3([_7HBFY\.5QP]*RZ+IBD,&P
M62!*<A%"B&MN=# )5" <H@8M,,40$I@$!*(@/?R$0YK^>L>B[^Z!R3_NUYV_
M[+XP>X_ TR._UZ(^-6-^'/*<%YIH&QN&\7YZQ5*.YO&N8:+6<CT27?1,C!/)
M.J6Z+;S,&]=0TN@UE(M=RP=(JJL)!L@\;&,*2Z1%"F*!R*5ZMPX<.*4<T$0
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MLUE:'=RT[.OW$E*2#@]-9"*CAVY.<XE* ^!%!/U;9LD!4&J**!")%K?
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MJA6&/&\!"J%<A<-GLN*PA[.Q9%2*D#I]7H]S2,:-D'(JC'6,EN;D.GZUR Y
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M.SF3'22-,PCCFT9 E4%')&BLRO#LE5(.K,%E"*D^6+?8%HFJ0J0IG%Q+3#-
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M!XM&QTH^(A'N(8=&']A5)?PRNH__ /D"V1Y^'UK/V*&)_N@738_KO85XJ!Q
M/>!4V-HMO\,ZD5JLR^3GUEE[3D.PGIN(L08UJLMD;-.:+L1LH^/4<5XTKB:\
M_:I-JP24DIM^4C.MU*&(I/7&>K\(DI(%BU-=0?/E,AU;WD#I7;X06+TT#/7,
MW57>JF7,A048F45'$I/X.Q5L?:<FKIMFY%7"L31XR\V90J8I-8%PY.1 >@Z^
M1#3+76#ZA^2;TFWFIG5'%VIVM>!6CHIU"8]J.7\<RFPF9)Z&;**G;-9?*=HF
MZG!3\VV;H/WT+C.(A%7*K%LLW,X,2E$ #PAV#W>7N^N'P$/H$.PA]'%37X-4
ML\3=*M7+E!'?'@K7 0]FAU)2)E8"2-$SL:VEHX\A!SK..FX9Z+-VB+N*F(]C
M*1SCUC.09MGB"R!(3TOJ-Z^7O>/(F@T,G=D\L8[J[^:6N+^!9M\2VRSUJ&Q[
M:,A8KI5R)+K+3N3\75'+.,[7D"M!$-B0L)=(Q1)\\=-)AK'>O[D[,533?5S.
M&S=T;*R,)AS'\S:T8-!4$GMKL92I1E*I,:JH($++WFZ2-?J$3ZTY4S2,VV]8
M<I?$8$'Y&P@SUFZ<V#=A(C)N+\A=0W3++,OU(LL2$%D"B$G,TY<R*O.6'?;%
M"3YO855Y:)O>&;GD;%5*8M5/$X1H6+&;%)(D/'M4E*<[FW<7*N),E3%!J_3U
MW5SW#1C:$6:92PZ35G\SR=5EXYN^79Q*F3]G,:V\KB#<+FB9<TI4HUJ61;KB
MP</V )/5(IXAZOEBSY3'.0<.],'J,WRH-+9?Z(M,QD;IHQ2+<,76Z9H5\@/9
MIS<2)?>U5ZY5Z9KZZXM0CW;Q@JM'/'C$R3M1K6-,B4S,.-Z!EK'LLVL5#R;3
MZED&D6!L4WJ)JI7&(C[%6Y9#U@>L!-_#R+-R!3]CD%02' #E, *VZ')"#I#8
M>Y2C_GK]13MW*'[N+.P?#X  ?8  ^@.,CP]8]>_RJ./?U^7#A[^/QJ>9-GJB
MGL+B?664JMXA,EY:U[R'L9&I23.OFB*U6<8VS$E,M%7M+Z/L3Y1"Z(S>8J\D
MU:0S::@ETHN?4&?)[,P+(]"V5WDQGKI=:9AQA3,J[ [&Y$AWEHINN&O57C;G
ME1W28YZ$5(Y'M2M@L%0H&+,9,Y@Q(4,A98O%*K$G.^.OU]]-3R2T:G'O(!0'
MK2ZK%\P >FSN\7R\A !V3TA#R^ A]'PYT_I,0J%V=;\;46LQIG+.=NH+M+1)
MJ9DD"_*]=Q3JCDZ=UNPCBALJ8ZJS>LT^L4)[96D4)RMR6:]6B7(D5:3.85!U
M\#^ /XUW:P]360P<K%2NZFF6SFH6+9:38QJ^P5L<X1S'@>C*2SI)A$*YCN6O
M>5\DS6'(M[(KMF#FY7JIQ^-H5TX0+.WF-1<(+G]RW@WZPAH+ABGYZS*UND[C
MFX94QSBU&3QI"L+>[BE<C'D%6MT?Q_RQ'KOJ97HB*D+#875=^6YL(1JHYA(.
M:6$C<\P+-6J_<:].U.U0T98:Q:(:3KED@)EDWD8B=K\XR6C)J$EH]TFJV?Q<
MK&NG+!^R<IJ(.6JZJ2I#%,(<J=TY228:.=/?",O*2MG@M6/2%*]I]1)BQ.74
ME(2N'M?=L<Z8XQ?%OG;]R\5D&U=QVQA*.B9=9858N 0:NCN#$5455-6R*Y8H
M&WU^#M=6F8RQ5FS1$98*[8(1\VDX:=@IIDA)0\S$R3-19I(1DI'.FS^/?-55
M&[MHX171.9-0IA\*H.SE$R+LEL)J_"Q-J:WS6ZG8(NUVEI-C%HU24B]@VN1'
M=.;UA\VEW4H]?QJ>-)P+&E)1$4@T.[BPCW$F59R9JN_!ZSCIA;$UO3^QJJHZ
M);.W-\WT2M3Q1PHQUTS;-$D++9=&[!)K>M3;42ZG2G;WJ2^D%VQ(\J%MP,0Y
MCP^-VLEV?5H0'K =5P0]PZ^],40^P,+MGQZ%3CGX#/S _&F[&$"E$P^XH"(]
MO?V ._(VZZ[14/9=QL"VHT1;(H^N.R>0=7;J-I8Q;(LI?,;QE2E9N7K(QDQ+
M"\J;IO<HPD8^D@BI199!\5S#M2I(G7D@I]34^T-^2/$^])/_ $KU5_NPNUO_
M "9@?BHZ'W?-0'XU*'1GJ#:_=0.H9%L^$75DCI/$N3;5BW(E#OD=&PEYK$O7
M9R7B(F>=1,9,3C1U3+^TA7D]0;1'R+J.G(U%^Q5,QL4%8H2)]8V;V:HVJE(J
M-]R!$VF8B+GFS!>"8QM4F<6^D$+9G_*=9Q)3Y%\E+2\*W3@(VQ6I@]L3E!RX
MD&L.B[7CHV4>D18K5\M,\$Y1JNB>KO4%U(K#NT[/8(F]JZEDC$,:^3CD]Q-5
MS;I;!SUPP"]67*=JCDVHO5WN1=:;,Z#PP.1D9&F/#IU7)5C,C,/J,Y[QAL]H
M+J'GW#5B):L:Y-W[Z8UCK,L#=9B\!(=X<0LI*'FHMT5-[!6BMS3*2K=LK<DD
MA*UNS1,M!2C=!_'N$BJ)X[N>N,^^F8[1;@X>U+@JB[R(K;+)=LF3[FHX=PMB
MNJ2>1LW9HMS)DI)OZ]C''$$!I6=/#Q22DO:+ \5BJ=2H4ORU=;+7XH2.S1=F
M^H5GBC1"MZR9TM-[JSBXB0/'-BJ;C5G-%XKT40OK',M9\*8?V+MV3C(,VX'<
M.8ZBPU_L )D,",.LJ44P\GU/39YIZNG5 RW=6Z<C8M6HG6#3S"+21.91S0,=
M6S$$;LAE.5A60^%&.-EV_7N&+,2J28O)J)QO76#ATHSCDVR3G1*40 /"'8/=
MY>[ZX? 0^@0["'T<<^O/!'H^OOI4';GO]A2E9,JF,W[*ZN9"WX_-DR*D4X D
M<DK5DV-1>N718:?>P]D,M&?F@45K-ME(E!Q#/K7&,GJ)7*4DFP.2$M& L/7.
MS*W&ST&"F;$X1CD7<B\2<&%\2)9R+"-,_;)N$V;]5DRE'C9NL\;K*E1%N43F
M]@CQ:'*?K]"/G\^'W?E4Y'#AGOZ=W\^[GX4AOK*Y,-/YFQOBYJX4,QH%(<66
M00 Q/5!/7M_X$?$4AS"*K:#KS0Q15*4Q221O5 ":AC'3GR8&_EF5MFY&?Y%1
M4BQ6%S;UAN9/N) ;5.N0=?*0!$1[F368N"J=NQ15\9BAV-W&'_-7FT^[N7S:
M#JZX+45@WR;#9.<C]6MCGT9%QS !CQ&C@$C)/$YR?TE=F[2S.C=A&RNQLH#:
MOZ&VB\2T@8/TAJ1@:BN6\>:E)G760@*.#NI2,)P$@X<Y6Z"[MT@R:(+NWKDY
M4FS)H@JZ>N5#CX2IMF;<BKEPH81 "IHI*',(@ %$1 !81@KIE;.9F,QDYFO)
M8@I[H"JC/Y#26:S*[8? ;QQ='0.6PN#J)G!1N:8"OLU2B!BO#%$>W 6+35_U
M-*$*P6B?=9!*0I,1A;C;.\<)5)D$"/%;)X>UDNM-CJL5WK6VT70NSBVF[ZZU
M59=,0=U:FE72:VU)EEL94W;H"-^?<WP.(CV^+)D*_9;-+R^'<>W<0*'?Z3&'
ML4H?2)C&$"E*'<QC"!2@(B <:3J9TP,IYM4B[EEI.4Q/BU;U#Q)!VV!OD*W,
M3AZPH0L,]1-\VHYTGX?#.V%N#HR*I%XN$>)G(\3<IK9T[=?==3L)]*'/D;(K
M3U:I;W>&[1\O'.R>(16JT 1,8:L^$QA%)RW2=S)2_H5)A4/+D\P  ]W,KMG_
M &:V8RV+IKZ0W+<04.MZ>@.J,8*&%!-SG)"%2,'(7%A;K)4D9F2&E*:.L+;I
M^D,EW%F;IO8A!D6N.Z'([^N[W'0FY+;.4*7IZRN>U;@;XXLW&[>UEA"U;MJ@
M24-R$^<8KQ)CS"E-C:%C*KQM5K,8!CILF"8BL[=J 4',G*OEA4>R\N\$I3/)
M.17</' @4IE02(FF3T?APYE?&C1X<=F)$89BQ8S:&8\:.VAEAAIM(2AIIIL)
M0VVA("4H0D)2!@ "M84^X3[K.EW.Z395QN,^0[+G3YTAV7,F2GUEQZ3*DOK<
M>??><4I;CKJU+6HE2E$DFCAPX<OU\E'#APXI1S:H B0X!YB)#  ?$1 >;N'%
M*@QH=4;73ZCL4VME:G:RXG-XMSK;#(3\4]B5I:JVG/%IF*S9(Y-ZBB9[!6&)
M<(2<+*-P49R;!9)VT6514*<9S\.'%*.?*^ QF;H"E,8PMG  4I1,8PBBH %*
M4 $3&$1    $1$0 /,>?5PXI5;+I6[OUS5'IYZF:[9GU:ZBD)E/$F)(VGWF'
MBNG)N1:8^-GV,Q-K.&K2PP&(7T'+H BY;JI/HI\\9+D5*8B_C]8FG[_U1<@2
MNV_2EOUUPIA;9:8?)9XU0G$L7S^MV9:;G-[#XDW2P5;[M)1N#[14(S)TBS85
M>M3=@9KLZVJG+1#!9_'&<-@]9QYO8/K_ ,8_]>';Z//^,?Y>_?DYR<GO!^!S
M3U^7KT5>)=4NCS0.(_'>GW4HR):#**%BJNGH5GO%999518X(D&];"0&'<5U]
M$_<#'>V^]UYFD3N*BH*=DA^G5/7;.-OV4OO4#V[K]?Q[F:T8L9:_8'P!6+*T
MNS/7'7E.U(W^QQMSO<4BA7KKF[+EZ:1$]DV4J2+JF5:*JE/HM0G+.TB9.SS;
M.1*40["'B#X&_1!Y>8>0]P\N;N12D4ZY9+R1TQG^:=:<]:\;*9#PQ*[);!9N
MUKV,UMP3>=CJM/X^V)RC/YPD,=Y2JF&&%OR9CC)V.KO?;? .)"P41E1+?7F,
M3+5ZQF>JK11/--],M;,[V8OQA6===(=@8G#-)VZTFRMD3*VP-4E\)7BP5[&^
MUV([')1N$];IJ-?YOLBT(W16M%\M>4ZQB*HU^BUVPR=<=71\+5!*Q!X0$>_;
MS[=N_N'M[^W<//MW\^WN[\ * =^P  B/<1^D1#XC[Q^'G]'E[N/7KE2E"[#X
MPSQJEN7-]0?7/%M@V!QUFO%U*Q#NUKICT81+,,@AAZ0LK[#.QF$8R?D(.*R%
M=:1"6VS4*^XP=6.'F+=2'$ ZI'RE9:^C#O>_N>JU@^1C$VV.<%[X94R6N!44
M<-5[1#:&FW="45 2MHRQ3V9,<8RQ/0R++>%)2?ON2JY5F("+A_-MVY14XSL0
M 0[" " ^\!#N _>'FG@+Y]^X]_>!C&,'X(B(?BXI2:-F,?Y-WMV*T6UVRY@&
MPU/72C59#>C<"MW6,C[IC2=R-5DDZIK]J3)W:,:R>.,D2T+E*;L>6,E5Y@O)
M02\)BBJ.W!',1:XE1W,D.G#T]" 42:'Z9@<@D,4X:O80*;QD$# /B+1@$!$P
M=Q$/,.XB')H=@_%V^]PXI2F^F%0LB:P+[/Z'6:FW5IB76C,J]GU#R)(5N3;T
M2S:J9_<2.3*1C*N6U=O[#-V37.W.+WB6PPI'0O8&IQF/'7LC6*EXU,GV]&_'
MU\QGIY/5K(U*ME!L2NWN^EC2@;G7I:L3*M>MNY&:;)59U.,FFC)X>&LU=DXV
M?K\F5$64S"R#&5CEW+!VW<*-7X<4I:=YHMU>=7'6S(S6HV=QCZ#Z?NXE-FKT
MW@Y)6HP]NLVP&GDS7*Q)6--N:)8V&>B*U8Y6%AW#I-_)1\!,O&:"K>-=J)>!
M-(7+?3$V(V)NE>PUE/8+1/;G+$KL9.EP+4I#)V9]4-CKHRAXS+IY##$$9>[Y
M-P-F*0B&>1&\MB2)L=RQUD%W;T[!1Y&N3Z5H9NIYH( /O#OV\P^L/N[A\!["
M/F'%._Q_E^5*?O\ U)YG)T"[H^@VN&Q&?<Z65JK%5B;RCKUG'6G7+%<PZ[-@
MN6<\MY]H6.&R=;IJBI9F6HF,V%[RG; :E@:W60.\<2\7&'+>C%LUNU1Z6.O5
M ;7?.5AQ1U.]5,QYUR-%55X_E++9[%DW(N3M@L[VYC"-'!:S5Y&_W&;GGCJ0
M4&-J4(_B(AU(BBS25._T"E#XCY]P\0B;L/UO$(]OO=N;N*5X9L?KMBW:W"5[
MP'F:#7G*#D&'2CY,C!ZK$S\+),'C67K=NJ,ZW#VRM7>E6./BK72[,P,20KUG
MB(R5:'!5MX3**Z5^*]S<>[Q]1I?<:NR,O/,,5Z$XDI.QS:)?L:?M96\00VQ;
M1IF1@HHW+%160I:'M$"7,U$BG;M"GY!&169@A7K!72"^CAQ2MB@"*9P .XB0
MP  >\1[#Y<5;TP,>WVA274L4O-*M=-)>NJKLQD&DGM$!*0);?0IVIX6;PEUK
M(R39N$Y5)=Q%R:$98([VB+?*QSU-LY4,V6 K5>'%._QQ\B#^&*6=T@:'=L;=
M/W$%,R+4+/1+;&W791U(U>X0<E6["P;3NT^;;#".7D1+-VC]JC+P,K%S<8LJ
M@0KV*D6,@V,HV=(*G6EU(=+]@<39/Q_+:G4">R5J]M-U!-',S[&X>JL>_D7^
MNF=<<;18OO5MVCHD)%-UBAC+,=3K3F/V+A2-D6U8OT5 9F263:V#(RYK+W#M
MW^]YA_?^_EY<4'#'7&/?CRI/N><:9VU#W4MV_P!@#%EJV%Q!L'C.B8TW6U^Q
MH6(6S0PF,+#8"X?V7PO7YZ3AV&3)B"J<_*8TR7BEG,Q=ML%73JLY1$+'.P*E
M=>>C/.JQA62C4VF+<#[VY@R:Y*"#;#U<T7V;HEM;RRQ1!M&6FT9OQUBO$F/4
MU%NR;B=OV1Z]76)?$L[E"$ H'9V( (=A !#X"'</C_+S3P%\^_<>_O QC&#\
M$1$/Q<4KKE+E9^>IU4G+75EZ-:)FM04K9*4ZEXJP.:?/2,6U=S%6<ST$HM"3
M;BOR"SB)6EX99:*DE&AGD<JHT61.8YV7AQ2JDU5UEDMD,S7U=[D1*M.9G(\\
M#URI459]8RSZ9>BJN _.N&+X@\'D4Q3 /</,.W86J8UZ.6!:^5J_R/>;]DMS
MX4CG8-5&=$@%#BH"@@=K#"^G12,GV2,G\Y1\0"<WB[B7P'#F,.RK9OHB\Q)]
MYNVGXMSN!N$Q1=G/3)3*BJ0Z250GI*X2LD9^M'/7O-;$NTEVA=LVD[I9-(:7
MUY<].V!.G;4E$:RQ;5;);:40(B$I;N\.WLWEL)22 $7!/#'_  IPQK%6N>#,
M)MTTL6XNI].7*D*1I6/B45["X3,4I3E>V60]LGWOC A?6"ZDE?&(=S=Q\^>U
M@ ![O[_9^/#AS)2'!A6Z.W$M\.+!BM##4:'':C1VQ@#"&64(;2, #ZJ1R%:_
MKM>+O?ISUSOETN-YN4E6](N%UFR;A.?423O/2Y;KS[IR2<K<4<DT<.'#GU5Q
MU'#APXI1PX<.*4<.'#BE'#APXI1PX<.*4<.'#BE'#APXI1PX<.*4<.'#BE'#
MAPXI1PX<.*4<.'#BE'#APXI1PX<.*4<.'#BE'#APXI1PX<.*4<.'#BE'#APX
$I7__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>g617438.jpg
<DESCRIPTION>G617438.JPG
<TEXT>
begin 644 g617438.jpg
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MW<\>*0E1*"))\^ H<@ $?S>_3$ZHR?=*@TITI"2E05Y#Q(#:5 *\D CZT<%
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MQSSY:]N!^[[*'O)Y^D\ ^WYCCD^W4*N_SM<2H)5E>8@D<_\ J/+G@?;]XF2
M/OR![DCCV'/3$1BA*TI2A2EE#A6IU16I7U^Y6QR!QY@D);')4"H>W)$1@! \
M5<.DAHDKX#8+I4GP\4E7EQR?))(\@4^*N22'^4-O(<PMNG P(4^_I_[4(]P#
M8Y'TT_S=W@7;%9\3<$9_E%MVQ/?G9R3[XN.>1I]P]_?:\ 3^E69 )X\N=>7
MX\@5 ?\ 5/WX!]OS((Z\_I_.UT#DY5F*1^05KVX"C[%7L#)YXX!/\>!]OMRQ
M ^R&@4%+:4$)0/;S<<*1^^0H\A+9  4K[@@*"B 3ZF*% EUM*' ?%24J(4$
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MKX'&.1G'-[9X [7&-6E3;25NA!7XJ2CS6VDN-H/D4I0A8Y("1[J\4@@%1YY
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MRM'TD%*PZ"#Y^3@6?N 20GR /'IE)!Y"N>">)GRX!4/!25-#ZB0E!92H#R!
M2"$*2"OR)/D0E">.#R\TY%P#86(^@ .#?-Q:Y!&><W@-B_UYN?6V+>OK8$VM
M?N=6TQ3RHA0Y)()'B@)*@05I\AXJYXY2/8@^WB2KJ4(Q4V%+*0E3@'*E("@
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MY ;\DA'B%<>)'*N4>?CPD^YZ\<92KAQT^8#@:X2>%)6C@^L4IX!60 $GA*.
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M6?WB?;H'1VOR3<8(!L,\XL ;GBYL.;O+X M8$#Z<&^3S\UL6O;N=6M+"O$@
M)3Y#R<7RI92D^Z5<?7P#^[SR/'W]O8F%48*!;0H-N#R7ZA_>65<\$K 4DJ !
M\4G@A)*O8$]7=3:@I)'IAY:N0M:>0@<$NH5P0'"L\)"T<$D@CQ_/PQVU)) 2
M6%*)]3S*0OD$#@#]T(//OR2 ?J'/L =-P23VX// -[BQOVMDBV+#JT+=\8/
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MI;OACL%:G"5E1VG0O,^95RI8,)1*E8))N5+*B2D*%ETI^(GW>*4H_K1C\ \
M'#\7 X]E IX@'E)Y(]S]OX'J+_9$>[S_ -:C'_\ </QC_P PZ1&E0)//((X\
MOX!1'L@JYX) (]AQSR"1R>IG6,=[;QO_ -**_P #_K:;:X /_IK<V_"W:VLG
M_B6\'^WA?L#_ /%&A'/?_P A]1^LZ6Q_LB/=Y_ZU&/\ ^X?C'_F'4*OB)]WB
M$+4-H1R4I4H#]#L9/)2DD#@0.3R1QP/X](IZVWH/!W-E;MU5@J6%R&<BSG'X
M]@TV4)6:>)/9GW"TESZ.45\9\E*N?43R@ ^75^'NW>TV7%AL;GW IZ7(9C,I
M%5G&[CSB&T"P>O\ >*=:^J^%/@M1:74JQ.\,?#]N#28$RIS%G:5!2$18$=R5
M(45&" .EIE9N3_$ZZB=12,MF:KUW/SVS7<YK9X?1V^46+D:)$+UQ;P6;*0TB
M- ;9B-,Q!)1'8#+2"IM +GDOE1V)UX&V&0&8J$MQ60EF*VA(0A$9E(:CH0@>
MR$H80VE*1[) X'L.O>ON*,RJ/'884XMY3#+3*GG%J<<=4TVELNN.+)4M;A3U
MK6HE2U**E$DDZ_"^H2TU"H3IZ(S$-$V9*F(B1F41XT5,E]Q],:.PTE#;## 6
M&F66TI0TVA*$)"4@ Z.CHZO:P]'1T='331T='1TTT='1T=--'1T='331T='1
MTTT='1T=--'1T='331T='1TTT='1T=--<MS;02IOD*22LI6VIOA/D4\M^1;^
M@+\OI25<H/N5>WVKVTGS0#YMME 2I"$I6I"UDAQ!4A(2A*>0?,GS!/!5P!S!
M'9*"VA*#[GQ<]5X@((Y]U 'E2B%#CQ4.3XD_<=75IAI*@?4X^DCA)4/)SZ@I
M(*N"%$D)Y^P/OR>/$_E8M8)M<D6'XGUMFWL3<GD&UR?ZJ6T'FP3<BX-SDVN.
MUQ<#  %^Q((UXAD>H%%SA#*0/J=*5)0 ?J2DH/J)2KV6D^_J'\@2>LNPC+<I
MP#**7,<(R"9C&442S+I+^"EH2ZZ40ZRM^,'FW6/K:6ZV4.LKX"R>/L.L<]-7
M*D%/II<2E'B ES@)_L%.(/D7#XGE:5%2_P!X'E)YN3338*E()42"@(;)" 0D
M'E)4?=0X!4D\\>RN#R2,9,AR.M#S+BVGFE(=9=;4I*VW&E)4AQ*QTE*TKLH*
M2<%/-[6F1$BSH\B',CL2X<MEV-+B2FFY$:3&?067X\AAY*F7V'FU*:<9<0IM
MQM10I*DJ(/0!7=R&^GOA.Y!N5W:F2N[7B["35,YTA4)-VU!_3:HKC#0LQ!'#
M1AONLE08\@VZH)4!P!BG:_=G=_8AWEW^^MHSZR/DV9LKSO9EC ;L[:'4U=)C
MK1?C5L)F,W.M$0XK5? CH::#KRV4NK5XJ5TCNM[G-:1OAP7':XLWXVG/S87\
M9'X*^O&S"1EE5=?M;Y*A%]4PHKI#8"E+?2AD\%8 MNHNXW7&$]D7<CV^7QO?
MUA;2NESL7$.ED2J-3+D:J;0JPM$'T(/B[">2M+A*@%)4"0?;Z'3OB$Y4Z J=
M7&JA"8\*)T:;%EU"0Y%=W Y3*HP8DD(>0L3Y'G(C*4VXW)4E_H2Z"I*M?GHY
MX*5=C;._6*-L-^@5J;^UI3JC1*K1ML0(U8A>'+6Y=KRVJM1W%TYU VS3?AGJ
MC';6R_1FG8?GN1%H;4-;CS_X;.*6V:=K%=V_[3M\FP?N2@7MBSD&:5D,3\>I
M,?HHV2S<ACQ:V%7IEM2JR2M,6LE-,/1YWI-/2U-*4XBV[![ M62=>;VO],9+
MN]69=N)DR\KB;CP:%CF+9]357SJ;JRU]9Q*]I;\1":R<_!#KLH.J;9]98:DL
MOG*T?$%PG!L>[%)6#U.19#DW;E16]!LR@FPOP.):U=]AT3&[&)17<E+\5]T+
M87)BR5,^B%LMI="4N>H*'<W=IV[YK5;+N<=V-WJVF09]C^01JS55[GWRFL,1
MN,CBO-NJ>)>4NRQR*\^#^!1K"=%<BH^40TMLI2G'E(\*5QZR['111)>;CNJB
MIERFD1VI6U*8ZE5'?<DK"'(NY'*A\0PE$U]2FFHRVDQRI>K].F_M7,U':$>>
MYO8TV(_.CLU$T.G2GJE)I_BC6V%HWI"9IT92X]4V S14P)[SM%I:8[[E3CRU
MU));78_@Z(3_ $V#ZT@>)U=DI24D'A"["D6DJ"> A+B"A821[J\B .>.D/3=
M97>V^YV\UICH:3=9QO'*J" Y8K4F*PJ?F%D'9TDMH6]\O7Q@]*<"4J*D,>F@
MA2AUO3X?/<%@/;+O)S86RA>FB."7&.MHQZK5;3#93)56\T7(;"T+2P&XCO#O
MN&D^""!Y$C=NT]X]D&)9-B6Z.UG&-AUN[<=V[7;"GG*H]^S29%3RYDZ5EE0X
M[:S9$2N_%!,68SD=A*V5)"$CT@0.5@IHU3\/]OQIE=I40T3<U:GU2F/RU-56
M33)J:*U>FLH:6'GE-QI)0%K9N0 A2E:]6KC^]-L>/WB34:'L3=]73O;PVVE0
M-I[FI]%$S:E.W-2&]RNLJW)47I,=$* U,G0$R76VY1;;4X74-M@JUDN=?#?U
MLWC^]:C6&9;GF;3[>L;3?9!)SO!:ZDUEL)<:*_,MH6"7+$-F6XY#;BRF@^N7
M8H#RXR"'&5K?;U!VM]KO:WO.DP:GN,\[D)VRLL'REXWK_6L.5@&O;:1(DHC0
ML@R>;6SXRHPBM1I#SR)#?@)*4NI8/U];TW1WH=NNRVLUSJ#FG>;69/F..6L2
M/IR%L 5VK:C)+*I<@&8ZZA]2%4;;JPY,J8$M$:6VTX&H"4R%L&LQ3O@[9Z_5
MW:_06M+O/%;C1-E32+? -;6%;18#E5O%CIC2\ORB4&G).11_F')-NS3L.1Y[
MTN0[#<1Z)2L]6MGPR&X$NL/;5;I\:&Z2R^Y4'XM397664QG&4MRTF#.CTAQ:
M'E2%R9+_ )1=%/3+<4IOR6/5?VF_Y NQ9D+Q6D[AGU>$69T2%1Z?4]NSFMG3
M34V)9=H[BJ_0IVZ8\5R"8+5)I=/=E!C^4$BFM(COZ9US\/.LN>XWN'UGGNQW
M:/5?;A7INLSSNOKHK=U:4\Z"];4:(<*2W,KX4]V"U(?M%/(DHC?*J;A(E*=:
M/2K=DX'JZ]^&5A6ONVO*,GS;%,N[GL4QW$[3.Z]BDN7LAOLTD0'(<YF''CM(
M@QYSJ7&Y;$9"G(9+@9"AX=:NQ7OOT?5]S_=5D66XWE>2:$[EZBEI;);%:Y#R
M&N;I:1=0)4BD6XBP6S/:FS(OA$?1,A."/+0EPI*19L\[R>V^C[9<1T[VW8AG
M.%W.LM\XELS$8>9H=NF;:-BV1KOWK^XODN.-19-TI7RXIB%/PX_@V0E8\1DT
MZ3X<TBE[F3 J%$:1.@;XIDE1DSW*\\VNK-(HT6E%75!<I[M&:;6TXHJ>D2B3
MUJ<24C#KT+]H?=>Z/#9VO4'?<MZBUSP/W/2D)I5'C;"A3&-G27-YU/=?E-MU
MB-N"+O:6['DQTI:A4ZD^<'&FF5PU'(!\,C53^:3>WYC/]W.[XA84<B_3!W7L
M-CM_E7R*I-JO%XU^J"B<%A*D($I=D5@D@-JD)5#.%:L^'CI[)^W'%MY[5W79
M:B179OFN+[/=LWJ56/Q&,1OLAQL0L42]5IL'+F;<549#9E2)[3L-V;(8@AQI
MIL[4SOOU[>MLW-=LS(\R[S];Y W ALWVGM9YZW68#>65>A 9E0[/U$LU0D*2
M@O/Q)%4\ZA*77F&Y?JK<2WLCN:UCEW8QCO;Y6,Y0C/JO=E_L"0BX@OS:^/26
M.39=;P_FLH<646UXU$O829[R4><J;\P]Y.>2NL>H+\*H;U1DQ8=!J#$:BUQ^
MDQTSYC+<]:)E$70F9+"9"I;=02T:BEY:GHLJ6V7VW([00VZO,V__ )557B[>
MIE5J_B#M^75-Z['@[IJ2]NTJ4_M^._3=X1]Z3J=,73T4J30%R$T*3$2S%GT:
ME/H@.QJE(7(D1!HGM3Q(Y'W=:HPW&LYR/$FK#8TZGI,]PB2Q!R.)7Q6K4P[>
MI=GQ9L-+EC$89+[<Z!(C.,2'FW(JFU> 7#7=B.O=G;![Z9N?[HV!5R^W[,_V
M&P\E<J+MVUAN8^QD%YD&<,HJ!*N)B&E/MQF:ERJ;(:CM!H@ ! _:OL;&-.]P
M^I-GY<)B<8PS*$7%RY5Q5V-B8B($Z,7(D%HI7)<+\E 4A'"_$D\>(("^(G>Q
MI8#XA96<L_\ CF[":[K)"<<E%3C;V'(HDG(%!:DT?C.2HJ^9) 9X4 ?<]<SL
MB1LY6WT-[A53EOIK]<D? SI3[2%11M&5\%_-MOME*'*LB.RT\A27R\$(2Y>P
M'IWC9$\8&=^2)'AXSN-$=?ASL>FIK]$HL&9)35CXO4T5Q'Q;M.D)<=9VF[/G
MRJ>\'*>W"4_*5$"2M9T'W9]HVJ=/Z9T5O;2>R,FV%@FWT2&DR,OKX-?+4H1&
MID*TK8D"#$5$BR5HDL2ZV9ZS\0MMEN8Z%+X;T0GS!"P5I2I0;)#OV4/J#JB2
ME1"SPH D)00@$)*NG#-W]Q^N]@=EW:[H3'DY ,[U"RA.6(F5+\6C4$PWV#\A
M:K<]&>A3BVU<M@*\?(\ >_2!BA8(]F_3''BM*5!+:P2 DH!"ASRL^9*D $ I
M)XZXS?"Z$:XV[MUN&S D4>AR76*>ZZY%CU)ZE0W*FPUYKCSJ2U-4^A32G5E"
MDK3>XU[)X(?RX3LV9%\07ZW+K5.WCO6FP9^X(T>-5JCMN%N2:UMN?)$6)"CR
M$RJ2(SK,IF*TW(9+;B$!'2-6]MHH<"%\)(;5X'PX2WY'W*?$*"2HCQ;1PHJ(
M"@I'CY=1A@)0ISQ2E"P&PV0KU%N@'P\U#R\@GGR6H$ \\^PXXKEJ*0DCS(2H
M);+?"05_0"E(4/-Q/"SSR4@CE'W*N80GW(!Y4L\*]U^02KGDIY^EM?D0E)'(
M !'N.>N.ZC:_:]R.<BWMCFYR2#QW.O8>FQ%AC-[V'H+\?-< _A88MJVB.OR\
MW%J600KDH"/+_P!D4KE9X;(22GQ"^>"/?J%+)2%)!4E2G$E:N?J6V#XCP6L*
M*%I/B4H*>. GGW!/5S]-S^(3XE7' ()3^14LD^2%< \HX(5SY @<=>I94M:>
M4EML+"B4?4EQ2>5 ^Y*@ET*X)X'C^]R#P4U>;@_-V'W<# %@ +7-[$#\;ZCI
M%K6-N3@WO@7&,@]P0#SC%A0%I/+3B4(*R%AM;S@40$J\0?X^0)]@O]X_V0'M
MU IDN)\ROS*EA#H 'BX2E15]R."WPH\\\!7TIYYX%P;;6$GE3;:23[-<!(\E
M)'"@"2>2E16D!1/[Y4GD<5"FTK4I)Y ^KQ/M]N 0H<\JX*P.$D<>1/W/L(\R
MQQSC/-A]#^.+\W(-[G3HN"/6QM@7-A?\3:V3W(M;FSO,N<E2@EKP<#9'(4C@
M-@-<%1"BG[!2U>11Y<< @=1!DNA12E23X@)"0KZO'GA*05*_9\@D<IY_(\>Q
MZN1:"RD I  5^T4E2BRI24_7PK@J0O\ ,(25$_;[<]#9)^A:!ZBDJ"EI)X(X
M^A8'YD)X'/*B%'DC@$]/,P",$8L.UK<C\#WQ<6%K'4]-R?P'K<XL;<8Q@8N+
MVP;VPI"/4;Y"VBA'(0/%:^ /=*E((*@LCE+?[H*N2K\O$I0OA'CR/-M!*OJ<
M]@I:E**!]*3SX)/L"%<A*G."+H?)(8+Q>XY5Y^!\G$H]B$**22H(XY6I"4^8
M4H@^Q!@4@AQ8<)86 %)2V2"\WQP4%WCV2D%(\CR0H\!0 Y +O;U)%R#R00+X
M&?<B^.3;4=/';-R"#[>^;7]>Y'-QJ@<;/@A/ ;6M)\TM<'Q\#ZB0L@_0DM^*
M %'W5[<<@<1)0GU&W$I)\2H/!*?-2@I'DM?DOGE2N @E8/"N "?SKRT5E25
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M]CQT#S#J/+E25DH(]5(X"PHMA*>/(IXY00.1]'N![$NHG %SR1@'I  QCO\
M3!)QF^G3;'J<CMFQ/>YMZB_O;.J%<4*1P5<<+/DLJ2"' #R6@H*)2H\I2!S^
M1"@.H41RW]7J@APJ/ 2&@T@@#S*5<J#[@4"$@<$J4H>('/5R2P/NI7U#GQ2H
M)40DJ*2"E(X2.$ASRY\@?Y^.O6VP%%2D<*"5>)5PM?O[A7B%#Q*@0&SP4I)
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M7[>/:(O,^D1BU9;'S*>EAU;90X[CF*-HKJU:%^:D/17[&1:/LK"$*2X74GD
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MZT-*3@W.#K"5,I6%<#@)00@$C@I4"05$JX4 .5$#[*)YX'/7A2D+_<4H$I\
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M/R&4M+?;6Z6D..GQ7X-E"&5)00\ESA'AR$\$\JJ&FUMA*PXM2G5>9*?$);2
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MURAK'LYYKX/E[\ %2@"> D @<@_N\$D<<'@<'KR7]HLVJNR!C_H9![$\RG^
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M^-7+=_:KB-J93Z3CA\E@E1]B.=2_&(_[:ZB]R%?J9Q1*3[$\'),N4I*03^9
MY2./+D'W(''$47<B-D^#<JNTFF19CU/WY4V:*BLQUJ-/4\^[&9E.,)6AP2V(
M:W6?+#K90XZKJ40DH5[EN_P[<\:OVMJ/L[=>Y*E2HU?\#]GU#>4G:4R.G[=$
M6BTVJ3:=%FJ;D1%TN;6&H\QM]466TXS&86VSU*;=;;GVS<8SDFTMD9'A1F#$
M\AS6^O<>_$8HASOPRXF+GMID1/-8BO)6\X"R5+],!/OSQT_M\%(?^DSN4*\B
M5;2BE7)YX)Q:L' /)Y''\!]^>N<@I 2!XDJX(2I0\ %$@^/')')Y^Y]QXD'D
M<D=''P51SIC<8 (*MH1N.2>0?T6K1QSR>.#_ &/Y=>9> 3ZI7BO!D+2A*Y$:
MMOK2VGI;2MV&\I00"24H!-DI))"0 2;7U]&_MRP6J7^R[4J6PX\ZQ3:IL:GL
MO25I=DN-0ZA%C-NR'4I;#CZT-)6\X$-A;A4L(0% #>&X_AL]K.WMG9ELO-<K
MV!!RK+[1%I>1*O85=55[,I,1B*&XU>[ ==B,J98;/IJ<4KE2E \$<<_7<3H*
M'KGNER70FNI,^UK%95B]'A,JTL6+69*8RN%5NQ%3+!A+34AQB5-?:6HH0LAD
M!2 KD].#]VO8#W<[1[C]N["P2DK).(93D<:QH7GLY%<Z]$;JX491<@$<Q3ZK
M+J?3]P  K^RYZ2,YVZ[B[/\ =7;ML#>]555M1,V]BLEJ2QD+=\7VZ"W@S)XG
M*\4KCM-1E!Q+BE.)\1XD#VZZ#Q/BBJ37V_\ BMD[4BQMUE52WDAN26IT%V:[
M#=D/E5/8:2W.<DM2T+^(= <"4I*@YU:\_P#V;:XYMJDP7_\ *>IOB=4Y_A66
MML^#S\AE<FA5V'0H%9ATV$R*[,=<D42/3I5%<CH@,*4PIY2@SY?EZ?<GU_;W
M\-#MSAY(,/:LI]<BDHIMC6U]<YG.PLNM%!IYZ3:R&Q(#2W5R9+ODLPZNN:"$
M,$)2%;I[1.X3$NYG5,C9>'X7(P2&O,+VBL:63^'+=<N*M%<Y,L3(K6(S,OYM
MN9&_JAQE+ZBVI#A4$(44]_$^T;L#>_;U5-:MI9F6Y%B69TV5-XU5>@NRNZIU
MEV#-%8'Y$=EZ5%8E)EML>J%/M(6&U%0 .3?#3TGL/1/;/$Q;9U,,=R>[S;)L
MP50N/-O3JFNN4U4>!%M?14MAFS+=<M^3&:=>3&#S;2G%.)6!]%4MZOTSQ+8V
MI3J.W V!3MJ)>AN1J6VB*N82P@+^T0UU)?ZO,95'2\%.I;+[K:U*\S7P'N"G
M[#W!^SS,\4*[NUZN>.E>\5'8-4C5#<2W:H*&(3\IU:J I[K<BJ6IF0*HXPIE
MIQX08[K0:+!:\^'6A!^(WNP+"%!</<'""D%)'Z:,A7TJ!Y! X/D/?\_;VZJO
MB<MI3W[Z!\/% -1I@>/'BC@;8MDG]T#[C@<#W]AS[#JD^':XVGXCVZ$K6A)=
MC[A0RDD#U%C+VW%H;_WQ2AM:R!R0$J)]ATI'OK[6MY;A[U=#9G@6$2;G"J^M
MP!JZRPR8K%/CKF)9]89!;BY<<=$A@JK9#+E>AB.^J:\I33?BI!X\3ATV=5/!
MN3&ID*3/E#Q16LLQ&%R'DMIJ#04M2&DJ4EM/6DK40$H"@I1 MK[)JVX*'MC]
MK:FU/<58IU#IQ_9HB,B=5IK$"*IYS9SI:90])6VVM]TMK2PP@J=><3Y3*%N$
M).VOC#AECM$+_HI*D;2PUWA"? N.)5;$>2TC[J]QYJY')X/WXZR[M7U#J?L@
M[5CN',:R&WECF#LYUL?+1#8EW\@SX;,V#BM-(#8>9@MEZ'7U]:TZVU(L9"GI
M*RI?+>)_&+2I7:"4)2I17L[#> E)))!M74@#^*BE*0/S4H)^YZW?FV-Q^[[L
M,>HL"LHKC^P]38_(H'?4;,=R]HF:ZP:IY+H/C&+]O3_A,I:QS$+JUN('I\=>
MJS(C0\4-[U6)#CSMS4?P_@R-MQ'D)<ZIBT3NI;+9*3YA?;AQBM"DK")*T!8#
MNOF&E5.4G]FGP>VU4ZK/HOAWNOQ]W+"\0JC"<<:"*9&C;+\AN2Z@+2IMJ%+K
M=2:C/(=:=D4YI\M+5$3TMK[,^+9B&W=4[@US:ZDM\6EY9AM]389:NV-?E$,3
MK&.N+!%U"^5C*KYC;;JI+5A&,EF%,:1] 4A#IT'V6]]=OV[:BFZFP'25AM+9
MMEEUG=055,-]SBHLFV0AJ>FC@R[ZU6U.;2AAA2H[$=I:_3>Y/@4MN]D7=3 J
MLPO\CTKE.)46 4%WD>27.3IA5U4W HX;TV:W3O-R)"KMYQIA9B*@MJ8<2 ZI
MUM)'+]G8=KW'=*]D,';NOL*C9?M#*]?9'GMDN&SYWN77$0VLBFQ)B8A#TIF&
MS\E$K&*^* V90<?+"Y2_+KQ7:#_BGO/>C%0KE4E;;FT7;55=55I.WFDSC21+
M;3*1!IRXS+4N5\0^&6W0U=E+>"X\A"'/K[Q9IW[,/A#X1SJ'LO;].\1J5N[Q
M"VJW_)FF^(3S]%:W.U29:Z:_6MR1I\N33J=]GM2)+\,SKR79*% Q8:W7F=X=
MI6[=][QI<K;[@^WN5J-45$1=*[*9E)I<FK+!I3<J&[5W<F39M3(R@3);DM)B
MO1G4I\$N)6DM4T>7:_[+OBC;+H:C%)4C%L]:P_$:.FHU1(4;';?;4W&;AYU#
M#B RBG@V#\A:(49"5-LK2AKQ2E*0M?X=VVN[?=&2[>S3N#@9%58:^S3Q\%K+
M'%&L2I*ZQ$R4Y;U])%?BQ[:Q^2C*CL2K&:M_S4D(4YZP4E+8W>Q(CP_BDLS)
M+B66(N>=N4A]]U12VRPU'Q5;CJUGZ4-MI"EJ/!X )]@/?N=Y5UU6P?#O=D>1
M4I-3A;XBM0JQN*FPHE47&<-6:=<>C,I,9$=]#+2FA\W4VVPXLJ<3U:\:\(]D
M1D>-G[07A?486VJ=M^J^"54E5;:_AUN&M5;:S%0B*V;4H;$.IU*0]47Y].D2
MI#$M:W5^1,?J,2-TQ%A&G\>Z[N9Q[M6UO$V/DF,6F5P).3U6.HK:B3#BRFY%
MB7E-2_4FH<:+;'HDJ2$A9)'"AQSTU#\+3*L?V#W@=V>;XW3R:;'<SQV'D]94
M6"F'I,!FVS5<M<:0I@".XXE];BO-I(0?N "3TMCXHFJ-B;?[;(]/K'%++-[R
MKS_%[YZCHFVY=M(JV''V7Y$"*IUKYLL?,MNNMM.!P1_-U 4$$=-[?!KI[;'>
MX#?]!?5TNHNJ77=%6VM38-AF=5V$7,'6Y5?+:"E);D1G06W4I*@"!PH_?K=;
MMJ===\<=C4B2T?Y/,*^,I[BH:$H7-?I4]N8EN=Y04]\J4A;'G+2CI2KH'.N6
M\*=M;*8_8O\ '7=L&8V=_366:)7(2*SYCR*!$WCLJ72WWJ%YQ^& DO.AFI&.
MCS0MUE+JOG2)'=AI)GN%^*96:FE./Q:6\QG!)F2/PU!F0QC%+C L+D1'2E26
MY3T5LQ8Z@@AM;P5QR 0X!W8=VV!?#]QO6VMM;:OIY\VXC/2J_%*YQO&Z2FQB
ML4(<BSD.0XQ5*LK"8T8C*E)4Z\^AZ9-=<"0E:8LZS^EUU\9*BL\AF1H%5?Z^
MH,*^=EN)9CQK#*,1;C57J.K^E'KSV&(R5**$A3X"E!*B>H_BX=MFVMF9;JG9
MNLL(R78#-?CMA@MW4XK7KM;*J<3:R+RLGOP6UI=,.>Y.>AKDH"FXST= D%MM
MQ*^M&XY/HE$\9-Q[/8#N\$^(,^"](8BHF3X=*$^(1Y#*D.D-*2_+6JS2DJZ5
M.*2I3"5(ZV-'H>]-Z?LC>'WBS4#$\)5>!%&J\6%.JKU%H52W&ND5D*,RH(D0
MT-OJ>@4N+U_$M.I0EF,VXD3BEY2&^]?:O^('V<1MO8Y01H.:*PJ1F>"W+T6*
M,CHKJG9<DVV&3K)+27Y%9,?AR:F9&4OY1U18GMMMJ0GK'_A!Q6)/:-.8DLMK
M2[M/8#+[9X4$A8@,.M@E(X 05(Y )">1R?<=;*T52S.T#X?<1>TE,T=UB>N,
MBR3(*Z>ME'X=?7Z9<N%C2REQQIV>9LR%4AI"E)=GNEE)('D<!^$ OU.TR4Z0
M4EW:^?.D$>/!=<@+XX'(''EQP"0". 3QUUU*CMN^)&PJK4(K$7<]9\.*B_N6
M,AE+*R^@TD,O260 4O*=<G,J*P%A,=+/#(2GRO<4Y^/^S[XW[5H=2EU7PSVG
M^T+MZ)X>5!^2Y+9$-]K>0E,09:KH=CF%$H<XI94&B[.7,"$KG+6Y.[<^\_1"
M>X-SLVTYJ.9AV-4\K,JRMR>)\E7P++(\1^9>R%<FB3%_$E-RWHTI+-[/G/2I
MKC:"XPTVI"4M]_&8P''L>W-K3,Z2OBP+C/\ #KI.2NL,MLBRE8S8U\2!.E>F
MA/JS/D[%4=<A?DZMMEE*U*2VGC7W9BGCXI+I))YV!W$>))/T\"_Y22>/(D\^
MYY]_8>PZWO\ &Q]LY[?N/SQ3/!P/<GBWQT_;\@/X_P O'\G7F=?KDS=7@;N^
M756X2W*+O)J!2&XT*/#8IT2-/I<>/'C-1T(2A#3$J0PE1"G"TX4K6O!U](;&
MV/1O"[]M#P>I6U'ZPVQO+PBD;AW2]4ZO-JLRN5BI4/>$B=+J$F6XM;IE3*-3
MYSC*>F.B8P'V6FC9*6/ /S)" %'R"3R2?']Y7( *OS')]O8@$$#J)04 "0GS
M)\>/<A:4I 3QP/?CD<'@ $\#GV/1X*22#P0I//"@ 2H<#DJ]RKZ1QP2D@D$<
MD>X$E/!X((5[^X4>%?<*41R."02> $#\CU\DX/![@@GO>P(!''; O@"W%S^J
M7]H_'_'C0 D) /(X">0>5\\E7#?L.2 H\<< \_PX]Y+HX9>)3Q^Q="B%<E1\
M%_1X@'W'/BH\'V_AP.IW'N0"H^Y)40./)21QP4C@\\\\^P^Y/\1XOV:<5RG@
M-.JX4H^P+:B3R?9))!YY/''U>YY!E)R";\@]_5/I:U[WR/2V1?4*MTJO_NG^
M!O\ JQTW>\E'KOI:0ZVYZ[Q;;4L*:?#4EY0"FD)2ZA!6>5 >"RM".%^QYN;1
M\FD)2 5G@.(6$A"O-8*U>))'D2D$#ZE>XY^HD]4$A),ZP4D*<<;FR%-H"T(6
M@%YP*?\ /@%190I3I9)4AP!*VT#GCJM92C@<H/@E*%_,'D!8(^HM@<E)'L'%
M)"""HA!\?(=>PJ-TH/L%<Y!*4XR;D&XMS<@D$VLGYT8'S*QDE21V38+(O@$#
MY@JXX2.GKRKYJY"O)14D )/W5P!Y'@>)!]BH>/'U>X'[OL0>IO4MO@#@)\$@
MD)2../'[A7 ]T^0]P#^7N>">I@]R!_'K%5R?W?3M?F]_J?KK-/;-[C]_?';-
M].>_"TU^[=;CRS8KR%?)8%B3M7$<_9EM5UEJS#0TI*P5I<;JD39++S93PMLH
M42%<%^3R(\?LI)X!]B"21QR.#QXG@>Y'TGDGCIO/X:&!KQ3MP_2Q]@IE[/RZ
MRR1E2VD(<525#8QNL+#R25O19#T.?(0AP)+;Q=2A/"B2X0G]WD$GV(Y^W YX
M!X)^Z??D\^7''(Y]Q]J^%U(-(V52$+24/3T+JKX(L>J:0I@\GF&B-G\[&XU^
M)G[4^[3N[QNW@XVXER'MY^/M.$4DD)10F_(GH%__ *LN515Q875CJ&=3/)7O
MQX\\ C@_3]_YQS_ @'W^_'VZ/,^7B#^Z/LD$^_!5[\<@\CCC^7G\_;J%/'L.
M1SP>#XCGD'W]A^\>0 1Q[?8C[=> A( 'CR#[D'GRY!4KQ'N1[_;V!!]N. >O
M0=?/.HP5 *5^1'(^_/DKV\0K\@#Q['[?S@]>D@$_P/MSP2??@^_'('YJYX'M
M_*0>I8X25 + X"> /=0/(]N?8'GW!XX]R0!R3U%Q]O<)^WDLI 0 1[D\ 'Z4
MCD>Q]OR^Q+^X?GC47[]OH;]KV_N!OC.D?=X.WG,)PUK!J.:N+DV<QUI?>844
M2JW%6W?2L'T+2067+9Q"ZUM1')CJDE/MR0T^ $@)2 E*0$I2!P  .  /X #C
MK<>_<X<V#MO,+X/!ZNBV#E#0!*O-#5'3+7&BAM0 "DR'_F994 "HO@GW!ZT[
MU^:OB[O)W>F]*G+2\7*7377*71FP?YM,.*XI"I"!<CJG/AR4I7WNEQMLGI:0
M!_1%^RKX21?"'P=VW2UQ4L[DW%%C;HW<^I($A=8JD9IYN XLI"PU18*H],;:
M)+:7F)4A"0Y*>*H5>Z5<?[T_]!Z=4Q:[TMFG;WA>N,ZV%3U3"\=I$VT2'D,2
MLN(<NO<+[3!6\T^6%)< 2^A;2E*3R/I^_35O6PM;:HR[;%XW3XG4"0RV\T+F
M]?92*>AC.+ <E64LI\?42GR4S";4J5)6D-H2D$K3C^&VYJIM^JSX5*V[%W2]
MN6GJH;M(E-R7426'GFW74!J*M"UA:6BASJ/EI:*U*L$]0SOVAO#;;>_-MT*L
M;F\0*AX9P_#FO(WI&W93W:?'<ITV)'<8CO*DU%*VV5M..H=B^4E4AR6EEIE#
MCBTH4NZA[9.UC*IJZ_&L]R:_L&V5RG(=3FT"6^W';("Y"TMU2@VR%*2/-Q2>
M5*"4@J/'2P<"P/&M9XM7XABD5^+4UZGG?4ENID6$Z7(<4[(G6DQ+3?S<UXJ]
M-3Y2 EM#;+:4MH3SB6H=,XCIO'S4X[&3+L[!++V09%):2)]W,924I4!RL0:Y
MHE1B5["O3;20XX77N5=;;)X!/EQPG@CCD>0]@"/8_<GQ/\".3[=?>>Q]GT^A
MQ(]3>VMMG;^XI,93<Q.WXZ_*C,O*0Y\&)3SCJWEI+:/B'&E)86X.AKS&D)>=
M_$3QF\6]P[VJ<[;<7Q.\1M^^'U/J+,FCN;[F-I?J$R*RXQ]L*I45#3,-"O/D
M)I[,@.3&HJP[(#$AYR+'F^0]@/N?8>Y'L1^7(/'N./;V!X]^#[G/Y\GZ>![\
M>W(XY)^Q/\I( _YNI?( ]^>/8J/))/OR> #R?<%)^P_@.1UX%) *O<>X'U\(
M_CP?<$@G[>PX)'/M[<=_KPO]?J_K^K:G\C@^_/!]_<<^WO\ 8>P^Q_ASQ]^.
M#U#R >.#SQS[DG\A]^/Y.?N/?CV]R.H#[ !1)5^?!( !(X/L0!]O<$DDC\^>
M>CG@JY">.?N3R1S^?'!  )' Y 5['VZ::F?Q_E(/OQ[C@GC[\'G[#GV'N.3P
M.H>0" 3^]R!]_=1Y_D^_'(Y/'/VXY!'4L#ZQP0$D_5R2KG['['D(YYY]C[?Q
M]QP!2@/WA[*4!RG@\#D\<#W)^_N./8\C\^&FIWE]_8^_L/R_P@D$>YX/')'Y
M_;D^?8_O>W// ('/ /\ )[\\>_N$\_;W^TM14![>Y]^.!^9_@.?W?N >?X<_
M?KT_8^P)^WN3X^/MR#_OB/;V!//VY2.1TTU,!_O<\C\^1]QS^7OR"2>?L/[_
M $#\S]S[?EP>1Q]_O]OXC^/MR> )?N/;]WD@)]@>0/;[<^7!!/)]^/[$D#V.
M5  %0')X*C_$\D@#CDG\T^X(^WV!Z:?K]<:F$<<_<^WW)]_<'^3C[_RGC[\=
M>G@'W]N?X$^_'\W_ ,'^]SU*]3V\C[CRX]O?V]O<\ >P!YY^X/OQ[=>%2N3]
M1_F\3Y<?Q/B?L3SX_P @^_33]?K^[7,\T^4#Q=0%M!'@\CR"1^844J]R04D!
M(0HD<D'Q("A=F' 6TJ46&BE"$(2' I26R0$J4""$@$ *)!^GV*@1U9XP<4A
M ;^I/ ?\"@$'R(5PXH\-D)(*G!R?#G[E(ZN3;[:D<LMD*6V /)M9<'O^U<=\
MTI/I#Q]N0>%>W!/'7Y/. $FP-[BY!P,@7(N0"K(O8FPS:V?ZLD>YX%Q<#L!@
M&V0,<$<@#5<@@^)!#GDL*4KD@>2OW2H?9"5!*@A/"@0.>>3U6 @ >)"DGZ2
M0M'B!R5 GCD @\^_T*'O]QU0MCZBX'TAQ0"?;C@J2#P7$\ J) )3[IY^HI!'
M7LMU]EA:H;0D/M^#89_(E1"R4I/B?3')^D'G^'/WZQR"HI2#R4BY/2+X N2+
M  GFX_<-7%+"4DFYL"; 7)M:]@+Y[VY%CWOI6G;AWC;O[6YDW]6][%F8W8O)
MD6^$90Q(LL6F2"%)$R.PW(8DU%@4J'JR:QYE,@A'S;;Y;1POQ7QJ=PF IEO2
MNMA;>GXB8O(<E,+U>. Y\AX>IX^?U)1\V0> /+W'3'!M+A02/PL*)()!;6"?
M'GR"CY?<@_0 >.0>?<CJ,6-TD\_AH2% @<I4GQ_> Y3Y$GQ3P. /J_(\\<=W
M1/$/?VW(*:;1MSS84%(7Y<4O19#+(58J# EMO_#@GJ40R6QU$J&22?#=Y_L^
M^!GB%6G-P[N\-Z15JX^6U2:FENITR5-4VE*4+GJI$R FH.!*4H+LU+[Q0E*%
M+*$I2%M=Q?>OOSN>98J]B7]; Q&+,:L(^#8C"75X^B7'*?EYD]4IZ58VDB,I
M(<:7+DAF.[YK882X>1G.H?B);WTMJ"%I+$J+6TO#X,"^@M2KVKO)%ZXWDCLU
M^<IV1#N(L4J0J<\8JDQ0E 2V'4.I21TW9^)7*B%)K>04^P*7$>X)'DYRK['@
MI\".0?\ G!8W04"*WQ*O'D>"R @#Q _?/)23Q[)'(X// ]L!K>&\6JM+KJ-Q
M3_MB;%5#E3U3.N0[#4IM9BE:RH)8ZD-D-( 0CI2$@"^MW(\'O"*5M6F[(>\/
MJ"=ITBI(K%-H+5,<CP8]60RZPFI=,93+KTXLR'FW)<AQUYT+NZM:@E2=X:BV
MWG^B\YJ=A:SOGJ+**=QXH7XJD5UA$FJ4N;56\!2DMV=5+\^'X[B@I"DMO,NL
MOH0X'2C\:7=HI51?U0ZR_'1'4TJX%MDOX>W(]/@254Q<\SPYPH,_/^*O9'E^
M?3(JK.Z2I7^UR4_2.#Z3BED<D'CQ63]AR ".3^8]AUZ;*Z62K\+('CP26U%?
M(!*>/K 'CP#]7'!/''Y=7=O;VWIM6/(B;>W#*ID64LNO,-.QW&%/*2E"G4-R
M&WD,O*  4ZREMU72GJ4>D6Q]^^"WA!XGU&%5]^;#INXJK 91&C5!YNH0YGPJ
M'%.HBR)%-E0W)D9MQ;BFX\Q4AEKS'?+0D..=6\=N[=S_ 'MG%ML/9M\[D&36
MZO'S2%QZZLA(451Z>BKO56W6U<4$AB,V5+5P79#CSQ*RM/!_BL=W>%5<6F=M
ML#S2)$C,18KV6XN[\ZTQ&92RRA<FBGU8<+;;24^J\R5.GR4OZCY!KDV-PI1_
MVK4% !*E>"BM*B!RH J2%$<\< \)/W/L.HD3[I' _#>/]\GP/DH@<\D>?!)!
MYY/ERH<_O<\XM-W3NRC3YE4IFX:A#J%1<\V=)9J"PY.<ZE*"Y:O,Z9*NIQQ0
M+P44E:NFW42=GN'PL\*]V4.B[;W%L+;U7H>W&#&V_395$9^'HK!;894S2O*0
MTY3VW&XT=+J(BV0\&&0X%^6DAQ'=GQ'^Z#>N,2<*OKZAP_&+%DM7-=KVLF4;
M]Y'4 I42=:S+*;9)@K4CQD1X;T5$A"E-/EQE10O2';;W'9[VN;&9V/KYNJER
M':U^BO:&Z3(547U%(>C2GH,I41QF0S(:D16GX4ME17&>3R4.H4I!2Y^)7!Y"
M:T)'Y+]-9!"B#XA17[_2/$GC@\_2#U%^)W?"Q^%^(]OL%<<GW)"B?JY'!X2!
MQ]AP?M$K=.[)M9B5^77ITFM0'$*ASWII<>B^6OJ0&"M2D-("E*46T(#:^M06
MDA:@J:;X6^%U'VE5=B4K8E"IVT*ZV\W6:%#I7D1*H'TI0M<Y;8$F2^$I;#4I
MU]4F/Y;2F'FBTV4N[[:^+EW"[#I4T6)8[B.K&7'83UC:4DFSN\ADM1)S,PPX
ML^<IEB!"G^@(LXL1'):XCDAIE]E2PX- =R/?KNONGP"#K;9%3K^!00,AA9)'
M?Q.LN(ELNPKZZQJV0X]8VLY@PW(MK)+R!'2Z'0T0X$H4"@=-C=D>]<%+X "D
M)*4\_?Q<3ZGL1]R0>.%<<=>"QNO%)35H*P0@E*".">0L#A7! XY]O90(4#[G
MK95/Q!WY6&I\>I[HG3(]3CHB38ZI+*(SS#96M#7PS2&VD("G%D^4T@K4;K)(
M!USFVO 'P.V?*HD_;GAM0Z74=N3G:I1:DW&G/U*%4'@P%ROM"7*?F2%A,=D-
M)EO2&V$I(80V%KZG'<Q^(WOO.-'V6@;NAULQ@UK@\' 9$N!47;60HI8,>)"9
MDMR7;AR$F>IJ&WZCJX2F2M2UI:'*>D#J42"2DA()(/(Y'/[Z2??D%// X/"C
MQP!R1C)LKPD_[7 *]QSZ:O((*?8IY<]@./?DDGGW(^W0FUN".#6DA)/DKP/'
M'B?'Q!5SY @^/'*>"2?XC1UJM5W<2XKM<JCM2<A1D0XBY,A"S'BH)6EEL8LA
M*ED_4\C7<;/V5LC8$>HP]E[:B;<C5>HN5>I,4V-(0B;4GFVVW9CP=6X2\IIM
MM*BDI39(LF]R5Y]M??3N7M7Q2]Q#6M/@-A4Y%?KR6>_EE9;39J+!V.W#4S'7
M76M>RB/Z:$_2MIQP+Y(=(/B4\;?VGD6Z]F9?M3+F*J)DN9SV)]M%HH\ABF:?
MCP8E<VF"S*?DR4(5&@L*7ZTAU2G?442$J'6D_P 1NS]ZWZ3X^7"5 <\CDA:E
M?G_!//)YX5]CUZ+.Y/D@5_O]?B %!7@..5%1<'( ^G[ @_S=52Z]N"H4B#M^
M95G9%&IK@=@4YQ]LQHS@2Z.MI-L*'GR!SPXH<DZLTO8FPJ)NVL[\I.UX<#>&
MXV5QJY7V(T@5"I,..0W5MREJ<4TI"G8,1:DH;2>IALWL#=<_;/WO[@[4L?R?
M'-956"V$#++QC(+9W+JZUG2F9K$,PVVXBJZRKVVHJF#YJ#R''/4]TJ Y2<3G
M]UNR[3N48[J9-=B'ZR(=O77+=<U!LDXBN364+..1@N$)QLU,JKVDJ=2B<'5R
M5+6' "$A(GXC<?O+K?IYY2""D\@'R/LKZN1P #[D^Z0!SU4PI=DX^EN5!^78
M4E7DKQ(\.0/$DE9 \2.. GCW_+[F^K<^YQ3J92S6I'V;0IC-0I,,2&RS FQU
MN.M2(Z +AUMQYU2<$ K4<]L-/AAX:*K^YMS#9M-_E#O6E3*#NJK&/)$JN4>I
M-18\VGSUEX(5&DLPXK;OEH;)2P@A8R2Z=6[SR?XC._-#ZQ[B+/$,"Q>KNKYQ
MBVPAB=13I;KU2N:BH187,ZU:BV-K)KXT.LE);;]!YU2TA3_I<O$=R^[N\W2F
M;TU)H[MR@;?U6QBU.PU?KL9T[(G+MI+\><Q8"/8PW(Z8S#,0MNNL/*G../OK
M>!/IIY0R5(4E8Y3PXDH4A92MM:%>:5-J20M!"TI6A0/TJX4D@@=**HN[ONDQ
M.(S5X]W![5K(+#0;9B?I0]8L,H'"0VU^,LV1;0@ !" I/A]FP >.O1]I^+BZ
M=#K2*T_N%->K<^',?W;19,!=5<8@1DQX]-DQJDPN*N(T.MQ);4VXHNE*R0@7
M^<_%+]E!&XJQLMW9</P_<V-L^AUFDPO"O>D3<T?:L6?7*DY4JEN&G5+:U18K
M+53FN*8;=0^7F6Q%;4@GS AGJ*[=MT[EV/AN8Y!W-Z0JM"4U2U'7#?O\DA2X
M%Q7.M23:O6,*Q6HUD.$AME+KLY\-21(4VA"@@J/.S2]W#W;;W);ZS[M;I,4.
M&9[;3*6DA996SY%:SCD&V7:-RZ>)66%>Y&8F6CDIR*AQQ;3<!UEM+2/%/2:-
M@[XW9M6-\ILO;&?9Q 40H5^1Y#*F58<2?H)J65,5SAY2"GF)R!]E >_6HI)6
MVVZM"0\XAM2FT%((<"$\I0>"3^^$IX''[/V('WZHWIXQ5"O(VVS2%U&/-VY(
ME26-RU)=/^WI3\ILLJ!%/B1XD..VRXILLM>;YH0TMUPK:"E9'@Y^R/1-BO\
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MDOJ6[RXIGP6-VL*XK.2>2>$JY3X$A) *QXJY *N05$<<I(!X]59W7BH&K(X
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M!!' )Z\3Q^0X/N$_?G@>X4?R)''" 0DJ(YX/ '7TUL[P\VIL5A3= IJ6I+J
MB34I*OB:G)2 +I<E+2GRVB0%%B,B/'*@%%GK'5K\X_%GQ[\3_&J<B1OK<3DB
MGQG5.T[;E.;^SMNTU9%NN/36EJ#T@(/0F;4'IU0\LE!EE!*=3>2KQ!3SR.5<
M'W^D@$<<^X)X! XY\?8?D3R/W1Y'D_?@<#A0^P]B0!R.??GVY_@)9/D 5GE0
M)/* //@\DJ(!^D@\>Y'">??WYZA\T>0\B0 $J4"2 !]O;@?<??V/ X!//MSV
MVO&[@C';CMZ8]KWMZZJ">?()X\>%$^Y"@0>2!P2>!QS[<CGD<$\=>>7L#R1P
M>2/L>3^9"A^X!S^[R1SR>.>>I8\2 GD@#@IYYY/()*T^WNE7OPGW(/'/\#YY
M!020"K@>Y/()_/GS]_;CW\>.4I]C_#IJ?S_AS;MCZF_' [@3@/I*@$GZ4C@D
M#D >X'N1P"1[\D\#@'GVZ/+V)X\@KQ2>2!QSQ[D @GW)]N3Q_P _4GR5RH!'
M'V5^\"$\>Z2GV]^/N4I'''///4/J!S][\B$\@$$#['GCW4 ??@ <#\R.FHO>
MQM^X'TYP;<^O U/"DJ!/L% _4"/W@!P/;GW)'N."/MQS]N(@I(]C['CGRXXX
M'O\ 4!SR$@>P)Y]_IX]CU)Y1[@)YX2H!)5P.4^)41SRI7( 4/Y"1]Q[>)*?+
MD I/L ".?_[3]AP>2GR_A[_?AJ?[NV#Q^7?N;=]5!*OR5[<<DGQ/V_='L.1R
MGW5^?N0/8]"E D#Q(0/?\P."/8$!/(YX/!!_('^/4@*^L$>Y2L_FE// /'*2
M1[C[<\D<?8D]1<E(Y^KVY/'OXI3[IX4?LKE7N. " . !TTO8?E?-[<#U],_O
M.<&82 3]7N!QQP"%*(]B??D<D\>P''()]O?H)*OI3Q[^_/VY]N> "3RH'V!\
M?'G[DGVZEA9Y\^?)8/BD>W*>0D>Y)X/ORGGW)_G'/7I5P1Y<D??V^Z03[^/'
MM_ <\@D$_?IH.W;G&?[K?2U_3OJ-/EY?8*X]@4_2#R>">">"KCGGD'V]N?R$
M9!/V0?L"0%)''/V'OR2?XGV_FZD)4.5>86!R04D\IX5S[J)/()/MR/YO<@]>
M@A0'M[#V ]_8CV/!">2#[<<_;@\??II_:!?&>/ISQ_#7,NTL+*#X+9"D'Q;0
M#Z80"20$K4I2N/=: KD^7'/L1Q=F7/4+2?%+94%>H?47Y(+9"DJ2DGE*UI3S
MXE7IE/((5Y<=6&.IUIQ)40/?Q\4^[Q2OZ'N5E1\5*'*>!P4D^WL0.KBEX+ 2
MMY)]4?0XD)4%A)/H@!7)4K@>*R25>((;2.>ORE<3G%K6!N"38?3I-R$Y)4<V
M!N<G7]5Z#8YOV)N!<VZ0>?4V%\?>U? M(22/(^1;5QPGR<\2>4E/EPE"/< @
M<'W!!]^I[)"2DDDJ45N!92.%?O<I)/!X]O8'@A0*APV$]4"5J*FUJ6% J ]1
M/"DI*U)"FTI4E+@"@ D$%00>>?#@\QA:$E06KUEK*DH"E#Q0DK \%?V2B?+E
M'N4#D J//!PR+6[GTS?^'86-B?H/7(!( )XMD]^PSDWOG(O?Z9-P\U<N<\D)
M(())Y4I1 X!Y\0%J  ; (3^_Y'W'485Y<H'/!!45$E02!QP 3[GR'L4 <@'V
MX!]W4NU'M PC9?;E>669X?8V^TMV(V#_ $ON0QX-T[&Q%K6-%^)F;*D1%MU;
M"LRMEKI8GXJM34MR*L1T<^W6B=&]F4?<&L*3.;/;D' KW)-CY[JG'<3FX59W
M;MKFV$8Q(R1R$];0;!F-4,2FH,Q,R7-C>A7^@"PF:XM#([0^'NY%LT9V+'8E
M&M0'*@PTB2S'5&0VN(0S*5-,9A$AR/4*;*9:;==4XS48Z4_SOF-M^(G]H7PU
M8E;SC5*I3Z8ULC<,?;E0E.4N946I\J0Q6%KETMBB-5.<]3HLS;>Y:9,F/Q(J
M(TR@SE.VC&.^\B,^2@I/ 4>#XGR]@.?(J'CP!^0*224CE7)'N?/-2?$DH )*
M22OD>PXY2#[J_>"0$D?5QX<]*N[,M<8=LS=TS#MAX_#R;'H6M-OW!JIDB4W%
M_&\2Q"VG4\Y"H#T20E4*PB-2F"7?%PH =;4@E!R6L[/JZVTFG:$;<=8WE+VA
MKKN ;UP]AMMZWZ(8QD;>/WRSE")OX6AZ(],AJK&RP95@\MYIR(PTS\TK6P=H
M5FITYNI4]IB2VM=5\QD/LLNLMTA%/7(<4)+C#;Q7]HLAAEA;TAQ27+,VZ2KH
M:WXO;,VUN*3MNO2IU.E-)VN(\L4N?484Q[=:J\(#+1I+$Y^*B.C;LQZ?,J+$
M*!&;=869:KNAM%JG%>Y"P$K'L0 D_D>$A044J/O[#GW'!(/! '%));]_(^WN
M?97 4."%<A*E'W^WN?<GCVZ<@SWM(USE>S]#:\T=D4V$<N[?Z_:>QI<K$KA;
M\&%!K9%G+RN%!E7,A^[O<H=2NIB8S 77QJZ2S%6Z\EF2XXWCS78E_P"F%L?$
M;[<U!B>.8/I"@WVG-<@QBP;CC%[>T372ZK)J*#93)]#?TGIS/G(C"[(ORT,1
MXW#4@/HS7/#[<Z'W&6(<>6VW)3#,J//@F,N08#51*4O.R&@$-1ECS7U=+"'@
M65K#MD'11/VA/"]^%&DS*Q4*3*DT@US[)J&WZ[]K-4TUYS;;#CD*%3IBB_+J
M;7^BPF5/3I$1QN>W&,11>T@#@I#I22K@+5X^05P?8$#QXY2./($@E))\3[\'
MPK6I*"?5/EXI4$)22E)"DJ\E*'*N2!R1QQRD@#DDKKINRN@O-1Q]B4^[:MZ\
MN]2;3W'B>%/8-<L)R#%]2V\:OOGU9%^(F%4-38LR!+A?/QE3D/ROEC#<:8?D
MIMESV>HK^W9_N!:SZ[8BTU;@USE>.Y+K:;C<AK&LQM(E0]<8C+DWK]ADC51)
MF<-O/T=377?I+_#)B_)!ZLC8NY^E#@IJ%(53#60H3J<H_9P90^N00B6LA26%
MH?6P;2$MK2LMA"A?/1XZ>%ZY"(O\HI")*]SM[-2R]MS<["E[C>FN4QF GSZ,
MWU)=J+#\!J:":>N6Q(CIE%UAU*$4 D@@A8Y2GR:3P0@<J^YY*O)("25 \\@\
M'@\]>%:DE*B5D%/BI2O=/CQ]TI'LI8_WP(' ^YY/#IFW>W#M_P 3W+W(8=@+
M#-S4Z^[8;+842JMJS(JW]!LTKJ>KLH=A6V#EXMV_G7,1YVR>=E^<"N<D"!\@
MYX*4=(Y!V7*H,8FJC[5J;?9^&8WJ'+MIZZ:Q.TA,X?B&X7ZAFIM*O*I$O\,R
M:PJ/QZM5>5;$6&$NR4)AOOH2IQ.3,\/-R1');334.=\!(FQI*X<V,IM+T%QY
M+C;3CSC(DNK1&D2&X\;SI/DQY"G64&.\E&KHG[0OAU5XM+DR)%9H::S$H,^G
M,UBAU)$A<?<$>G.PWY34%B=]F16I-6I5/?J-15$IBIU2IJ(LV4S4(3SR)"
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MHDK*O/R/B KW"5'E2O2Y'!]N0"> /MU \5&.YQR IEU7/(2K^MKYX5]0X'U
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M3[\!*AR?I2I15Y'R\CRKCZ0." 3T<J"!ZB...$^PY^D\>_(5Q[GW\B#XGGW
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M^0@8U7RP5&/"]*<Q6+ >A):= 44P*D(0IM140^E80H.(2GU$NCS6M) )4 /
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M 'V,Q<I22TH\#Z4))Y\PD>)_9ALGZU_4DCWX!(4![\]4*2Y9*>M=DH("2HV
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M2M3A!*O% (X\O,<>8)2."@^/*AXGV/(LGK%37G_ZM'(:2%@)3P4J6H'Q_?X
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MHT%LJ45\-K1_58#8\"1[++ODE1X(X!=:7OS+E>DU^BWB4%2RW)79*+KZB/2
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MQ!+$-"TE'U%109OFEM;8\ M7 *C^\"0DSF.VGN 4VYZ>J<E4EP\>*T0VE%1
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M)V-X>\7XW$.XP#]N'O8XMDXQIL ]LO<$X 4ZFRKR7^T"U,Q$AT@)4\V@&<%
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M\V-O_#H.;6/Y '.FO!VS=P:RDC5>4D*<Y6E3$-/B""20%3%-\+">2"0CZ0%
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M7J>"6(J2MM7NA])5+*?24HGE1\/3]CR"1U4J[8^X91<XU+E 90E/_JN"/V?
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M>*5$(2H]6>,^'A(0XE:$2%*=,KR25/IKVS*]7Y8->L(BD@N)<27.'4)2%J2
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M]YAT,%Y"2I3B?%MMTMJ+?L33%YF1'4S&>,J$W$;DVC#*9$1YA"4E<6.2L>,
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M0EMQ320CW3SU(;D1%*92I*#';:EH6I2G0I#3W'#:$@>H4)5PI"G2H%*EM^Q
M'4I3R&E>CZZV6GPV'&?< I1Y+3Z<CR4\IAM20Z6R6PL*6E"R@>/4VO\ KW_@
M>^G';L#?-K8N/K8<?@>]YH6MR,PVIJ6 ^IUXM@EQ*T2'2EQH2?,JCK"O(!H)
M4I02GR\0@),N/(*8Z5.,@+9<=CF8XRVA:"IP>9=<""M;D=/"?%P)^ESZT^)"
MDTB5$I>2AQI:V$*0MN."PN0ZXH.,R4QY*@H,M%7D?E@KS*@5H)*5]1%+TM;"
M"ZIYE7I2&F>%-(0\EM:#/Y4 %L/2 64LDJ6E7GPA0^T9_A_?^K#\.=23QZ'U
MOP+<C'-_X7OQJXCU)LIZ.H-L!U)"?EVU,.+<;2Z5(2XVV414*6A+J4(\EJ5X
MM*<<44 4KDMEQ]OE];1"R4O.L(:4HJ0I:V5R"4DME:/EWTN@*0YPRHM@J'4N
M3)?8<$825(3(:=>:;;<:09#KRO*/*4RYR&XXDCT&@AU+BG&U!Q*0H)-$T](<
M<CQI9=<>>,Y"WD2&%.NM/-_4W(9]V&F6EDMEYE/FHK)4OS6 F=2!V]CB_; M
M:V1[\_@3JK1(2T1);>84'2X9+4Y2RHM+0X\E*%I4?5?3Z:4MK80T5<-L)40%
M$TH>D@(<>2S'9D.-ICAU2?7=0X/ZED/\**/1:=Y2EQ82%$K:5Y<*4 LNF4?"
M5%9#\@.-M(@H<#A:CDO-,*"%H)2@^N\EU:%%MLE20KE*I;"XY4I#J6F9B$-*
M^4^A;4YEISRC*0GW6T"IU2V&R$/MI4I;GT%OQ:@$&_&/8WS:W8>GY6SBYFI0
M8ZE.N.R$OM.?MC)0ZVGUFDK<?CH9\G&GF76U-NJ)2E'V6@.D<=>HDLK8\6DR
MX:(ZW)KR''$0T.*?Y\8S1!'KA\--H:8!;9!Y*05J(Z]3*84IQ+Q1_53/*A)2
M'P_(2YZ3:?43*"@S\N6V%E:D-_,)\04J2?*F*F8\M]4E*O3D-O%#SI42NI==
M0F(VA'CS#AI\75,RD<J#O*"H%9(CD"_ZX_L_#3N.Y YL<C%R+8_*_;Z:K(;S
M3[)' ;EO.>N4!"&$EY:"XB*Z9)]7TD@M--+Y*&W"X66RD$&0F.I]!4RAIIU#
M!*D1G)+#PE0WT+<1^QY2XEQ"4!I*_$J"BXXVCU01;G3,1-,F4"?EGFI+2"EE
M^2_&F$-Q!ZB"XV7FU>)+:1YQTM^*B/(JZJ?3,42(<EYV.A2/FI%@XTZB,\XD
M^7T<!*8R4+;84VMM3GS#R%)X\%>F0S:XM]<V_7.IN;CMW[G&,CC\_?&+Z]DN
ME:W74-NI6'TKC0G8*7?",XREQ+;GBM*B?22%RDJ4/E7P75K2OGFJ$YD%IH)<
M>$]@>;SJ'%)6M)"6WA(07&!X)5Z#Y2T5,AGW4IQ?F;<Y)1.996Q)9FQT2787
MSB9+K9+LIGWA2 IMD./(5ZDUY9*(X26XZ"I+B4=42Y[+ #R7VGO)3+,F7$1)
M"D*92@,H3'6A$=(:2TJ3(2E'J.I:<24J8(6 ]./;'&";?G:_8ZBQ/<]O;FV.
M+]O;TOS:[2)266Y4;F0]81EM.(4XTMUUEM7'II:DI*FXS*TJ6UZC("FVE#S:
M6KRZF39+BG%^M$;B$-1@@H:/RJ/4]'U6'"E7[3Q> 4MY)+L=GZG$);<*C9W7
MBS-D./I28L5YIQ<D)5&E)2N.RY7R6G7!XH#9<6XU"=3X/AXM^2O)/B*D275I
M2@.Q?F9$0,I3&4/6:D2"8CXDO+\'%R'0XDQG 'G7FS&4?2".ITMP;<\]O3'/
MMQ8^A[DW+U(*O3BR;1MU?FXVT5*^58D*CE,LL-28\E+0?=4M" ZH)\U@H("N
M%=6^8ZXVV^[(9B/O?+Q@F<EU]1;<+CJPV2R5M_.@J^6<9?9Y?5XH^@("C#\S
M6".N0PPIS\-=<0^])9:#S#LA3CP>2W+;4V \ZDJ992%^/[0+*"AE)E@,>"F(
M85$;^0,BQDK0E[U)RW0\M$AU)*(RJYM*9:9*4(4\LJ;^K@)Z=A_5_'/Y\_U:
M CC/;O86%N+#'([ <W%M5J$MNLO-3%2&F&2A+;Y4*YX//K#S,'S+16W#:5X^
M;/'J1E*2DE*"GF:N.\F:VIM$E"'([:Y(;0CR"&GR@N+1YM..-*0E3BX[)0I2
MAZ_N$\]4C=PU*=DJCNMRF2MI:F6FGWW6'V^0XRHR6/4F1GDM-)*0A+BPM2@X
M$M>1HES(\^2Q(0V@NQI+S2U.RWU!Q 0AJ.PR4A3+DE27'74GR2@1V )"4D%)
M?Q'T[GT^OK?'L#J1>_I:_P">#Q>V;GUL<Y[W4!+JH[B'),E7KOLH=:DEB0L*
M?9#TI0>Y6ZZ1Y^@V5?1&\D H<5[^..L<?-O29'D@RF(*T2&Y90RX^5,H#(]/
MQ=<9:6VHN**R\L+4$N-I)LGJQG)4UN,^AV&ZW]$R074J+4=TLO3F5L*\TQT)
MYFL*"6HZUI4%AP %-9*"JI;#G]42WS!E./$MCTHS3C[(8M(!<:4%,M2BV\^E
M*/-YE];!0H *4_7Y:'M;N?\ 'Z#BY_.W(F,NML/2W(CORT1B.V4K=DJ<^:0I
MI"FJ];B6C(7,2I2EJD%*$MD^/*_$*-]>F.39$$23,6\ITS75^S,!:HS*9"EJ
M*FC'2M:$<H6X&GGV4*"TI*O-6,,B7",EOB$N39-H9?=E.MIC!QUTM&=&:!,I
ME*T+#'R*V$^G+<06B"I*.JTRWA$D)"5NHA.-<./O*]*)\HAYF6[(0TEI\,->
M?I3FDM.-/LI6VVGE"_%F^#^?U'/^-A[ZC')MR+&^#QG]W>_'-M1FR6VMYR*'
M;-YU3K_J_)J8A-P"I04]%92Z@"0XE:#P$@K4&Y')*$@2YTR,W%##S%C)7&;4
MIU41OQ 65-O($@D"2E+"DMJ?>0D^#GU@>/F%4HDPE!M*6%29LCYDQGXTMQI(
M^82T([4=SQ0EQJ*PM3L=#S: M@?M?%*.>O78TF2Y(F)DS(SR9DOU5/>E*A2V
MV8R4>2 V$O(7,2RXEMI2?'TTK65+:2%+6'Z]<'BWK^7OSIC'>UK?NX [&W[K
MV(&(K"0&A%CSY+Z5M-KESG81,I;*)"6U,QVWD%@H#A\'E$J</#;B1QXJ!G+
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M*%-I"C-8<4(CLF/">C)EM3))=6N/'ER&7TI: 2V%..16J8>0"VD)0]SZX2@
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MV)"UM.$=5BDNJ9<6UYER2_'?KYCK30?BFN64SU,.E:!-+;!:0J:E'I)<!'!
M"U,X_7^'?)./?4@G'J?IS8<C'8\<V&JETUSB9!=3/]><M[T5L-+6XJ/Z0]!3
MJ$O<0T%Q!2B2IHER.%A:5?4KJ<\'4+0U(5RVE)F-RZR0B0$R6X:20AQ3B2B.
MIM7#:@%/O/!P)9)4.:"TCRHC<U2_4DF<H1)<IUJ,RY#?24K;:5(9=<;44,(3
M.>>2UZ80%%*&BX5&GF19#\)EQ^2MYHM0T2Y!CM,@Q6UE0?2"M3D1M;H#:)0
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M=$E(4[X%#2E-L^B74 )#RPIPI=229_'G^&/?W]!? T';@^N;F_8^PR>; #C
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M*?8GCW'L>1T\OW_=]/?Z]_SXT(^F.#DV_"]L<C^&!IGMF17I>>1(>:89(=L
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M4!#'+K2_K;6>2A7U#WZD-C.0+][?O/[_ -8TM]/R_0QCMVTRY EH3!<74O\
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MM>I[;>VBO?\ U@2!5MWUTS31KB]DV=_"^=K,8QJMGH>C0WV8+K=A:6LN.5L
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M$3*LYF]VE[66/@O;^VJ+$JO&I&'4>N=*Q'465Y;W]XQ"EP2E<F7!>=:87F^
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MM<DA;;D(3EAQI&A]&_!NFZ3[G<'WBWNBIS7$ZV1HC-,HQ'(L;S*';U>U]%Z
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MBIA6NP:JZ>RO77;-)KE;!V@GY>+#-'$J:BYI[G(,:L$FXQIBRC,V"2X3QO\
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M<>$9<2.N,D)Y*0F.IHLI"224^*!XDDCCD]>+A0G6D,.P83K#?]:8=AQG6&N
M4CTF5M*:;X22D>"$\))2/8D=5/1TTU"A"&TI0VA#:$@)2AM"6T)2!P$I0@)2
ME('L$I  'L .DPX?W::US+N;[@NU:'!R6KSGMLU[J/9>?Y)=L4\'!I&/;DAY
M3/QY-+:_B[E@N54Q<2L7LC7:5=9!A(=C*C3)B?F3'5!TQSLKM<[_ +&/B#=X
MN]M!8)VS95IKN_[<]/:;E95MG8]O%RC6N1:MPC8=)&O3J5G#+:DV%12;S-(Z
M[.@M[Z#&M*B$]'*D?,.HZD &]\>AO[B_[M-.X8_OC1^6PJRRQ3<VJ,GKKG(G
M<0J+#'-C8=>PK7+&(<FQ?QBNE55S+8FY"S7PIDYRECN.6*8463+,?Y=AUQ-7
M5[HT[>+B-TNV=96SD^G&106ZW/L3FN3<?4W9.B]B(CV[BY--Z5-;N&T8#D%+
M=58K4^$0I):Y;]/_  7>^'3\F'L#&:[MMC9KC7>1V]=SE3KV1L-ZNP'(E8MV
MOYQH?;LAZ;@^L\6KL)=<R7,/TMQ;':/%7FGJ&&SC[EDB2R+!R[Z5^ ENNDU9
MEV+;&L=-5FT*_P"&)@O:/IS:]%;VE]-P;<<+:NV\NV--KXR:ZI?K\.S7$<LQ
MO$YE^5RK%VHDW5:J#Z"9:+"KI3_O=O:]_>V/R]_33^_72].[CNWFLQO&\RLM
M]:5K\0S&7(@8AE4W:N!Q<;RN=$6AN5"QN\>OT5EY+BN+0W*CUDJ4[&6M"9"&
MBM/.N\;[U^V7*-N;WTG VYA,;-^VZEQ'(=MHM<IQRKJ,;I\T@FPK)[MM+MFX
MIB1&%1D7$I9:C5DFQK8LAT2)T9MSG&R+X*?=SF';?!TT[KCMOQVIS.Y[ELIV
M%KJ9LK$K^%A&Q]E:ZQ_%\ S#4&;5VAH$?7FOI%[3.6.P-4:VQ?$I5NY^%6+V
M4NO0G$KOVV?@@=T.1XSD5/@$'MMI;[*=6?#RRO*<R?EPHV09WMGL\Q*#B^S>
MW_-G7\*GHO-6;ALH]?G;NR;M=M#DY/B.,#)<!M@PW*C+)Q\V?PMS[7MC.>_T
MS _7/]8&NCW9O<WKC6M)IS)P9N>XKN[9.,ZVQ3*M>SL9OL:B2,IA6DZ#EEK>
M.W\*M7AT9FID_.6--(M9@44?+0)"4/J:R]K?FBGX>06+&Z]0R*[%*JNO,HGQ
M]F84_#QREN$!RHM[Z2S=N-5%=:MJ0NNESU,-34K1\N7"I(+,%=\-/>[/91VS
MZ)JJC$L1RO6?>'-[A\EP^XVRQF^/89B-PG.I4_&,.RRHP/%:F5'AVV4(E5>-
MTN(X_2UK4R;'@(:982'$/O? <V?6PL33%T_HZPBM]B^G-4["K\!W"[IG*LC[
MIM9[LJ-C1]JQLPAZYR2JO;F@K(+KU!D>=8WD-3;/DT=Q1B 6%,Q9/KW]L9')
M^AR>/RS.GQM]?%%[2M!9#DV%6.:(V'GN/]OT;N4@85K.WPZZMLRUU-V%3:WA
M-8986>44^.W.33+:Y%O#H?QAF3*QNMM;AA3C,3Q7MW5_?%VR[;V?LO36+;2Q
M9G96I\EP?"\LQ.ZR"@K+<YCG^*QLMIL6I83MJJ3>WD:$^Y76D&L9D.P[R!95
M7#DF"^E'/!O3X+G>KL+7&!_-4?:)L[<=QV#'M*V/FDQ%+JQ[!<UINZ*FW;B.
MQ\.52:]GP<@MF=>UAUK>VE9%Q*1)E2;:SB(9K;9RI&Y=R_"=[J:WNHG;_P"W
M[6':7:2JKO$[-^\W%\ERG)7,!RFXNM.:MMM6[7U-D[U)@-K:1*69-MWMCUN4
MP[64<JN/FHD^BBV,@674@)_WN0;?6^.^ ?X7.A^E^/X\_ASIX':GQ(.U'5F?
M3=5/;#K,WV2UH/:O<14X=K^YQB^L,FQ#3]RU095CM!-<OH=/)SYVU,QBJQ63
M819<EJFO9;ZXT6GGO,*-Q7?6J,HK\8>.<8GCV09/K*CV\C \BR[$X.=T^"W=
M''OQ>76-LW<F7&K:R&^M%G;L?,TC#D64XU9/Q&OF3S(X'\$KNKP2@P"3,P[M
M7S+.I?;7\2306?7#V1*KI6!Y%W6[TRO<FI-KZ]N9N#65C>3:*!<*P"PKI+M-
M<XM1Y)?KB7D]DR84W-A\%ONE;V726:;+2;[42NA[*D]PKV13$[\A6L7LGL.U
M[^D@KP,;4ISMF1EDM.9MY,O(D5QK7IC)P+\74F>5D=B;]KXOGO>UL9Q>WOIK
MI!8WWHN5C=WF,7=6HY6(XRY6,Y)E,;96&2<=Q]ZZCM2Z=B[NF+IRNJW[6*^S
M)K6)LAE^>PZVY%;=2H=;)I;BHR"NKKN@M:V\I;6.Q.J[BGGQ+2JLH3X"F)D"
MQ@O/PYD5Y/U-2([SC2Q[I6>N5?%?@<[4Q+1&X-8R=4:BLV\QUK\,V5CV.ZQW
M2C3$R+W!]IFM<IHMK[89RI.L<KHG\C7FUM7V=1+R[$L@K]D5QG&_C5[S,)3?
M0UV5ZQVWICM:T=JO>V183E>V<&PR-0YI?ZZQN%B6&SY[%G8O0A34-;'AU\4Q
M*=^M@6<J#"@1+>YBV-U'KX+5BF(S20 !8W_P'Z_=V.GZ_7Z/[]7;MQ_ZR;2_
M]O\ [C_\9$]*!>C1I*0B3&BR4 \A,F-'DI!_D#[;@3_+X\<_GTG[MQ_ZR;2_
M]O\ [C_\9$]*'ZC34IEB/'3X1X\>,WSSZ<:.S&;Y_CX,-MH)_E()_EZ\>CQY
M"?"3&C24?[R3&8D)_O)?;< _E\>.?S^PZG='334EF-&C)\(T6+&1SR41HS$9
M)/VY*6&VPH_ER03Q[<\>W4[HZ.FFCK"IVR==5>5L8'99_A%?G,JHE9!&PJ;E
MV/1<OD4,%!<FW;&,OV3=X[4Q&PIR38-P5166TJ=6Z&TJ6,T(Y!'/'((Y_AR/
MO_>ZYV]^_"8WWM;X@>:;WI;/4$#7VQ.X'5O<>GN+FSI:.YG5%+J_M_OM)3>T
MS#J=%(ZN=IO8ME=_I7=3XN9TM5'859P['$[>Q?AV$:0 ;W-L?KZ_3G33M?<!
MWU]K';7IG)M];(V_AKFO,4K< NK.;BN14>3V"Z7:&2Q\4P6Z@UU78NOS*;(K
M5]Y5;:M<P)4&NMIS#[D>LF+:NNUN\;1&K=9;!V2G-,?V&[KG7E?L^WU[K?+L
M'OMCSL2M54XK;"LQZ3DU<V6IK=Y ?C2Y\V%7N-.I(F>3L=+W-[0?!%[TLH[7
M^Y+3NU:SM8BY5?=F/9!VY:0:KLOO,QQ:ZR3LSW7E.PF[C-W[C$(LC#/UCXY<
M?A3TRGC6S- +:9!$><PU,5,RO:'P<.[C,9?=@K56OM :%H.Y#15YC^5:\3MJ
M!LC!\DVI?VVIY\*3@4B3J''LNT37U#."3&<N;K+Z_P /REANNA4N*TD=U*(T
M@)]>_MZ Y%SZD8O[Z:?RSSOGTC@7<5VT=KLR;)M]L]S;F6*HZ.EM<4E2M=P\
M0UU+V5+G[/J%7Z,AQZ-94\7Y.H<:J);<J>ZA2G6H?,GK:V4=RVB\5TULO?[N
MT<'OM3ZDH,NR#.<OQ'*\?RFIJ&<'KI%ED-8Y.I;*7"_'HB(YBBE7)1.<GNQX
M8:#S[:3SQ6OP9N["S[Z,\W7%M="T6#Y7LWNCS>#W"0KNV=[F8]-W%=GM?HK&
M\)GP1C[17A>G,OK0G'Z>'ES*7Z><]=5C%1*;7&?W_P!D7PJ-KZO[-N]7MVW1
MB^J\0R;N6TS4Z>CL8QEM)L/4]K=XOJ"SUI5[8&!5.NL!I,*LKN6]4W%Y%5#O
MLGM9E8Q<7N2V%LPT^)Z4X^;TQ>_?UQ;![CUT_7Z]=.+:<^)1VO;RV;C&ML*R
M^*R,VT)K?N!PW,+^_P /IL8RN@VED%OCN.XC0*D9";.QSV+/I9C=UC[$%3E>
M\!"*W)K;[#*QJC9.O,BN\IQG&\[PS),GP@?[L,9Q[*J&ZR+%EEM;C;614M;8
M2;*D=>"%(:;LXT52W!Z?LOE(Y@F_@K=P5_AVN;&_TYVI8KL_4G;WV3:IUXO&
M<HBS8.&YIV]=TD;8.V\TPK(AKZKE8Q+V9J^+(L9=A"KV[&WR&[LL9MGY#+DF
MUDJ=^&;\+/?G9]W39YL?;*L,OZE&.[VQ>FW3ANQ(C=WMZAW#ME.R:^/L?5*,
M#K[TY+C*UNDY3ENQLQ6Q(;$*DCPH$DH;@A/(/88[W[W_ +O>W%M-+VPKXG^A
M,ZQ3M:R^IQ;:4>M[MM^[ [=-=,6%/CC<RFS77+^21[NSR]MC)Y#,+&Y*\9F&
MMEU+UQ8/)D1#(KH_,CT)NW/B8ZDU?W80>SFDU+W$[LVK!K]?W>T9NE-=Q,NQ
M71F-[0EF)A63;0FR[VIM&*2SX^:ERL5J<F5200J9<MP6DDANG2/PSN]/"-E=
MN&MLRF:"<[8NRCN.[@NYS4.R,?RW(W-O;FN]GIRR3@6NLTU](HFJ/743'+#)
MUHS#+X>2Y(J[A1D"JJ*]Y14?>Z#L&[[^Z7>6B=V(U!VG]NV]Z"-JV9D_>9I'
MN#VM2;GULUBEQ\]FFM)>%P<5KZCN*US<5\?\+QJKR^\IXE:Q:/">Q);@(9>F
MR?7%C]>1;\Q_7WP'ZXO^OKKHP'N ?X])*8_[>F5_X*#W_OV<7ZW!I6PW+::X
MHYN_\8P/#MJ.R+L9!CNM,FM,PPV!$:O;)G'55F17-=56-@_+QMNIFVRGX$=,
M>WD3HK"3'9:4=/L?]O3*_P#!0>_G_P#4LXQ^75&FE8/,1Y*/3DQX\IL*"@W)
M89D-A0^R@V\A: H<GA0'(Y]CU1_@]-_Q+3?\DUW_ )MU<>CII<^OZ_0&I+,:
M-&3Z<6-&BM\D^G%CLQV^3]U>FRA"/(_FKCD_F>I3E?7NN>J[75KKO//JNUT)
MQSG^)<6PI1)XY))))^YZJ^CIIKP            #V     'Y   #V XZIGH,
M&0KSD0($A8^RY$&(^X#^1]1UE:SQ^7*CQ]AP.JKHZ::A2A"$A"$(;0D<)0VA
M#:$@?9*4-I2A*1^24I 'Y#J+HZ.FFCK4^]]SX3VZ:7VGOC9$F1$P34."9)L'
M*G(8C+L':?&:U^RDPZMF9)AQI-M/#*857$=E,)E3GV&2ZV%E:=L=-A?%8[5>
MXGO5T7KGMST3EN*Z\QW+=\ZRR3?.P<CEIDS,:U3KF]BYP6L<PEV"[#V19763
M4U373<.M+:BI[&I7+;M)K\-QV&X'.>._TTUN[MJ[]^W#N:[5-:]X=%F=9K34
MNS(I^25N#(</PVVQJ_9ER*^=AN4N'(YU!"RRMGQ9$6;50;NP*'&G"VZZVA2Q
ME-;WBZ1<RW=&-97DM=K&JTGD^$8E;;"V9D^$8GKS+[?/L3C9E2-8/D<[)_3L
MR*J4T'H]@S63G7/)^!%F5Y1,5SX7WP7N\6MT?W#Z3M<DUSW BZ[T[;NR[:MC
M5V=4W;E?:VR/9&O\AKMB6CFNOU<;.U=$HD9U</29>K7ZJQI[G'K:T556E-.9
MCA6QMV?"6[Q-F8;O;$K!7;AF\3>&YM.9EG+$T4F/"^H,&[0QIJTML!>O=?YI
M"TS:1-H-19B(-!4R;.SU\BPJ:N[HA8>#%9"?7'IW[8_C^@=/UZ?K]<:>"[QN
M_C!>SV!HUQ[4NZ>XC(.XG++?$-689VY56&9;DF0S:3$W\VG3XHR7,L3J9=9^
MCD9^?%>KK28],0V?E6'0I"E9QV]=\W:UW-8/JW-M9[APE+^X*F79X;@.59-C
M^+[3?>J[2=0WM+,UW:6C.3L7=!?5=G36T%N \6IT%]+"WV?3=6UYE7PO>XO/
M.W'X/&EI&U+#562=DT&%"WULK3FRGL=S^F1%TC-U\\[IS*9.-SOQ.1,MW6ZR
M0_)A5JTXY)E.L^+B4-A*VY?@9[>7N36=3V^5NG\,T-H7:O:YE^B,\&5Q:+>.
M+XYAN7.Y)W$SM@73>OYN:[4VCE]S:W>5X_DESL*NH5IE/T HHRY#<MF+#B]C
MG/8YM^'[^Y.+:C/Z^H_JO^K:?VV;WEZ*UA>812S,KJ<J3E6TYVI,FM\,RG!K
M>HT]D-;AE[G,V;M]]W*(C^(5L>GQ^6VIA4>5=JF.QD(J5,%Y]E/7:U\5;MN[
MN[7%DZQI]B56$YKKG:>U<;VMG</#\6U_.PO4V54F)WUF_)D9>]>50GRKMJQK
M4V])!^4K(DM>0JI91B19+:VG_A+]P&%ZS[==*9+J+M&C5W;QW-3,QRW=.)V[
MSN==WNOW-:[5Q=&T]YT%MABI"MH6-MFU6BSQVZR+,%^ LI:,C5%;9B*T;7?
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M.CJBL+*!4Q')UE*9AQ&O$./OJ\4)*R$H'L"2I2B D $DG[=8U^L+"_[HJ_\
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M]4F$?\7RO\_D?Z>C]4F$?\7RO\_D?Z>DE;D^*;\/O0F4V&#;+[G\#B9C4/\
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M6M?U281_Q?*_S^1_IZ/U281_Q?*_S^1_IZV5T=+GU/YG36M?U281_P 7RO\
M/Y'^GH_5)A'_ !?*_P _D?Z>ME='2Y]3^9TUK7]4F$?\7RO\_D?Z>C]4F$?\
M7RO\_D?Z>ME='2Y]3^9TUK7]4F$?\7RO\_D?Z>C]4F$?\7RO\_D?Z>ME='2Y
M]3^9TUK7]4F$?\7RO\_D?Z>C]4F$?\7RO\_D?Z>ME='2Y]3^9TUK7]4F$?\
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MD A)]B0?;KCNCI0EEHM./)3Z,=/UA')(0E*1PZ4+ "?$<>Z.. #Y<]35(6$
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MMG47M;%1Z;!DRY$<.$.J86.$=9!6]U>RI3>(8\]48<G.;CO+N>WJV9;K;/\
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M"23HFT[4]T6<C("S@.5QZK/\W[AK/-H:ZA]#DAG +2TS#4KZF.>9+67V=L[
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MF53Y.S<OVCU'(BULM2DV->Y7MNR(Q_8.-N)'+DRT^*U)^_BI2>?X^)(Y_O\
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M %[7R$D7/<<^XR)(!Y. 3;GG'%ACF_;U-AJ0MHI:"?F5>25LMH:6X%.A"5H
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M2F/,GR:''8]:'YT"NBE^>X\U#^:AASU1:>>;CM+>>5T--CJ6JQ-A<#@7)))
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M_E8T5I:O7<6X6RV4.!*@ILIY'73T^:[*DQHR4!+[SJ4)=2LA*3>Y60$E20@
MJ)!) 23;&M)-GQXD*5(E-*6TTPX7FP4J#K:DE*FNA?2!YB5>6 I9OU<YMIQW
MM6[N=#=U.J<!S_56YM:Y^K+J%BR%;0Y51?I/%?/J*>KKC#5V'Z14]S!0CPLJ
M^17CT'6W'6UKC%#JL([_ +L8UOW^Z(F:CSBPD8MD=+9'*]7['KHD:7:8-FC$
M1Z.P^ZPZTM=ABMRAQ$'*Z5M;2Y]>A*X[K4R/'=3N35W:GVNZ/L%6^E^W'1VI
M[E:"VY=:]UEBN+73C924%"[>LKF;$I*%*04_,@%*BD\@D'?G_P #[?WOM_@Z
M]4C^<AM*7BA2TI2E2D=1"NE(!42H ]2C<GD7/?7@,Q<5<AU<-#K;"UJ6AMX-
MA;84I1Z!Y1*"E (2DBUP.!QKY[6\_@G_ !"]-9 Y3?J/_732-O\ J5F;Z?G1
M,BQ^R]-0+,E%7;NUV0U$@)4%+C3H2E1E^:$RG0D*4H3M"_H?[NTW)?5,[?M;
M%[8]0QK!A[(46DF!9;1R*I]5MV=6X9C=3\_6U$ZQ94Y'_&\CE,MP"MQ]$!^0
MVT%=5O?;MK8>J,3UM.U[DTS&)MUN7 :"SDP6XRG)E-8N6+D^N=]9EP?+3"PT
MF0$A+BD)\$K0"3TMFDER)K4EV2OS6F2ML$ )(0 .$\CW(^_W))YXY_CKXE=C
M3*Q6:*VT\F11&:4])=6$>2Z*LW)<82R4K*R6Q&4'>M" "I/3U"Y'0U/:4^E[
M5VKNY]^(N!NV5N.) CM*=,N.O;3]-8F*EI4TEE*'UU-DQO)>=4I*'"ZEHA(5
M8-8ZVPK3FN\)U1K>B9QO ]=8S4XCB=*SPKY*FIXJ(L82'_%*I=A)\%2K.<X
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MIUY%/'<GM2;2-)BK6P]%C/2HS4A)4F0A3J5^B6PI0>!QK_J:5^?,QP@CW!!
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MY$Y82:B?KWMV1<M)=R7)J:0AB>JHOFGKB? =2#$B)6J2U-F[' -CDDY[<?@
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MQ<C5&2VZ^KURM"93T* L#V R>, <$GT'K^_4*,I/62I%@5=1 !R,FQ(O8@'
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MP&223P!<D^Y).;G7DE/CTNF18].IC4.'#CH2S&B1$M,LM(2 $MM--A*$I L
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MM]W-^#Q:X_KUGP_N+/%G#GZH;'I^NV1J0]*^OW0>/)("$O,I7RE'(*E!?@H
MCE8]0\M^P"E<-]7>NU_E&3M(M(>!6%] 6\##MFZMB;$68P;#Z(KBD+6"PZ5(
M*$(2'5_4M04#Q9G_  '#94GA+S?(2I8: \OH*&0HI'+OLGA7DV[R^0$ 'H8D
M2#&4]\[+;0Z0H>G-L6V?52D @,,RVT^2"GZ5>" !Y$>06"8)P+$!72#>Z2<
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M3CG*2J!C!8#Z/18!:>6VR'RWS^Z$J!*/+R_:?>Q*D2^4^-I:>')\P+FZ*#[
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MJ4MEQ]=C/*'O/ZS8VRT%2$N(]T"?ZA<X''J*\2$#P\3Y)5U)*C8DC !)N"<
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M$#ZTAI26_($!7*PKQ;'J+". OU#Y1R?7YY)YF+0@^"$E "4)6$IX2$I6D!(
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MZ[6F^#OB-$GQ)<O;BX\6,^V_(?-5H3@:9:4E;CA0U5''5!*03TMH6LVLE))
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M@MN50@S&Y+CEE"CNQ8@#^=MCU4H7Y%B2"1]?2W^]==/4JT4J MWZ2+FV0D*
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M,B_&,6/UUR,[+U[E6H]BYYJK.8+5;FFMLOR#!LLKX\E$R/#R'&;%^JM6(TM
M2B5'1+CN?+R$I2'F2AP)3Y<!SCX&,2-8?$^[<J^:PW*A3_TZA38SH\FI,23B
M4YJ0PXG\VW6U%*@"#P?8@@'I*_Q$?^WZ[U/_  H-S?\ CE8]*P^!+_W4GMG_
M .^LS_\ %:;U0[9;"^H A39Z@1<$%.00<$&]B/352"4N I)!2JZ2#8@IR"",
M@@@$$9!R-=G_ ';:4K=,=O/<)O# [N3&M=9:AS;/,7Q^V@L6E2Q?454J36-S
M''74/SJMF24N.0W@"\V@,+<+9/7$W\)_7N)=]'Q'<7I>ZBJ_6O5[-P/>VQ\V
MA6<V? 9N<JK=;V62ULHKK9,9^-#K+4I=KZZ.\B'&98C1@TIAD-GO0^(7_P!H
M3WC_ /@W;-_^<G7#)_0]7_=,M-?^V)[@O_?,6'5-!IL"#!JK\.*W'>=2 MUO
MJ"^GH6OH0HJ);1U65T-E*+@'IN!::O5*A4)5,9FRW9+32_D:<(+?5UMIZU)
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M,W:20\R[@WP;?B":R[>YNH<0VYAZ:U=CKG()&O6MS[5Q?#[?,F,7VICN497
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M6KQ=2/%7U>?*CR/J^Y]R.".H6%+<;8](M-I5]2' GGRYYY!'J^*RI">.0M1
MY(]P.8$!Q;+:@6G$@HX4"Y^]ZH/GZ:5E 2@@I4ZDE:?'E()]NI(O:Y'W$GD'
M)-@?O9-B2?0FUO6N_H,&]R<=AZ\6-\FP.#?! ]=?1X*'@^@^:"E (4V '&^4
M*1R $>0/T)Y!22D\$\=1"4VXA]H%22&0M25I#?B74H<0A !\0E3?*O $CD*
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M^GI(_P"J(?W9Y/\ YT?]9T?JB']V>3_YT?\ 6=.M/K^X_P!FFE<>HW_PB/\
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M2 G%!L*J*$01?(OX\,Y <61D_@BV0B5ZOXM\T6^(ZI'I*4WUKG)3Z5D"ES7
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MJW53E_+TONW445!02 W$DJN3U?S1 %U)UE1Z*N0CJ9J$%:00@FT]/S=<9LI
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M]NYU/LS9]'GVQV%Y+9ZMBXCK&LPEJXA1(%?1NY"G)H629BU F/1H\UA]<5Z
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M3=K%=F?'5%YN,RY($>+&!;BLML,)#$)B/'0$M-I!*&DE1NXX5+4I1^>57_\
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M?,I#>_+D,JIRDMMNFF[%>+B_.0$5BK,(*G4QU1>@2JV'AMWG&8ZXJ[I$O-,
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MZ8NMW;([E=):BR>OP[8N;MXU?V5='N&8SU'D,^*Q4RI(ALVEG:5=7,K*BO\
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M7HQ38MOEEOF]&VW6-P\HLL]L*B;F<BPXK_6;_&Y5)4R9/RSB&5.P6%1TM\.
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M,J 4$DBY OC*;@G.FJ+'&KK/K-"8^&0D(C(<2?FZ6N;9C_+-_P!6/RY<N(2
MP$K,F0I93X .O\*Y67-NT[5V/ZLUGMO%]HZ^L,B8V0YC\^NPC&Z_&&[/:]1
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MS6WV*^PF\R&)/:S._"$7=Y7W4.S8N*QRU90(TV' G,0'XI5'<CJ:44%0?X9
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M*>U<X=A-TABW%75TLN52-VE+*;Q]=M4U%3#O$5K;4>X;A,JL67GN5&""2"
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MGDL1BT_^S\6UL^:N$IX/U<@D^7U *]NJMM/IN-!M :',M7LA*0E2_$K4 IL
MAT^Y"@$\\^GR.>J1:V@Z0N'*4OP0I2FX3KZ""M14@%M*FUNK/"DN)^@CV!X]
MCX R@AQMA:0$/'T_-M*P?%!6ES]LGDK4>6T*4$MD*3] ^DU$?-Q>W8)!L.M/
M/2D#U N<C'<#0$C%_>_ Y_,'TOS;F^JU7TJC%0]-(#W/*4J* 6^%)Y+7)\@#
MRI?"TCW3Q[=2GU(3(B)2RI:>9'V1[+(:('DHH)04\?3[$K2KV'T@]4KCWJ*2
M#$DL)"'O?UFO$^;"_!P!,A9\U\$L$\ <'RY]N;BIIOT?5]-7JM@K;4'#R%@C
MA2U%SQ\_'V45$ >2O?A0Z@'I%QU"Q3P"GCH)N01Z&V3DWY-Q/-[6Y%\7[#&;
M]KX^[P+6&J4.E"7BIM\ .*4?V"FE(2IUT!82E)*_I\0$<CR"?4'[WM4I+"UA
M*V7$.$<AQ38*D<!?BHR%-IX]O()Y ">?#WYZA<0@%0)0$N )67_)961YN%M:
MO4X*4$@A(]DI]OMP>H?!L_O)]4GP'[50== ]1:5>HOR5R@?N-C^Q"B@_<CJG
MD6'3<%)'-SBX-B3D"UQ; M;G(8Y-[ #(L<D 6(M<YY(/OQJ6T5>;RBA#J 7?
M-*RGU'4M%(*7.6^"4G@1R2$AKU$J()2>IRD**O);3 4M;9*D%*2E2?!+7GY,
MJ/F.>&_%/! 5YD<CJ:VT65N>1"U*#RRH^2O(!2 VE2E<$I;3]"??A('B#QU
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M(0DY.U#L7JR4E)2&)U?*>?A/K;2&%R8ZT@!04GIFGO\ /B5Y5\)/6N!7NO\
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M4*\Q]"7X&0UN0+Q(XM-9J7*AJGM&F$AB.J5:N1!;-Q2A+;KU>AI;;I;\?5'
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M'BMM'U%:N4J=Y3(4XI3 "FRH*5-$P/7#MY:!O&)4C%8.3M84_?9#D5U7N/Y
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M4@CBIF*/B@-BO^2BA@-(]))9;"V%CGBX'5VQ75(0O7N9>F@_2EREF!HML\!
M\2> M2^'&E$<^ "_W@$&E;U/L\.CG!<T/B?WOP604@_LB3\R6_46."1ZJFTK
M<X*"E(05JQ?LFCJ4A7V93"I#3#"5&%#ZDL,K2XRRDEH*2RTM*5MMI(;;6$J2
M$D#6P&ZMTI2XV-R;A2AZ5)FN(%9J82Y.F-%B7,<3\1TN2Y;#CC$B0OJ>?:6M
MMQ:T+6DS*K8.P*>3=2*?*;"$]=6KMK:%ML%,JR4A#:I_BLK9;DEI*$J?C(8!
M\4\(Y')H(N8Y6T*MO\;D*%'9R[VG08:$_A]K,=D?.62'7PZY)DR5OOE?JN%"
M0ZM0;^HGJXG4VS0XXH8+F25&2VXE0IBIIP*>3YDA1"WEMI']>?0E1^D $#J<
MWJC9*4_M,!RUPK/ *J925%*'B0.4*'  (<5R 5@>'N.0)32J0%'IIE-!78.*
M3"B K2VPY$;"R&[J#<5YV,@&X3'=<8!\IQ255*W5NI26D+W)N%2&"ZIE*ZU4
MU):4]/CU-];23)Z6U/5*+&J+Q2!USHS$Q75(::6BA9S/*DL7L1N\FLQ+^0_*
MOHJT,_*VLI]0#\A]!:4 XZ5\%YCP45 MDD#CJFQK+LIQ"3-=QN\M:?YQYI$E
M%=X_+RTI:82AQQI;2DK2T4K =X2ZE0X!XXZO:-6;+2M:S@.4*4%*/#E(\A+I
M5P/-/CY>EPDE/I< +*0KE//D/3K3:'BA:=>Y.@\H4L)J7BXKW3[>F4^*3SR2
MGU#X^X\E<<&XY3::MF0PJ# 4Q)4VJ2RJ-'4S(+*6VFC(;6V$O=#;3:6RZE12
MEM ! 0 +36XMQ-2H,UFO5IF;3$OIITQJJ3T2Z>)#KKTE,&0A\.Q$OO2'W7TQ
MUMAQUYYQSK6ZLJI8FP\]@2K65$R^[8D7CZ9%M):?5S.?#:V3)=D*0I3;Z6TH
M8^::0VZTA"(Z>4\$00,HMF9>'.3I4BPI\/R"'<0*U26EJ9*9S<N<(LAU*%!<
MWP "WBI+92%CV)ZK%:PV8!P-?Y04J/"FTUDA0;!4M1#CQ2%)0LD$+#?DVH!L
M)4DE0]=U;L?@>. 9*7/52IT"LF>:5\H\0@^F0LCW]RE*5+">0 3Q:72:4H.@
M0(*"]="UM1V&7.@15PD6=92%I*(C[T5I:"DM,.K9;*4+4DWD;KW,VMA2J]6'
M4Q7?.98E5&9*CA:JE$K#@5&?><8<;?JL.)4I+2VU-OS([,I]*WVTK%9F6S,L
MS&QLERKNU:HW;LVM93KD>DU7H04N1&FW(S;8EKA @,O+4$LKX#9\4@]6^;LC
M.+*946$W)[F;)Q^89%89*DK,22M!CJDHCEOTW7BTXH+??2I1:4I0)/MU =8;
M,0OS& 9-YJ3P5*K)0</(;'DZGTBA*!QRXIODIX24@GD=1)UALU)>'ZO\J 4]
MP>*B2MM(>+?FM'#86I7B2H>IPCR/^]"3U;CT&B18\:(U3*:AB(R^Q'1\''7T
M-OM)COV4MHJ*I+(#<A15U2$"SQ62;Y$_?&\JE4)]3E[IW [-JDJ-,G.IJT]K
MSWX<I4R"HH;D);2BGR5J>IS*$);IZ[&&ED]-J.-GN=TK-H*K*+"N;L[%RVLD
M07/3^:LW9"794I+GB%LR91_?<92D !1\%>1'4*-@9VTS;/-Y)/6]>2E3+E2&
M65QY\J,$MLR78JBEEM]M+,=/JM!)4&P%*)6KBO5JK83WII_5_EOJ)\'6%FEG
M)2RE (:2M0!(4@*6?$@@GA*B0>.I;6K=B*80V-?Y>CU4O $T4L@,EY?[-PD'
MP)/FH<<D@I'(Y]KJJ11U*6M5,IGF.E'FK5#BE3GEJCK:+BE-77T*894CK)Z5
M,-J!!:21C)W9NMM##+6YMPH8C!T1F&ZU4DM1R^W):?#"$R@AGSFI\UMU+:4A
MQ$N4VNZ)#H5(C;!SBML[6\A9+9P[.Z#?XHXPKTC->0IMM$N3'6E4=#C#+3;;
M:VVRMEI +2E<!)LSF0Y,&:IG\54ZBFR)S**SAEUY43(I*W7)%R5K5ZCDIYQY
MU2UN^L@K<7PV >1D2M8;%>4$KU[F:0&E>(73S$-@MK*6U#@<I=2H!:5A)4A)
M"P">4"C&J-H\K2<'S7R^P/X+( )"&^5!\-J5R5$D+#?,@\E804#RE-,I0((I
MU.!*&&^H1(H/2PTJ,TW?RP>AF,M;#2+E+3"U-("6UE)M'<VY% ).X*ZH%V2_
M956J"D^?,F,5&6]8R"/.E5"/'G27/OOS&&9+I4^TA8Q20Y,GS)EK,6Q)L9DR
M5-E3'(BT/O2I#RW)#ZB73XK<<4HD#@'D!(2" /65+!6E7BXM!"3_ %,6? >F
MTI* AQ3BD\I(4LE9\5*'V!XZRY&IMF!'!P;,V^'5!0_!1X*:6HJ#C;:2KP!4
M4!:N$NK5YJ4A(4H]5;>J-E)\N<"RLK\_,K-*H*"_2;3ZI"5<.!!"D>'N#R"3
MPD=9R.AM+;;82A"$I0E*1Y:$)2$I2E(1PE('2   !8 6XU#SCS[KCSZW'7GG
M%.NNNJ4XZ\ZXHK<<<6LE3BW%J4I:EE2E*)4HDF^L*0HN%:O9 ;6IOQ<;0E)5
MPA7)\4E23Q^[[CE/*B >J='DE+B2%\.NR$@^FE(;"BDA;JD(!0@\?01R5-\*
M6"HGG/4:NV8TEY:=?90I1==\4*I72OA2^2M'O^T\_'R2T5H\00E*AQQU&O66
MS5\ :^R9*"5!:&ZM\^844@>:O30II(">%+0%E)/'BH?5U5U ]T]B0%#OT=B1
MW3Q;N,D"^J0#Z$6 S8VS@<# M@>MK#TU@R"H.(0>"GRD  H4AM( :2GA8!/"
M I7ID <\GD#Q'42$>2E*X2MOZ/9U!<)"$J1Y+=5RO]Y/*%^'('BCC@\C-_U7
M[-2M'^X#*5CR=5[5<A*$<EHI0IT DJ3P?$^(]4$@A/ )P,M+8??9#*$.MO+9
M=;4I27D2&G'4NM>FM"D^JTI*T*2H@#A9]E) ZC!L.H&YX)QBUL)*K<\V^FHL
M<8M:XX-R0 >_WCG@DBY[:G)"@D>:B4A:OI5Y@+ 63SXJ'BO\E^J3Y.$>1X5R
M.O&QY-MJ;3Z84A!\2E39]T)()0G]WD?D?MQ[>W5*I;K86I#;25'Q"^'"H_6O
MP'K<M\-J)60T$ A3W*5D(Z@0ZY'::0A"1P@-J2"IU*2VE/L"$^8^I2@KU/?R
M! ]@>:QV-P;!7_:O\P'%LDW.;G'86MJ+BXNF]CW%O2_X@#BPR+YL;?2HZ.CH
MZJUI]'01R"/XCCHZ.FFM); P;,3/@YKKF8B=E^/0DU5-B.59C=4.L[>).>0F
MTG9; J*>WEV5U#CI+E-+2@$2.$O^*25],C]VO9'W$VFW,GSFJJ)F28?=6V)X
MY09#DV>0;BYE2+&,PPS&=>EHBS&JN/=S)T"M^8C,IAUS45"TA(\CT2](3[\>
MX2UTAA.NJ7%M![H[@LRV;M; :*IH=0XA9WD;#ZF#E=2_D>P<[R&/"EUV,X]C
M5<MR2&IG$RZ=_J:"EMI$F4QP?B+LFG[\V]]DU)^>RU%E)J4=-/>886],98D,
M,-/%^/(2MHB2L!(#:O,*3Y@ (/LW@7XP[D\$]Z.;HVO#HDN=4:4]M^4:[$E3
M&(]-F3J?.E/1T1)]/6B0E5-9_G%.N(\GS4^45*2I+;'9YV?]T&([*QO/3C<2
MKP/(864X;D][#SF)5V==23VIM-96=8JO;EV35I66$52ZAYF&\D3$-/J\6?)8
M<TNZO8&+VL6D9N:Y^]US729VIT9%MS)(U!G%$PAJ"[-[@Y!Q9:[.Y4I*51(5
M S8.+<#KJRT@I7TF[MHVOW#]S6,Y/A[>K=V=I$S5F69#CU_CFUL17CT?)X-C
MD=O-H<MU_F[;#"<RQZWB RYS4)MB=0S'DUTH.1W6)3BJZCM8LFK*/*R#83]V
MP5)=G+_#GTV4A0(4IMN7,GRBCU%%0+R@5(2?)"?+@"OP[V53]B;=12*:_/?:
ME/\ VD^*@\R\MF;(C16933!8CQPAA*XH*4*2M765J\Q04 +?CCXO;B\:=ZG=
M>YX-#A5&'3FJ$R:%$E1&)-.A3)TJ$_*1*GU!3DLMSU-J>0ZVA3+;#?DI4V2K
M $5^>Y1'M<8K)V3'"\G2[D&89I4;/RY6>XUF#2FI+=5K);V&)KH>N?78#$N'
M938UFN&M\MQE*6A/26-Y=Y.INU/-:ZI[DNYC2&H=Y9%C-9^(:\R39NSF==LZ
M8M)3D"!L/"X[6"29+VV7ULODNO)1$0^VIQTMLI4YT\=!A5.&X^MBOAI9J:"M
ML+'Y-"R"\S60I5I(0XZ05*=EB,M+KR@I14Z5<>P ^5QM+M:^(U\2[8N<=[GZ
MN9>S:S>^6Y)D.,Y'=9_B[+D/$X=W.K<=QBNKK:P;DU%-C5=':K:^M0Q&8;"'
M9"&$KD.*5U50J<:FMMJDR(T8/**$.2G4--W2$_*%+4@*6;W2D*!L%$_=N?/=
MOT)RN/O(3Y_EQT(6X([2G7#UJZ0  E24#!NI0-L #)(^@)2YQ0YU6Z'S/#]K
MY;E&NKO*G;#LZRS#LOW+;L;[OG:TMO5W=K*J-7SJN#@+;ACNP9%E*K*MH+?4
M)A<2&SLZZR]FHK=DV65YAD&.8E5/1_Z97('+W;==+U==N,QDU$7MUES==,1+
MK&I;ZHK=I.@/28[ ?>]5ULI7X<L_P%J_O/[2-[;;[)]^UII-?;.TA,WM&UG/
MO+G8=]-Q/ +4TF7XWI*)B695E;A^79M^DD-U;84U\_.KFGC%*T>LCI6[A-49
M%NS5L775=7W57>6=;7V^AI3^.9=7TNMH>*6-=E#F!]R-C:9Q8US,K-9%4*1,
MV773DQV)Z24*"5*50J>N32I$ZEI8F2!%D+B(2Z%QGY3;1\IL.M96TMT)22V0
M2%$)(4"=2*3%I^XH5,KK\F+33/@IJ,EAM"9;-.>?:$EYEJ04MID-QU.*;#Q\
MOK2E2KM\LF=^V;.]PVQ,$NDZECX3-Q?%HE*NUN[RV:R#8>"JFNR<3M\F@M5\
M-V!/MJM#DQ^<ZTU>+%@XXOP;7')<F[4=TX#95#>$UL#+M40RK!+/#L<K<DV+
M>9=E&:5,,X]51').*X#:Q)&AW)+*8M_:2WQ*JE>FW=+9"4O.-(]S^[<5C[XV
M(K8L-G3>;2;."_DFLLDLEN3\1N%U,!-E71'Y,B2N70KL$2I..36GEQ)5*_"7
M$(9\4(6_\.EB^V_>8QLG7$:,Q@VG*';M%D>PUF\R>#M21EDRL18:BH8%-D5(
M]B]_18^[.FT2?H;OK>>B6M+K<0.(^7O#_=>]YGBI6:?)_P!(@+FS6GGWJ#\$
MF?'B5%J+YX=;:;,);,)3\QH%2D.EH,RDOO+\]/Z(^-OA5X+T7]FG:6[:2V[$
MKTB!07H\&)O0U<T&75MORZFN,J)(=>358[]4CQ:9.46VGF%2OC*8N#%C+IS]
MU[[I[$CN<UF-G.H1?L4E8SM>A8E97-UY1OF[8<54:_LLDH*"188E)H'*N9-?
MJ&ID%.0SKB.98F-R([*7L;5#7L6J<KH[42N<S#SKHC"2EB)7FS=^1C,)))#+
M,3T4-@DGQ Y)/)ZWO\0WM.[O=^[&TKDW;1@.=Q]55>LG<=J<;L\D9PW*<*E1
MLR-XY3[5B9E?7E@U863C<Z6Q=(F& BDLH\0LK?)4-,P,0RS MH4V(9U2.8YE
MM+?4[=W2NR6)GR4F0&I'#$V*I<:?"67%&%81E*C36 EYE12K@>;?M+;.J-&E
MSMR+<B2*?N.IU%X*:C.)EPG6:=&99C29*ATK:?0R^^PANR?D<4HJ(%OC[Q"\
M4FMX^&GA!L:+&K$%'AMM^MTRH!^H-O4:KS:E4E5&+4H<!I*3'EQ6)$J"\[(\
MQU3?2AM2$^:%+4FU>L)TF))VW!J9.'5RWY,V3;AT1Z]Q39:CR@XRM"VB7EH:
M4KE22EPA23R"$J36^WS^F:B1X[F-_J2]!KYA*7I/X)ZOX-)+@40KU^?Q(,$I
M2LM^KP.0DJ W/O#3^]-V:KR_#-!8O-R'+)BJF/,F1[VHQF-0P%V+,U^3)N[I
M:(<>1+C07H<.,E+LB2X^ TWXA2TMM(^')\3=R,Q*&M]A(1(DB*F,[L;$6[&.
M2X&A,L*_UBY"J_+Z_P 2>462T"X 0.#I/V>?#2O;K\,H$U2-KPX;&^7JM39%
M9HTF54:E&@,PV'(+DEE:$O4"1-1+:<BJ'4J0U(/F!)2!VG[/'CQ!\*MO;IIM
M9D>*-117:-N#;]-I^V]VQ*7M^@1JVU ZZ_2Z?-9>,7=<.:S*>C5)@I;0'A=E
M3OF+4XUO&)VA-ZFS=S4)PA6RT505B*8KW,@V7S#((:%K)9KBKT/4X^:<2WP.
M.>> <SQ&%V+'#L57DQP,90K&:=61AYZ4%C(#7,_BOJ_+OJC!7SWJE8866![^
MFKPX/37#GPV?B:)-FDZ_S-T5:$*6MC:6%O,VP4%*",;<#R1?NI (4B,&RDE*
M3[D#K3FW.VCNR[?T8XC>TK-<!_3:'.=Q9,7-Z"^E/FO2@V+$]FK;D*J)T)#K
M:E199\CS]*B4^/7U<G8574$MC;_@WU=5[_R0GCLG@&4"#8$WN;\!-[D[4^->
MV4*+JM]_M7@="$__ &5J3U85SU"GFZ;FP2$8-U!1%@'S^VC/>W_ [K8JMIT\
M"XH;.94IP8.8\]D+,>MAR+(.*CA+#RHK3D9V"I)6 I]M"1XN%!'5WT!LKMYQ
M*LV>QM&@AV4R[RZUL,,<>Q9RX^4H7TS1"8;<2RY\@V@N,>,501Z7YCV/@S#"
M[E+Z''CQU8?6R4QV&F ZN[LVUNEI"4>HL)CE*5+ *RA/L"> >!U5GN=NA_\
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M$>UL_7*I"TG\5MU'P*P5DA$LJ(4OAQ7 2"CE7DCD=2'+6T<DIC2+MQ4AM*7
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MEKUPZK(%4Q@!TP",7X!-\7Q8*M86)-A8XY(O8&X@K3@65GUMP2E/X 7OW!R
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M.D%25!1X"$K!*0GQ)*B@!"^#[^W'T\]=T_Q1#Q\/ONF/W_W U_\ XVT''O\
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MIP4@*\E!940GQ\>1QSQ[@]4YR[!@\KSU13I5X,^0.;9$%>\A8'U>H/()_)1
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M)X2%%29<:&WZDEY#*/L"L^ZC_!*1RI1_F'5&Q=5<AQ+34MM3BO9*5!:/(_D
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M)""H!M;JD'R+BA[EKS*_WBX 05*/"!Y$#IF^#P"2.1@C)%QZG@W_  UFQ?\
M9KP/]H>>UT(X]_3C/?4:E?99:>2VI2 CQ+01PHJ"T)]O+ET$!H*Y*E']F6^!
MQ1/*5Z22A#_JJF-H"@4+#@"^0RV$H5ZCJ4H'FE#84GP<*BH)6559<E**_P"I
M@>">2EPMGA0YY474A)!23X>/NVGV>X<Y'3DWP_*&OKI62;*;K*F5G%GL_3^B
M]<6U[51+N%@;NR;>8]L+.F*6P0]!G7-;A57+KZ-NQCO15R9ZG6FRZ&R<&?+3
M"BNR22YTI2$M]73U+6ZA"05?/TINHJ6H(-D)4I*%FR3L8L=4EYM@$(ZE&ZU
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MQ"%#E"/4*FR.?LL$C^4\$R"KTDE)6E;:?LE"%(!YY!#?DE860XKEWE22E!X
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M3.CHZITT='1T=--'1T=9;4T:/%$F:@*)^IMA7[H! (4Z/S5^81[@#@GGD@2
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MDJ&TIR!=U[S,GY_%GI$=E+2XGD[U =IFU\D[E^W34N\;G6F3:GN=A8E!N[?
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M'1^ 6G_!-?Y='^CK/?))]_(<?QY'!_Y^O%.MH"2IQ"0I24I)4D J6KQ0D$D
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MM9K OP"T_P"":_RZ/]'1^ 6G_!-?Y='^CK/$N(6E*T+2M*AY)4A25)4G^*5
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M6I7F)0\2$J4^ZE(/ER4H4XA6WGJB-,J^&,5UR4$H?4R^%*19Q#I*4(2D=!*
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M&V7?I]^5%CQY)('"&U>7(//)^WV'V/4&X2J_3<=*1S?!!Q8%)%ADG)OSG4@
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MXBW@6:WEW8441^VM<BPQJ/%:QJ?-GJD/FG992S#96TVTIQ'BXM2'7B2"/;[
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M%BH6RME=UK?AN8/,QZSMI.Y;JI8;SRHQZIR)Z'C$ZBF4%AEU3B=K"L9,26U
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MNRI;ZT,,-H2"I96KD)Y) X/6E^XSN Q/0>!V^89+*66X21'KZJ$M/XOD5T^
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M]U]I_P"X9>_^;=34?$][:5CE.76I'/'_ &%7Y_Z(I'Y_QZ6-^HS5W]Q.*?\
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M/_A399C!ZMC54"+"KGDMEI<5A"PI:B5%&B^]SO 4/41W/;D\_0?!<_29'KJ
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M>;EM+DPWG8[_ *$Q3:SP\E*GH;[GJ0W&'FT/)6(S>XNFWW>PXN"3BV.Q&59
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M'^GK:=9  ';U_#Z>_P"?XZT^LD_6=0?E$N3_ """G_7]'ZSJ'\X=R/YX*/\
MSCK&_P -C?\  )_YO]/1^&QO^ 3_ ,W^GJ>M7MIK)1LVA/VB7)__ (%/^OZM
M&093&R&$U7U\26D+D,O//2FDM>*&B5A#:0M:O44> 5$)"1S[GGJA_#HW_ I_
MPC_3UI[).X;MQP2^L,7S+?6E,/R>H6VW:X[D^TL(H+ZK<=:0^RW8U-K=Q9\)
M;C*VWD(DQVU*:6EQ(*% F"LVL2,_OX_L/UOQJ0"HV )/H 2?3M[D#6ZHR"AM
M((]PD _S^W(_O=:OWKGMIJ_4V99[21H,NUQR)"D1(]FEQ<!PR)[$5T2$M$.%
M*6G5*3XD$+ /V'5ONNY#MVQF-02\AWWI6@B953-9'B\FZVEA%7'R3'GY#T1B
M^H'IMVRW<4KTJ/(C-6E>J1!<D,/,H?+C2TIU1W%9]@6R^U+:N1:\S?$<\QLQ
MXE8YD&%9)3Y52HG1;B")L(VE',G0A-AI=;5)B%X/L^:/4;3YIYM+/R+L<A*B
M",D8P;#5:4*ZD=22 5I&0;9(N.WKIL'NOP3<6^[G6VP]K8)88BFPIXN&X0Y0
M.1V8&1IMI3]_!"&U3GW_ )V0B2M32G4,(,<!+GBXD@:!G=C>>5N74^!3\3SN
M+F600)-I2X\[*K_GK&NAJ=3*EQU(F*C>DPIEY+GJ/H6"V>$D$$N!;=V/O"[P
MCM]KLJTRG&J7&<@Q.5@=NFY1*.;3H-(&*R"6 \I4(6<,B9YK2DM\^ER"E0ZR
MS,-J]PT_N:UGEUMH=-9L>GP^Z@8YK_\ &PX,AJ7W;(S+0V ?*(YAJ?D(#86D
M*^7'DD^7/7GU3\-MAUFH2:I5-MP9L^8XT[*E/"7YCZRAM!6OH?0D$)2A*>E(
M!"0>1KW';?[0OC9M"ATW;>V?$6O46A4EAUFFTR&["3%ALJ?<D%MD.1%N=*GG
M775]2U$+6;J3@!%?;OV_[<T_O9>0Z[P3(<DV5K&'-9N<5MWH3\:L9RFM=KT.
M6243FFUER,M;D3Y=]T!:>5^R?=YOMJVOE&W\(N<@RZLJZBXJ<MM,;=A53;K;
M#7X: VZEY+JUJ^9;D)=:=X44 HX3S]^D::VVIW"5'<+N_)\=T0F^SW(8V/(S
M+"3=H8&(MQ6G!7N"=ZR42_GTJ4H@%13X\I"??I0/8T[)D:RS21,8^5F2-JY8
M_,B<E7RDQ^2Z[+B>1)*OE)*W8_D2?+TO+D\\]=#M[;]$VS&53Z!3V:9"=D/2
MG(K!=\M4A;;+1>LZXXKK4VRTA0ZK -I^7))X3?6_-X^(M3;KV^*]-W)6(]/C
M4QBH5!;*I#<!E^3):B)\AII'DMR)DIQ%TE74\OYB" %H]'1T=='KA='1T='3
M31T='1TTT='1T=--( ^*DOT_AW]UZP>"->0.#_/EV/#\N#^?Y=<#RY3?[(@N
M_3[ *><Y4KQ *6SY!)5P">'20$\\?41SWL_%<5X_#G[M#_#75?\ R??,,= ]
M_P OOU\_U-BA"%-K\E<!L\D!84M12E38\> M;9'DOQ'L#Y#H3P+7-AV./GN3
M<<8%_P".-9T;*"/^VKWX".1QP>_>VLB,P>:E >HT5MJ0M,A8*R![!T$I*5A8
M\4(;Y0M(X<4">>H53%EPA7FXM+J5J_;(*AYI2H(Y"$A)*5G@(\5) (+O/NK'
M7+) <*OW4E24_2>'CPG@!;"@5)0?<.*]O!K]J>![FG9G>HMQ"4.) =206U-J
MC@!#?J>+A)\D _2^$I\BOQ""CRZ@IQ?Z&_'))/<'%NXN+>N-7C;[MN58QC%A
MR1_;^6LN$D<N_LP"?9/+@\DI],!0Y1PY]2CY>)*D*X''CQP86)CZ6F4^EY!+
M;:2ZMYCS6GEOE2DH:!2&T\\-D^X4?'[*XQ3R95**U(02M'CZJDH4A7@EGQ2E
M*D^KY) (2%>R@"!S[#H"BV"L>@@#ZN$1& IQ"?<I"D+/'W1PHCGD^P/N!! N
M+"PNH V-\E-N00#Q@>_!.*KG/%\'L$VQ>QQ@7)[VSVUF'S[RE^12GQ""$\NH
M5PD.N'^M^) 6L<*\B?(?N$_;H1/6OP*D%LJ;*@DE/BTI01RET) Y*@5)0I?L
M%< #GK$?4\'"M(:Y(4$E,=L+5Y/+4?VGF% <<%0(!40%$'GCJ)J;)2!ZB X"
MA')!;2H+"4$GCR/+9\1XN<!)^P)4D]3TVZ;@IX.0D@_=-_6^#Q?&.ZAH56MG
MVR;7[ >^<<6N.Q%M95'E -M%*@%!ML?4I0'I )*4?RO\^7FGCR*2D'\CUX_,
M2MI[CD!45P?42"'%)7X#C[@  A;?\>!^0ZQ9B>XEIKADD>DV.2\#QP$D%OE7
M#I)/U.\A7C]9]D\"%N<OA\J;5PDJ2$&0E8"2TT2@+*N$<'ZRKQ)5Y>0]R1T%
M\"UOH2G_ '2.W!MC!L3DVOJ.+ G.,G&!:]N 3WN><@WXUDHLBAF0I01RTII"
M_=1'DA"B""KW0E22VG@CV<*@GV4.JC\3/!)2H*4V"4E 20D*2H#Q6/9:QY)0
MH>[JDA(X]/GK"Q*=<CR$H;5QY+6O]NA0\4.K6DE867%\\*_=2A0\?'E2$ &L
M<DG[AQ1Y:<7Y>JD%0;2E0=X4"4^/)*0D! )/D@CVZCBQ.>.256PV;<WL>P L
M<6N+G0W(P38 =KDG&<C/OG![>N1OV"74<!+GAR2./,JY+:TGE3:D\K!(2IKG
MS2>4*)5PKJH7*1Y-GEW^N* !=5Y*X2L$-GD)^E(\E!8/TCZ?J]^L/1*60T?-
M7IK6. 74>*G"TX5']WR*U+X4>>6O/@A(;Y'50BQ0GR;6%GQ+:OL%^HI:O="/
M$#S6W^\Z4^R1]1 XX,&R>HV-[BPMZ$%5\]_2X'H>#J3S>]L8]+XMCZGG([6'
M.LB,PA;BO'R1ZB2TM,A?"R$  J\BGEX*! ;3PRH<!:P2>)7SC@=*""YX/H)X
M>0I20X'%!LJ2E/"@DA8\ GAL>/J$\I5CKUFGR4K@)2KD !02LDD !UL@EIE1
M/[9P^S:>%'@$ R6IOD\I(2I/!3]0+:F"@!7EX+Y*EL>2@%E*?,O I0M('CU5
M; N+#%[6MV).#R" ,F]C<XL#%['T)MS@D?+8B]R0><Y]\:RQ4@>#OBV!YCV(
M6DJ"20D % #A(5RI*'"M*CP3])\>O6ITA#38]$+6&F25JD,>;GL2%**6AXE)
M'AXGCQ)) ('(Q8*9+[JU(1P0?)Q26RW]"@%>/*/4Y 2!]1/[OMSRGJ4OR2ES
M_J=!*6APF$R/-*E>"A]+G!X*A['DE(( X42*2!\N+7*_4D_=()N"+V.?WVX+
MJ([^AP.+VS?Z VOFY&#?66FP>2M3OIDJ(Y+?JMNK=X\0&FN6_P!DI*?I]OZZ
M1ZHY'42IJB/K_P#80I22GA3:EH\VFTMC@2!P"@\^HKR !^W6)*<4P3Z*F@\?
M9OQ8::2%MD!*G%>K^Y_9)"O9L<#CKTS70VI!;\@5)4E25);/OX?2[[GT?M[.
M$@H'"Q[>_55L"Z2,''2D@Y.;@7M]!R#? &A.>#V/J>UA:QMR?3(]]9<F6$@K
M\T^WBI:1SROA"0$LH\>%#Q/"PGCZQ[GGVZ\<DD\);5QY._1RHKX474>J5\<%
M0//[,)_<]_[^+&<[X+X95RI('*GD-GE(0DI2%*/@CV]W4DI!(Y_>YZ@1.7^U
M4I"BH/% !D@^*04J2$NA7'L5 <!*3R0CDA)/4*[@ "P)L 1SU <"Q(ZK#UR,
M'4>EC[7(OGY3:W>_."2"2>QUDRYZH[[("?45Z*/I2%.*2CEGE2D'A?()< =/
M 6E/!X](]3_Q'GV4%<%:N?%/"U K(X;*B"7!R%>"2"E'*R>%<#$$REK\'05L
M(2RMMQ\.H<'!"/!O]Y:U\DJ3Y%+? 63P#QQ,7*6V2"I2/30E8"7TDH*EI1Y)
M+@6H*4.$<N%:>#R %#GIW"LDD X .3W-S:X(' _[1Q:\WX[ D<X-L' Q_'OG
MVR3Y\.OJ)25)2.$J1ZA 1Y(4"'6E(0I*CY%*BDH6H\A/'(ZF2)3/DGR64_3P
MGU77B2 H_NEM:1P/L>>3S_ <#K%42%\N)2I?ID-A*/4;\4@.,J;3PM*E*'"2
M.5>X'D"2H(XJVYZ"GQ+@3Z9" 5D#S'@E7F@A7"DDJ('\"".H(P0!RH?6V,^@
MMF_S6_+(=C>US>XO8Y'( _=?'J23KZ@O1T='5>M5HZ.CHZ::.CHZ.FFCJ3(8
MC38DJNFL1YU?,0IN973&&9D"4AP%*D2H4E#L=Y*D_20ZVH$<CQX/4;[K45HO
MRGF(C ^[\M]F(P!_$O25M- ?SK_E^W5A_2[$?5] 9=B7K^W[(95CWJ$\\ >/
MXGR3S[ ??GVXY]NK2Y++*NEQ]II1&$N.(02,6("B+\BQ'X:6/I^OT1JVXWK;
M7&&37K/#M>X+B=D^2IZQQK#\?HY[BB""I4VM@1Y!)Y_>]0'W/Y>W69>_)))4
M5$J45$J45'W*E*/NHD^Y)//7C+C<ED2(SK,EA7/#\5YF4R>/OP]'6ZT0/S(6
M0.HNKW65 $&Z2 01P0<@BW(]--''/L?S]NFYJ?M>AX!WH;\[GW/E7;3=>I]4
M:];6KR^=8CZZM;^;/*.24J@SS95[BE("2F5&4A8/TGIQGK$,RK')U<U)CL^K
M(@.EQ7B 7/E%H4'O$_<I0KP<*!]^/( \'KE=VTU4ZEK>:+I?@I6\VVV.H.H6
M6P^A20"I1"$!Q'3\P6V +A1&NNV95C3:LEA9;3'J7EQ7UK/24%*_,84E=P "
M\E"%A7RE*C?@:U-TB7>G_J1IG_M%I/\ W5(Z5]/-K#>^>KFOQ1IQ(1*KUNI:
M=0A!^EVN62EKU."?6;=_KH"?%0(Z13NJ]A2-BR4N,SX3ZJ>C08\J#("TK+3X
MX\FT+0H<_9044J Y!XZ\<C.I#W2KY#TFW5A*@2+%*ONF]Q@&X.+<$^UR4*+2
M5)'4.JQ (*D_5(^8#M>W2>Q.M= \%)/V2I*C_P#:D'_X'2GOA[:!R71]?M+*
MV2(4;9NU,^V8U&L8SR(]ZYL*]8MYKR&0LN1F&8$*LA1[%M#H??:?>1'=:46^
MD^XUC5MF%Y6XW2179=A:R&X[:&Q[-,J4#)EO.'Z66(L<.O+=60E)0E/NM24E
MY.HK6::HJJ:.06*FL@UC*A[>;<&,W'"^/L"X6RL@>W*B?;GKT/:-/+\M<Y96
M&X9'E@80X^XE8L<?-Y2#U$ BQ4WU?*;*\ZWG5#&@IIS1;*Y]R\#EQMAE:%)(
M%_E\U=T@J!!"' D=0"DW2KS!4*0NOL<?MJ^&M37I/,-HM:QN1)>="H\63$Y=
M,;P27Y2GV&VX!>0P2HD^+*NE^T"^TYW3]SV=1\)R->)EYNBUC:1JAUV-:4F5
M6R\NO'Z8M+XE-L2BS5R&6P PXTAM/L" ],.0>02"?N02"1_ \<<C^0^W7O)_
MWROY/J/M_-[^W][C_FZ[.H4AFHSJ)/<?DM.4.7+EQVV'2VT\N93)E+<1(0/E
M6A+$UTHQ<74B_EN.)5R]!W?4-OT3>-!BQX;T3>M*IM)J3DED./QV:7N"E;BC
M/0EW'E/&52FV5DA22TZM82'FV7$)$QK5V:W<QV7;UJL5;9>>C-/W"F9+Z(O+
M:D.U=;$=YD-S$$%<N4\P6GFRPXT $\J1Q+#,?PFN574$/Y=#J_6F2G5EZ;/D
M'W6_+DJ^MPE1/IMCQ:91PAM X).4\#W]ON>3_*3]R?XD_P >CK:)0E/ SZG)
MSSGWL+VM>PURRUJ7SP.PX^OZ_#1UR ?T3(R[*W%VAQ(Z/4DS<0V% BM>03ZL
MRPR'&(,-GR5]*/6ER&&?-1"$>IYK(2DGKK_ZY!?Z)=DF#NGLZGI0EQ5;C6<6
MJ6E$I2\NIRK$[-#"U)^I*'UQ$LK6GE2$+4I(*@.KB/O#\?X'5!X/_P /_P M
M.FT6/@D?%+DL,26.UV.XQ(99D,N#:^%#S:?;2\TK@GE)4VM)4D^Z22D^X/6J
M-X?"U[]>VS7EMNO=VAFL&P'#)%4JRRYG86,7$ZFE6E@Q6U3L2+5*3:>H[8OQ
MV$O1'$&.I:7%*2/<O&P/Z*#W+ @PH*.T/6SB(4.+#2XK9N0A2TQ8[4<+(%'P
M/,-^7C[^//CRKCR*6N]KX[^R^]GMQSGMRR/MRPC *K.)&./R,II\ZN;J?7''
M;Z%?-!BMEU<5A\RG82(RU+?2&FW%K"5J">+VFF>Z&LW/W0;;P?!H%AD.U]Q;
M$GT>O<+1EF3N2;>[EPX#D;'Z&1D]^\^8\2#70U1H;T]];42*PVPDA"4)"^!\
M$+XJ'L1VM,?Q!_6OA/\ IZ0GVW[IL.W#N#TSW!5-!$RJSTUG]9GT#&9\UVMA
M7TFLCS(Z*V78L,R'H3+HF*69#3#JT*;2/!041UT3C^BC=T  ?TH&M/8 ?^I.
MR+\O_P"1]--,>[\['>]/L2&#[/W=KNQTC*R')':/!,QQG8E9+R%>15\/\7<8
MB3\3?C6U8IF*W\PW)4^&5K24 ^8X.NM)Z![BN];;-]B&F\:E;;VY:U]UL3(V
MK7):ZFG6,-F9$9O,BL+JY/HRIKL^PB>N%E4F6_(+I*E>9*Y/B1_%KSCXD6$Z
MOPK+M*8MJIC5^:6>9PK#'LLL\C=MW[.D-(NOD1Y]?#1%::;49'KH6XM:@EL(
M2 I13E\/SO>R+X?V^9F^<7U[3;,LYFO[[ %8Y>WDS'X3<:^L*FP<LTSX468\
M7XRJEMI,=3);<;?<)4A24J#36]A\$+XJ(/([6F01]B-L84"/[X/6I*/0O=A\
M/[O"[=L>V94WV@MD9CL'6MK&:P_.F'W[_#;#/JBDLV[2?BS[$:9 F+6N!-J;
M)#R)#2B'&UM_9Y;_ /2CMT?^N@:T_P#NG9%_\(^FO>YKOZR?XB/>UVJ[>RO6
MM%J^?B&9ZHP-BEH+^=D,:?&5M&GN#8O2YT2&XR\'5EA,=#2D!OZE.*5TTU]"
M5DE3+*E'E2FFE*)_,J;22?[Y)/\ ?_AU&K['^8_]'4MC^L,?_*&?_=2.IJDJ
M"2HI4$GD>120.>/8<D<>_P"7O[_EUCZ:XV.]W:O9_KSXI7Q=L7[R,)=W#B>X
M.TWLLU]K706/^JYLW<^V9552/8GCVJF8B56,7+*F:6[E6002A6/P(S\QXNMK
M,=Y:GP#<)WEKC;GQ",'[D;*?9[EQVT[>X66*M[X93=U;!Q&R>QS&[W)0VS^.
MW>-8V[5TUI8EM*G94139'+7 1+W5=KF^=X?'G[T-[=J.1X]7]SW9/HWM+WKJ
M+#<ZKZ"5KO:GSF"0<=S+ <MLKX>&,KM,6D3S1Y%%<85 M$M>M)C)4W+8<1^"
MOW%TG=IW-_$X[AJ&@M,4B;(S/1,^;B]R[%D6&.W]7BEC29%2N3(2W(E@Q!N*
MZ6U#L8RU-38GHOC@J4D4+_VJ?H+XQ_LP.>;D!'I>Y':VMF"?@W@ "D-,DJ*K
MFY6W8!-_E&%]L](SQKH<Z.CHZKUK-'6J=[ZBQ[N TCN'1&63;*MQC<VLLTUA
M?V5.I*;6MJ\THI=))L:[U"EIR9 ^93+98>4&)19,5\AEY:A<\LVUJ_!)[=5F
M>P\-Q:S>9^8177F008,XL<@!U41;BGFD*)'CZR&RH>Z04@GK%OZ9+0'_ *V?
M6O\ [E4'_3UJWJ[0XSJV)%:I$=]I72XP_4X3+K:L?*XVX^E:%?,+A20;'70Q
M-I;KFL,S(.V-Q3(KR0Y'E1*)4Y,=Y-S9;+[,5;3B>H$!2%*%P1>XTQA\(_X!
M3OPV-[6&]LW[BJ[<MU18UEF%ZTJ<5PBSPF%#I\L!ASKG,EV=I8&?:)IP(C-/
M5I34M3%JG^NLM--=='?VZTG_ $R6@/\ UL^M?_<J@_Z>C^F2T!_ZV?6O_N50
M?]/5K^4>W;D_;]#NHW/^MZ=DD)'_ *QZ6QP/SUE.;+WPZ0I>T-U$A(2/^3M7
M%DIP!B$/J2<DDDDDZW,_(8C-^K)?8CM>03ZDAYIAOR5]D^;RT(\C^2?+R/Y#
MV/5'^,U'_&M7_P I0?\ SCID[XU69:7W)\.S<U7B6=4.;;$P^TP3-]:T&%9?
M._'W\JBY?4T<E]B#C\Z#-N&6,8N[];]<ZZN($?U:XT7(K:T<."L6W1R>,/V/
MQR>/VV='VY/'WR#^' ZO-5NB/@J:KM#4D'I)-6@\V22,/$<*OSQGVU1_(S=B
M3TN[3W<E>#9.VJHH6)L,J8;.?88_#/U0/QFH_P"-JO\ Y2@_^<='XS4?\;5?
M_*4'_P XZ^5]^BVZ?[C]C_Y;.?\ \X.L&5D]\AQ3:["W;<;<6TZVO(\N2MMQ
MI9;=;6DY""E;;B5H6D^Z5)*3[@]9\5Z-.*Q"GTZ86PDN"),9DEL+^Z7 PIPH
M"K*Z>JW44J N4F^MJ%'J%(#)JU+KM*$CK#!J5(?@!\MALNADREM!TMAQ!<#?
M5T=:.JW4GJ^C=\57N6VAVM=C&VM[Z(O<;KMBXA:8!$I+.[I8>8TD=%]F=33V
MC<NG7-C,25NUTM]#/G);5'=4A](44A)YG,5^"1W0_%LH(7Q"<WW9H6NRGN39
M7>W,&1@&6U#S/Z.NO8?'*X-)<.5;"G&*;R/RBU)4?K6?4) R3#<>IZW^AL][
MYFT)B+O.M]4D[*)]A=6]FS*DT6P\*I*M3'XS/FBN;9KTI96Q&=;9><)?<075
M%1G=ELSX++7;'JI'=)W4=Q.O=[FJLCL#$,(VQW=8_B]//-U/,%JJIM;P'<)@
MLO57R4EP4+BFG7WG7)"C)+AZR4-DW2H74E1!Z;FQ!%R.#V!]C]+ZU@>4PKK9
M<6BX "B0VJQ .>E2@#[!1P.>VMR;;_H;/O*WC1Z5QW8W<=VU6-5V]ZGKM(ZM
M:K-<9U3NU6NJJ[MLA@UMJ\Q=NFZLF[6[L75V[R6'G6G4,J: ;"E;'1\-OXE_
MPXNPS>F$:^[G>US^E[PBEV#O/+<*.ELKMLOOYT*!'N[V-597.R6*Y =G-TL=
MN$AULQXQ;(6I:7"GJF_$/Z'9_P#7W>[7_P"[AWY?_"WK3'<;.^!6O06YT:0[
MO.YC+-PKUGF"=8XQDVX.\^VH,@SDT\C]&Z>XJ\PKV\4LJZ=9>BS,@Y*XBDD,
M*6B>H,D\U>4"/N$XXZ3:UK?P)S_;B%2G5I"%NDIZNH!3EQU7"KV[FYO]<^FE
M2=G/>9W-=UO:3I++MQ8]29-*P[>=C2X=E.,TS.*5UNO%6/P_'\$74,2; *L6
M:T)>DW;DM;LQ?)4RE0/+EV8[<WW8]SFL<RM= RZK/Z?#KJ!CVO3<*<>R*J><
ML_F[5N?\N RF&I^0A2 TH$L<GCRYZ9/^%7DV>1NQ;5E3&P8RZ&J[ILSR&EOT
MS&VTWF:I=4U^AR(P5RP2SY/B4 &^.&TGE)Z>NS#:_<#/[F]99?:Z#=J]B5&'
MW4#'=?&[;<5D-3(=LS,MA/#OIQQ#+TE)1Y)Y^7Y*3S[Z]SY7'+*6 %MV '%@
M1?B_RX"1?-[_ $S&Q\B/E2?E6;E6;G/!/?'5Z>HU!K7;6^*?N&WAE>/Z#EW^
M;9'&QY&78.BZ++F'MQ6EI@..31'/S7SZ"I:?H0$\<IY ZW]V-O2)&LLTD2XY
MB2Y&U<KD2XA/D8DM^0Z]*B%7]D8LA;L<J/!46BH@<\#0.M=K;^J>X7>&48]H
M5R_SO(8^.HS#!Q=M,KQ!N,TXF"XJ:7$MR_GT**OI4?$)Y  !ZW]V-NR)&LLT
MD3(_RDR1M7*Y$R)Y>7RDQ^2Z[+B%7]D8LE;L<JY/D6O+D\]0V?G3\RCEW"DV
M[)R.,G^D. 0/E'.J'!9"\)&&N#<X QR?E'8]^<Z6CT='1UE:Q-'1T='331T=
M'1TTT='1T=--(#^*;$1/^'IW50W%.(;DX!7-K4T4I<2#E^/*!05 I!Y2/<@C
MCGVZX+'L%KRV$+D3V_)Q/ 3(9X6?-'[ZTM)6@ 'GE))41Q]NN]SXH/ ^']W1
MD_E@5<>?X<9;0$'\_L??[=<*2/4>"D..*"O(.)4L-^:4_2L*;)1P$J (1Y\.
M!//FD'QYC-Q8$@ WMG^H\'\<X[VSHMO+7?\ ])C MPWSW/MV];X&L)?P:H "
M/Q&R!#J I!E-^*1]PKU"@.$>0^@$^+C_ .Q/T^W4E&$U#C*GEV,_]J4J]YC:
M$%02 !ZB6TI\T%/CX) ]_(+\B@'K.7%K5Z"DQE$%]LN!*FN&@L%*BY]N?12?
M5^D>(]C^]R.I4=*E1$)(6UPCRX!:'*TMI\6QY!7BMWW<!' "5GR/E["DJ/ N
M;) O:QN",D6YMSGN,^N44I]LD8OC-CR;#FP][9]\&DX+4ER-XKLI"E(Y/I2H
MZ.$I4PKGDI\E)2M1<2H^Y0T4D_5P97Z&4B5#TWYPX6CQ=%C'5PKQ^EXMJ:"O
MV2BI)0 2X%\A!">M@.!Q#;+:$/N.!QDA0$5M:>""6?4(2DE*1PH>/UCZ?,D\
MB69C;JTM^F^@I5R?%N(AP*2$\I4V5+4D +!6WP%I'"O( @].K(O>Y"<6 !.
M;W&;C.<'UXU20+6! N,9]+')SE-K'OR+ZPIO#*1N2\X9,Y*RM;:W%3V$ETE0
M'JI0EEWTPGDCTBA"_P"/ XZJF<&HUD>,^Q>\0 YZ,M@*2GC@.%;48\>:APF.
MHI2V HIY/)ZRI<Z+&,ER0%-,-/K#K[BV&V(Z.0"J0Y[*:\>?)0<"GO'CWX/
MS6LPJ^N<9KLKHXZ+NKL%RD!BO4S\VPMF:]&]<@)2W)86$%1+*E*:2"5 *\NM
M?4*Q3*.B*]5*A%IS,J4F$P],>:C,KE.-//-,^:M;;25N-L.]'F+2%*0$()6M
M"%;Z@;8W%NI^=&VW1*G7Y=,ISM7G1*1"?J$MBF1WXD63,,6,V[(7'8>FQDO*
M9:<+2'?-<"6D.N(U*<"HP6PF3;H1]0\#(0HD!(*4M'Y7]EX^Q)!'*.0>1R#
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MA'IE3B$*)<2>#Y <$'GQZIW,,HO-2DNSN IKQ<191U)\AY?MO!3?D?%)]/Q
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MH>#_ /#_ /*3KF(62E)*4E9''"00">2 3R2  D$J)/Y#K9>!Z([B-GXW%R_
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M;JD#@ G_ ,9]?S^E^*3^E'[O/_7:=E>W_L6/?_#7W_O=']*/W>?^NT[*]O\
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M_P!SN,?8_;_Z_GCH_IDOAU_^NB6_\/\ L=QC_P"'_P!OY?MUT/\ (O9/_P!
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MY?2A/0G(*KJN"BWHFW:#2JE2)$R2IQ<MN8ED-H>Z.AOI20"VD=7SCJ<\PFQ
ML,A6F Y_P:M_U/XF]8;GT3#:IVD3+9VROY=>S4QY@48\FT5,CL"M9=0VXF+(
MG*88?:0OT5N!*B+$_P#"$W3%,SSWAVYI;KHL*9.#N;0V&J^%8ED5TR:ETH5!
M@SBXC\/DRU-LS%.I,9U[U$ KVW+\/#N#VQ?]X]^YO#4+?]-ABUQBKM%+.32J
M[&8N)YC1SM(2IOSCLZONSC>&,Y#47U?'IJJ"J99!!_%H[[SR,*N_@^W9G[CE
M8SN_%B,GS_4-UK8Y3 A7346CQ>#AJ<]L-DUZ8#366/OV%'9?H)K/UOU;X]"5
M7JCQ8<LON(EC="^E'G[E@(6H-* ;I1<2%!,8.!2_-2?YMUQ]((20MIDO)^57
M3K"<HR^I08H4I:!UV+DXH4JRGRV4IZ2#UMMLJ5<_*MWRE 8(1Q>_!M[B50K&
MN.S]$-/6=%-L8K<K-C$0[5,H2';F.TZ$*%.R76S,LTH7";2MOUI*/-!5E>G/
MA,]\&O\ !:_$*+,>WJP9I9]NW,4,D>M'&94J>NP^5?=;451W6FI;:C%>0T^T
MVZT2D-E*E.!U_P /W9M/DF-WC69ZKRUJFP' :UR)F-YDLMUB?K[4^6ZQG:@@
M2A!?*M$;;L,I;SO8$9:&;2+:T555Q:JT3&B6<17G97I/9';+KR)I;+<AUSF.
M'XRU;S*C8U;9W+>Q\WO[N_<L9%GGE38LNUC#\>K>34IG1;RTE2FZJL2KT&4J
M;:Y'>CD/=E&33JI48-28:F1YR8J(C<9:W6VY37F!:W'0?*#Y3Y?1U.%SK0KH
M:)5Z?X3[TW/X2[I?W+M.)]FU*5295%<E3D&H-(ARI5-FK0EO^9"%N/4]DA\J
M_FT(6TM)4Z#IEW*/A']Z^9NQ9%_=Z2#\)#S$<P+^0R@L.+2XHK3XK!=*DGTR
M2 D<?3_'#?\ 87^[[P _%-2\("0",K(?^DI((66/ +/C]2@C@\GV'W'52)<0
M_:7%/'\)+/\ Y?47S$;^V8Q_FD,G_H7]_P"3[]8U!W'.VY28=$I28C=/@-NM
MQFEL)6I*'GW9*P5)* 077ED62+#I':YL[XD2/$/==7WGN1?FURN/1WZ@Y$28
MS#CD:%%I[90QU.=%X\-GJ'4>IPK7RNPY35?!E[Q2D^,C4J0.0V@9BV LA1]G
M?)H\MJ]UA(*"E13]9'MU Y\&GO%<2 6=3*])P%H#.(Z5A *">%EOQ2HD<C[I
M"@DD_D.K</,G[/,*'\0^S]_\IU[ZK7_#,?Y=G_6<?\_6W._J[W,&X(/_ #<C
M( '_ *7VX_KSKDSM.EGO(_\ YH_K3^/U]M<D61_!^[RJ"ENKY&-Z^OA45LF>
M:JCS:%-OK5J*VAU^+"B%#:9DI;33BD16U!V3XI;9Y</B6PUL);4\"R8ZFI"U
M%E:2A3#\=QM#K:V7$@LNMOEQ"TD%:%)//BKE/7T ,ARO&L,I+/*\KNZFBQS'
MHC]O<VUI/B18,*O@-JDR7GGGG4H_K3:DH;!*W%J2A*%<D=<%&=W%;DN;YOD5
M2ER/69#F63W==&/+7HP+6]DS:QHL <,E<60E992.%'VX(0..WV?7JA7!.^-:
M9Z(_D^4\RA3:2MT.E;9NI8*AY2%CI(*02%7"DZYC<%(B4PQA'6M1=\PK;<4%
M* 04 *%@+ ]9!Z@0<6R"#CI\Q]U*<0%*0X.&@DJ!2?5<!2%%:U$'Q0> 0#]N
M>I+ D(2VEQ#I"?5+H"XRD^9>YY6$_45!)3[H^G^/L%=>NM+1Z)\I(0A0'U+
M0M+A0GESUOID$GV;/NL*^I)!XXFGU%#E#CP*FE @I92A9X]W/44"AU7L HH]
M@D?;GGKLC88%R196#<6/1B_K_8+7[<X,'@]K\7.;$]A8BUO;Z@:D)0ZE1+KC
MH06W$DNF(I "GE!1(2 ?=("2HD)]/Z#R1R:=9;3YE#H=2KQ/@ERO0A(+:"D$
M.>(4$GE#?BI7CY$K'N%"N\D-GU'%D,H04E3[*$I\U/<>/@1Y>X6EL$\A7(3P
M5<]6TO1&_);9C-L*#09YB.)*RI+: $J2ML)0I9X62E*5>W*CZ:R'! N1G@D
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M_!02H^7AR?)((2"M1/"SXD#KUU".1Y.N ??GU#QZA2DN)!X]@GZ2&@>&_+V
M\N@  L;<  D@$@KYM:^;8L<8/!U23W&#B]AGM^)L#Z>G!&OI3='1T=7-:G1T
M@GXBNXI^K= 2:2AFJA9'M*U_0IB2RH"3$Q\PWIV2R63P5(+\1MJL]1/BI*9C
MH2M*O8KVZ8P^+->R'=F:CQ?U#\G6Z_L\@]($^*I=Q?R81=4 ?%2T,0@V@D>2
M4$IYX/7E/C97Y&W?#7<<R&M34N4RQ2V'4**5M&I26HKZTJ&4J3%7(Z5 @I7T
MJ'&JVP%*%^.?3N!['OVTTZE*4)2A "4(2$I2/LE*0 D#^8 #K#]A[7BZ'P3+
MMVS'2TUJ.AF[$;*5EMQV=BJ4VE5%96%)*7IEHQ#BH\3Y<.J\02.LQZ;2^+?E
M3N,]D>;Q6EO(1F.98'ATTQ^/7763["586#;7D? K6S6D!*AX+4$I7RDGK\[=
MDT@5_=^V:,I2D(J5=I<5U:%%"T,NS&4OK0L$*0M+764+!NE0![:S@DJ(2D7)
M( 'KZ@8.2, 6-S@"^N?;O'^)MWL=]^?7F?\ <'OS/[F+:SI$FKP&FR.SQC7&
M(UCSI7#HZ+$**375#42$SZ;9?G,3)TEX.29,EQYU:C2]IGPX>\/O/L85EI?5
M^2)PI<]4>SW-E\JPQ76M*XE25/./958.MNVLIM2DD0J!BSG.J4"VVH GKLM^
M&1\$?X6JL&PWN=QJU/>E59QBN(W&.JVK(QZ^Q+!<E-.W+RBOE8ACT>'7JOV;
M&8REZBRMMZ=C1B,H7'692E+?'VQ2TN-4N$8YC=14X]CM,S.A4]!0UT*GI*J(
MTS&0W%K:FN8C5\%A" $):BQVD!( XZ_2"K^),:,ZNG4:GK4\W=MR5/0IORUH
M3\X#"[/K<2H=*E/*;^87Z5C&O68.R$2(J'9ACLQE(94$Q>AR3(2E3:D*,H7;
M:0X$CJ2VA:B@]*7&[V'S9=3=Z7Q$?A/=Q=]@M?LS8.(7^M,K;J=C::S>WG93
MKK+JEAQ+JXT_';]Z?#=I,@I9*;*EN:1R!*$>3%FQ)+4AM7CUL5EZQE-9695%
M6IV/E5=!R=EQ:O-:D9#%:MP5+/NLI,Q2?,^ZPD*/N23I7XSO8KVP;UU9DW=!
MN3:2-)9MI73N6UN-WD-C'&AL^V9D1[7&,6R-F>ENZS"Q;#4K'<;JJ=Y5E!B6
M)F)/R%6ZWUCO9CDS^8]IW;QD<ETO2I^J<8;DE2BI:9$!IZN4RM1]RXTF*VV>
M?R">/;CKY[_:3FM;AVMLRN-H6R_"J=0ID]H)6F.9$Z%&D)<:40&UXIRS@E;8
M<2APFP)\_KU#=H<Y;*G0]'=4IR(HK"G0RJP"71E2"@I* 39*^DJ0!=21JKXA
M6QAB&CAA\9_TK+9UPU1J0" M5#5>G8W1_B&G7#!CK^P<"G&^01TP[,6I$5]Q
M$=,E24%7H'CZT@CS\04J\EH1Y+0@ %:DA(4DD'I?WQ$-BC+MX,8?$?+E7J^C
M12%"22W^D-PIJQO5D'V\VBB+'4/N@IX!(/L@H>Q!_AU]0?LW[5&U/"K;Q=9\
MN=7_ #-S3@0I*E?:?08"5&R5"U)9@!0Y0X7 #?.O-*H[Y\MT V2@>4E0L3@9
M4 <&RRH@$$&V;CERSX,FTJK3_P 23M/O9\F0G&,QS"VU3>)8?<95.K]M8Q;X
MA$BJ<2M+C$<W$^L<6&W65(])*6W6W/!0?LRBSU[H+&/BI;&QRQO&;34VIMBX
M?KF3,LN0491;76*5LB4E*@FPG*GOL0Q*FAYQMMY:D*]9Q3G7'WA63VVNLSQ3
M-*"0[#L\,RS'LXQ^1'4I#T2UQ:[AY TTVM)!2%/0$EM*?']FXZV"D<'IX#O:
MWI:HT7GR8\U:!W'R,"=N0EQ93+A+M)&?V'J\+)4T\H!'*_)(40/=:AU:\4VF
MSXF>#;BHJ)/Q=4W!'+ZT!:T=,.$I Z@+]22\I\XLE<8*21TF_P!3> PE.> _
M[4;;53=@IA[<V%)5!9>4TS( KT]3I4V;I6E3,5R"CA1:J2FU@^8-,6K91'^0
M2IL/2B$LH:624A7]<DO<$J2GTB5J4XH**N0GDJ((W'I7:-SH[<FIMT8\^_'N
M=2[)PS8D)<99;=<3BE_!M9T1*DCR"9U;'F0W G@J;?4@$%76J&4EUQ<MSW4X
M/!@$#]E'Y\N /?A;R_VCIY/]@C^Q]ZDE(X\B #SR"0.1]B/?[CCV/7MSGS!+
M:KJLDI5F]^K[R0. $C!QD]1.+ ?*S8Z2I>$A2PI/2 ";  +40,J40"/1(2FP
M(-_KXZ]S_'MKX#A&T,2E,S<8V-B6/YO128ZPME=?DM9'M$-H4/;F*Z^]$6G@
M%"V%((!21UF'3$?]#K=QR=Y?#DQ+!;&<J9E?;/EM]I^Y+SOJ2%8_*E2LMP-]
M225.".B@M#6L.+)]15<[QP$<![FVO6(?C&;5YRGD**6T$%:&^"E3ZN2/3:03
M]+Q^E;H#;?DKGKB'F5-/.-6/R+*;D8(!P?H1D>VNB0H+0E8X4D'\QJ^*E1T*
M*5O-I4/8@J (/\#TG??VS=@8; IZW5^-2[Z\MS(D2[=BK-O"I(,<EM* P.6U
MV4ITA38?"FFV$E125J!ZS1*T.@K"@YR3RLGR45<^Y43[^7)Y//47 _@/\ ZY
MS=5#J&X*!4*/3-P5#:\R<AMI%<I3;*ZA"0'6UNF(7OE:=>;0M@/I(<92XI;1
M0Z$K26DJ24A103;YDVN,@FU[\C%^U[C.D-7^Y.Z:_P =CX_^C.1T\]$AYVQO
MJ+'%P+.TA*2V(\-?#2V(7HN)6MYZ&EIV2E8;60E/'317Q)>T?;/<[JA.1S<-
MV=DVVM2U-S:ZU4*NTM+*QARE,R+["VHC:2B:WD8C,JB(=0J1'LHL5<5YH+="
MNEK@?P'^ =1H6MI04TM;:DD*2IM2D*2H?904D@@C\B""/R/7B%-\ MPP=ST;
M=4GQK\0JI-HSD-*(\UUA429"BJ1UP)D<.^2\Q,:0IN6IQM3KZW%2'5KD6<U9
M#"@I*B^ZHI(P3@@$8(XL1<'UN3SG7SAAV*=[B@%#M"[B@%)"@E6L[H*3Y 'Q
M4/'V4GGA0_)0(ZZ,?A!:6W)JFK[?H>SM3;$U_+I=I75A<1\MQ:QIW*N _>37
MV)L_UT>,>*ZPXAUMY9"%(4#S]^.E+\1L?^,)W^>2/]9U3N///**GGG7E$ %3
MKBW%$#[ J6I1('Y#G@=?2*T=8 O8A05>U^/:^LM"R@D@ @I*3]#;^S^'TTH@
M9=C8 _VXB?8?V2__ ".FW/B*Q9^9U6GTX?5VF4+KLIN9%@BB@2;%4%A<&$AM
MZ4EELEEIQ25I0I0^I2% ?;GI2W _@/\  .O02G]T^//WX]N?\'4+05I*20 ;
M9 S@@^OMHVLMK"P+D=OU^OPP=]4N4X_'IJAAZUBMNM5=<VXVHK\D+3#9"D*'
MA[*2?90^Z5 I/!! 3)WJS&LI[?,KI\93(R"W?FTBV*RHC/S9SR6YZ%.*:CM-
ME:PV@%:R/9*1RHCD<Y!P/X#_  =>CZ3R/8_Q'L?\(ZE2"I)1< $6O;-OSU"5
M=*@JU[$$"_<9S[7[?OU6=JUK!Q[M[U737SJZ:WK\:#$ZKLF7HD^&^+&>LM28
MSB XRYXK2KQ4 2E0(^_6RMF9#2V.N<^@0)[,R;-PS)HL2(P'''Y,F133&6([
M+81RX\\ZM#;;:>5+6H) )/6J2 3R1R3]R?<G^^>O.!_ ?X!T""$!%Q8)Z;VS
M:UK\Z=7S]5OZ75:_>]_32.^R_6'KZGVOANU<1L*^OR#+\=?167\:15R);,.@
M6$SH#@4W(;<AS$M%$EA:?3>X;7Y)4I*M6ZX[1\#S'NK[B*_:6%Y';:PUA%U(
MYI67=2YT"DR-VTK9UCE[4JPB+C#*VX%NB,B1'6OTXB>(KH*'% N+<#^ _P
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M(/B5)6IDCD%04%-)!Y'OSY>_//W/[WMU(]0I/B@(;2$@@+"$C[J'BD<D#TP
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M4.2X]/GD'Y;&9[\5EY$:T9IY;[2&!)?3V=;HE[.9E8]6V:LG2Y#O+.;,RJ9
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MUQML<J6D'7(W/MMQQ+2*_1E.K<D-);%3A%:G8B0J4V$^=<N1TJ!>0!U-@CJ
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M1I(BU"2^$H=00S6))4I!X;^45]*T% \U(40%<*0I9/EP DCH!TJ2 0>,6!Y
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MK^%QIW9.,2L,SZKT-NC)\WQ>>Y$D3:C*<JW!.?E1WY,)QZ.]_M7"J5I+3BT
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M6I7F!'^T44%9L$Z<N.@8I/\ V422/L.:UK[?E_\ 5/Y#V_AUY_2_QO[K7_\
MDAO_ ,[Z2>Q\8OX<#_J<=S..M^GQY>KC^2H]R/( ?[7GGZ3SR.0/L>#U-9^,
M-\.!\ H[G<5'*DH^NER5!Y4?IX!K/L?R5SP3^8ZXS^3]43S2:CGUAR1Q@_\
MBQ?WUT0W!&[52(?J]']O4#-^W-[^VE4GM_8X]LM>Y_EIT?\ P)G4/Z@&N/\
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M>_VIYOFF+ZYPC<6/9CG6;X%*V/A]!CT2TGIO<;BXG)S9SBX:AJJ*VV8QN/\
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MJ2@\<E9)4'#^9X5UETFG-TBG1*:P\Z\S#066W9"B75I4LN@N*3T@J25V*DI
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MOJW0Z^!7MAB#6U4)+SOJN?*1VV2KS8<(\BW%!/BWRA(*B0@E!;\CXF[I4P>
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M22E*DH_<2HA1\N5!QM(21QXCQ'/7B4H=2E3:%-GA)65A32EJ*$\$^2%*<X
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M=390+2*.X35T8R:^6Q,8$B/HS)42&"['<<;#S"R$/-%7FTOZ'$I4"!W&X_\
MPQMP]O/D?P:UQ6T__ NX_P#NF?\ Y+FN"E7V/\Q_Z.OJ[_"-_P"Y@=A?_@QZ
MU_\ G<[U\H@_8_S'KZN'PCI44?#)["81DL"8YVNZXD(B%YL25QVX"D./I8*O
M44TA:T)4XE)2E2@"02.M%O'_ )I#_P#OA?\ ^3.N@VE_MY?_ '2/_EZ<9Z.C
MHZ\_UW.O1P""0% $$I)("@#[I)'N H>W(]QSR/?I@#O#[(.\ZUR3>6Q\%N[+
M98V#L3'Y$.NQ/:6Q,:S78>K;_8NI%5.F[[&F%0<0UKA>GJS&LTNYVQL/D2<D
MMZN_F,.QI $EAQ_[^'\X_D_,?\W\?Y/X=<ZVZ=X=]&K-I=Q,?&I&8V6E\S[S
M9U'CZOT*V!^E>N,0PJ%VYW5_DM+L:*_)K*O45O26^;09=>S2HHX+,+);5-HZ
MMBQ932JV+WY[$#N/6WY@WL#;OK(C]76>DH!M_3!(.1<7 YM?!YM@7L19,7^'
M3WTSMN;SJ:G/)6HH]/C^(Q=/;W.V]K9)CVOL<O\ %MQ1K?16G\7L5/L[%QBN
M_23$,7R[:.PX=?EM8Q6Q;6ACO6[,-QG,LX^$MO7;6I+776=9CB,#'&M/;^I=
M=ZE9W1NK)<*P3:><WFI[+ YUMD<]$:]V#C3ZL-SRVN#E3=@UAMCG:(V.4TR+
M#);2MCOQ%>_C?^1UNV\(NL#9L-.N[OSYC3N&:>V-9UMQJYS!HDK%7MAU%5>N
M_I' V1+:ET_;YESDA,B6_ N,C72B?Z4 K [;>^WXD&[MCXKA^7:FUAJ^+D7<
MIC^(Y1$EZ;W!876I]5'&,ZR#(\?RFPN(&.XI(RB0WC./#'\X@9!>5K!ORFSC
ME;L6.*04WM\U_<CU '<6XXR1:_I;)4) ^;K:^47-K_+:WM<@@@X[D@?,3U2=
MB?#3[R\YSCT*;:F*X3IDYN[E3F)P]T;97;*Q#*8NC(&1ZE;-=3PT,TV,0-;9
M?%H[IJQ0[:#)65-,4RI=FKK"9GPB^Y:XQ?+4YUF6LMFY<@/4.K)-YL;9=<,.
MQ>3IO<FK*B1-O6:1RRL;'!G\RP*R@1K%NT-_74-I7SYJ?V:)NUNY7OJ^(1@7
M=-N+4.J]0Z[;P&FR;7>&ZUDW^J-O9QE4C'<QL<%BO[W?L\;JF<&R#$(TK(\C
MI["CD9?5R*9ZB\GX+4B.^Z[I&R^)?\0#$M:6<_:&/:TUWD<_:VJ\.Q+,I?;'
MMJSJYM;F='W%HG8[ US N'[_ "[+[&[TWB$Z ]0O+335V;EN=&$0PYBED7SU
M')P+=DVN .]O46! ],4I,@I'S-V(1:^56ZDD' )P0"3D^E\:ONTOA5]ZF0O9
M[,H-\3;B^R%&NS33K7?F<8IK=V-A.*XU4X[3VFHJ+!%17*/%+.ILF9[#=Z@Y
M/326)5?^#VY=4E3/>WV3][/<%NW!L]TYN/ =8T6*Z!F:VE3:[+-@8Q:6.37N
M&9SCV6,V51!K[B+844RUO,:F8G9M2H5K0QH%A*G)F6C-<M"1J;O1^)1C4A,6
M#J)W%M@[DV+FV0T.!;0U9LO8U';;%L[; L7@:+Q3+*V=#J=-85BV/65GM=W(
MLLF*IGXK$^@CSTR(4_K):WXBWQ%-KXR_L/5&L]=X[BL.CR.=%K+;1V;[ DY%
M::]W;KC064,0KZDR&+!;@W]_D.:9[CQ@KGN?H-C34I@+BIF3VXN@@CYK')M[
M7%\D6Q?FV3[C55G[I/4Q\H*4D6MGI%K)N#?IP1=(L>!?5_RCX5W='9IU1B4;
M9V$9%JG7&Y*_/<<Q/+MG[8FJUVQ#S#4&83\LK52(,]>Q<FM1AF;8]$Q[.)<J
MGQUO(F+FEDQ)3[R8VT^XCX:VYLVVKM7<^L<MQJJO=D;^L-E9/5O9KFE>G+=8
M457IN=A^%N42HLK"F<N3D.M+HPYCL!IIB5:U+\V]<AN3VV$V9+\2+XG6-9?L
M_$WM%:\3^K'#=LU.,SIFD-TJL=^Y3@T_**N!M;!J>EK[:EJL/C6])41++#9^
M65ZIL"[$NJDVCKT)WI6>AMR=\%]WCZZI=YY"U!UXG5W=1ADVAQ73&68KKS9.
MRM:YSBECA=PA^PL+=C%,FF8?:RE4EA/LA O:.LLHM0F1-EO%J1TJ^7YC<B]S
M?L +W)M][CW.+ C5!\Y "RIK"562+W4+!1P +WZ02;CDD]]-E:*^&]WB[YEY
MQDNW,2V;J[8M([M/+,7SS<.Q]@8HC],\_P 0O:K6M+B=?1S;"X?RC6N6N1LC
MW%L2N4SA.QHKE-%H84^+6N5BURU_PO.YFXW3)RG:.^LGS?",IWCAF=[9;.^M
MB4-5GFLL=EFQA8/0Z[QB@I%XC;X\KT:F3.1ERZ_)J^.IE#5;&FR62D_=W?S\
M5*?K?7V'X_C46AV/NGM[OMG74O77:SLVDN=7F^H,UN<:KL5R*597"96>8DK!
MT5N1ILD5/R=KE-4RS43778:%[&W3\2+XB>NKF[JL+Q/5UQB]/I_4%I37N0Z"
MWO9YME0O-=8AD%YN&NJZ/&).,>.39).R#%HF#9+D=8[07T5N!=1J^<77^H'0
M!GJQ:PQZWS:V/XW]+ZKL^JW2IH=0( !.+VODBX)))OP#<^A"B.Z#X>'=KL_?
M>\=J:_W"N;0[)5BM/B^.9!N?,<1P_&=3P:;%ZJ_UJC75)B-C"<RV+84]ID6(
MYW(O7ZN-*LFWK:FE3D/.+U3KSX2G=<YC576;KWTSG-C7R='8M',+<^YVD(TU
MA4W.Y6Q,)4_ 9HTS+J^1:8<RUD0BMV-NQ3RV)$^OCMMH?W!W9=_/?-I)_3\W
M4':_=;:QW96AL0W+=)DZHRFMRC#I;+<G&=@81?4\.RG)I,S7E>4Z[R2AQZ0\
M_)B8U!S&O\9:F5S(B=]L;/[_ -C<G=?A=IL+8]-2*TW>T6L*2@U?G\G&K[=^
M/6&D+*XO-=9#6+D#'*F*O)+ZQK*IFP?;D8?77F.0ITN;(F2X@]-[D*N3W(MC
M.1G'%\7O;DX-""\4VZFTA(L"!=5@I*5#Y<_*+7%N,C!)U=\+^$]WGPW[+(\[
MW[C=WFE=@E6K"[JFVCM2I6QM:AR332ZS)+H0JZL@WDB)KS <KQ"OM\B8MUB5
M<UJYT54=^=)8TAV_=C7?3L2KL9-MANS=1Y]B7=?1[IBYCO7:.<5&*9=@B[><
MRC6]_@,!5\]L3),3J&I=S?YE03J#&LFR+(:I_'+1R+66%>G?&1]VWQ.,>V3L
M3%*O'Z>PR+&+2RU^YFUCH/9D_45C$P"BWQFWZ4X]KZ-<A$3(<_:PO$\41<1,
MBFP_5G0BA#CUE C*4]WF[,SO$YW:_NV_R[NPP#7.?]L>R9.YM<=O+63/R*G,
MD8QKC+<2K*JOH,2R2WQG8MUE&06.%-Y3:-(558\)BT"O<K)TYHE*"#;J'386
M-L@JM?N>2?0\#CBI2W4GI4IHE0Q8$A-DI/3T@ 6*3@6(O>X!.=3;?[*^\G=_
M=9W=YG@F5V^BX5AE]?&U5N[(=C9ZG\;US9Z/L,>O-6X/J^C<E8I'Q#)<TG,.
MY?L*:B)EF,3JYMW&X"YO]5G3%Y\'_N3L+W)<PHLRQ?!).;X36X;/QW#-\;5&
M3X9KNDVJWES^C\;V?E./WTRUH,NQTJ5^EUM5E6,7<=N"U4S:]_YAO?65]S?>
M[K/M'[2+S3,VKVWFN3Z@[D=F[*RW8^J=C;,M9!T]15F48!J6?,BLX9=OYG>?
MBCF"/Y];4T.7F<ZFDW-14/.*2A6,Y;WW?$1U_D"L0O=88K>W..6F<1::;1=N
M.U7J_N/MZZXH_'",2EUMO8U.GY. 85>3\RFY9E4N;59TWC#L"N*)$U<9N3TB
MQ)4;B_8@@A)]Q>UK7'TO@:A)?%NA38M\H!N#9!"2+$7 *D@D<"YO8%5\)SOX
M/G<7L?%,KI<@W# M9V98]E.%VK.9;@VWG#-C@_Z@L/Q'!L7OTNP8%1<28FX,
M63D-W?1Z*#-<A.MWC7S$Q+E4O"+[X2W?387DE&,[2U1@.*+RO,[_ !ZOI-F;
M&4Y1X[G\6UK,LP+-HSV*JBYW6RZN7%KZE;**]J,RB8NV^?6B$&L1V]W7_$WS
M/7E"_F-A9ZU:_0'*)]]+T_V[;5I49)9[I[-LBSW <#GPV)MU<0+S#-I5:<9Q
M[*8BXBJ7-)D9RY1'FQX<1:M-']XG??2=RG;MVY[DQW';[#K+)E8%G&98QH'9
MT7+;Z$YK_!<EI\LL+6YG2<4QC&<?7>6M-EF;M7TN6]=UX>FT)#[C<6/EP#U8
M5S>YN5?C8W)OZI'< #4W>"00MHV23:QPD '&+'@8[7L,$ZOU[\,?:#D77UW6
MJUO>93A79%V[]LEW4G/MDX4QG$O5NXD9KLO#6\LQ2$W<8Q@NP<)\J*/DM4PS
M>-S&4M2ZUF*ZY)ZV+I7L'[C< U#W)U68[X&3[OVOH; -/ZYS\9OL6;5X76XQ
MBB8EICRHDY38K(S]HENC&?5->YFUQ51VKRQE(L4IC])WR#N5[_M]YC<ZDB0;
M+3E'"[F-3TN;W&&:<V'19)J;&FMW2\<>T]=; F3D0-C1]@:[JJK:-OLS! BE
MJ<=MG\8M7F&GW2)&Z?B']Z:N\';?;[HF7H0Q\(W)CNNZ6FM]49/GDFZQZVS?
M7F)65IC^04^30IF395K^#F-WDV]:;\+JZC55=35+B9]A$L)KL6JZ.?FL+#T!
MN+<$B]LB]SD#BQU39Y5T];=S99X-@E2%#)P+GTPI(-STE).1)^'EWS5U8S5X
MEM_#L>H,DQ^_Q:#@JMN;5M8/;KC[F^\.W!CE7@^33Z65>;2=;I<?M,5DV&0N
M5,^&U:JKV)4FD4Y&.&=WG9OW':\[(>SG2&J,:W!MS86+;<G9EW&V&M\\SS*V
MLIG/XS:NY,_/G6ES&S,2LMGN0J;6E^41,1UKD*?QJ\JV:]IM2=4[3^(]W^S;
M'NPU=78,]7X91PLLQ2BW? [6MN1LCU,Y4Y)D^"O6;^#8Y)ESLPLLPF0*-.'O
M4=M8NT:<IJ\NDJ14QG6T[BRCXA?=GJNH?U6QK;+)62X'C]Y&.26/;MM'8EBC
M#87;]IFVU7F63WC8C4%]9W6U\DSFMS:=%F2)XJZ-^0_2MR:UY,NFZ2#8*-@
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M84:6D"9D;]@R \8DAVRL%)B!!"8ZB.MCU;%Y576,V=;>1K"P2E=DY0PHO;[
MF=Z]A&CH7&SIJQ;4B1ALG&3^U0W%<A!PPN?$A8YNH==;N&W%HZT@*"5J3U
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MES,OA7=E&89=B^61]7OX$UBS..QFL-U=:1<&P&W8Q;+!FU8FWQJOIWRAZ1D
M2_D$R@L*";E4)MJJR.395[+3"'$>CJ+#T'Y>G&I#BTFZ5J!]E'/USGG6GJ+M
MZT-B^&Y)KG'=-:TI-?9C=JR3*L(KL/IH^*9!>F?&LV[.VHQ&,";)C3X4*3"4
M\RI,%R%"$1+*8K(126/;7V\VZ,8;L]'ZJFM85G-ULW$6G\'H%-XYL3))29V0
MYM4H$,)B9+>SD-SKBU;'S%C-::ERE.2&FW$[LZ.IXXQJ.I7/4;WOR>;6O];8
MOS;6H9G;[HBPKZ>HGZ:UE-JL>CTT2AKI6%T+\.EB8[:6MW11*MAV$IN%&JK>
M]N[&&PP$--2[BS=\29K_ )XS7]I?;!4XM<835]O^I:[$\@I'\:O:&'A5-'@6
M^/2;Q&3/4M@EN.ER36KR%IJY$1QPM(L&69"$I6TV4J$Z.HL/0?KM]/;3K7_O
M*QD?,<'UYUH6^[6.VC*6\$9R30.H+UG5]0QC^N6+/ <>E,8311GVY4:EQIE<
M/TJNJC3&FYT:!'0F-'GH$UIM,GETW.;VY=OUC=8MD=AI+5DZ]P?#YFOL.M9F
M#T$F9C&"V$)VMF8C2NNPE?(X\]7OOP36- 1D19$EAM"$2'0O<_1U-AZ:=2O]
MY7?N>_/Y]_7OI/N+=IG:[A%=/J,/[>-,XS66L%JMM(-+KW'(+%E7Q[6FO8\.
M>EF"/G([-UCM!:MMOEQ*9U)4R0/4@1U(NV/=M?;SB59LNFQ;2&K,<J-S(F-[
M:JZ7":*NK]DM3_Q S&<SB1HB&+^.^;:T*H\Y#K*38S2VA)D.$[LZ.HL/0>G
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M0DBNK6E5#:#%9*52;\ ]DWN 0/E2GT/^]:]KVP/4TF]SD=-A< 7))(YXQ86
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M3)HN+4E_F>26EJQ->ASYTQ42@NH-1*J\D>8:3(?AR)?IMYOEWPP*_'[O?%5
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MV/L?X'^!_D/OU@>TJ[(;;6F?UN(VT^BRN7B%ZC&[BJ6&[*NO$077JZ1"</\
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MXC2YS;2K.*A=,@(*%HZMBWX+>(#\MV!&I]+ES&%5(.1XFY-NR7 FD/QH-2?
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M9J7WUEYR6TV%ZN;XB;;AQG) >F25)B_%-LL4^85/)53!5VVPZIA+#+CL(A:
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M8NY47FU?SQ\M=.J(="68S4LN>5\+YBFG6'FUQW4I4B03TLJ6JP-YKP"\47U
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M;Z'DV>8N_;W,.I50"5&R"^I43*!R0)3M':QJB?$8M*E]\!<B#,0XR^ $N I
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M(LG6H,68A/\ 4@AH956J*U1%)4LJZR.S[<=-W+>1,VF(&8UE6%8KKRZ0[=7
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M9#9>==:GQ)=I9M1Q(BI]*.%"TXIW?]QVM+Z)98QG:Z&XH< IM.-,2L8Q":U
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M.F<8Q*OQ.92Q=AVC=S(QRU%9(>C9!)J9QD-Q;\M1'GX#D>*Y&28_FI2?1U(
M' _6/[!JA3SBP0I1()N1BU^> +#\+>G&CHZ.CJ=6]'1T='331T='1TTT='1T
M=--'1T='331T='1TTT='1T=--'1T='331T='1TTT='1T=--'1T='331T='1T
MTT='1T=--(,^*#P?A_=T8/\ <'6_;V/_ &78_P ?;^7KA2>0\PDK0ZKA?I-)
M:0A+B@$*3RXDN*3Y.J"R'"M1!2D$$J]QW6_%!X'P_NZ/G[?H'6\_^Y=C_P#Z
M#Q[_ ,/?KA368H;66QR@+"7N0ZKR <;]B%@DCR_)/OQ_$<]4*M< \&_>W;&?
M2]OR&LZ)_LU_]Y;WREO.,X%_8>QU2NK<2HD%0<4KQ)]!OURDH^L* ?+(1Z8_
M: ?4&?J3^U(ZELI4AUY7C(4GD*2PVAMMGZ4M!2D!Q?J%)4 J2%J(6OQ(\D\]
M5KZ5\H0$MALOCP;*5>Q0"OA1 _L0 \WP?=[A)'@?>C: 1#2I26%%?@DMJ:?6
M@GQY"O)M"EE?@M*B%$)"E*2GZ0.!)(L;X2D@E1()&!;'(ZL6-A:U\G62?O8O
M:YM<#CY<7-[C.?7\!J:IU;3[2T1GGO4'(#91Z+?);2I(:*D)0X@?M"H ^:0I
M/D%'CJ(NK">/E9;87P"ZHMJ"$A)Y=3X.I<2&_+E7B LI6GQ_=(,E:4N",X7W
M&T("6U!A,AM25'T4@%"FBHH26PGD#V07 3XJ)Z\6PZDI5\WYA;B04AI_Q'TD
M>1:2%-K!]@ILE#;BN"M?TCJFP"NH8 (5:P/WB">W()/-KC-L#2Y /<'Z>@!]
M".KCT/YZJFW%+<=0IF0VTGR"9"U(]-U(<4H%"4NA:$E1^RD\$^Y')5U TEEQ
M20E/*PPT4E$APDM^ \0.5)'I^Q\%DEPGD%*2D$RQ'?<<>X<\TID+^A3*GDI\
M5<A/B5!+8]_ZTV5H/LKSY)ZJ&"XLGS#*E(6IQ"6$J"T$E31=6I[@#D)],! _
MB.2 .JK"Z?F!L2+$)[>I-A;MFYOD#.IN?E'2J^+V-P<@W%KV((YQ@$$FVI28
MJ6T,(6VL.>*4<"2]QY)0DJ2CZP'0?<%3H24I^L'R X\99;0)84GT@E2N0J0^
M[X^+4<$^0<2L +402%#G]Y1)/M7%:EJY!65,%?FE7AY \I!2E1'"3PI*B>%
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M05$H+:F&TEY2/ZTI2?%3:0'%> /F.>"%*/4#CB^%),.4A*@QY*4EISP2E?\
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<JDD_+]%<8_I ]O?^SC5I1("3ZB_KFP_+\-?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>g888891.jpg
<DESCRIPTION>G888891.JPG
<TEXT>
begin 644 g888891.jpg
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M0Y0))C4V5%565V-RTQE$149D=(*5EK*STM0G-V5SPBAVA).TM</59G6B_]H
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MJWJNC@L.P_']P^SB[>O\Y7\(_P _5;U_G*_A'^?JWJNC@L.P_']P^SB[>O\
M.5_"/\_5;U_G*_A'^?JWJNC@L.P_']P^SB[>O\Y7\(_S]5O7^<K^$?Y^K>JZ
M."P[#\?W#[.+MZ_SE?PC_/U6]?YROX1_GZMZKHX+#L/Q_</LXNWK_.5_"/\
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M OJN@GO]/_OE2O3)_KM3#@9Q\)9_Z_H/5?*%/^%2I1]?2K4L^GKG[\P/W?\
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M $_^^-+_ /*U+_\ 3/W?T<^G5?*%/_OE2OC_ /%:E_#U_NSHYT?RA]OP_?\
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M4;0/*$[\DXZR.+G.$A,F5A1PG[^GI4"2$C:#)*4)1@E3P!21@!&Y/0M:XX(
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M6 SD][[&PSO;A"/&O:S'4V(1?<;'!L+ # S8? L4_,#'B?*$PH"AL?$R6$H
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MFY<AR0C8?>:@LC=D";.3XH3C:IMKQUI2%#:,*VG/)41E75Z!+R'%S*@C>TD
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M@ 5#*\ **LC<3Z8W ] EOW/OND7%_IW-@ >6^YZ;DW -[V)/9XUOH,C ()"
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MCA96I*B@C:M*VP@+(<._D@9/ PDE'&[JH2Y'\IR]S^DJVXM>X.!>PL;WZ#/
M8\6UPEC<#9NYN!?8]1M?]N2[?,2VE EU#Q I *U3IF$!1V92?'\V5?3602KU
M*DX ZKPYJUY,R<@YW;4SYN$*& 4 "1Y=X.Y"E $ JPK!X-5&*DI DHW%H(\0
M*04D!)V@XRTEHE/P!)*B<GK%OBG*C);*EC+AW[059&-A;5NR$D82KRXY4-P3
MT"7(W"W0>H]_-[7Y1MWZ7%[=QPC&C#!0R +=$;"UCN+]/J&YQ< E,Y(7NF5
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MU$B?-)9!2"V&PIT(6D 'S)4%)4<>F!T8H7$24J6XVE2OBV^$A9X\RR0I(4<
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MM0S<CG5>V-NO3-U9S@7X#&9O_%-V  'N)WN!D$#M@GL,FW&J+HD4*2M2 D%
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M*4DC.+D4&"6VTEA&Y042%/* ;#><$*.X**E* 5D)4 "D$9 ZV@)(R/!<:&%
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MP>"$K RX"02,X4"E0!\/Z!'F!1E.@'\XLD"WTK7N18C<7O89R1?:]@Q&9/\
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ME"QP4G;P5!*0%_34" !D9.,8Q*92G!6"XVI*E)=+FT.*)X0I!RK>E0VX.$K
MRD!(Y8DO&P\Q>+@'F.< $?2%OT<\Q)R0=['LS /\4V#C="0+ BQ)_=>VVPX(
M$4."H96SM1L]4A1*_$3DA2!GDJ&,8*FTG.3@GK$*%!;W.*;2 5!86A:DAT
M): 42 IHY2M9 62"K;A0'6U!MS.TAS"?$WE0 4H[<* 6D':W^8 4[!P04D9K
MP% H!4ELA+2=JMC@!2<+"#M*E*4CAL\E1SD<$A>U.[^:O-L<ZK6]W.+F^]R
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M,N>1*DD*05(;4$MD)3O4G!<'KX:]Z5*.T8R.<J6?%4GQ5E00A1;1MV'Q% )
M25#!)0?4C=E2C@$YZ9DN6RM>V_F$YN ?B2;9^!!-^#V9FQ'E-D7  \M  VMC
MH-L9W-P.-6^18#9RIO:%!0V'<7E+"LDK0A*4I!1A2CD;CMSM).;D4:!X9(C!
M2VP24)5O3A2\("$D!12"K)"<**O4E (ZV5* HE06E.0#O25 ;4Y!W'!.QS:$
M;.%!:=IR/3U3*#M*T*2CU#:=FW*PO<C<@)_) >P>03Y20,!>U.8]]?0X6H"]
MABU_JN386N2 +$$5F]@RWZ>X@9]VQVN=NV?C>S?=9X<>GVQ3G6/"0E=992M3
MG"%!4=[:'0%)2A+2P 7"0"59P4 ]-M8=6A);4XX7PK:YX;+A06RG(>24E?B+
M=6H;N<(4"K" .'.Z_L*395.7D)5]TC/B>&<)4A4:3O("DJ2"4!*5JR,YW((P
M>FNQ=BE%YY2@@J*-J%H<:$AY(<0V-B0V'7<!;:0E24JRI94>>NB:</F4E*EJ
M*B7GDDG*B0M/+O>X). + XZ"W'$-;GR]3+;0 @>QPU 7(0$J0H+-@0D$%*3?
M?*[?RD[$QO4PV@M@8+;;VXAQ:EA(5DDGG*%)4'B2HG 2",GHU0#D I V@A/J
M@'DIRKDA?FR$XR5>96.M J=NR*N^)*:Y(IWS*$>Z16RZV765GQ%E]+C0"PA8
M0M(024IVYV8'6-NR9:@H&[*BLC8=ONZEAM(]4X$D9W$$G(WH)R  .LN68RD@
MJF(:4=T>0^KE)";CF2+*MN5 D=CBW&':>?%DB,I:18(4764A0&!=)/NDV!M8
M'-RD7X4U(4?4'UX^.1\#P.,_5_EZNP?J/[QZ3D6+-/*;LJ&/A\PX./W9?Z!]
MO)^SKW[A)W_?94/XE?\ Z5U9,:'?_=! _P#V9\?K%_M_9Q*YY'_!CT_TS'7/
M\OA1@V^X4M1FENR7EHCQFD(4M;LE]89CM(0D%2U+>6A(2D%1SY03@==;>C5@
M,:6:3Z=:>,(2@VI:-'@2@E2%YJ;\<5"JK+B$-AQ:JA,D!;BD)<)3AS*TDGF6
M[&- I.I'=#IA39EP3)U(MFI/:@5Z-(A>-%>I-G(1451Y*%3 /!F3%0XA6G<M
MM;J5I0YM*>NK52E+4I:B2I:E+42<DJ6HJ42?B2HDYZ]&>!M#;8C5FNA8>$EQ
MJF1G?+4W9#%I,Q("\D*6Y#]X8YFE#<&WS6^7CK-4BJ:)T"T2V*?%EZJJC(<2
ML*>GJ53*,5<A*4K88C5A5B>;DF(58)4"KSJNJZKKOO'SWXKK(W\?W/\ IZQ]
M9&_C^Y_T]'!QRT26G%29*PVA86M1RX HJ#?ADI41P"=H\,*'E(PGUZ%-MH4M
M(.]M!2%+4H)"64J'E+B?*0O=@ K.$DIW9QCJQ\9E2CN=275J5X+BTD*"-H2?
M(D943ZJSL42E)3DCH6QDH<;"3C("QX1\P4GRLD$%15X@R"5;4*(PDG:>OEBZ
MLV.0.GNWV(2!N2#:^.BK$];#]4,<#RV[B_YM&=_T1T^JYN01]Y$L)4L[3N.Y
MS:X"V@J<2<[%H]-A*?I E05D$'&.A[<=#A+N'%@ X2MS"W7-P1\TDD E* 2H
MJPC"5*V[O,;$-%Q(0 7&FU)*E9+2QC*4H<*@I14%DI+:2K:4C(YZ,0'$$I"6
MG$J0LMHP$)("TX;:;!QES:5J)!V;2.-YZ@+621:U^WT2!C!!MDBV_+89%[ B
M<D$@8OL;D$YQG:WQWN2<7O>UI"0A10RE"(^P(?0I)4L*W*4MYK(VJ<  !"1C
M!<]#M(DM(4VGA*BM16D)"RDD@C"B3@DI&0D<JX)_)ZM2%I;"#N2I:E/84CA(
M"CA+P5R7,$H25?EE(2#QT-0@@%1*$K*R$ $A)! WJ6$$KW[4A!YV^4$D'&(Z
ME7-P>O0FY%AU-]R";;#H+;WDC [6&#8VVL,6&VV+]STXQ,LX92O#J=R D @E
M00C.&RG*$[,'"1M(425'*AT:4F@5VM..1J#;];N!<9A#CK-#HU3KCK#:UD)<
M?CTN+-<CM+<\B'7T(:4L;$J4I"AT$0CE)\R7"GT4HDI;P<)0."I2<#CU R20
M"<S+>Q@4IO5C6X-J6@*T]MPK4%[5*4FX)20"E('T058_,"MOQ.=HT3IU&KM5
M4G3SLM<%JION-*E(92^MKD8<="DM*<:"_P"+Y;*6D642.G',?&?Q#?\ "?PO
MU;XA1Z4U6W],0X4ENEORUP&IAEU>G4PH7+1'E+9"$SB\"F.[S*:#9 "BH1!5
M2W+DHK3"Z_;-Q4%F0IQ#"[@MZLT=#SP 46HSU4@PVGG$#<M3;"UN-MIWJ3L&
M03!M*CYP%'()V\@XXR5' P!PHC\H()!!SUT(>VA<<7IGH:%NN%/ZHM;425$\
MBVGP#DGA0"E!..2"I)!!/7/PD$DY*DX0<)).!GD'&<#(&2 2KCZL]2_$72+6
MAM53-.,SEU%$5B$\);C"8RUF7%9DE/E)<> Y"YR ^8>8)N0-N,1X >*TCQJ\
M,*/XA2J(QIYZJS:S$52X\]RI-L"DU.13DN"6Y%A+<+PC^8I*HZ>0JY05@!1"
MK"DH2,I<R C<,$!L'"MA4 05)RE0'T\G8, ]>E)05>'N0-J<+2E/"<8VA R"
MD@ %?V#G(QUD*]A1O+:0HCYY1VA.>4H62I.,#(2I*MI!SPH<V^-' .)$8 [M
MN9#0"0>?*=^U0))Y)X4>4Y3DZ/S9%ABQ-_B=R,C%B<V)R..T =0,=3D=M\?V
M\6)2-WE4H*&\@J3M4A9QN.XX"D8"<DY ^'FSGW9N0HA:SPA7("@%)/TAC=DD
M<E0&5GS'!! R^(V\E/A*2\D*.%))7@#U&]!(4 !Z DJR2H<@=5XK2%84M#2\
M**$NNH02E025 )5MV@#S XYY!(Y/2N2<BV;'J18@C/4'ZAN<@7X8!)L 2>P!
M)'U $_JWN3;C$X@'&%!"0K"1P%$D@J&_'E*@",YP4@X5SCKU:"!E+I3Y%# P
M5I2L<'!*O,@?1!!R!DG .<@\-:04*0XGQ,-^&$J2",D[2DE(R2H @$DC XYZ
ML\9@J4E+[(<4I*"/&:2M()4 D *"@K/&P9Y.,#TZ+YVZG! .]L[9!R#W)(!.
MX.4DV -P<V!N+6^NW0_9TXI*"!E>[<3M/"5N8"?1&,8W8"E9&-V0#CK&4 !9
M\W+>P*W%> 3MRVHD@.$XRA/Q 5E(\Q$%Q",K<?;:()2KQ7$I*B!RE!)20L8"
ML<D)2H'<3GJQ/@I05-+2M*0I(6' I)3C)W+42,J) 40?*" O@#H%[=238XV[
MVOT&;#)&YQL5RFVQMWL1G!%L6N=[CKMQ:M*FVPA(2/H!*R%$E2@1N6V%$Y !
M)Q@@G&3C'5$J*U+W*\/8$I44[593PI0!Q^403@>GIUE3L(24K2ZA8(.UU)Y2
M00$;2<AOG=@C'U<]6NR&6E)\9YIM2CN4''&VSR"G"4K6."H^@&0#GXDD!N0-
MR;CIGZ))VN+VL/2^,W !L #@;#/;Z_W]>/ V@'<E(62 3A6S*2D )5@I4$@<
MI&< DY..18II8: SC:M/Y6X@G/T4<@'&X!2SC;P%?1ZN2MI2B&5M. $*(0M#
MN>=JB4I4H) 5N '!)]. !UE <*1ZI!W)5DD)",D#UR3SCC@D\Y 3R E-L[6^
MEVQW(%P/C:]M@+EK>G]O]FW08X"ED;\  !H<9!(04@%);*U8  .%CDD9RHX&
M??!!<"T ;582XX3YD[R $H 5@I3C</CDG! R.KU/Q0-JGXG!)3O=:4 K=E0)
M4LD[0#Y<C@\9P<W)<BN$AAUG<K.[8XAQ2AZC"$*)*,@@$\ X.,<=575]60.U
MA;%QZW-K$W/!RD7P>^UK8M^SC$$J!43XBBK<$J(((V+)V<^@4H[L^@('VY]!
M"R&PXDGRC:MQ/B.*P>!SE6T?4D[AC/ )Z5'1BWJ)=VL.E%H7(R9E!N>_;<H5
M8I[<QR&[,ID^H-L2X[<AA;<AI3C:L>,R?$;W!25 X/4^/>AVA=M.BW:'K/<.
MG&D]M6S<%*IMOB#<BC*J-;AKDWA0X<EYBJU:3*?8<?CN.L.+;4V2TXML$;U!
M6_Z5\.ZKJV@:EU'#F4^-"TO#D2IC4I4CVIX1H3T[RXS;,9QL\S4=: 77FN5P
M@6(N1P/Q1^4'I?PLUWX=>'E6HM>J=;\2JE3(%)D4YNGBF0DU*NQ: E^HOR9K
M4H>3)DI>+46%(*VD$>8A9 '-V2C 1@%)&#O0224<ELMD$I!!*?7"4E0^/%Q0
M /#*CM*@K@!922@@'& -J$X;"<*44G/J,@1G"3M4A3:3A*DJ#@(P0!N"B<^@
M]5>8X.>L;JTME+BU-@':4A:@V 0GRY4I0SM. 0!P1D\''7/@H$@#;?;<W%C:
MPR>MP,V&>.^ ' -[_ WMC?8W-KD8[<8UI9*%%:4J*=F,HWX*5#)'UIVJW!"?
M3!(Y2<4$$%6"0IQ)W *;*OHX2XX G:5H .T<X"BG/J>LC;K"EH:;?96<JP4N
MMK"0!E.$@DD9)! Y23N)QP;U)00@<**CSM&U0P"=H5ZCZ&% [LCS #G)<@ &
M^3<W/P^ %['%_P!5B6[_ +0>A!'2WVWSL> X1^4M;H&#N4 ,<9."#PE. %XV
MI3GS9.<=.OL_L>[J[VHBKGHVC=?:MM5.=K;=<KD^AT&(Y3DQ7)RIC+=0GM27
MVG(S2G6%-1EK=24 CS)!:H\DF.^H;D[F5!*B<'!0KU("4CX@8QE(QR<]=G5A
M_P#PMEIY.[;H=$P3S_\ &0]G'KC/V==@\(O#ZE>($NOMU:9/BM4> S+:3 +"
M%O..K<1RN+D,OA*$E )Y4%2C<!2-^/(?RM/E ZK\!J;H5_2=)H%2E:NK%3I\
MIROM5"0S#9I[-.<2N,S3ZA3E*=<]L4"7GEMI"$'RUW4#Q@AI(W(:5E"%NH0V
MKR)W-K6A86K.Y8\1*L*(VC;P"GUR%"<A&U7FPM:?(HI61A8'U)(]#D$D\Y3Y
M>O/&CH4ZAQUMM1?EJ(<<;2?QV0D90O"@G9RCC!'I\>J*4K!5O#J"#E32P02@
MY"EK00D;N!A)YQC&.#R%1LM2;D@*(!(S@VWZD#N+D]<\>N[$#-[D8.PN=M]K
MCL-^/2VD;@4X!PVH'"DK2KUP!P%$>H3QDG;@<]6*2$C.XI4$^5L_1;\WJ%8/
M)2"$DY4E)PE/.>LB78R-N]]E'& E3[2E''JG!4-JD^G&<#!/QQ?L/"N /@DD
ME(X.5E/H H? 84=N0" 3U2";^F3?:XL/JP3>X)],6!J([]AFUKV&WU?CUP>'
MYCY5*./4@)&> $)2% N'PR?CG;QC=R+1OQL*/H[UH#A.$!&&TI*4)YW@A;9/
MF!))]#C)XS.YLA3*@K@)2X@+)^@"D!0V8&0K W)X2,#.1!*2?#]2 58] 0>
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MF??7O8<]X]Y)?+A=\_4$/M05)_W9>K@*L8HUA;PHE2!BRJ2I1P" E(3@D+4
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MDWQ0>%)/J/WC^CK4?"^OBF:&\1(,>E4XL:"=U&U$YVU*55VHXJ]0;15CS7>
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M==3/$BJ4IK5YK+SR'ZN:EJ*'1*XQ*AB7);D0)S=0$BCIE*>?ASHRBAY:XJ'
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MYD"^N^D-:T%U>OG22O2149UG594.'5DLJ::K-)EQF:A1:NALI!0J;3Y;*WD
M%#<EM]"<@)Z1Q1"V',\!+*RL*'"@$GS '.0<* P003A('),@OM)=3M*=7.X.
MGWKI'==-O.B2]/+?@5FKTI$QIA->IT^K,N1%^^1HKI=9IIIZBH-J2$N( 62D
MI3'W(P674[BH%LG;C<4X2H\Y'U#"E*.0><<8'AO5T"G4O55?I](D,2J7&JTM
M%.D1WT265P?.*XP;?;6MM\(94A!6E9"U(4HDGC[8^$5>U!JCPST'7M64^92]
M3U+35)>U#!GP7:;,:K"(Z&*DX]3WV6'81D2VG9*(RV6PRA]"$I"0GCLB[14[
MNUSMT0D;=VCUA(2%<%.ZCL ;L9^)R<9X^L];GI_J)I_KQ957JMNJ17+;=JUV
M6!<U)JD9L.,5.BRI-"N2WZQ"474I*T[R$JW)>AR67D9W<:?VA8_W,';@0<C]
M2+3[!/KCY)C?O?9]G4#':SW9K[:.ZW5>EW1*DKTEU%U2NRCW9&\12H]N555W
M2V*9?;+"4K.Z!N,&L(;&^125J7A;D5KKWG4M<Q-&P_#*-50TFBZBI:*=/DNI
M!$-U%,I'L4E9-P8P7(=:EI*;!IWSKV8Y'/AOISP5JWB[5/E%3],F2[JWP^KC
M^HZ-3(ZK*K$5W4NHVZO3V$@!SYS\B,Q,I2D.)4Y)B&$E"G)J'&7,:)=K%1[7
M/:6V7282')&FMYVAJ]7=,ZDK<M3-)11F/?+7G.E*0FI6VY(:C)R5&53S&E;E
M'?A??:_\]L5I#&0=:K7!SCT-NW/D#.<D_401CGUZD_=IU$JTFB5QR+3JG)I0
MD3K;K 0W(7#15X0C2)E*E))V-52G.);<6A2D2(RFSSA*A%_[7]*CVQVCMP"G
M6NUR.<;C]SMS@)X^ ^E]7'UXZQFIM(P=&^%GB1!IBDBFSS4ZQ"8%R(C4YBF)
M7%"ME-M2([QCE)-HRF4J45I63M'AMXJUSQ=^4S\G>NZF25U^A?DOI&J5!2O>
MK#]'J=??8JSJ+ MRI4&H1$3P?XRH,RY" VT\AIOSV;FBNCEZ=J=G7!>&E.G%
MUUZ5<=ULR:S<EFV_7*JZU'J;:&&'JC4(+\EUMA)+;3:W%);3P@#)S#7KE;MO
MTKO@O>UJ50Z53K;C:_T6D,6_"IT.+0V*4]<= 8<IC-,9;1%;@.LNNLN1$,I8
M6AQQLM[%J!G?]EJ,=GMDYYS=5Y'USR:LU^]SSCU'QR>3!KW"G_W_ )?Y"@E
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MC<<]2:][HSVE]P8X&=.:A](D#\/3O4IY'Z1TPCV,V?U,-9@1R+WM_*L?2_K
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MZHY,K;3"Y;[C:P8[,=#SB5.HD>6ZW&<0RMQM"F]WU5I[Q2\3_E@>-?AAHCQ
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M# &0!^[Z_N^OU\\\]+%V_:?.:IZV:86(&2]$KEXT=583A2DIH%-EM5*N*<V
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MMY#(8;8B(IW+';>5-/[%5:47!KL5K0E/W-6,G>MQM""I4NJK"4%:D ^(-RR
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MO[O_ $\Y/Q^KX=//[!=2E:<]RUG,O2 Q2=0&Y6GU70K;X3RJTG=1%.;U!"/
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M: -P3L6=FX!L(<!V[U<$I5Y@E0!Y''5XJL# (E!2DG*RD.E"@!@[E8+F,$#
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M9-8AG>4NA*E(PM*4+"5'@;B2"HJ2HY"5#: <DD$=>?+4(!6Z2ITI;4TWE"@
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M+P=H44[3@=4:Q3EH#;DA9*7=Q6E+B]J4A*FPVH^&%$J3L65\@%2LJ^,41G2
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M%I;16/*0VE!/TE$\Y(2K;D $C&J_*L)(VIDA;H4>5)<4E:. $A!^@E.3X20
ML>9>02>LBZY &Y+4QI*D@%4C:I:UI   0H()\RP23],J("U$# ?LSG\VO)N/
M=5Z;^[<7Z6 &]Q@D DLC_2MG86YTF]N4W!*C<VZVOG*@.-D4H@)4DE*EX;(#
M:,!045*(25))6-P"G>-OH<XZ\\5&""XVI845HR5)*7 ",-J4#G*<X25#S D
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M/&4'"<9.Y*P"H)6H84!N2<9"L#.3@<$9..A#04=P4-RDG!23@IY)_@D$!/U
M8^'08/(*E'.$9S@*"$@+5X>[>C/TCY0HD\ _8>LS2D(4XDY'T<;59XRO&58(
M5D8((^!Y.> <%S]0M?<GI^_?/'*:^VEJ6\AV.RXX'-JENE20 L).1YBH$9R%
M')QCRX/51_!2E2E-(<(2?#. $A((&'4*P2M>2E)3A93AS! (ZV^1I;JVJ8\M
M>EVHA4'LC_L-KR7N$@)44J@[-J>/P9SM5D@841<=*M7'%M!6F&HI!!*W%V37
MUH*-WG2$"$D8 .X9. ,E)R,=?-Y=&JIP:?.%QDB-)P0+X24$ $DX21TPHW''
MZ<&=7:0#;?\ METW;D2 /GJDW^B!>_M.^/4WO8BY)UH>Z[@GPD+PA"%+"%$N
MJ='( 0<#PSPDI(5M&5=#&A#2ET*:8< *6T?,_22IQ/SB]A(*N"G>C"@!A0V9
MZV%.ENJR4J0-,-1!A"B4MV;7&T(.XC+:3#.1M(4I8^B2DI//67]2O5)&XHTP
MOX%Q2" Y:%<+B2<;B2J$G9@ #.U().2HY!ZCJHM4-A[!41MM&?%S=-R;MBU\
MW L , 6Y;R$ZNTA@C4NF<"]S6J5BX!M;VFRNNYZ@XX(0B(?%"&D['%%OS(3E
M"T)WEIL@ K2I(PE0&T^8))..A2!3P$A45M)#:6$A 5L6XZHJ(W*7O"VP05$@
MD9*0,@X/VM+]5-P6-+=04 [B5&T*ZI.%9.4),+:5I((965) )QP#D9%:::IY
M;;.FVH:2I7BMN*LVNXW((2%N)]SW);*20IG)SRH$ YZCJHE6) ^;ZB.IM%D@
MXL#D(M:P [BU[7N1>&KM( 7.I=,$\UO]VJ3FY&P,H;D_;]+H.-?2([A0VEA@
M-N$NK2MLE2E83@)6"/*,%9R0<IS\<#*M$)96%1TC@$[$%"2D$IWCS$*4<GT5
MY2<G 2,GJ=,-5D+)&F=_X2%D;+/K9\%E2#M.50P6$*6?*VI6T[BH;E8!R(TR
MU2" \YIIJ MT(4VE@VA6DJ*5@KPV?<BE7H5KW)*\8P221U0JAU86M3ZA:P'^
M;2+W)%KW0+FP2"2<6] .*AJ[2)!)U-IC&]ZU22+6 OB5>P%R+#.UM^"%+<!2
M4;F6_'2M1*0E9\8(2-H!)X*@H%8)P>-W ZI28R5+S$C@XPEQS(PM1\H 4K"0
M4\+6OCE);P3UL7ZF6IQ2-NF>H3:2KP_#^Y2NI2H< N%Q40%)!PE(<2$@D*^C
MP<HTTU12O+>G.H*$DI"MUIUPO2#CP\@+AD $^F!X9V@@>8*%'S)5@?\ <^HG
M&08TFPR.H3@&XP0K%Q<@88U?I'8ZETP!@@"M4FY L+_YSDV'TA:^2<D\:MLA
MHVMKBM!)4>/"+IPK 5N5NW -@J!(QXBMJ@<#/7J&HBE8,5"VPM&T*:4@)3C(
M*T[DD[CC"D^8\!0R<G8T:<:H()<3IQJ$@<-J6Y:=;6D#G/S:H>%*) (2E1("
ME$'/5+TTU5*D9TZU ;V.<+%GUQ64N$*QDQ#N;Y"PKEL*&T@#D/YDJ][?-]0V
M/_>LG&.GYLF][#Z0-K;#' -7Z/-B=2Z8R>M:I%\6M?\ A5MCG&P[G&N$1QM0
M&6'EE* 4J2"XH()7GP]R%+PG.2,.*Q\0D#K)X<-Q*E(C1P?$W(!#B5E.2I96
M0L8"1C" !G.PX'1\K3?5-M1WZ;:@*\!*P"+3KA6?$<.5',1.%(X3N0<#=L!2
M"<W#3K5-258TTOT $NJ2FU*V?'(5A3J<PO+X9&Y8.XE1&TJ .ZGYCJ^"*?4+
MWN/X-( -R!T18@@)%\;[@$V/ROTA>WY2Z9-^]:I-_6W\*O:]]_7J<Z^415*2
MMJ+$RI6-P1M2I>!@N)*MK8!Y)3]$C"E G'5H;BY2? CNC*@H(:=23XN,!M;A
M\-*<)5Z )02,D<$[*SIMJ@0X1IC?BCO".;0KCJ5 @K24K1"VAM*B!C:4JP00
M,\9/U-=5E(6'-.-0 D)<;646?6PDJX )(AX#2, >&.'#NXPGH-$J_P#Q?4"!
MBYC2=B/1!)&2.G>_1+_*_2'_ "ETR#?_ (ZI( ^CDGVFPS8FX..]K'6MD).W
M,=K+CA6@E&"<?D+5]%*AM2!DX4, 8R.L8;A)VI]T;"0O85;3XA"U8*5[MRDX
M7@I4"5 X!XP>CU.F>J1#:1IMJ*IL%7B-MVM6@I.]2#Y@B(G@$;B#E1*@0  1
MUE&FVIZ 4NZ;WX4DI;;(M.N(6G&#NP(@RDI5DA>TDCQ%;DX0&:'5AM!J)WQ[
M+)O:]KCW;7Y1:U\9MZ4C6&CS:VI-,6('_ANDD# ).).WJ!<[&W765HC%KEJ,
MI"5* VI4C)"R0 HJ2I02  I1(.[\I0)SD7[DDK<,:/XB=J$H6V2C9RK!V*VE
MT(R2$_0QY_J)^_IGJ<E(SISJ XYX:0E"K0K0 *4@ -GW,J 4DY6$X2D@DG..
MLHTTU10I.--;\)#@V)19]:"<I&%X*8102H'#F0I6 "HXP>F*)5K _-]1._N^
MRR0=T7_T0%C@$[$"]S;A_E=I&]ORFTS@#_PU23T])0-QO86M<<:PXB$I0/AL
M9=4EQ+1&U(1R5I;.<<X20.203@ #CUQJ(HD)CMADJ2%A*%;4Y0"2"?*=A'&,
M8)4><=;&C3G5#'_<UU 2 59*;1K+Y4"H@X!A@K6CS#RJ(.WG&T=4-.=3@E05
MIQJ $)#B%K%L5MP-C9GQGTJAC:>$I"5C<V5%(4#GI"B5BP_R?43:P_S63:VX
M/\6.@%K75FY)/ -7:0ZZETR;]?GJD[V P?:MM^EB0<#IKP;A[MB(C*5'S97E
MU)(5YD.9*<%/JE(/*\J.=N.K$IA%&Y3;/GW!"R,(')#FX!16E22HMM9X)4 3
MNQUL2-.-3BG:WIKJ LK2"$N6E7,-;"#OR8A&Q8Y:=0D8R"G<#D^#3;4Y* AS
M3+4#"=H;5]R=;3DK4IQK(]R2I:EKP1N5N= !"2<98HE7N;4^HV!&\:02=KFQ
M1]5C<$ XL1PAJ_2 L?RETQL+_P"6J387M8&TF_K>^#8X/! AB*C>GP6BC:H+
M<6@@NA2?FW5()*4)2H[5;<*5CCS'KSW> I39]W:7N(0-J5( 1C(2 2G(*DXS
MP0#C )'6QC3O4Y(4M.G%_$N8+RE6G6D[L%(\8-JADAEMSYM;B=H0L? 9'5R]
M,]4?56G%_;5G<V@6A724/ 8<>&V+M*5>FU/.#G!XZ0HE8_X!41?.8LFYPF_N
MA&#<X%Q9(V2,<'Y7:/O8:DTP;=36J38VVM_"[$ C))P;7)RKC7$QX*@X"P@
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M*N,WEN" -S,<\(2H*W(RO;N3A042L8 4D82I:%%)Y3DGBM--4GU*\33:_5A
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M1N,0I<0MP$!(R4*((P,='S'5P#_D^H;WM[-)& ;Y/E[=\&P-A8C@_*_1YO\
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M9(W?DEWX).-NT'[#T*9D!(PELJ\J !M(VI&=O/()R5 XX\N1Z]%N0I22HEQ
M2I>&RDK\92<K6I21A'!QLP0H @^N[K.VT\!AMY)  "5(<0TI38)V%9)RO'(2
M?0 $#H^_\?@\  ^T]#>V!@D'(&V?U9X0*;?>N;<MS?I_&RZL^&HKGE2&VB$8
M2?E%04DDD+"AA)*>023T'&H&NZ$I\.P6]I4I(2%3TD)5A&6RJIE)5SMV+RA!
M5@^H(7F7O"I+B7 A: E*=N"@I6<N*;*4*(3E/SJE$;E#(2 !T#+X=/N\DO\
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M:_!V.%QO)3Y$E(26FBRG(+:R&I!4HD$H/5TTN*2EM:2D-/*>=>1-;2[(>>*
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MPBB;WUN0GPC8J4A+:SN^_DJ6A8WH+Y5/)4O>DI8RE2DH*D*(0 .K4Z@:W!D
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MK?$'?^3Q>&V74H0AV<N0D9C-QUE,38L*<2OPU*2&W!YUJ#K@6&U!PE:R3T(
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M0604.+."J0[L5@8URW6$Q!+G1P(T$AQ:DN.2UI<VJCM,1T-N,MN/)#"(DI1
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M86A>5E:@/"!<I3;@D1TH*'DN.^Z2Y3S4AAM,200%/I\4^\H>\0-QXRP' YZ
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M/7??&^V,< SW^'Q()O@]^H'7I8C3&FE2$):0S&4I,E#KLT-.^2/ 8RU'@PB
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MGUSZ_'H["5'&$J.3@82HY/U# .3]@YQST7RT+,BFJ"%E*9I"E!"B$DQWL!1
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M4H3R21=\?>9K5</M_?9]:-Z8ZNZJVQH.:7H1+O*T;2N^O4;3N]ZIK%1KRO\
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MAJ6B#4(URW?4*S1'7;S5:R;.@,SZ;2)\EMZ=66&4^$AEQ:'GFD*3_MCBRO\
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ME7+KIPTT@.PBE%02Y1'(+4UT%B&MT*\'I3/ZH,JNBU,US]DC<G<-18-S=O=
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MYX. ,>'F3.'O<[RO-#\8]<QVSSY/7[>AGN/_ (9._E'_ ,YT%CSH8D3U&2R
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M_"?7\?\ )T=?2Q_9P'<_$\&G@L_K+/\ %-_T>@4)IH^^Y::.)[X&6FS@!MC
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MW66W =(;T *% J,REX3E)&3A'H/7'QQUBBZBW4B+&0G2*\UI2PTD.)F4O:X
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MLD^OQV]>5!ID099#+(/N[O(:;_,/^#TE,/46ZD1(Z$:1WFZA#24I=3+I@2L
M'S)!1G'U9)X&>JEZBW2N+)0O2*\T(4PX%.*ETPI;!2<K4 D$A/J>1QTPXBXR
M=Q^BK]W!R*]/ZR?3^EZC\6X6!#36U)\%K.T<AIL'T^O;\?C]?06>VTF,2EIH
M9=8!PTV."^V#^3TF(U'NL  :/WIC: /ORE\\8!^AGGUQ^YULM*N*K5VFR7ZA
M9U:MIQF7':;8JLB"I<I/B-K\9DLK3AM*OFB%I!*L$$C)Z:5I) SC<%)&V^X
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MJ46' E*;[MHDG:> !4LD\^@!)/PZ$)UGTA"4YU9TT^B/_C]MGX #^^?P]/\
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M/WPG/WLSR?=V/M^K QD^F?CT<5)^D/K_ %'@SR/K'[XZ!H(]_D\C\7C?$?\
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M"PN,-DK!^D?R'/!J+)3*\8:_%0^J/*DTC13#[06AMY@!JK:@;"P4EUMQ:Z3
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M51YM=2G*2EX.1VBED/'))45*)4H^JE$J4K]*E$J/[I/74*-H!LMH?K+KGF*
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MT:E.1WHDNH0BY ,UEV*Q(><960W-OVCO:.ZA#B-1:D4.)"D*-DW8,I/H<&F
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M]L],8_=S\.CKH#!_NW_Q@_\ ZICI\+CW;4/UV)_%._[3H!3A.$)LI<BA(+^
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M]Q?>^>(Y$>S!T8"4AR\]1G%@ *6FI4UM*C\5! IQ"<_4#Q^C ZPO^S&T6:+
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M%+GPYQR\B"ZIYIH)*0RD;L^0+ W-^B0<#;W;?I9QR'?(Y+*(\A<_ZKW42/<
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M6K]9XR)<=R/G7?4?VUSZ_P#E=?0M_J8XRE^RJI9;6SL_W2VOP ?#KCFX7+0
MHE:5I!!7YDC;PG@J)YZ^>>GU'Z1_GZ^AM_4Q )]E-2L G_WS'<!_^\]O]4J^
MB<V]Y/[>*T?3_P#15^M/'1)MJ'ZY$_BG?]KT!F)G^)"RY$)]Z3@^&[P=B_7Y
MSD?]?LZ.^@$T'Q(/']UI_P!!?5CB]Q=MJ'Z[$_BG?]IT&6FH>^,_.1,^!(Q\
MT[Z;X^?[9^CHVZ"K_'&/VO(_UD?HX.+-M0_78G\4[_M.@#:9_P I2AXD3=[I
M&)/A.XQN5@8\3X?7DY^KH\Z+VO[*2_VG&_TU?_1Z.#B_;4/UV)_%._[3H/'$
M_P 69YXA^^$Y^;>'/N['_&?5C_+T:]!8_P"%F?MA/_-V.CBI/TA]?ZCQ:8+1
M/X22/T2'OZ70-$%KWV0GQ)/X".K\9=^/B9_*Z&>_P_U]/\%?]'H&B?#]^DGQ
MTX\",/HKYQXF<>7D=+-_2Q^W%OV\([FVUS;@7[@U^N2?Y2]_2Z!0X32C,^<D
M\3GD_C+WP;9.?I?;^Y^CH=\H0_U]/[R_Z/0*%.B S,OIYG/*'E7Z%MD?%(^H
M_9]1Z?"X&>X-?KDG^4O?TNB^GPT*@I4E<G<4S-H]X>/F!D!/Y7KG'VYZ,?E"
M'^OI_>7_ $>@M'J$)IB(5OH*4/K*_*X1L,IPJXV X*"<\>F>BU\'%\?;C@N1
MD"Y&0#L2-AQP!7FEU-Y7>E_=XZ;KN5+VX$*\45N<%[@K)W9]<DG/KSUK72[]
MT=HNV%W):\V:ZV6C;^JUX16DD*2/=9-2748:DA0!VKBS&EC.<A61QCI".OFU
M/8<BSIL9T%+L>7(8<!W"VGEH4#?-PI)WSWX_1QIZ:S4M/T*HQB%1ZA1J7.CJ
M3]%3$N"Q(9*>EBVXDBV+;<.2[.PTKNFT(#N.-0J:IO/KXR8=0+.WT\WB;-OQ
MSC )ZZM=*\?=U11G ]TK_/U#[FZMS^YUQY:7W>K3_4JP;Z05)-I7?0JXXM "
MEHC1)S8F*2D\%0B./8SZ>IP >NQ72!#%3U#M=,)]M<6K-U P9*"'&E1:M;\X
MPWTE)PX@,2FG"4GS $ C.>NO^$CJ"^&0?SC=:ISI!_D.K:0DXR1S,KOC&+7O
MCP5\MB#(15:#4U)/LDK2%7@-*SRB13Y4F2^GL#Y54C$9N?>P D$\2_;18=DW
M!:&H]4J-.ASKDKNIVM%!N&2I+"ZK"I[.H5P18E(AR=OO5/:;IRQ,B^[.M*?D
M.HG*6ZXRVMM7*III;]7L:[I.IS4ZLSZRNM5ZK5.]*Y)N2L0'Z;2ODJFSXUP5
MB;49L--,I=&A2Z48LYM$!M]QLMI,F6PY*73?ZG'[B=,:I=UYVUWWZ=VK#J]9
MK]Q5M%0T7J-1HST*;7JK6HR*G#E7:EHR*;'J/N2*A%<C25H0M.5M+0RC-5?8
M!]RVN%#<B2N_O3*?:SO@"92*%H+6K>9GE"RZPJHNJN[Y1EP72D+1&2XU E*:
M2XY[P$% Z!J#PUUY4-95!R!K2-$H=:KM.KZFUSZ@W68+%/\ I0X4-H>SN,(/
M(AE?G-A*([(NT%2$N\ST-\HCP0H7A9I^#6_"B=4M=:3T-J;1+:FJ+IQ[2U>D
MZ@<!9K%7JTEWYSCR0VJ4J4TBG25NN3I*BI\LT]R&X+M3\:3[%KL[W*^>=T*U
M*4HKSRHZF5Q:EG !W*VY]!DGX=,"[6'K0B]X7<V;MJ/:[36%]H5GHA+[I&*6
M]1)#B[FN@2&-/!4ZG3$(OA:=I;=:7(4F(%A;"MP/4S5W=NLCLL]GKI#V\7;?
M%)NV1H_I5J'1ZK>\2GN6W2JG[[=;UPB6U ES);E.99;K#<52'9CNY4=;@4E+
MFQ/';WI:>7AJ9J^FY+,TXN_4.VG-/K9:IUPVO8]=O"@N5"%-NA,EF'5J52JE
M3U3H;CB$266GS(CK6A+J4>(D*V=E"QXU//%"@RG3,IM3Q20T'%*IA2V7" @+
M4 2$7"B!>UN.51WF/\4JHPP\T9CGBO17DQ0XDR5L-TBM(4\EBY=+25J"5.A/
M(%D)*@2 7HO5&PS[%E$)-:[1ONK&OT(O4C%&_P!UP8I[AT)*VGA5A41:R:6
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MPP<GS?;^]CH5[_$_7?\ [F[_ $.@T>=$"Y>7?63D?-N^G@,?X'V=%CV/V<'
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MX:-NS:GR)X..L\SV8W8Q_72<=,*HN74*8*=-=7?MWJ,N$RA0:BO 2P%,I"E
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MC]^Y]XWJ4O=G;N).W/6)'LP>Q2<U5C,TNJ3QK;BFJN#?MX!-0;C+\*.F0/?
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MW*Y3J9%BKBMTJIPEH;>A5NH.*?#LQDA*HR$.)2XOG9*$M.-J<NN\;8CVY?\
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M6@0AM"4C'1-)_J<[V/#<=Y:>W.Y-R&EJ&-=-90<I22,'[J3CD>N#U5SH/4C
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M"%W!Y+@)0H%2K%/.I"5^2Z?)!3^J#?G_ 'X5W^4M_P"QZM%_7R%J<%W5P+4
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MC3*C3GF&FPW$MJY)0>F6^]NV1YAF4UTH^]2YU6OPU> _]^3?P#W]M;_6U_\
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M/ON-I#3+:>1*PFX)(N2>%"NO5"\;P#C%0J)ATY?'R52]\.&4YSM>*5E^5_\
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MM'&M]5U75=8GC+<5U75=5T<'%=5U75='!Q75=5U71P<.H[?O[#U7_P 92/\
M51.G$=-PT#8+M(JA#[[6*E(X96E(/S47D[D*)/(^/P]/7IP7N:OV;-_C6_\
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MQ(-NYU&O&VJ_5+GM6YZW*9HC4J@NT6L5J<%T>SW:%0:G1VZ;0:C37Z52X<9
M>7I^W/V[ ??G&QX!?Z_QM^L7^[A\U._%W/VY-_YPOH8O\&Y_BW/]!71/3X:B
MPO[\F\2I:?PK?.U]0R?F?4_$_'H6N&K8L^^S>$+/X5OX))_6>J>'Q?3OQ"'^
MUV_^GJJA^(R_VN[_ *!Z!P(BC!B*]\F#<P@X#C8 X]!\U]G53XBA"EGWR8<1
MW>"XV0?(K@CPAP?CSTQN/B/U\'!LCZ"?^2G_ ##H)4/Q8_XV/_KV^O$1%;4G
MWR9]$<%QLCD?XG[?W^@LV(I,<GWR:?G& ?G6_B\V,_@3Z'D?HZ!N/B.#@XZ
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M(=_PNC+P6?UEG^*;_H] *8TTJ$R2TT3N>&2TV3P^Z!^3\  .C@XSORHW@/\
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M('@27/?'G&VHWBN+2DYFJE0X3E$H\V?1XE8JT1QRETJ7)@QZG4T0&6ESUT^
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M1IT52G4N^ZK2O:E3N$ECCUVX.'7M/N>]S/O1_E,;\IC\US_CN.A?CN_L1_\
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M5^RD_P G3_M.@4)J3F;B4D??[P/WNGD^&QD_A/CQQ]G1OT!@_P!V_P#C!_\
MU3'3X7&3PI7[*3_)T_[3H!3&Y)A,[9*0-SW!CI/]O=SSO^)R>CGHOI?XBS_R
MG_\ G#O1P<>OM2O ?S*3^ >_N=/ZTO\ P^F>W]VNW36+]N+4S2K55.GM5U$M
MVCV_J-;]8M&F7=:5QQZ1#7$@U=NERBVN)<3$9Y;:)Y<6V"$K+9.0'F2/Q>1_
MB'O]4OIK]X]X>@>FM#EU:\[JJ5&AT;7FR>V*H[[9K3\AC5Z_7*,Q:])$=B.M
MU5"J*:Y39INL 4.-37ESY$E###B@"_3\9'[;<'"76/V4TO3F3I^K[LY%Q6Q8
MNAM]:.3:94:3'C5.MB_[R<NFH5I$V*I+%/3%5+DP8\9EOQ/!4@E>-Z2,LGLU
MJ=&DVG3KWU6EWQ9>E=H7C9.D]NKMFG4J11Z7>=)E4&=)N>H,+4*[/A4:2:?
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MX*I#4KQX'WTG/COX^]T_L5W.?.<\?H_3T+\*5^RD_P G3_M.O)'XQ3_\>_\
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MC/7L]N2(4O,I)'N[N1[ND9\BOCO./T_#H33_ ,0A_M='_3U50_$9?[7=_P!
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M6]1K.J=(K=K5*X7+<J5'0+<K$.+48Z$491:A.,+/BM5"^;&VU_V=#_;P</\
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MP'I\.*8$,EALDQT$DCU]?MZJ?#BB%+(8;!$=W!QZ>0\^O7E/FLB#$&R3E+"
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M9M,+'OKN[A_Z?AL[CZ^GI_EQ]9?"X.>B^E_B+/\ RG_^<.]7_P!<?KA?O/\
M\_0&F^_^YM;/<PG<]@$/D_AW<_'Z\]'!P;/_ (!__$/?ZI?2//:K:)T^\*I;
MD^Z[,1J#;EJ^_7#%$=F7<-(MUF$W478E2GQ($F2PT(;Z)_R Y,]Z7&D(DHIR
MD/)4I5'Q4"P^"86"P\#@/YP6EYQYO7IG=6[7KYD+UJB65KO/L"U-<)4^[ZG2
M*?95,J-R6[J%6*11:74:U2+U=J46IFW:A'HS:)5O&.Q-BQYDV'2:Y CF.&6
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M!BF,OS$A]Q#^T_*!2G!@XP/0/\<>GKG]_GI']IS]F/J]"=^#CV?^":_;4?\
MU@Z'=$TWW_PVM_N9'O,?& ^.?$&/CT,_KC]<+]Y_^?HZ#XG]2>#BZ1^,4_\
MQ[__ #1WH7T4/_*'CP<^YY\9_;P_C/NKN2?-]6<?;T*_KC]<+]Y_^?I<'%BO
M[*-#X>XO?Z]GHPZ)%>__ "BT/O/?[F]SA_&WQF?AG'K^GU/ICH=_7'ZX7[S_
M //T<'&G2Z=?#VI-$JE+N&DP]/(-MUR)>%L2+?,NM5RXYSE/5:%5I=R^]MIH
ML&B,,5=NITLPY)K*YL9P/1Q#\^_=(S5H5JN:TV5/J=VHI^HD6R;TC6A9:+IG
M0(=S6Y*D4-5VUU^SD/)CW&];3S-)9CUEYEU=O"I.-M+;%04%*S_7'G\1]1C
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MZ-P]$[_N&VJS:;&I#&G>DE+MV[JU;--K\6'49M IM<@R:8W5_=TQ9;[?S"E
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M:,S=;]NPY]/<O1B*FL(B520W$?CN*<=4^I_\ _\ XA[_ %2^K8WXM'_Q#/\
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MI.%#:YP2,@'R8Y'(QGI(JVYI0G7S3YJOIBG69RP-0%::*6U6%34V0B3;OZI
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M2LJ2H@73QY]C>(.MO$[Y37@^WXF:3I^F:SI[4E"I;E$11ZI25I974_G-EV=
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M5F784M4<QH3K(<"?&5,UUXCU9R0W%U-*!CL*D*#JVD!5EH;0VBS*KN.K6E"
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MV12]'Z97ZM4($U,C5MI;RJ>]";JL9<J/[KO;;IU??0A4=IEI:?#<*NE,[3]
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MHU\6KJ)3Y^H\J=?>N?;7JIJM0YEAJBL:5TK033!ZP9T"WZM&JTS]4:H7)/\
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M?MZV^[:V-5[7BU?0+2J@42B,QX N%BZ#$)I4BK,6RILG+9ND &US@<N0![Q
ML,D#-K62+\74I?"@D2$IYB1RD)L%?R2D^XD\V"FX&#;F-@9']8/8+]O6OVI&
MJFH>L&L.JM25J5;-=H,*+8ULZ>Z4U=E^L5*EUBG7%J+=%HV_%?UWJ=F5*C0A
M9<G42!.>I$%D0C+>6VA]+A;5]EIH_1^SO5CLWOJ]:_>5LZYW0J[+QO:T;/L3
M1FLTN[HS%"-LW1:5 L2D-4&EUJV:A:U$K#<Z<U4Y-8J+#JJFZMIQ"$:![-WO
M">U!O'5[2/6&!>5/UCK$O53N(K%VUZZZ'7+$JE,M+4%6D^IUFV#;].JU2K>E
M%F:&7;2&; MN@W?!I=3OBFT>I:AQXZU5A0=BS;]OEKO0+JUQEIH6AVOVE<?M
M@U-[@M ;^M&T[NTHI(J-@ZH4?2YN?<4:KW5<ETUS1Z++KSU4N2[ZY0[*K9C6
M_-DTRBMTYP27'=D!*N7"N89"E8(L00=A;86VPFXMQ;(E**VPNX;+9P4@'EL$
M$$"U@=\X(NH @VE6M3V0UFTJ_P"Q-9[X[D]9M6-<:!W1Z*=SM[ZFW?2K/BO:
MA2^WO3VY=,-+=.$6Y1*?!I5GVG1K6N:8N;+I!D5.IUI4BIO+1[VIA#>K>]@'
MHQ;5FW38#'<9JO+C7=I$-+)-1?M2T$R85/9[P*%W>_+$=M #:YRKGHD>SS'>
M2M@T23)J)4)Z6T=:!<?M,N_"R=4^W/2"WI'8WW.5J]NWGN [@]7KKT8JMY)M
M2%:^B]<HM4?I%A*AS*Q/EZCBV)Z;85:SD:53)%;J,>OR9<2-%=;2D&F_ME>^
M.[K6N95(T_[1=:]2M2.S.T.\/0JW](+LJD(:7P[QURH^E$W1W5<7/<-.I=T7
M[2Z!-F7-:$)5:MJ;>MUTO[E?"CM3DK27:)V(L#8WQD@$X40"3:][$7O@9X"F
M4"DA:2204V4@VL3RW!%D 9("N6Z?> ((O)+#]CQHX+[>N^MZJW_<=,J/=SK[
MW95RT9U)H4:F5B?W":73=*KJT\<FQ@)<6B4ZC3WYU.K<<"J*GE)<;"4#&W]B
MOLNM,NQ.;J3'L/5"[+L^ZW3IC2JB3JE9&G-KW):NGS%0G5*BQJI=MN4-FL:B
MW31WI26HUR78IUM3$.,TNEE&\*C@O#VS.M]O:;=I>K,2K:0.:'W5+ORWNZ77
MN?H]=B#IEJ9:.K%$TPI^FEZ:*1]03>NG$>2[4)\>OW]:BM2+?@WC&8I--7+I
MBG'^E@]HQ[4W7WMH[C]7-+M$H/;90+9[;.U.S>[._:AW!52Y(M=[@:1<]XPK
M7;TLT8%+D08]+J-/C3 [(KP;J\PUF13()@(1*5L:?*%E!-B+6N"5 D$VR<$
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MAMHXRVQP?GO48Y'PXZ?"X-/!9_66?XIO^CTTGO.;;'97W-J#;84-$=02%!M
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MF]]5RIEQ2'!^I+/\JD+V*!Q72?*H') *?\+UQR(\("$)PG*0E3/CH<0WPD)
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M/*1A2]P$I&2,*P@!P!L9+?-RBDI6"MYL#+?S8<R$A10E3>Q)\RO5S8.$[<G
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M'D!)!5@;EN%"B/\ [;A2  .<B/'2A(05)P$)6%EU2]^X#("W5; I 41DE2@
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M 4"<>,E02% D[2X"!C\HDIX(&"D],)QDWR!<; XQ;XDWR=L$C>T6&PJUU<N
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MU<?$Y].OG^%:<)&5HV)6#X84DD8'F;"<X<)QG;N(259.,GK&E00M?G=.UID
MG>XLX<6 5@ %7Q\5) QY4DC S44@&U\6/O?60+C)Z'&_ 8S>/I9Z$Y[[@6V%
M_P!W'?\ 1?ZH8]F8Q'=*K^U6(#[[I(TBJ?"7W5+2#_7K((!Y&"?LZ%.?U0U[
M,P)V_=[JOEP+0G_M0U/U*%<_V:_SXZ^?PMU"BI"U/DY(*@I8;.4@G#J%)3D?
M!/F4%>3U!SC0XM+R02Z 2O:E2WP!Y4$ NJ66ED<C &#DXP4DDY-A<$W -L?'
M<]L[G?86X1CM= 2+C/,;':XL$DCMT[YZ?0$B_P!4+^S-8AL-KO[5;+300I0T
MAJ>W*,Y()K8.,@@<9^SJI/\ 5"_LS)$1]"+_ -507&G6P3I%4BD*P4<D5OT"
MN#QZ\=?/\0']@+9(7M<W;O&5R3E"DH6Z0 K)"5GU.<$#URH;4$?VP* 65$<J
MY6LD(7G<'25922<!LX Z @WSBPO>W7W2.N1DW-M[;\'L[6/I7.POO>Q%O=O]
MUS<8%Q?Z 0_JAWV924-DW]JOM5M2%?J0U/!)R!Q\MY!.. 0/T]!Y7]4->S*>
MCX3?^JPRZC!.D-3P2TXE:A_9K.<(/PXZX!AN0O 2A>$?3)QP2?+R"$)QY0@D
M'UVC;CJE%TMJ60D'!&22-P!*P$@'S$'!!!PH9"<?2ZJ\NQPHX/0#I8XSG%S>
MW0W&#8$=H6YN?I@7(-Q?J ;["P[G../H"#^J'/9ED B_=5R",C_M15+)&"K(
M'RWZ8'Q(/V=!9']4+^S,=7'*;]U7'@/(>6#I#4L[-JAD 5PDG!S@ G ^WK@%
M4K"<E7AJ/]K#Z4!6<[G%<':KCUP2 GD\\6*4I*1MQ@9PD[4(SN')CE0VI)))
M=*L)!*R,<"D(%S<FP(%[=^N";?#/J1T7L[?90L0/I#N-L7V/:PQWMQ] 4?U0
M_P"S).,7]JN=R@D8TAJ>"HC( S6QDG!]/3!!P>.@[_\ 5#GLRVG6Y"[]U7"$
M QR!I#4\E<AZ.AO_ .+>,9Y)YP.?7CK@%W82K<5>FU2T$+6WY,X"V]QY V@$
M)V# R0,D)/QX:EI<=.7H 4E164)Q/C$%D$8QD[5E!.$9!X/3Y$WM?)2".GZ(
M)WW]-B3C.W#]F;SA0L?Y0/4;VP,$G<VMG?CZWE#K$&XJ)1;AI;BW:7<%&I->
MICKK99==IM;IT:J0''&5$J9<<ARV5N-*)4TLJ;))23UD:_LK+_:<7_25UH6D
MB)ITFTI*)+ 2=+=-BD*B[B!]P] X)\89_3@?H'6YMHG?*<H>\L;O=(V5>Z<$
M;E8&/&XQ]>>K(R ?0'B"18D=B1P==!8_X69^V$_\V8ZMV3_V5'_D?_M^@T=$
M[Q9GWRQ^,)S]Z^I]W8_X[@8P,?7D_'A\-/TA^.G!M@_4?WCT#0#[_)X/XO&^
M'^,ZL^387['3_"<_I]!$4Z%[](3X"<!B,1YG.,^)G\OI=1WL?V7_ &<([GXG
M]?!U@_4?WCT!A CWXD$ 5!\DD8P/"8.?T8YZ\^38/['3_"<_I]<Z?MJ_;4VA
M[/NA3= M 7;;O'O'O**J2EB=[Y4;;T(M*K17X\:_+Q]S)C2KM<>:W6=9#CYE
MR7RS6:S&:HK/WQ4 2; 7/%)( N38#J>-E]M7[;"U.PNTZGH-V]5F@7CWI753
M4F%%4U!N&V=!*/)6P3>6IT(2?+7YL)U]=AV9(:4_6IS/OU41&H\=:W_GDW3=
M-TWW=-RWU?5RUN]+XO2MS[EN^[[EGR*I7KDK]4D.29U2J4V2XZXHK==4B)#;
M4B#3(89I].8C0F&64E=PWI5;SN2X[UO2[:S>=[WE6YURWE>-RORZC<EUW)4U
M^-4J[6YRV J3.EKP5!I#<6.TEN-"88CMMM)+/?HGZZKD)(^]Y9R%8VXPQSG(
MR!DC/F P<7DI*1;-]S]=O[.+*EA6Q%NF1GK?[/N^/#S^RT;KOU)"@E23;-IH
MV$C*DKJE;+GP.U0*&]@X+F5$?@CU( E(2XC"5E)0VKS$*VDO**SA2LI+/'AM
M@ $K5X81SF//LOD-.7?J6EM14O[G;+RE*'&U\5BO!)2IY"$%T*_ E*E!(+Q6
MG"T$R(.%)=\J7$K3^%VJ0$(;#FX.+20=S;Q2HD)W+VI/ )ZLN?3)S;E3<I%[
MGE %[W&#8# R<9SQE85O9TXN0M>_8K)QC/<&Y -N^;GU%*"I;9P&UA*-Z %#
M"%DJ<W ( "?0_3SC(QUX"V/.I*5X6I2BE20/$P<J(R$!)& &\CS9!3@E1]4L
M)""IU/*#L4ZG>%)5P=H;;W !*@%!20<;0,X5UE46VMB5K*PXYM3E#:O,4A(W
MA",8SA6\C@XWJVD VCS'EY0<CJ!>Z%$^[C.#8VS:XMVE;VN<@)VP+X[G'H?K
M%N ^"77PC#96@J3N0%E0W$@A !"D+5R""D!).THR.K1N+SGBO-E:&%-J4AGP
MD@*Y4 7MZ7!PGRH^<)SDX4D"E*4TXX%N.)0,L%;:5J(3RXE(0A1<^L IX3C&
MX%0SXV\E0"]SA*&%Y2I;H0?#V#=N4HC<&R'=V,A9+'X5'".Z18'"<72+@V )
M%][6)N=K7'=G8"]L[A78^FUO3UZ[ @A 0T M)VH;"4%A[:<<[!M)<0G!("5;
MWT$E;A+92 8MI2$@MA"0H[%*!=2%(  *%AQH#".$XRE1QYCOW]!&Y DH0(SJ
ME)"4*#RG9+:W2M(2G>5)RVE]SR/ *+R4 %M"B GH:5/J2 5H*?,KA1Y*%$K*
M]J0 I"N&1DI> S(V'(![N/>'Z)NDI/;?WM[G(WP;CM2+VO:^.^!M>W2WV^@)
M/%+&U3Y^:'A-LXX3Y IPE9'S9",^N0%[R 2 1UX605IW+6IXI4T&S(4$A /B
M)6$IPV2I*OG"496"E&<8Z\4W@*<+F]1P5(4I7AK0EWR^-@92E.X[AYD(SM;\
MNTG*5%!"@E)4$N'Q%A2WPGR[@$G'D2DD$E?E;"3M)R.F2<7(.;65S#Z14#B]
ML]2#U%K<5=[[_5:QL;@7WO:VUN/$E:'B0EI/B+.])R4A3<8A"$KQE"<C>ITC
MR*2EL [PKIBS"4^]R5 ?2E*4K:L;5*,YP*() "B ,A/P."G!.>GU$%;J25).
MYLG !"7"6W2 4_E)6 I1P?-X:3D!'+%H:D^._D929;Y!3@ $2U!"&P>0VXK"
M0"<[MQ)"=N*T 6) ZB]KVL=A>YL3G!%[#ZN*3>XN;_'I]#/?UP,V %\6D)[<
M^Q?5GN.T[D:@63<-BTJCIK=1MM46Y)U28J F4Q"2\_X4.GR63'<#R%-$N[R0
MH* ]2O/^],=PZE%1O32/Z96D+JU=20H@!14?D;D%((0,E(5@I 5@A\7LG,CM
M<G A8_[:%UX"]F0?"BG:=OQ X!R1M !YR>I-^N35G6=<@U6?#8<BAF-)6TT%
MQD+5R)"+<RBJY-A8G!/I<WZI2-)T>92X$I]$@O/1FW7"B04IYU)N2E(38"Y.
M >V<#CGD<]DOW#J#*4WII&$->O\ 7:O@D$I*AD4?)/&!D\<@9P>K7/9,=QZB
MXW]W6CO@K\,$?*5<*N""K"TT@(..<>3"<>?/.>AWJNL7^7FH;6\V)_JB?J_2
MOWZYOZ<9'\BJ#_-2O];<VP+#&UKCJ<[\<[W^]']Q()/W<:/?A$9_KI7#N RI
M2CMI(&0, %.$#/G!(R-CMSV-O<M<0FI@WOHJE=.7&\=4BMW&T29*'"TXRE%#
M=]/!4%!1* 0",DGJ?[I5])_PMS?IH^/X$[JMO7.H%*/,[%VOB*D9*DC^7Z]+
M$=,7!LOZ-H:$<R6I 5<"YDK..N+=2!^+GCG4/L2^Z@EH_J@:%Y2H^(37;BRI
M!2L$*/W.Y(Y3D' ) SZ#-JO8C=TZP-VH>AP2ES>$HN*Y6_,,CS!NWD'800>5
M*W^A'&3U'=5U(_+:O]78IVM>*DVL /Y6V/OWWO$_).C_ ,B1_K"_QT^K;CET
M_P!Y)[J 6\:A:% ME9257!<CF=^=VXFWTG*4DE '"E )) \W7CGL2NZ<H0E5
M_:&*(XRS<%R[N4J!Y% 26P2<DH)*5>A) )ZC.JZ/RVKO1R*-O^]DXM;;WL=<
M;9].#\DZ/_(D?'VA7ZK6&,;<<8W=)V%ZO]G="LRX]2;CL&O1;XKE4H%)8LZ?
M4I,J/*I=,CU"2Y.3/I\)#453*OF2TIQ2GUJ0I"!YRB.@6A-U]Q]_*TVLNH4&
MEUM-NU>XG)5S2I$:F^XTQR.W*C(<AQY3ZI3OO: TI+10 E1*T**<SL^W.)&E
M_;SYMN=2+Q (QDG[E8>4@X. > O=C*?HD=1N>RM.>Z1\<;OU*[U*@0G>E0>H
MQ*EJ2D-G!)/E4<IQSG/6[Q:S.>TG(JZUMF:TQ+<0H-)\KF8>6A!+600$I 5F
MRCS7VXU5VE0T:DC4L!SV1Q^*A:2X2LI>;;4NSMKBY*K$  #%L#C8![)CN&P1
M]V>D?FV;_P"N]>.X(3Z)_K/@8( . %'')YZL<]DQW&C'@WQH^A/B+7A54KJS
ML6.<XI 4DYR02I20D@  8ZZ'.JZY[^7FH=O,B?ZHD=CBRO3&]ACC>_R+H7\U
M)Z?]]+V%O3K;<W];[\<[Z?9)=Q?AMI7?.D!4'-ZLU2NC WDY0DTC<%!./,LJ
M3]:2,#JQ'LC^XA"D*5>NCRQM4"!5;@2I*B5D$XI*LA04$D*  Y4DC@#HCZKI
M?EWJ'^=B8[Q$=-K^\ 3]7!^15!_FI/\ K2]K@]M\;BV"0!;CGQI/LBNXVI3H
M=)9O71QER>\(K!?K-?\  2ZM#CGG*J&I>TAM0XW$$@$<YZWM/L2NZG"-VH6A
MNX A2OE^X02?*,*4;<RK.!Z@$IQR1SU/=:Y(NFV\'']=D?5^Q97U].=ZE-:X
MKY0"78QRH6]E2 1[I-_>ZV_%N(CVD*,VOE2W) *03>0HWW]!^.O'+FW[$?NE
M0D@:A:'$$*22NY+G63O R5!5OG<H<[3D  X 'KU<CV)?=2E&Q5_Z$*0$)0$F
MOW(E6 ""!BW_ #E8VE:20$+\H*@<CJ*ZKJLZVKIM[\3'_DJ<[9-E#X_'/3-G
M\DZ/_(D#;:0OH;_LXY:Q[$CNG!!3?VB83A8(-<N-1.Y'AC ^0MJ$I.U>Q.1N
M3O "UJ4=7U%]D/W)::6!>NHM?O72"71+"M>M7758E,K-=7495-HD)Z=+8@(?
MHS+"I;K+12REUUIK>?.XE(R.KSI ^ZS'^Y=[C\@'&A^I*AD9 *;:FD$C!)Q]
M@)QG'/5V/K2NNOQVENQ2AQYEI5HR0>5;B4&QYB0;*-NVPL.++^E:2VR\M*9
M4AI:Q^?5:Z$E0N+6.0+_ -IXX8F'&GFVW]F ][L^4[DA6%L)6V3M4$ H;6&U
M@$;U)SE9RKK,O:5H*"&RM#JMQPK>-J 2@#<G)44@<)'E*<@D$XX>QN+'4MQ2
MD^ZPE82E!*L1V@,(2@$@^BL D)/&WJZ02UA14H 8P4). '2D;0$J/!"3R$[0
M2E?!0G'8+&]R.][A-C:Q(WML1D9N< \<R&VUC@[FX)L=QL+ VV!SQC;W>(E+
MSB-Z&E#RM; /4#EPJ2< 8QR58\I Z#%"-B<.(Q@IP6'>3XV0, [@%>I"MRSG
M>V/#!213;C9VA/B+*4#Z7C)\7YI:@'-R\)\3).2 4%(!\RAUA;D-/;4L/%63
MXA65O)5A+P"B L8!2HA WJ *"H@>@-(R "4^EU"^ G-R1<_VG'1XO@7O8==\
M9Z#<_#?H.,S:4@!3:4I5AL%25/#:D %2<.-X(QZE7F()'U9RN [W!\UM3'6X
M$C;A.005[=AP3Z9&5'@$#U-?.;4(WH.2M*@5G!4C;D+6$[MJ?1M:OG%D8="1
MGKPM^5;A6%*\-:B"?I(2CS)7]2"?,I"=S2" I)RI7520!;WB+9P.@ M]'8FY
M%^GV\'08.XZ;WZ8%_OVZ6OQ2FT*4@*=47"/*/&*$E*@I95\WM2%X20E10HI2
M-H&"%=7*)0XI8"!N\!!!.]"<*4 D*//G"LK41AOA0!SUZ 4N-<-E?Y*E;E+&
M6UG"1CD)2#M&X';GTXS1RZ6SN2 K8I*4C"5 *2,E)R5 X",I(W)RG"2">D3<
M&X&][^\-K=;BXSB]SFVQMP7W'4&^;$_7B_7X9 (S?C&^@*W+"4@EE:O(H;5J
M3D$**D@'"23M/!P#@*0DC*T5@J 02"L\[DI)!"<+.3ZJ!45)Y.1C<<Y%@V;7
M\@I1OPI:<!",-X7@$J4"<;' ,E2B3D#)Z\3O)5GQ$JSDME306$G: <E)04A*
M3@;MV"O()('56Q5A0MC P "+VYKGJ"<YO8XR7V.2;I)L21\-A;(QT]#U\"@7
M2G&-OA%)6I.2H(7M44@E20 "DM$'(4%87C(\=4V6%)""-FY1)4@X!2O<5*"R
M=ISM&<X*AC!],[>Q:@?$2-NT)2E("2,+P?.@*QD\ $$?6.>K5CQF=[:L;E>"
ML%L!2RHE("B=N4IXVDC"L A6"5=(@WVM[V^,@@$ C&?16_!N-[W!L+GTYCN=
MMP,WQ<]\,CQ %D.-^$I+:2/!6X=Q(!2DME.Y !]<9'/FP,C"ZE&_!6#][A/+
M>\XR,#+9 .1CR(P]@>0A.X=7^,G>-RWRHIV*2?%2&RA2B A84$KR4["L9P$^
M(KA0)\<E--J;2IU95[LA22KQP5)(0?'4 %$.#)3L(*^0?7'2WOE/O&]R4[W
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M*?-MGQ GRYW("5Y5C&7$\C(..AKP+,B4T@.H2U*E,LH44*4IN/(?9; 44E!
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M4[U[DAW!(9J=B]OU+J26+PU)GL*C2JP&0IZ3;^G,28T4UNM$I:CRJDTM5-H
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M4\AIHT[V=:'6VHR:*LQWVWN0E*Y4E,I5W$NPD@LFQ U#X,(+0F:6JH9109K
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M29C&XKRK'*3M2/*,^@]>EV'<#(L<@<PVM:US>V"+?74!G.PO;%P3[O0GTZ]
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M,&]P+?'/U<-)F7?.:FJ,%,B#)K)"7<2W)C*XX1[LR\E*<2W):'DE2"VXZ2V
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M20 ".!GKU/?O=ZBD'3*TLK.T*%>K^TJ.22!LX"0#N^&/3H_+73G_  U>U_\
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MRA 1_M4I9L #;5>FCGW18'YR%ML9%[WR<<1_-U(*7O(+1*3E(]U.5$>IVDJ
M/T@4[4@Y"_+QU9\ID8 <5G(R08"2HAS">.$Y",@8 !]%95C,@2>U[1K"GOD[
M4)2RD [+\@!SS9&!_P!BI]#@E0)"O@ ?7$CM?T7R0JF:A@C&$"^X!W>8E0P+
M6&$%?J,'*L$C&24GQP\/+ _.LO L;4V;O[O3RLG&_>QSPO\ $P^4&FP_)6E6
MM_RLTX+8 _XQZ]>N0.&$(J12D$.K6#LRE32,85@%1*&PH+X( R4C ]2>/5ST
M!3B0I9"6UN [.5+QC;DI/E&"1@923DGTZ?W_ +F'1E!V?)^H+02!@?=W!*\
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M(ISC:,D9QCCZ/'6)-0RZDE!;40LJ ,<E?E3@D!2E#A/P^H<G@=2F#LST*W-
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MRD@I]<D^F,@D9!/H3!#:4MI5M5OQX96I6-I)X*3@JR4D9.$@\D@^I%". 6P
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M<*0V 7 <^H( 1Y4>A2.<*XYP"G@^GHBJ2$J\JO#1PG.5K6G/E60,'.3P>""
M<\];C;UNSKEJ3=,I[>YY?GD/K!;;BLI/SC[[W(2$XVH!\SB\-HY)(-KNL:HV
MC+07RF;3'@4PJHVT&PZZ4@K8>9!5X$E&%;0I1#Z$A:,#<!7=91S6/(" 3ZV
MZ_4+YM<=3Q:*64O(9+B0ZH<R473< <I]ZPM?<@8*@%6%@1PF[<9*=A2-I"2
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M@GDG/P\2R3C=QDX4,%'EYQO6/@?M)'I]G1YA/Z5AC ZV(QT/7J>P[</R +6
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MDY^/Q.@A62=J/4$C!(VD>10&<XY.1Q@X'(R.L:6R%*4?*,[-V_&"#G=C[0.
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MD+VH2E*C@@;B%@I&!M R E>$Y/F"2/,1G'5A92$I*P"5*.YSSA1/&.!E"O\
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M6@!!2'$[4A2D[@E6">,\)R"1C.XD<$D#'4<K[9-ABX/0;]3<#U[YZSD-["P
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M)>K4%B7*E6+/1#I-::BPHZ),F6EZIRH<!R'[LXV^S);EN,265)7&<=\PZ?\
M:'7C=NF_LM^X2[-/+EK=D72ON-LZ ;DM:>_2*W[DK[E65QT5*,IN4VPXP5,K
M0VM&8ZW6CE#CB522H6[4_:1=H-=F.&37*]V>5:;6:HZ$B34IJZ; <$J6XA*
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MW7:UADX.UCM>^#@7';A%I5A8$VL;V&Q(&][Y..E[[=RQ#04A2P D86K)*@K
M&,[0"!CX#U(/('KUC\(N)2$* 4DI&W&"HI QD@X4,<XY Y],]&I;W\J)4E64
M^GH,8.1^=\0202#Z'K"&$E:MK:@E.TIP0DGX\ ^N[ R/7/&.JP[<?"V;@X]T
M'>Q.^^"<X'%LM[8]#T).#<@7(&+^N-P3P 4PDALJV GQ1D)./J()^!R/I*..
M.#CU#E"0VH9)X!R3CRA0Q@@ X/(''/Q!]>C%;)"=J1E+K@6"DA.".%(5DYY
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M<\?5UCV= ::+J NE(*+DJ'ML\WLFXVD)."!UMC8],HY\JGQG"?=UM+!) _W
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M6TGA2D^@!Y(&<@\A7U>G(-Q&>-R!A6X?$$*3C8H$X3@@8.X @9/.1T<.I],
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MT^KIXE4"PV5)3NQ@X("@<<[2D^H5@I4#D%)(/QZ9][/ _P#O2[!XP?NAOS/
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M'4&)+D62PR\TAR+-B+_.MH+*WO)=")"5M(TDI2M*UJ/*@04[AQR.3QPH8SG
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M#U$VAQ9;D)3#>$%9#C7YAU\M@,"R[V<,I 4$70?.5SG*K<P%9H"U(1R-E4A
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M?H;IC$V-3*=&JLU%3J4:##8J-13';BHJ$]F,RW+FB&T2W%1+D(<?3':)0P'
MTCW4#BTISZ**CD#& "/CD@X)(P?7 ../3G'@D)P0,DGXC*@<CDC*<))Y!/('
M..>LI& "3A1VX*?I?7ZDC)_Z. .O#D8^D K)X/F'QYQZ\<\'()QGX]6-K=;W
MM:^=@=\[8Z9VP!Q/Y02.W3.YP"1FPP"<V-S;(N.+0C Y"2/HG*<D\\))!^!/
M.T>F2<\]'R8]J&U%OKD5S[NC<C3+<$18?W+"SODQ]3THS-XJ0KXK C-M1TH]
MP73E/NK<$A*$DD !' \OQ/P&WD;0>2"3Z@@Y'P]!LGRU %CNV\;2IAJSMW-5
ML7ZI4OY;:I3=)D0EV8T@_>!I+\EU%:6HD3?>XC6S#&[J3&*/SO.6DW8=""\A
MU8*[#E2WY05R/$W\M3G*TFP+A SQCYZ72(7D(F+(J,3S?8Y$6.4L<Y\Q<GVM
M24NPT@'VB/'YI;J+!A"E GC6, $)*0$@#! VA(Y5PHY^KU^LD=4!]+ZB,$E6
MX#X )PG< !R%$D?:>KL$!0 ! & D^;=@Y!^K&#Z8X//J,]5@(!\Y!V[02.,X
MXQP<[#D9P/MZCWP;[GM8]LG<"_>V2;]!Q/L!G&,]+6/+]0':PS@V%N+,IY40
M$Y('(SD 8."HA) QR<9Y^!(Z#.O@XQY4Y. ?AG.-Q& 1D< X(_=!Z]DK2E)3
MGA(^K/)&5*.?4?6?0<>F.M7FSD(.,YP20=^.,<?8K.,<#X_7@]7V6BLG!(%L
M@=+#[1\#_P!7B#(?2V"<  =3;8@B]B;$]1Z=L<9YDX-YR>.0E205;PH?0."<
M'/!Y'VGXG4:E6$H"LK"$DI1CE25[CM2D  DN*.$A*5$J40$Y)QT9V_0+NU'N
MRA6%85OU2[KRN>;\G6];=#85+JE1DDE3B68Z!E#$5K+\Z8Z6XT&*AR3)<;:2
MI?4S_:7[-F$:G5IMV5&E7/K'I;4/E+4:V*ZJGHT]H<:,E;AL.Q:ZXN3%K]PU
MF(XRJ;K="9ET#3>K1YUOMTN96T3&X?4M!^&M=UO+#5-82U#84D3:I(NB)%"A
M<"]BIY]0YN1AH+7<<RPVV"M/FOQN^43HGP;IB9%?FN2:O,;6JD::IQ0Y5JF4
ME*5+"20U!@H4K\[/F%MGW5-QTR9($=4*U%LK4N[($FO6_I1K3<]JTJ[]++7K
M5<L;2.\;P#3>J=XO6?"K-"7'B0:-<<&TID.94+]13:V[*L^E-,RJPPPN9"9D
MN[LCMILVF7KI3+GVWWXR*C2N]77K16OB1V@4MVS+EM/3'3BM2:-7[BIM1N2<
MJ)I+6;A0U6+,U*8*YEVUMFF4E^BP((=4)G^Y+3F%K[HH_>7;?IS<,"R=.+_T
M<14M-K7[A)?:_.N"I6=J?3)-Q5J)<;3@M^WJ':L1R;6:BW.BJA=PU-]W9AU%
M"/D>IU!CU*MBX!>-D+3I]=*FC[27NRJ2G7/:X6I)#4&5I[7E1JV*0):WJQ3*
M@X&V8O;;&V5O2<.&NS@F-!?"_9^D_!W1FEVFU*I[5:GA*/,FU9IJ2D.)2 I4
M:&M)BQT<W,4#D==2DA*GUVN?D/XG_*P\7?$E^0PBNR-(4!;CH8HNEY,FGJ5'
M6KW&ZE56W$5&HN>6$I="GF(2U<ZVH+ 64!NT;5'6J#H+1ID*ZO:8*GN>S<U5
MKRTJ]G=HT;O=NBG]QERT>FO5*ERXS<9S6YJAQ8<&W-,I4]5O5C3^GTR[)DA$
MZH;U+WJ?JOK3$U'U99AW=[0UJ+#U5]F;&A"A]B^E5:H:(-R07EW<FVJG)C"7
M7:&^0%:Z525NF:524-L6HVZE[PG$2>M*YT:"4="=,;O+K7LWM6H28G^_86<7
MC-7W(7/*9HJ[YDS5T^94)+1;F([CG$N4>TX;XTQDJ\>BE'2U:I6O<2M1M6G6
M=.KHEA_57V99:4/:]6M:<>0F#$>;FOQ[>?EJ=LX44+/RC;3R!([F'-DBB96P
ME2>IH0AM"6VT)0A("4H0D)2E(V"4ILD = !;[N/-+CCCJU.NN+<<6HJ6XXHK
M6M1N2I:U$J4I1-RI1))R3O=4.V?5'5ZI]X?;O1:O=W?M.H=3[V^^VC52!?/9
M3IG9FF+]O4"W/$MUF]M1:9";JMI:61'U9TAOZGNIKVI,YXPZX%,L++?3]C(&
M1GCXC_KCKE^[:+8KL?O'[=9[UA7/!BQ>]GOPE/U5_P!JO;^J$&%'J%NH$6HR
MM$&)BW]2X564E2*?HK'0NH:!+0*E.;;1(<)Z@1Z#] ^WJKBG\?C\'BL#ZL?H
MX_S=(YJQV]Z*:XTB51-5],[0O>%+1L<76J-$>GMGPEL(=C55MMNIQGFFUJ#+
MK,M):)"DC(&%DZKJ/)BQ9K*X\R,Q*CN"SC$EIM]I8[*;<2I"A\0>)D"HSZ5*
M:G4R=+ITV.L.,3(,EZ)*96DA25M2&%MNMJ! (4A8((WXY]>X;V%-EU82Z[VQ
M:A3;%J:E./(L?4-Z1<%G+*EJ7[K2ZS#C"X*(C:H-L"2*PPC" I 3N5U ?K)H
M;K3VV7=(LS6>PJU9]20ZIJGU21'=DVS<#14?"EV]<T=*Z/56WD .!EF2)T;Z
M$J*RXA2!W]=)UJEI+IQK59]3L+5*SJ#>]J59M:9-(K]/8G,-NJ:6TB;"6Z@O
M4^I1TN+,6HPG&)D99*F7DY(/$M9>!&FJ\T[(H244"I$*4E#:5+ICZK7"78Y)
M5&YB /,BD(2";QW,<>Q_"7Y;'B1HF3%@:U==UWIU*FVW'):T-:DA-!0YG8M4
MY0*@4(YC[/54NK=4$(1.BIYB>!2!4PLD%22H[2"!^;ZA7/ID9P/4Y]1CK;(L
MP+P1P2GT*@1R?,!ZGDXXQSZX)&>I'>_3V4U]=LXKNK>AQJFH6AD,O5.LT:0L
M2KVTTAN/H;2E]IK?)NVVXWB>(NLQVFZA2&,JJ45V*RN:F*.DU9#J$N(4'@L!
M2%H7N!"L$+2I.=R5 Y!!((/!QUXTU;HRLZ5J#M-K$-<:0@%32C[S$EI1Y$OQ
M71[CS"BDV4FY2H*0L)<2I(^N7A?XMZ2\3Z!'U%I.K,U* ZI+4ANWE3:;+"$.
M.0*G$4?-B3&@H%3:^9MU"D/QG'X[C3RU40[NXW9 4"D?Y0GX8"LX(.3P.A&
MG*O+N5^2<<'/H,9R?3/KS]0ZUV%*WI03N SG:K/!*0.!\1GD'X<XS@X/4.!>
M2K'E '&,J5D<Y.,$?E<<XY^ ZT=QLH.3VO>WI<?;;T&<6N3V1EY*P.U@=\V(
MW!.+&Y/6U@!8XXS[<'.,D)'Q]!DY(/ S]A/KSGU)])!R<?6 >3D Y(&#ZY!X
M]3C/IR*(SQ@'?PH\D82.#]6<^GU_;Z]4$C/KG:<)'H,CU('UX)&?W>3CJUBX
M/:QP!Z;V];[[?6.)/:QV Z>HW(L=[[9[8/&'U! &TD@E0Y XW $J. 1]7(./
M0'I:NW;5AO0[7/2[5I^GNU:GV3=$>I56G1MOO4RC/LNP*LU!"U-MBH(AR79$
M1+BDH6^VEI2@E>X(V<9 5C)_)S\!R!CT/(^/!^&>,87%H9;6XXH(0DE2N0"E
M(R2<C'/.,# 'IDXZET^9)I\^#/A**9D*7'E1"$A5I3#K;K)"3?GLXA)*2DA7
MT2+'.*KM'IM?H=8H57;\ZDUJEU"DU1H++)<I]3ANPIJ \D@M%4=]Q/FI*5-D
ME?,D@'CM1LOO&[8+ZMRFW+1M<--HD*H1VGDP[BNVB6W6H2UI!7$J-'K4R'/A
MRV%$MOM.,X#B5;%+1M415T=WW;%:%$GU^KZZZ7.PJ?'=?<9H]YT*O5.06T*6
M&(5*H\V94)LEXI\-AB.PM3CJD)X!W#YZ-?[^NU&B5B?29=\JK,FG/.0Y$V@V
M?<ERTAQ]M0#J8==I=%ETJI(;<"FE2*=,EQ?%0XT'RMI:$XJ+W_\ :?4JI#@1
M[U?I+TR0U%:FU>R;JH=,9<?<2TA<VL3J$Q!IK&]24N2YTF-$92=S[[2 5#VB
MCQ8\933TO?X)I:E^RAP2A!JX:4?+"O/$0)\P((/.&0[S6P%BW'R&<^2[\DE-
M:<B?XU%*;9343'^;5532*I*4![D,0U83!$+PRR9OL89YP72QRCE,JO='K(QW
M!:]ZFZMPH+U(I5TUA+=!@R4H1.CT&DQT4NC/3D(*T)GRX<=$N6T%*#+SQ:R?
M#/2X1^\JC6PG11[3?1XV0[HJFIPJ?2CJ#5*I9]=IEU4.J4&^Y,VWFZ=#6W>=
MU1ZO+<%Z?*+U1H[B(J(;098V*8BP\U*8;E1UMO,2&F7V'6R'&W&UH2I"T.)R
MEQ*VUI6TM)*5H4%I)203D+C>"O>CD$MY. 1]%1 (\YW>7RYY\O)SCR4WJNOQ
MJG5JFS)2U4:M-3,G2!$C*>3+;G)J"%-*=:4N+R3@AT)94W=QIOG"BVFWU'D^
M%.A*EIW2NF9=,>FZ?TE1U46@P15ZLU$^;7Z%^3SB)C4&=&CU4OT-Q^&7IZ)!
M2Q+F>06O:Y!<=G7N[&XI]XVO<%!HD^@VU8>FC6FEIVE*O&M5Z5,IE.,N5;]3
MU$N:;BHW_,HM:E&K>!.3&8DB/'IZ@W"5(;=T_677^KZST"S:15Z#$ITJVGGZ
MI4*O\HR*B]4ZU*H\&B2ETIM]I MV@2FH"*O)MYA<EERXY50J_C)]X#2&_-[E
M!PI!66D>([M2H!I.X(4M[@AD)<4E!4X$#<M*5$*(!HA2L<%.1GS)QE)/JD'@
M@?!8R"01G/I&EZEKDMN8S)F*6S.4%26_)80E7(4<B4)2V RA'EH0VADI;0@%
M"4\I4GB53?##0E'GT6ITZ@,QZAI]E3-,F"7/=DLI>;E!]<E;TQPSY$CV^0[(
MDS_:I#[KB7W77'&FE(5_075E>AVIU,U'9HLBX50:#=M!73XE9?MV>IF[:!*M
M^1,IU<BL27J94:<Q,<ET^6B.X6I;;3H!+8!<E,[VX=<JDU-X:*TFZK9CS])K
MAMN!4+TK<>ZXMWZ,PWH5LW-=U[,,IE7O,K33C*;O$J%$<J[4.*TP["V%18FP
MP_(D,1(C#LF5)>;9CQ(S+LB1(>=4&V68\=E*G'GW7"E#;32%+<64I0@J(!-3
M;%S)7565VS<J'+>+2+@;<H54#M ,A7AL)KJ%1@NBKD+(;CIGAA3ZB$-!6<=7
MZ7J?4=-@I@TU[E@M2WI@9,"-*;,EV*6'BYY\=X.),9)46EW;2$><$!2 H0=5
M>&7AUJBMKK^I*<V[7%TF#24SDURKTB4W3X56$Z$F*:=5(7LSJ*G("438Z&Y;
MBI'L:GU,O>0ITD#NXJ+,C7"ZIMC0Y>IVN3EZIN&Y8]U5R#90I]]Q6X,R#5],
MBI^CW"];T="EVE/ERVI=+EK3)><F%I*.MOK7?A>DJ^$7];%JQK6K*+UT=N\(
M:KLN;'?C:4V:;+D6]4D%J/[_ $R\*:IY51\0A$,N[&VW0@*+1EZ::D-2:=#<
MTXU$:F5=+KE'AO61<K<JJ-QD>+)<I<==-#U01':/B/JBI=0RV=[A2GGK7GJ#
M7HSM6:?H-<C.V\$KN!J52*@P_0$..>$TJNM.QT.4=MQWYME=1$=#BR4-DJXZ
MFG5>LF&TH,J:P$2O:POV%IISVY")CRI*WO9TN*D^749+KCREJ<6VZAQPD-ME
M.#'A)X-5%]4A5&I%0<7 13BVJNSYT=-)+M&A,4Y$1=5=C-TMMZ@4R)$A-LHA
ML+85%CM-F1*;>>E>/>>Q?&G^I5A5W3ZXX,/4#4C4G4AH6OJE5*!2F9NHU1;J
M2J/=%%:I,B/>M*H*VDLQ(\IZ$'TJ>6?#+G!;/[L[9FVSI]8 TAJ[%@V)<50O
M&+36=9+O-U4JYYU"30F7M/;T6RJJ:?T2G),B=%H#*:A$7.ENEY:VD--(:@+-
MO-YFDRH]EW>]'K;3\FARV[7K:XM9C1&52)DBCR$0E-5-B)'0N3*=A+=;CQT+
M?>4AI*E &NW[A;DOPUVY743&*:W6GXBZ+44RV**Z&UM5E^*8P?;H[J'6EM51
M:1!<2ZTI#Q2X@FI[6&KW752)#G.Z\PQ&<<<I$+G?CM/IG-,+48?OM+64+6T;
MH>9Y$+2MGE3PHOA!X21VD0X<,M,1)TZK-18VLM1M-Q:C+B+HLRHH:9KZ0S+0
MSYL5$H)2Y#?4\IA;,E;I+JV>\"JKU[NW6^IV:"]=5C,Z?+IU NB;1;LHU&@0
M(,*FUZFW\(LJ>+X*:>RNOW0[!4Y7"[+0Y'90]A)I?W>=5K_UKMS7218,*D71
M0M.[CL$TV'<4M^COJK-*J=+A7!#8DQ2Y3IT--3<J%49:6MNLU0KF*,9;@"6D
MUFT;OMEB%(N>T;JMF+4?%^3I5Q6W6:#$J09;2XZ*?)JD.*U,+#;C;CW@+<\-
M#B%KP% ] *C0J[1H\"=5Z%6J1#JL<S*3+JU+GTR'588.#+I<B;'98J$4$',J
M(MUD'!*\G/5IS5>K4M28S\I]"55%NM24.0F4*34%/><S+6I4<.-D..J4R I+
M: \I+:;.%/$R/X2^$KTFGU"-1X#KZ-,O:'IKL:MU-;+NG&Z?\TRZ0TVU5"Q*
M3[ RAF4X6W98]F;==>\YA*TO8U"[YJ[JE:%5LR[-/X$FFUVS]';8JJHM=D1C
M,FZ7W5&N:L7&\V8RVU5*^A'-/FK6%.TU#@=2_(V)0K>9GM(+JKUTNUZY='--
MY<2GZK6/JC9T:@Q7+:K%"EV&P]3J=2ZU<+ D.W2)%!7&HIFR(T);$>&A+;7A
MJ#:8\3;URH7*2JW;A#D")#G3VU42I)-/@5)UMJGSYJ3&!C0:@Z\RU!EOAN/,
M>=;;CN.K<2DF%5LB\[??IC->LN[Z _672S16*Y;%;I#U;?W-H\&C-3X3#E4?
M2IQM*FH*7W MUM.T%Q.9B=;:X'F/)G2B/S*7W/865!7EOSO(#ZE15!0;D3IO
MD^;E#SB_+]] MB3X'>!RF6*?^3M)#97->@QDUZJ-K:7,AT+YR>IZ6ZNEV.J3
M3Z!0_;5Q2V7(49(?YX\B0'WET3ORO2'$T/1=-FTR\ZEH!=M[W98U4J-6E,.O
MN7'1:O2;8A5]*6W#4FK)<JJ78CY<:>J,*!#I[I8"%/'W_=XUZL4&DV]>FD>F
M]4IZ[9KMB7@Q:<:7I^Q7K0GUZ)=%N-T!JDO239MSV7<D=^L4:XHSDU+DJ6\N
M1 )<5ED+U#KS*JHAZ@5IIVAK;:KR'J34&C077WDQF&ZVE;"54EUY]28[")XC
M+>>6EIH*6H).PR],-3*>E#D_3/46"RZ_%C,N3+&N>,V[*G#[SCLJD4U"''YH
MQ[JRDER1Z,)7D]4MZRUPMM:$3)KS:4-H>"X+,A*T--1(:$R2Y&7SH\JF,1%)
M>*@MIIYEP%#CZ5UR/!CP.2\R^]0*+%D*>>D0E-UV? 7'?D2:I67'*9Y%68,(
MF=J>;54"!Y'E2ID&>T$.PZ:['>[/[_9E>BZ@TNO6'=R*3>]-L*AM2K7UFKMN
MWBS3=/K=JMNTYNY;Q^29LJZW:PS5')-R%Z+"9JKK;:"VT,9]H'M$[SMN$Y2J
M/8%'8I"*EH],ID-5:F*F4B%I7 H4"I4R#44,(=:1?*+?AKJKB$H,4./(")"2
MG;'TJG5%F$9[U-J+=,3-=IAJ3T"2U3Q4F4*==IBIJVQ%%19:0XX]!+OO+;;:
MUK:2E)/0V9:UU4N-2)50MBYJ='N$(-NOS[>J\-BX/%.&OD-V3$;16"[D):]P
M5)WD81NXZ/R[UHH^8B>^'&A(67FX$5"_*J#TEQT..(B@EEU^=(4VA9\M"GK-
M!*@@"TOP!\$/+,5W3$%3#[D1#<21J"MNL*DT>+36VE1V'ZPI")<>+1("9+K2
M4R'&(Z_;%+0[(#CN[B[OF;ITTJVG-4L.XX\>9J-?.HT+Y#U0J-&M@S[TO5F]
MDP+GL]JD.1+KC4*:PB/3W9$J)@I2Z DI*>BG5WO$O+5[2:_=(*[08,:W;LU:
M&JEO/BI2)<RS1(CS#4[596XW_7.E2I\QRH1''"P:>M;S332T+!2V*99E[0)+
MT&;9EX0)T9ZGQY4.;;%;AS8LFK.^%28LF-)A-O,2*L]EJEL.(2[47L-Q$O+\
MO5U8L:^* A]RO6/>= 1$@BJ3'*U:M<I3,2DN24115):Y\!@1Z8J4XB()SI1%
M,EQ$<.AU00;#NI]8/-R$N/RDMO4]%)F%$!IL.P6D2&41I10PDJ#:7'D@N$K2
MI"5$A3""WE*?X6^#\"92I42FTM4N#75ZIHJG*_-F*BUV3*IE0<J--:E55Y+;
MTA^) 6XF,CRGV7/)6VN--?;?VO635!_6&[8EW/49F@.0[1LZTTT]F6N<VMNT
M:*Q1FYA>=0VL+G(92^XR$[&2=B5*Y/20N [,?1W**2"4X3Z%121D )3E.<GU
M 'KQL\*T[KJ50^1J=:5T5"LIA_*2Z- MZKS*LFF>")":@JG1X;LU$!3"O>$S
M5,)C+9(<2[X9"NLOW%7I\A/70;.NW[EH@5[S<R[7K2;;CAM[P752JX8?R8PE
MJ0E4=9=DA*7TEE1#@*1KT@U&<_(F2&)#[SSC[[[J6" 5(Y#(6KRTA*0V7$%W
M8-\R2KE"L] IC>GM/TVFT*FR($*GP8\*!38AGMK*&7$^7!8;6_(<?=+Z6UB.
M5.NK?#:@DN%!MIBVD!13D$!.XA ))_-!))""<^@\I.?4\=!W6T *4"4-[$X
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MO/H0GT !Q@@  ')P1SB?(7+=*,[?$5AL$DA7'T4@' 'J?SOL(/6=M>%-GCQ
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M'9:4X\X[#=2VTV@96XXLX2E( RI1!P/7 R>GZ>%87]\+J_D4,?Y/$/I^D_\
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M*2!D@#T!!&>1D$ 9&?3/3?\ NFH]V5[MVUEH]FLRY-R5+3VXXU-AT]AQ^H5
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M=U0X[1H-M3KA/.H4XXH09$)EYM#\6R4 KYWW'$^:E125$J+CP0^C<J#X'1J
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MJ;#=!EVY3X*D0G9KM99@L)B(>,)?'U#].!G'U9]<?9Z=8SA)40G'H<C:!NP
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M/4<9ZA(WM?.#; '2YW'8XZ 6R1QL#M[$D? YVL!8@_UB<$D[C!(5:B0HIP4
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M9\)IYT)"0MQN)'2HW(:2,<=-#?<?H$C:E6M.EFT?2/W=VWG&2,)"JGCZ.0H
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M^&T#ZOAGXGUQGD$@#'!ZW-A6Y'KS^]^]\>/\G&/KZ\,R6^1PV'>_3Z_7KML
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MMV]C]*O.UZ?<-?JUIVQ7]7[P7!U"MVT*X]-;?K%K7%1O!V3@]*1$+BD4>H8
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M\@$+<N/5"2.AOZ9.F>,]?=T[H#5E5944/Q:-,3&4+#EE2TB%$4FV>9,F2TH
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MDA!#J;)%LG8CQE)0A"8*5$2Q**Y;2W8SQC)RB6&DA,=]I.%!A80HJY4 % ]
MI4=")&]@OJ"762E*HSJU'$18*LH(X4?H@ <$$'ZYZ+E[<XMVVCVN:@:7=OVF
M6I5?LW16K&SM,+&I-F-S]>[EO6R+.@:5N7R6JE&BU9FVKB>U(U"KU2O&3'K$
M^+:K])>)2Y%:<9O[-G2"!J+K]KA;=[Z$V9KA=%@]N6N=Y6KI+?4!A- JNLEE
MS(+-$H\^(NJTAF)X=85+HY;<JD!J$TXXVF;'#:'D]&XYWQ'*&IJW:BREV9E(
M+:<Q9(*@9#3@"P>4G\H @G( Y41@Q3\H&*RI3;KI??IJA*24I!VMH;6AQMU>
M[Q 4[7"HA!)SQ@CKHAT%[5M.NXC0O5"^]0NUS2O137ZQ^]C3BTJSI5I]"<;I
MT*R;9C:;*U+TLA-&X+@9ETF=0JO6;DKS,*LU%MR0J1+8D^"@I1L%@=J^A54T
MMKE-E=JEF5ZQZMK3[2^B:AZ^NT>NQZYV[VKV_NU^H:'.T6\8-09I5L4U,^*S
M0J1%K<>4*M#B"+  ?#REG!QS9*IDII3>8[FQ*X;8</A!*EAUS(W>\;2<* (S
MDYR<#!Z"M1WT3:BA49;P2)*G(^6T*6E!&[S^,-H3G"CRHC 3G!ZG&J?;KH2Q
MV;2+7B:3V^G4.@>SITH[X6M?I%1KKFI]4U,NG4FF42I6G.490H0TVDT.0[';
MH*('CQE.B2AXNAOPS"H=MFAL;VIW=!HLUI/:2=([2T&UKNRVK)1&=-$HER43
M1JEW!2*G#C+?WM28%:<<J,1>]2$2G%.JRHXZ.#B"Z2F2IH/MT]+:%3%,+6ZU
M#D$E3[+B,.+6"GPPD(.X%"DG"E>O0DID2)BVE-Q6RB)A.Z)32$^.DC<I*'25
M$E"0V4^9))/ /,G_ &:=KML]P?LU>_B[7;4A53N!L2H:?U#1J\YK+*[GHDEB
MSX5TW! HRFWD-"+4X$2I2JHTE"@XTM;N<M-@2:7_ -GVD6G>N&I-M:0]IFCF
MM]Y6+[-O3[4BT=*+L@M*M:]M<(VK5.LRX[BK =K]OMIJ\N&BJQJA*57*:CQF
MG&U+2X2%'!QS#L+<89@-J>F[$,2D):AQ8S3:'/=W4N +PI3KBO1W=@%(!3A6
M#UCF(J;M/8;,.I>$FG+<2I:$E*2TAE"7$J]W 2VE"MIRLXW)RK R>D;M([/]
M NY;1W1K5>[M ]*+3U(;[]KOI6J>E5I09:;>=TB@5)S3ZY].8L5VI5"5)M.Q
M[FD0YS<%%0FHCS&I,DRW(CR75,Z6O12'V(]T5QGM<[<I%_:6]U4SMBM74R;1
MKCD7A#M.])5ZS4W0_-%<:C"]K413:? M.2RPBEQH,)A$R#*6V5*#L?Q^O'V\
M'#N?ZG6[H9EK:G:H=I-SR'D4;4F._JOINW-DA2X=WT"GQ8-Z46&SEI"6:S;\
M:-7B$-K<]YH\@J(#Y/77IU\TSLXU5=T$[O\ MDU9CRH+,:S]5:#$K#ZE*:\:
M@7+,^XRM"4X' X^7X5<4Y@Y05X\OIM^EBGT&/09 YSP#Y?WQ@_HZH1L1VM^H
M8^(ZCIPSG-^U_L^_]??N;NHM/;":/)U2[+KQK<1A3M=TBK%&U-I*FF2X\(],
M>52K@;2I(*FF3;]4J$B0K!3LB@JX3D2E])=K?;3-YZ,ZL6B^R)#5S:;7Q0E,
ME*5^(:I;-3B(2$*\JE;W4E(/Q .1Z]835%,;K.G*W2W$\PFTR8RG%^5TLK4P
ML"XN6WDMN '!*0"",<;EX=:DD:/UYH_4\990Y0]1TBH*-[!<=F:R9;*C8_FY
M$4O,.8-VW%#C@9H3X4@$'@I2I/IZ8!)^HGG'&/7X>G2D0EY 'J",C'H/LS\?
M3D<8/Z>D?M@/QV([$D$2([:8LA)]1(C8COC]QUM8Y^(R>E8IZLA'KZ$8S\<_
M']&>/W.OEI46REQ0SA5C;;?E-A;!W!OTOQ^EJA/>8P@A7,.46(((4#:Q!]4Y
M!QN, [F_5=>?$_H'^=77I( ))P!R2?0#ZSUB.-J3L/@.*ZKK;Z?I]?U7A1ZE
M2K)NNI4Z6DKBSH5"J$B+(0E125,O(9*'$A0*=R21GT)!!-TW3O4&FQ)%0J-C
M7;!@1&R[*F2J#46HT=H>KCSJF-K:!\5*P!\2!U*]BF\GF>R2O+Y>?G]G=Y.2
MU^?FY.7EMGFO:V;VXPYU'IX2#$->H@E![V<Q358 DA\+\OR"Q[1YH>\SW/*Y
M.?G]WEYL<:=U77@((!!!! ((.00>001P01Z'J@I)*DA22I.-R0H%2<^FY(.4
MY^&0,_#J+QF;'.-M_3IGZ\<>]5U6#]75='!PN_;]J);>FU?U&J-SKG(C71HE
MJ;8%*,"$Y/<-PW926H=(3(;;(\"$7VS[S,6?#C(\Z@< &0>K]_>FMQ6C>UB5
MJ+6%P8ML: T/2^Y(]LO(K#%/M.=955U/M2KI&'&Z<U7+;DURW9D@EJ2\ZMA@
MYD(/40/_ $<G] ]3^YU876@D*+K0220%%Q 22/4!6[:2/B 2>#]76YT'7=>T
M[#,&FF*(ZC)#J'65.>>B5&?CK;=LXD*0GSO/:L IN0RPZDW:''&]<>!.A/$.
MO-:CU$W5W*I'%,,1R'.:CHA/TJ?3I\>3%2J&\I#[HIP@RBM;C;].F3XQ:27T
MN-2.WMW0Z/ZG:I=U=/K%"BZ>:7=Q%.:H4+42P+#?;NQ*J)<\:Z*-=^H]HOU0
M3+PJ-86PJE7%&B2:8^['3"<2PD1B5;I;W=UV[T6-+M"NVI=FH-A6K:G;385H
MIK,:71JS=L?2+4*J7E7[UJ1I[[XH;U(D5)N=:ELSGW6Y[,%JDS%CQ%#J*\K0
MD J6A*3@)4I:4I43Z *) .?A@G/PZK>@9RM PH(.5)X6?1!YX4<C"3YCD8'(
MZFI\1]0B0[,4S3');SE0+C[L!+O-'J"Y[KL%4=:U1%Q6Y-2E2&TN1UNJ<6AM
M]UZ.A+(P\CY-_A[)I\6D^T:J8I<-F@AB'$KRHQ;J.GHVG*?%KC<]F*FJL5>1
M2]+4>F2G(\]F"W&:<>IT"!4'E3>)?H??=I;3K:K%%J\FX+XJD>IZF:P6U7';
M4ET1'ZO]0U%JM>T]K"J<ZIQ-,AMVU6'45-]#JH,27%:C+(X(!T_O?T*LK5;5
M+66DT?4:]+HU5U%TDJE2B4IU%@)B6C8UITK[H&:M*J=-JR:S!KMYMU'WZUXJ
M(:JG3!'<,QAM*"N(LO,CU>9&<XRZV,[3A0&5#)2>%#X'@X/7H=:*@D.ME9QA
M <05G(R,(!W'(Y&!R.1QU)3XIZK1[,I)@%<);#D5QV&)"F'8\27!0\!)6ZAU
MWV:;(0I<A+I)5S8(SB$_)0\*T_.84C4ZH];8E1JQ%;K*(4:H1)=8I5><BJ13
M8$)<.*BJ46G2&F::Y!0@,!I06T2CAV]YZFZ/_J9]SNGMC(JYAZF]RNG^J6G3
M50MU4-+=E6\Q7W*@U5G%;T4^ITV364Q8,-Y2GY$=H.LK "@%ZU%[CM -8Z[J
M5;]U5S4&S[*J&M6G.N%GW90+275JK69%H:<4.S*S9M6MY<N%*H]0DR8$A^VK
MH==?@TE67)$5QMX*ZC-\5H Y>: 2=JB76QA7U'*N%<'@X/!XZ]#C:L;7&U9!
M(VN(5PDX4>%'@'@GT!]3UC4:ZJZ4J:,2FKBK2VTY$,5Y+#C#2ZXXA@^7(0ZA
ML*U!-RVXA8"(UECRCS[9*\$-+278TI51U2W4X2W7XE734H;E0CSGH6@8#E02
MI^E/Q'I:XWAU0PKVJ+(CK7*JRUQU&5'$.7.W?:(V<Q=,.1<%K3Y^G5ZZ[ZAW
M_J?I_*I:):Z?0:@[:LW3.YZ546L,SKTMBLVU&JL]J%@/H#T8$EQLJ9KIWJ[9
M5N=S&H.K-=54';7N1S795,D,T=<FIN?JBPZ_'H"GZ> I^()#E2C*J""3[DDN
M!X'8>FKAQLE*0XV5*&4I"T%2A@G*4YRH$ D%((.#CTZ\2MM1*4.-J4,Y2A:%
M*&/7*4DD8/KD>OKTI^OM15)=-<G.1WUTFHMU.(I<< H?;:9;\M1"@3%4MHR/
M9DE+3<A^2XRELR'>:/0_ 'P\TU%U/#H<.J4]C5FG)&F:REJH%1=ITB3->#[9
M=CK":DRS-%.14'0\^[38%,C3#*,%ISA^=M:TZ+1NU72.P*I]SPU5T<K]QW/2
M8EP:.U:Z9\B5+U#BW=3Z59.I$*N4^F6)%JD"((M?>FT:M(>6]M"&/#PK>*-K
MUVYVSW4U#NCI%S7O57M0/U7:U=>GMS:>//M6I5[ZL:K4ZG4)^N1ZFN/>E%?N
M6:U37_<F(342VU.>*\5#B-8J2GZ2DIR<#<H)!)] "2,D_5Z]>;T!6PK0%D9"
M"M(61C.=A.[TY''(ZO-^(-71\VJ]BI2G*5\Q+B.EB2%IDZ>2XS EKY9:4+>]
MD=<B/I4CV=QI07Y"7TH>31)\"-+2UZE*JUJY#.K5:[368K4ZD>0[ \1);52U
M%2F/,H+KS$'YU8:J<!Q+QJ422@M&H.P7'H;DH]O]]-K4*FV1=%"HE%T]U(LO
MMJU=T^I-"T_L212; H^I-TWM0Z]:C--ISLNH-(H4RG4Z9\MU'WIUEB0[L<*%
MN )U_4ON8T$U:K&IMJOQ;DTPTUU@T.TILF34Z+:B[@<TXO'3^Z9=VS:<+41+
MB2+HM*HRYTV.E4"6V0ZJ#*2-L=:$QKI=:4=J76E*Y\J7$*5QZ^4*)X^/''5J
MU@*"04J4,;D;D;]JAD92?-M/P. #]?5Y?B5J1YD19*8#\8I >8<BE*'D&G*I
M4E)4VXAQD38"C'E&,M@KY67$*;=CQUM8Z-\FWPX@U(5>GIU!3JHTZ](ASH]3
M94[ >.I&M6T]UI$J!)8D_,E?:1.I":HS4&V0N3'E(F1ITYJ5)U?'<=V^ZP:4
M:D:3URZ;WT^A-R-#(.F]P/6!*O.==-)T+L1RV(-0NN%3)\5-%EW947EO/,+D
MOKI,$-H7[RO?@GKO<_HXU<^JFOUN+NZJ:M:R:66YII4-(Z[;#;%E6C,I;-IQ
M*Q7)=XB:N+<MO/L6FV[;5OPH#$VDR:@M<MU?AK"8V@X@DI#B-^>4!U =0 ,@
M%()7GCD*'' / '7GC-$@(=0I0'F0AQO< ,[LA).S:>5YX'H<? D^(E=E<RG8
MM,]H+10)*8\A+B'$JJACR$H$HQTNQ6ZU5&&+L^4MN5S2&WWF8[K-Z#\G30].
M;$2/4-5_-A=YWJ4[4::N'(C/MZ3%4@/.IHPJ2H=<D:&TK-J)3/1,1*I(12YE
M.B3JG$FR":X:Y=NEV6_?U]6#2JR[K[J)JY;&K-%N*KV0:7=NDKL.339EPVI(
MU&;J[L"]:*B12VEVF*91X2Z9%>>C25N;U$)#WDZ\1.X?65Z]Z%+E.VM&M&U:
M/2(<BDFWT0J@*:W,O9;%(W)1&-6O"34ZB[*2":@IUM]:G0A"^FK%394$AU!"
MP%-[5@[L'U2$E1<P2<J3NP#A1ZL\9.7,EKRCGSH^;5G)2X"<).[D!8!'P].L
M?5M95>M1YD5]N'&CSW8#\QF$RIA+\B"N>XF0Z/-6%NOOU)]U\KOEJ*VTEIF,
MRTC8M)>#>D](5"CU2$]6ZE4=/Q*W3J-*KDZ/4'J=3JY'TY!=@Q5"#'5'C08>
MEX,2FH:4VM*957?F*F3:M-E+Q.94DI("L*V@'!(0!NVGCZ1)Y/!(^/U 5K!"
MRH$IS@85DI5D<#*<;1ZH !P ?7H:ZM)4<K 4,!7AG:4J5SYT@DY*,;<@9R<$
M]!#MVMJPE?J$*&>"D@>9.,$@D9QQG.<J..M73Z@>\1D CHG'J#;'?J+$\=.6
M+G!&P/3;%KG<WOUZ;'M@6%I!"$E:L;5.%0)P03M.<$+(^ED D<?'D&L^4)W)
M3G#B04_1W9"DE1/&, >N 3YL#CH1D$N!(.\@G'.=V.5*!R 3@D9.4@@<8Z".
MCDIW))(RGX[20<@#Z)SR?@$GUP3DR&[WL>P-^YQ<G&V<6S8FV]N(CA!!ZXMO
M@6Y< CER2,FY%]U8P#=&Y9(1P4I(S]!*C]0^(YY(/ ]1@<@W 4C'S90DE&$#
M<23@G/.5)!/( .#]7(Z'.!.T8!*L8!2K:?HXP><<\Y2#Z<# Z+W$C<4A("MX
MP<X4D[05[ 2/0YR#Z\$'UZGMV-MP !N;[6%S<]COCN!<WXQ[@] ;V^J]CR[
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MI'3?J>@P,0'1;).^3US>^02;G'PR?7@M>4KR**5%21N&W!&T#"E*!(W C/U
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MQQE&C\3;(L=L # SFUNFV>(#N];1:X]+M7KYU(?@37M.=3:_]U3%T(8>>IM
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MJ3DJR*!.H<2W*W1K0\6I+CMQ+AI$-IFKO5MFKS%25/U"+(8G2''RW\ )  ]
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M\*"3^2G)QP<'CH8RA1W%  R4^8'"4YY)(^"B<DC.!G!]>(*\9-K@;^MP#8$
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MB&]==(;I4*VG*A0ES)-(J$"K4&FJ71T7;0ZZJ.A%0AD^_P 0N-/274!C9$O
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M("&@G)P<#)R<[@ >A<J&A%32XF$ZRW)<0LM!AKR! 6A0^;DA*_*DY4=IQD'
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M1RH)^S@#'!R.LB]QPK;XF,8WD'&XG/">3@ '.!@\CCUL*?I DJ3C*B,*VGT
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M'T^G:=\0:>B!I:GJ-+TS!C&2[5ZL\XD/SYDI,A)5)D%:BI:HZFXR2Z4<J%K
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MZA$D.*"02$@J(&>!UOT#Q$F-)2BH0VY7+8%YASV=PV(]Y390XTI6Y(0&DD[
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MQ]P*<=$5;G3!Y4%"E#RX.0#E/!.", 9S]A()]?AZ]:G4*,E:%(*$E)RA17M
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M/!]9_*"H-+;>BZ6:^>9UE(3.?;=8IC"\@*2A8;DS%(5D)2EEA6"'UBZ3[?\
M"/Y!NMM228M2\390TA1@MMQ=$@O1IVI)K=TK+;CK2GZ92$.))07''9LUE5TN
M4YHV4&L]O/:?:VCH:KLY8NW4.7'\";=LF(&6:<TZ$^\4NT8#GBKHE(=(27E.
MNR*G.(6N5-*'%,=/:I=+#8"BG'H4A/H<<_'G( R?3/PZ,X-.2A*<(P?K(!\O
MJ>20./3))(SP,YZV&/$*-HYYP<*S@#/(R,\DD#[ /W.O'FI=5U;4E0?J=9G.
MS9CV"XX3RH;2;I98:%FV&&[D(::2A"?>( 43?ZQ^'OAGI;P\H,/3NE*1%H])
MAV4B-'25+=>4E =ES9+A6_.FO\B?/E277)#@0A)6$(0A'D6*$CR\E62!\,8'
M ^(P.>.CII*4 )!RK&2<8XYP/WA^Z.?CU@2T$8W#: ,E0'Q!P 2!CD8QCGZQ
MGK. 3](85YORLG@\8R/HJ]<_ \?4.M06HE5Q;H>EP,=R-^O2UMK\=2:9" ,
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M0D*D)46\LF8*6274D<A?#ZO>/.ETVY^/DBYXW_(*^>ENGP%K+B/G!2O;T4.
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MIW5.F=2B4=.U&-/3%*/;/9VI#7E*6X_%:\T.L,$J6(#GE#)7#3$E(O"E0GI
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M@?7Z@= 7,86E07O(R5A0W!7Q(P/7& " ?7''H!R]@22"%;CY%*5^5C!">/I
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M>'Y0-H3APG=NW#A*@?7)5G(5_P! ST%D%*9LA#*MH4LE*<9 40 H GC;]8.
MD^OKGJ])!*,E>T*&X$A1YR-V1@>F1QQU;4.N+6&#:_3H/KZ;\7HROS39&5!M
M *@01LG8C.18DG-@-P+ S;(V$IW;%$ )!5X@*CG)5PD>N3DG(&/7/0T(4K:
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M>0HA^1$9C'Q^E=M[V@.H=%@Z+4V?:=OW!"T=T]O73XL2ZK4XKM[MWI1V[?\
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M,4IFO0J=+%5:JGSW47S(ESTLAJ32W*,J!#4PVN7(:<NY'9:6TXI_RWJ2F?*
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M9P#S\2,]>#=N(^D2HA1"2, C !/(('KZ _HZQDISN05* SN"1Y0<#GS9^OD
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M<6!MM:U@<$"PZG-K  ]>W C()4% A7U8SN"03Y<_'G]_TR">KDA0 R=WQ)&
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M>.BU[$V/7)NH[WMO<8.!O8]>#FL!<W%LF]R;V!Z]1@ 6SFP.UX4"<*W))6.
M1G(!P"2<Y(.3Z X.!\>O=H2<YQ@C/!"2,9/KGT!YR /@.>L*-IRE2 %) ]<G
M"R=PW$G*B1R"0<>GQQU>I1*\)&]2@0I2CM0?K/VE)R,#!(^OCI[$@7S8[BV+
M;$8M:U[D7%N]^ *Z;D'UO@CI8=QC&+#%P>+E$*4"=R"21@>I . ?CP1R,8!'
MQZ](0  <[BKU]"!P<D G@#.2><CZ^L8]>>,$I2L\[4I'H<$_2/IG& !QG'7J
MO,2<\'RD< ;<#"<'"E9_*'U?1/QZ1 .!T /3)P <^G3%\=[\'2UNQL2,X38^
M\<6&;#[#GB]2<#=N&,<.?2Q]IQD'.?7 ]?7&>K5DY4$IP$#@!6!SR59(P1@\
MDXP/0\<V Y!^!3Y3C@%)S@%)Y& !ZC.1U85C?E&U&$$*)R0HGT0HGA.2<D^J
M> >J@";'!Q?;'2Q/6Y&+]/UJ]@,XM86.21:Q-_O']&]U8'%ZB01A04!N &3D
MG@[@ <D$'')'IP#Z]6.$IW825$J^E]( <GU!SNQPH<<G@@YSB6ZH;-P(SA2E
M) XP2"$I&.0#@9)!!&/AU:5+3ZJ01C !RG.T$A*@#Y"I)SN.02  >1U4D''>
M_7T(!R .F1UMD[<4%0M:Y&=S86N!< ;]M[6O@"W'A 4>%92$C@'"AZG V^8D
MD_%1QZ''0-TA*@"I)4-H*N"G)&$) &-HP2=ISZ $9/5ZE%*C\YA"D^380H@\
MY*O*-H0?B0/C@G(ZPNH!2$H"!Q@8& %@CYP$G(QD $_E9QD#JZD6.3@V%[6Y
M<B]^ULWS:][WV,=:C;;(.V,VM86N;]"+V(V%KBV%12<A2/5S!5R,;1A2^"-I
M)SP,'CT.!T$6LC=R5 X^BD^8G@%040?0\D8P>2.,'*Z0D<KSO.01]$G!!.0?
M,<CT]2<*&<@]!75.;3G<=W 2"!C@Y4GX<D#)*A^CC'4IM(P<6P,DBUN78$[B
MW3 L,7XANJMS#-[9L!V!W3;'4;W"CTN>,*DDJ<5DJ 2H%04?*KG" .,[?0D^
MOUG(Z+RXO&"I)24$^7X940", ;3QG'!]<>IZ%KW9">2I13N6H9 )&!C_ )'
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M(!R2.,ES//UY],9/18E2QDI\I4O:0<%!P,Y6.5!0'FWDX)&,="FU[\E2L%)
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MEU")*SI;^J3%+L8R8:HPU%%N3/=I1CC-4]Y%N^^(\8$4[:2@@OE&$T6]YE8
M .=IR<I23@9!R0">"!R2.!CK9!3*.BT55Q5T1$7&FXTT=%D)C3??GJ$JFR)2
M[Q3-"13!%:FMM4E4,K-1+TA+J4".%GJ3$2H&1R*<3S17K\DE$:Z5)',A?/\
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M[@/0^;@^O6-2E(')&2@$'"CD*] @?DY&,[LG]P8Z?(3@7R1>QWP-C@[$CX6
MOOQ05)[ @7[ YZ7OZ#.";9X%A)WE0RH(3YLGZDXSR,!1SP<\Y^O!Z] 2 HE"
M4@^8)!R <!(R%#RJW $@ CU YYZ#E7F(4LJ4$\ 9"1M &%'A2MHX^H'!].>O
M M16I:$93L2DH/(P5'(!*N3R"%?'CD9'0$8![!/8 [8MD7-]R.A';BKF O<$
MG;8=1:]@>UMCD;;G@45$#:DD[\ G9@+5]1&1R!Z<'ZP<=>(4-X2"E("1M2"
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MNP.#Z@9Z]\="-B5#=C\I)Y&3DDYY(/()&=QYY '0(N A*-Z5(&4Y 4E1+AR
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M%[9-QB^3QGRO;R!L(SNV;D)(/J,G.W(P#RGD'!XZQJ)W*4<@D )24C9L/.5
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MS:V<$9-R,XO)<(QN$XY386V/[<]QU(/!DVM2P<$[BE(1D^4CX@ \)W'D8Y2
M<<CJY"E!0 !P5*)1ZY\H!4%\@A1'KN('KZ^A8'0LI1R I*04<;L8."%'&4@
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M^F>EY5S8#'?N/=!&V!ODC;';A^< !FY-L$FP(SC.;XZX!P.G \/.I2"%J !
M1O *@3D\XR-J0,)"O4D#[>O4.-A2@5X4H8*BK;E6>#@G *?@D#.1R>1T ;=&
M4>NW:H $9!!!\VW(V')X/Y)QZ]>)6$A6X[RKE/T5!)40D@'DE6.2<Y!/(]"7
MY1ST. +"Q-[#/2WNW()O>]L@<'FBXS<;6-S;Z-CU-@#8$>F;7/!BE95D%20%
MA.S:O)2!G)22"<X\I0,#GXX/5J% J*5+(2KS!*_+YB> ,>I"CYLC&.<9Z (<
MVY"L#"CM(]058&X$^F>2?BGJX*4#]%);S@J*CDG..03G&?-]BN1QT@V1?MZV
M&3; -][ 6WOL+#/##HQ?)O8BY(L;;]AOFPQ;&+ 3O RL<%!4/( H9.4Y*E9.
M>#C.1@G'V[.W4+75:1B&EU@7H+D:DIKQJ4?[GT6HBF/,N4=RB^[^\?+;E64Q
M,;JZ97@)A-N1#'+C@<&G%U0422GG*%8^K(* 4G PKZSDIQQSGJBX%*"0C8E'
MT>%**L>H5N.%?$IQN ^!&<&M *.8!+:@IM2#SI;<Y4J N4A:3R+!'N+19:;W
M!'6PZE+_ )7,X^WY4AI]/DO/1_,6V;I0\6EH\UA0/*['="F7;!*T* %A_BH6
MKU(4%$ A8 / (4 1M2/,1SS@'/KUAWIW92 "0H<X)QGU2 >$XS@JR?0<=!BX
M"5' 2,G<H)Y"< $<\$DXY],@\< =4'MJDK2!A)*#D#'TN=I)&3S@\X'H1SU2
MEJV;=!@X (2-SZV_7TMQ=+@.Y L;WV_23FV"3]F0;'L,0H@A+>T!8\Q.0H$C
M(Y)SG/G &?I$ XYZ\"E%1(/J/ROFU^8^88SYE?:?@3T"4Z,G<#@A6W ]5$?2
M'.XA/QQC:1CZL>*<5N)*B"$G<H$Y.?BHGX8XY/I\>.7Y9)R,\HW[XQ?K<V!M
M;]H [86]XV(O8V-CZ=.^;FYMTR8E02YA6P-D$)63O2=@&U)QPI0_R')!!ZN3
MDA("P%I/T=I.0!A(R#^:2"3Z^F>BU+N]*?+O2E0 VC;Z\8 !.1^>001S\,XR
M!1 *@2"20LD\;,\#/!Y/&,GC[,](MD6V'X'3H2+$@[FWQX:70;FUP;'J",IN
M+V&QVL3B]KVL1F0@I(&"%*5APG8.,[E9)YQ@9 .1U:AP*2M1V[E9!.5'"2<;
MAGX@$$$<@$@?' $K4 H$$A8(YRL(QZ'.#MSZ8&0/L &?5*'J5D'AL*^OZ@,9
M21D$'TYYSST>63B]]ML[$'([7[6&+B_"#UAT&<W(N+@)!Z6P.O?-B,C?$ "<
M!9*04>N#C!R5)X'(!(2?-P"?M\2[M6V!N(3C<5!03C@;^3A/H,C&<CH%O&PD
MDES*AZ$@D>NX^@Q\"/J/QYZ]#JE!)7O23C<H%1*@0D85@'D$'!QQP1@^IY?6
M]P+C/?I88P+WP!8_8%YMB,@''JFWN#)!]TX!N;X[=1H(VKW+4A14I1*AA/B9
MP=Q (VG/D3G]/PZ]2[Y4N;LJ1\V<$I)QSY"3Q\=V -PQC '0(NX6@I)(4%'&
M<I3R< @\'&,J5Q@^N3R/2\G!)&X!/EW^0I.<#(3]8 P#PK!)QZ](-J[7!(/0
M6&$VL/6^Q[FU]ZO.&>EDV)N<G>^=\D6LDX.=[ :LH)\HVJ;4%J*UGS;LD'<
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M((Y&-Z<9*@2-O.0 ,@_'H2W)2D%:P3N=*BH#!("=N%)]#R<C'H #Z\&.I!Z
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MXH*@2E("1M6O)X)^BE(P."?52AGTS\.K5*"]R2O"]V%#=QR,XS\#QR3ZJQC
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MQ@#GZNBH.>89(P/M"0H@<HW)QR?4).<_#@$]>*7D\'*E*2""%!0;SZ#'*D_
M8&200,\=/R[GX6W]2,*SMCT!O8WMPO.%L;7ZGM;-L_5U&Y'!LI\$DI6D<87C
MD*!^ 21G"> 5C&>"0<9ZL4XI:4CS!#@V^F]>Y!X.< E*N"DGZOT] B\!DX/E
M2<$IW% &W VGD_9DG'(ZQ-O<+W*(W8P$XWE)\N_'Y(QP2!D(^''3#8W'3EZ?
M #H<W%QVR!87/#+EB,X4#L3;IW.+BP];VN2!P9+5E*E*"SR$@@A0"4\%*B2
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MC:%*()25)SM\11!^HDI()QCXXX3@=8?'\QSA>Y.-JQMVX *DHQSZDIY'TOJ
MST7^*C&.%JW@%9.Y6>2$IV[B$CG*CC)&<\Y-WBA?F205KWA.X8VX!R <@;C@
M_#XYZ V 3<&^U]C?%K$9%P,9&QZD</S>FPP2F]STS;96<8OD@=">#%#Z'"G
M4D@E *B.,\'><Y.WD<'U//UGPOI R4J\F0A2<G*0=N",<C&3A.,)YR"1T7*<
M  (7N4,@[O@L\$C/J2./CCC@YR;E.[4)2<IQDI45'*BH\[@/HA60G/T0?7/2
M\M((]?4],D[]=K>I(Q<<'FD#)%TBY) ZVMG%C8?$6[G@P6[GGC:H I)/&W'
M).<<_1((],'C(%Z75%.=X"DI)4"GX$<*3G!&/@ <*., #HL*SG/Q&,!)&Q'K
ML&P9W;>?T9!)^'5%P YSN]%8)Y0K(QL!)!Y^F#C') SCHY ;"V<=C_)OO>Y(
MZ[[;BW!YI3F]MMB1VM]GUVO:X(/ ]+GTE*4"5*"LDD$@\;?LP0"1]N#D CJ_
MQU#<%'*AM0DDC *@2K! Y"?J)\IX/18X_MSN2=Q'FV@ *4K 20HC*2/J&!D'
MZ^J#F\D86/I8QZC.,J'ISQ\/,H'X^@90#DIQ_P"B +<N!:QMWOT]>$'A<B]C
M<8N<X&^YZW'6^;$@G@R#R<)4I7P.Q03@#:2G<K!(458\HP0,Y('KUZI?BA*4
MJPHG<H\ G:> "/4<[@,9&/7(Z+"\H A64#:. %)Q^20,_G<$X..<GJ@\0"I(
MR24X.[:4D\$)!^D-N>0!NYQZ'I>78XWZ9%@< =L=_A?&!P_.&W3E%\'%K$FV
M<["^,8V'!HIU(4D!2G"!E*\I"4D<'>!R H9W*QG;DCCGJPO*2-W"D;0I0*R-
MQ)]4C/KSP,?1&<$]%9=3PH );2HI"LC<4D\%22 0$$XQG*>2<8QUXIX*4!Z(
MP=RE9QY<^;S!(P?4<CU( /'3#( &"<9)L2!<7M8@@YZ''7U2GA<&^38CMGEM
M;>^;"YM\=SP<%])):"E I3N)XP2@Y R/CQE1.!C/Q/./QAP .5>BE'A!5ZE0
M5]>,@DXYQGT'16AX)25ISM5P224E6!SA1.,'UVGX>GJ.KO$!2@+W%*R3@G*2
M$\I3D< ') .3C.#\.@-6V!ZXMN;"^ 1;\=^ O7%\; B]@ "0!GM\,W.!?),=
M^3NWJ4$^88VA0W'."<8VYP"$X]>,#'60.*PI*R4GA9X\Y43A*4YR,>7&#S]G
M16'V]Q&0$E*2G<1NPGC&3CXX]"2HXSYNJ+N3@JPLJ.X@DE7H C)&,C!(SZ9]
M,<]'ED][#-[#I8Y Q<=3L;^N%YH'7OUQ<@=[6N+8)%[\&0<"4E8(4K('"0!@
M C"L83@9P"D@^F?JZ]WIV@I"L*3GR X&X<)RK.!NY&T8S^[T6+=)"E9">!NY
M.0@X]/09 X.  0>2#CJO$)W*.5;<;D^;&P ;0,$DY&#QCS$_'H+9];[6^P #
M %_4C<@=>'YPR,$6N,'[<Y&V;?"YL>#)+S@W87Y1RG>""H9(!\H"1MR4D#Z7
MVXXM*T@!65!'KM21E(')*CC("E?D_;SGD= ?$ \Q43DD(4DY(3@\<$@8].!Q
M^GTPJ> ;QNW\*2YD@[2,\;4X5E(\V",'&",] 0,6%M@=KG;&!;%CFV#< 6W"
M\.IL DD9OGW<'/KT_1%\8)&ETKQD>F"D'&XI.=PX^F<$84,?O=6>,GRIV@*5
MO\Y/"/*1@GTP!QCDY/J<= ?>!O0-V"E!4!N/T2 G=@C:,X]"><\CGKPKP-I(
MR<  83L22 005*WE7H/@,^A'5P(M8 $=AD#<7^H8)_?O:+P-SS V-R1:^.7J
M=C:X[C!O;(&*6D\JR"0E"$G"TJ ]3@_#X[N<'@<GH.IW;CE+FU12 K)P,@93
MQG XPGX#D\^@8N)*5.%.2D$9R H\[< !0VE.-I]-Q''!Y"^]#(458"=P>;7D
MJ0.3NWXW$X SY<))Y&>JTH/09%L&UNF+WOUW(ZYMQ96\ + C.0>MB0 >@(&2
M!F^X"A<\#BXE92E2O#5E6U(()."2%#@D9'Q& 1]63T"2\E2OP@P5%"O, 0,'
MS$XX00.%#&%8!]><#DE)2IU.4!224X.5!*3CRC;O2%CUX/'F)R,] UO-GQ-K
M:$J"4GA8(VIP DD#C)5E61R0 >KR4&QQO@C&.][[[X%S8CMQ%<>N; @X.?>R
M"!DG'07V3A0P>,[KZ@=B<+2TDE.1C&U1X5C)*BD 9'*@2KD$CH"MQ*D[0C:%
MN[PG<04I4D[@<$8).2,C&/C@]6+<*TD+VGRG"D9YXP.$DA0R "K)"<Y(QT&\
M125 [@K<GXJP>1C&0"3C VG/EP0.#U?2CM@WZ7&<&^,=S]N,YB.. VR#>P ^
M!3:Q.<C%@>Q/I:7#Z[5<@[2#D[P#]+DI/U'X@>ASUEBE*5.DJ2-VP^;'KY\@
M @XP?\XZ +6I1)'E (PK' ] !Q@))R!ZD*XQG)QEBR%-+>"E)\VPX6DA0/GS
MPDYQG@9 ]#CCJ2E%[8%[;"X/3(N#?8$G..Q('&+DO MFY4!<64;6W3V(M?/7
MJ,D#@>[&95,<2I)(W+'+CGH ".=^<Y)Y]?AG'6..PTIM)*225JR2M?U@<>;C
M@GTQZ]5U70>OP1]X5?[>O&-CK79'OJV(^D=@& !OV)'UGOP(2PUXH1M\I'(W
M*Y]/4[LG[,DX^'0MF.R<$HR4J*02I9P,*&/I?Y_T^H'5=5U943C)RD7SOOQD
M&EK*[%:K BPYC8?1/?OP8Q(<8!)\,^9L*.7'#YLCGE9P?T8ZO;:0MW"@HA+@
M; WK V*X4DX4-P( ^EDCX$9/5=5U'W4;YSUS^D.)3:U@L +58E%QS&QRG?.>
M!QAQFW $MD *R 7'% 'E/ 4L@<<#'I\.L;K#7AMG;DJ=.25*.=O"1RKT ^'5
M=5U0G/+?-^6]\]N_$I*U\A]Y6X_2/_1^OJ?M/?@4F,PE]0",#"3]-?KMQR=V
M2,? \?9U3;+86E(3P0X2-RN2'%)&?-D\<$>A^.>JZKJA6Y_ZA_7PTN.?RU_3
M/Z2OY;0[]B?M/%>[LAT (X4E(4-RL$'GD;N>?3/I\.K5-(0ZM*0H)3O  6O
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M<_N]5U73._\ 4_\ >/%#:UE(NM1N3>ZB;^\G?/&!+#1??24DI^HJ6?3@#E7
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MQQ?.H<Z[70+<QM;F1BU^"U++>Y?"OI$_A'/4DY/TOL _1QZ="$,M(6L)3CA
FX4K./,<$YR<$G'U9/5=5U)ZCX']:>(!6ORU^\K!%O>./?^/'_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>g796188.jpg
<DESCRIPTION>G796188.JPG
<TEXT>
begin 644 g796188.jpg
M_]C_X  02D9)1@ ! 0$!L &P  #__@ [1$E32S$Q,CI;,3):0D@S+C$R6D)(
M-#,U,3,N3U544%5473$Q,#,U7S$S7TE&0U\T0U]304<N15!3_]L 0P ! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$!_]L 0P$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!_\  $0@#
MBP*M P$B  (1 0,1 ?_$ !\    %!0$!               $!08' 0(#" D*
M"__$ &\0  (" @$# @0"!00-!P,!*0$" P0%!A$ !Q(3(0@4(C$500D6(S)1
M%U9AD1@D,T)257&2DY25T=-3@9:QTM35)31#5*'P"ADF.&)VL\$U-C=$17)S
M=+2U)T9WLK;6X2A78V3D969U@H.%HZ3Q_\0 '@$  0,% 0$
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MH\G;W?V!ZPWSF3!V,E=3;!?[=FT2-'>BY!=?W7,.AUH*-+='"G#!T/P<P+;
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M4<D=D,A_O2)!(H\O$#[,&_#!1CF$T[S31&4)!ZJ(*\3$^49A*_2$4!O&1CP
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MY4CCIH OU>@Z?6&\3]0 '+@ \GGEX0)1(K-)7B$-.1#$[S/^T"-Y^I"CCB4
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M-Y*Q(/1FWDL_E*FO5LCEKK1:G7^2UFJ'KM'@Z8O&^(*3B!28VN<6W$YF)EY
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MXM7S-_%7\S@5E3\.N7<*)%Q.2<&)IQ8QJ2R)66*6.+PD;SC<\=%LOE,IFJ&
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MU2186QZ(T\S\PLP&PD=50##9N;*JWK+S135S'4L+7A#(98U\1*\Y7Q8HY?E
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M]#-]XW&7=_W+=UN&XS'=S,*W$5K.<3U,+;NV0[U["XRG8LT0(HK4$]:.437
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MA\[C\J$DQ>,M78%O1XZU)8AJSSUE@:4<@.V$<@?7:,>Z_8#N_P!DH=>O]U=
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M" !YB@(\/ GD,W/)^I>/S\1SP<<LD7HJ6E"UW)4#P$<XE'B''V*GR8>+ *I
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MLJ^ZL8'60\%F?AW\2 >"".03P2??@Z78#R8>#D,#&7!\ 0078 E6*?X9
MY'''13R:&&1HO*:59'G8"(1^:D\< #GR7[$.G)<_T<]+ORT!L^KO7GOEWM@=
M#V:;8ZGR\^R^7E^OQ_T^_M2[P&0&0K$_BLJ1,':7Q7A5/BKE!&WOSSPWN0/X
MW2QS.\=>.9>8RI*N LDD((,I5EX5^ 2K>* \D#D??K L!F M0-+6LDD<NH$<
M@7V*M"I\>5'/#<<N?=O?HS%(?3B^:4?,MR#XIQ,06_+PY^@ @.1]*_<GW/2G
MH!H[*[4KH;V1YZUU UK8._($ J.R :'Q^S\P.@?U^';&!#4G'#K&99"%2O&X
M<@GV,[%G4Q@@AV^AF( )X]N@TDRK-*HA,+CTQ\RT<81E8^;!0O+JQXX!/D .
M> 3T;\I?)@D3&)5\"2RH0WE]P&(9D\1^\OY\<?GU:(D+/$0)'8"1?.(>FI=C
MP5\@(V;GV9D)DX +GI 1K;#9T-[Z[&QUZ:(Z:'4GIO6]]@^W[1\?:/AY]>F_
M?O["P8Q1.S%$DB*J4A8V(QZQ/N83P?<?4K^1"DEN#P!T'9T:&.&7]F66*65B
M@8L>>%C3Q4-,P(\"OT\ @I[^QE%9)IY&0*LWCRQ8AE])/'AT/(^H^RA!SS]_
MO[I\\IA=&0PO7L2)X+8+H\3'Z0ZJ07C5>"3X\*">?8D=*!MM ;Z<P)T>I4=#
ML$]"&(!+#IY:Z%?O_I_3^N^I^TP\4D7J/Z$<Z$>$S >-F2)2?&/TO<,Z-P69
M?$-P>$'  O5('B6I.ZS%O)A]#*P ^M5]_="@^D^X\O$\\\<=7R-*%\#&S1")
M6::&0E@_W/B%(E<<@$,!]7/O^?5("$0(_*@<^(9B\DOD2?=)?VZ> ]^3P#S]
M/T])MBNSK8(T01OV:.P#H[_)4#S\U !"?J/,??\ I\_@//L4EAJF,1>HL18K
M/.G#O))Z)_=$I*,04 4A0/;@<%N>2MAT@$?RE:,1RJ9CS"TA\G"\AB6=@P '
M()Y]_P"K*M9GL.6+BL?HA>SZAF4,. J12\D\N3P[CS4@>'Y<YHH+%<,E8QRQ
MB1P>4]=A(O'F7,G)5VY'*#Z1X@CW)ZK!"Z]9B1H\I.E)8:ZZ!ZCU=;WK1Z@
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M190IY"LIXX+?#%+)4^)7L8URTC11=V](+,4$2Q%<_6+32R2%52!5!+32%8T
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M%E!Y3L;"G1&COKL@^X]/;\.U&DGA2=GFFK5Y)&=%BNVE!+*/V<\"M+$">"6
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MN44<!&@,AA9 OLB"-54CG@GWZR]#JI[$\A!DFED*H(UYY'?EC77+&.8G2
M*/5 Z :[8\%*E5$BU:E6LLLSV91!7BA$EB0[DL2"-%#S2$ O*VY&/5F/:TB0
M@J;-PJ65O$VYVC55]A&L;.T:QG\T\".>".".J!7(8/(Q)8\,A,<@4@?3ZB$/
MS]R6!4\GVX/5_0ZMEF.B221H [.P 00 ?9Y#R]W;("JH(55 ;JP"@;)\R=#J
M3Y;]W3MC*R\,AL32H1P%LRRV?'GGD#UG8<>/T@ #D#AB1TM6]@V+(5:='(;'
ML60HXZLE/'4[N<REFK1IQJRQU*E:6TU:O5C5V6*O% D,:DJJ>)(*3T.JQ-*O
M.%D=1(H60*[ .HUH/H^L.GD=CM9>I5E:%I:T$C5V9X&DAC=H'8:9X6928W8=
M&9"K$;!.B>UV+M9;"Y),MB,SE,1?A0QP7L/>M8K()'R#XO=H35YWXX^WD%]S
M](/!Z5]EV?;-P7C:=KV792/'P.Q9[+9Q4* !&5,E=LJ'4  .!Y #C[=(W0ZK
M%FPL1A6>58203$LC+$Q'D6C!",1[V!/Q[4/0H26X[\E*H]Z%/#BNO6A:W$F]
M\D=ED,T:[Z\J.!\.V.LC5&BDKS35YH)4FKS5I'KS59HV#)+6EC82P2^0Y,D<
M@8G[$>_+GSNZ;OM-*/%;3NFV;)B*\D<U3%YO8\UE*56>('TIHJUZ_8KK+$Q9
MHW6)60L0"/N6YT.D2Q/&DD<<TJ1R@"5$D95D ((#J" VB!KF!U[/,]B>A1LS
MU[-BE4GLU&+5;$U>&6>LQ\VKS.C20L?:T3*3[^V!8 G'A+-ROO'Y2%@C#]T^
MP!('\">0?<$'CJZ2.1S(_P S:]2157F2S/-&/#GAA%-(Z!O<\MQSQ]B/?G+T
M.K8=AL;.B "/8P!! /O&P#H^WKVR2JD@E02OU20"1[]$]1O77M@>NDOCZK/(
M5*D,7((*\'Z1]EY(Y/ Y!]U*G@]9^6//E+8D!8L/5L33>#$<>4?K/)X$#V!7
M@\>Q)]^1T.DYF T&('EK9U]V]?9[NP54D$J"5^J2-\OV>[R'4=L^-O9;"Y),
MKA,WF,->1/!;>*R-K'7/'DDJ;E&2M9\#[?1ZGB./8#H_G]BVC:Y5FVK:=EV:
M2)E>"38,]ELV\3JOB'7\3N6D!"\*I" JHX!'23T.KHLV%B,"SS+"VN:%9'6)
MB/:T8(1F_C,"WQ[8ST*,EN.^]*H]Z)/#BNO6A>W%'^XCLLAG1/>JN ?:.Q<P
MLP#._,\;B2">/RAEAD7W22*2-Q)'(C?4KQNKJ?<,"!TZ;.Z]P+^.7#9+N'O>
M2PRQM'^$7]NV"WC@L@ D1*MC(R0K$X !B\"G ^W3>Z'2QVK,*ND4\L22@+(D
M;LBR*"" ZJ0& (!T01OL6:%"Y)!+;I5+4M5B]:2S6AGDK.?-X'E1FA8Z&VC*
MDZ\^V%8?12,5'-.6"1)JMBOS'-4G1PXGKO&4>*;D$B5&5P26!!))<&:V;:=F
M%3]9MHV/9#CD9,:=@SV6S7X<"OB#1_$[ELU& "\-7]-AP "   B]#JA9IEC>
M)995CE8-)&LCA)&4[4NH.GY3U7F!Y3LC6SNN2I5FL0VIJU>6U6$@K6988Y)Z
MXF'+*()G4R0B51J01LH<=&WVQ.DL@B,D\TTL04H]B::<+(.29 LDC ,2>>1]
M^!Y<_ED1K C].6U8FY8EO.>=HR"/9/2>5X^%/N.5/N!]N.J]#JDNQWMF._/J
M=GV>?GK7L\NUWPX_5^C3U#M/57U3O>UZ=.O7I[>OGVP(EA&D<6YP7\0(TFG2
M#P'L5:!9O28>/("A51??Z2"1UD_M@.S)=M)&5(6!)YHX8G]O%XTBEC"\<'E0
M/JY^HGVXOZ'2^(^]\QV%Y0=_D].GV=!^I/8,49V#&A!.R"B]3[ST\_CY]L,,
M1B1P2&=Y'D:3Q^IR_')8$GDD@D^_!)]QU1*Z1DF)4C]3R];Q4CU!P? <<\)X
MDDDKQY<\>W ZS]#JGF/7KY^?Q_70U[O9VK]WP\OS>7W=BT=<(ZL6+"-62) /
M%55_=O,<GU&Y^SGC@>Q!^_65U=D,890C>S@H#RG''B/MP?X$?;D\<??K)T.@
MDD@GS'P'L['_ *^7N[6*GBGI^<C*!PI=N64>W"J>!PH X X/ ^Y/WZ!16(+
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M7/Q(964>P:.O&W =2 #P?$^7(/\ 'HV"GC)(D1D;R0!'(51[<$^#\"/CW;V
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M(BNO*P ?JSEM,"2H0[4(QT,]*%GF#C*7=>-8D\/\3*,)XO#$+$U0_A5B!+7
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MI+=2MJ[9'BQ'!DR]2$M>4V:J"X0C-Z03\IEXZ86. E+2J&J1J3&T0;@227(
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MA2/S]P0!Q]N#U5Z;7WOYMJZYI&US3Z'.H54ZRD\L9'/&-\W,3XC.NE[61C[
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M%>.Q+'%Y%Y0#J?J^N3:?\$GQ]ZG8!6?6>]VA8&92O@5?&[1) %*_WI5 @XX
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MEVV9B W,@(.P 58@<K$:YEWR*>8= I!)T21L#J]8+2F6-)E\Z\BL5C=!+?\
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M4\9A<K7KR*XIY778%PUJG84,Q1IJ]2"RA)\9J]E)XRR.&/E9^._X3\U\,GQ
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MN>?\O3DT_%R9O9L5BH=DQ>GRW&N*FS9N_:Q>)Q7H8^U99[F0I)):K+;6$X^
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MW1(+U$F%RL>GD=:1J\2V!QCX&DX:)U\/-W+0IP#Z,C.0/J#GQ)^KCDCKW/\
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M+L6O?A#5[[!PGJ6Y8CD&*%URD9\4:28'Y0V)M68JV=P\N-B<JAOT[+W8XBQ
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MK'X'4JN:[!=O<?VSUVG$V87';+K=#'18QEVDBR+)L7(((Y+(QSPPB4!HUX
MP.">/L%P_AL/1NRVB8Y!6RM>&*74F/L\0O:M*)1T=HZ4@MQ!3OTJ&(#UT'9R
M[Z^X#CSO!XUXMSF%K8^*O:B7(<-Y";)4XIH\YC>[Z'$XP/7DD$L,5K.UAB[4
MDB\@QUNQ._T!8]M@>W?'_LW@_P #\1W< C_(<!G2/ZN1SU/6;M]D[7PP_%,.
MS>)[B8LP_$_V@3=CO^0I7A;V(]S,5Y3ZZ*?/R^+X$O[*?]I]48YY!ZY@X7XC
M-MP7Q*'XH*N UJ3=#N^8WL:Y*<DNJ+D\U3M4;-)#'/\ BJX^.*W(\!^9-@2!
M?-V7D='\7\3FYXG0^Z/;VOKVKR8CNQW*USNCGKDIRGS^/S6LYVOL%+&XD)8%
M<XF>W66"S\VCVQ7=Q#*LA#"QC>.L)3JYNL_(XR>5[PK,<TE!I;$,&>P$5'$O
M6F(YJS6K2F*VJ]1"/I=+K;KQ3W&\<9K)< 9"LLD7X+<%]PF%N5(>((*V/M9#
M@;C>UF>*8LA4$G)DH\9C)8[.)E;Z.6X6]$9Y0P'5[XL;F,Q^K?I$[V:H#+8:
MGN7PBV<OB/G&QYRV-ATW#R7,6N00-)0>] &KI;C5I*YD$J*Q4 R1J6J]N]0[
MV]S)*U+=8^W^>_1QR;/E\/<W'*[9L%+ Y+-R3W,-KV9STLKUFIXDFEC8XS%2
M6S&MGT8_-E'*U/CY[IOW-[F]P\EH_:_8,3W?Q&K8C?.UNPXG(9?MYEOU-QD6
M+P.36O;L29&#*5(8V?Y@R2HSSRIZ81(3&E'XZ.[UCN)W7[D9+$:=DLGW8[3V
M.R]K"-7R-#7=.TB6,1P5-/HT['G!-44>2&[)+%/*S2S*"0HE<G>3P:<G\Z^)
M---Z?9BB2;$!V@JIF>+<LEP668RF#(19VE5DHJJ.KQSM.#''&TFJJ_R;.^!>
M&DX:-6I4A3A[%26)JO&")#>RC<']T7"\^(&,3EIP7L):X(SF2BS[R20V*TU&
M&I*T[M%#UJ[ S]L[.3_1JS=HL?M^,T%I_B:_!*6]6ZU[9HD';V$6!D+50F"5
MFD\C"4XXCX!'6EGPLWNQ=[](+VK/8[%]Q,52BR'<Y-PC[B93'Y.U8V+T\[_;
M&#-!F^7Q/HB4&*?F7U3']ASUK#VS^-GN/VLH]@:&"U/2<A'\.QWTZE+E&S8E
MSG\H6'7"Y<[(*MI$!J5U]6@<:L',S'YCR3A0Y(_COSF-WK2>XFJ?#W\/NB[/
MI.?R^P1W=1PN;Q<NQ39K$7L3<H;!9BL)9GQY^?ER*I"XD;(1Q2,P0-U@GC[A
M:VG"]F:U4IS83B/AS,6JJ8*=I!!2PG M"Y%B+$8\.BD,^"R221'I9@B@6/89
M>SX.X/O3Q4W>91IXG)Y>IQGP'Q]PIC,C+Q]BX87M9GC+OAS6)M\74;4@L9Z:
MSC^,\%/'8(5\;D;%V:;4D4RK//Q)8W1>W'P8-B.RN9S>_P"C]Y?B9VK8=XW#
M9J46&RFO;5J\C>EK$&"JH\,%5K%?TDO2SF>Q&(W*!I2!R:ZV#F^([;;78_<N
MPEO :W;U;<.YT_=A,Q,<D,_K.QVK45JS4P/C8-#\+G,1A<7(I+)@FD4NS>+#
M7SK5/&N:H9V_C;>.Y8H(L'CZC48X98H,=8K^,+-6L9WDEE@EG:2^LLDLK\]U
MXVD)CZ=4=R_!N?X'P'$>*XC=[F0N<<9_,19N>Y5MWN(,=?CH?-N2R0IQP5JM
MZM3ABPDE6"K3B$.(@GCKJLX9U["93"XV#88LOKL&?FRV!L8S!6)LE;Q[:UFY
M;%>6ML=>.K].4GJPQ3UUQMPBI*MEI'^N-.D'IZ:A>VVE1WJ/5L<;]3(:5D*&
MY2#%093\,U"6[1DO9)I9HY&PZQ6XZ4?XO7].> R")7"RL.F7_EZBLH^AK?6Z
MK)YUTB'[:WU9U)>T/>\@!B.XE]50>VS:A'SAEP.38FI\W+DY[C[-&#7B8^0"
M'$'6N6&N2MQ-7I")9F ;>U8G+YC"92E@,U7US.6,;>KX?/3X&AL:X7)SPF.I
ME3A\C+!4R2TY#ZK8^Q-'!; ,4KJI)ZE_%=]/B>C3,X[9?B)W_9M=R6'PV'K8
M&21<55J5ZN#K8O-Q3R4[4IR53.6X9[R4;,:PXB"PN+IF2K7CD9B=48@#EB0/
ML2JL[>_Y*J@LS'[*J@LS$!06(!<ZF?R].C+C:=KP*TX9'$4%=;#*\L<I06EB
M]+ +Q@*HF 5))HU CGF5XOEN[K@G+9Z+BO-8>*_E*;)826];NV*$;5Z<M-96
MQ4UE\4Q2M)MF>F=S0U;+;L4ZLL+S[2_#QE_B>[U]F>T^(K8.Q0DWRCLNR'+:
M]4SLF*UO5\?D9KV<Q$MPB' Y7!O;KWJ>:B4VXWB_#*IC.4DEC]8_Q8;YA^R'
MPM=T,S7D@H+C.W\NEZA6D/O/F,ICX];P%*NI\O.58BUDI[D5ZT[?9#UJW^C(
M^$RQV4[=V.Z^ZU)%[E=VL?C[5/'7(8EM:9H\@^;Q>'4E%FK9+-^M'D<VDC^:
M(M2I,%]$JO.W])K\5</>;N)%VATS(16^VW:S*2R6\A4>0P[/OHKO2RMGS!$=
MG':[YSXK'L%:*2U\Y9C=AXL>IL+KNC[GKF5RI$?$G%E1Z>(I%>2>&*W'9>J9
M(R5=7KQW9\C;E8!@IH49@DL<:]O,KBL/\K#Y6.,X<X<C,W=_W;9.+)\4Y=95
MM4K*8J?&ULHT$Z%J[PY27$X_ 8J"%Y(Y9?G;,UVEJS6&37;]%#)CU_2/X^G'
MD]7ER$'9O)O/B:V!D@V^K5:MGDKW<MLGB(\EA+<JS18G%@E\=9ANSL +0/75
MG],C_P#$9[/?_9-O_P#W.OURW_146)V_2(8FJV3V26M'VFSDT6*LX*"OJM26
M2GF%DN8O85A%C(9FTJI'E,9).\6/K0TYXXXVM.S=2?TR/_Q&NSW_ -DZ]]OO
M_P#"Z_5G$$GY._&).]^)C//S/XAP?U_:*^_MY9-^9GG/TC9W$?\ _?[W6^76
MWG"=>TGB#O0))_&[G79Z^O#_ /<E3]H30/\ 0Z25G^+CN,D-O%6)(]$R@L0T
M,<].Y3D.-UAEAR]EOIR-QX7BL0V5)$6/FI4_8U6ZWO\ TS7'\DG9?D@#^4G-
M\EO=0/U9'W'Y^_ X'Y]:,?H>I)'^+/?$:WE)TB[?9=8X;V/CJ4ZBM4UV3TL5
M92-'R-1G=IY;$C2-'>FN5 P2LJKO1^F9]NTG98@E2.Y.<X*CEA_[3/Y ^Q/]
M!_+GJ]B]_P!3IQ,22?IZ'G\'X7_YF+IK7_%,?^<GZ2NWYX:^7UW? ?\ +97W
M^9/> 23NU9.]^?XPO7?T-/\ M6"OZ%)HG^&C>G@GHV86[EJT5C&4VH8^9#@(
M?KITV :M"3R!$1[,&;^^ZYR_I0_$?&/W6\F15_!=*\FE3SC5?U3QW+2(/=T
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ML7\C/ \M_,Y&0^5K*9"PT/J3SV92TBARPKHPACX4>ZW\M-[?LC[G_P!3.?\
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M!TV@F/UW7=9Q$-2N/'U)Y;=2&_?O7)5 :>]D;EF>S:LOY2222$\D*.M[=PG
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M/HD'S\D/NQE# @J%/'/)X5[QCOC[C/KY<2YD#9&O_>$Y^'U3Y>_F;SUU]O\
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MV]\S#JNP"P(;KHKU\M$[WLZ'78UT/;@/$%>2,JRDC87FY W0]=@+SCZY&CS
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M1C/3GS%1FGPEF(21^)<CY;6-YUM(H>->S1'/ Y/)X')^W)_,\=5ZH    >0
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M7M4:8H7\]@XJE:A%C;\!QQQ[5XJE*I#$8J<4L?R\<BR"4>9A(GDD_P 22?\
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MC=W>ZV^]]MXR'<7N7D<=F-ERE>C3NVJF*KX6O)5Q<*U<<JU*:K"DL%9$CEE
M#6''J/R2.(\F9(T4*/'R4J@\P%/)(\ K?0TAX]A^Z1[<?P++9L++X2FL8T]I
MUX]-D+<&(I(2P8$>[+XCCV X]SUE=U(C D],.ZFM(I$BEB"%1XRHX#'DD*P(
M'N&]^#"+=JW>MSW;MB6W:M326;%F:1I9IYYG\266:1@7>61R7=CMGYN8ENI&
MYL7B\;A,=1P^'H5,9BL94@HXW'4((ZM*E2K1K%7JU:T*I%!!!&JI%%&JHB*%
M0 #0J((FAC2YS(0WD"W[((2H'@RQ\CQ3[< \<_8=!F,,8X@=HP?JC1E]1!Y
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MIS+Y2(?$,/5)29?J_<3AVX'C^?3%I!Y%]:Q)/9BK@"":$+(LSR$_W7DJR!)
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M=23K@2QB*ZM%*HBFL%)B#&[^4I]3@+P\:@J!]^'7C[CJ,%B$,ZL500EBU>O
M68O,W/F_'TJ"R\$@\#VX_(<2KKKJF(B$BJ_,LI54]V8F7V\E\N 8N?N&;VYY
M'Y"!9 @0H5'4R)I@>OK<W3IT)4=#[.A'7J1O'!_VZP/[W?0^QHAOKU\C\3U&
M_9V66#22%&8)$&")&H21;"D F4@CE$5B4/V^_E]^C$ E"NLJ1Q>+.J"-N5,(
MX\6XY'#GW_9_8<#K T<AGD98H%4_226;SD0@>;D@<(1]@@'BPX/((ZSQD%3X
M@A58H/<$'Q^W'!/MQ]N??V]Q^?3,?(@:UZI.M=-]?MW[#YGS\O+M+/<?+X?;
MKI^HWUZ:[7]/CMM%NLV\X"+MS>FQF[N^2_ +]?)5\1-7=</D'R)CR5IXZ]4R
MXA;\#&5P)EE:NH9YE4L?I?U;%XG-;!CL7G-CJZCB;9M"YLEZO:MU,6(*5BQ
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MSS -VZ,[M_D+\$8FY6M\=\1WN\O)1B*1N%>$*]K$<.+.0"T>2XAE(R=VFK$
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MA/[.OI*OJ>+0HPY24*7\E]CQT^:=>&L*1A1;/S2K::&MY^I\RK>$?$A7VI@
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MEB$U4KZ:PB[]EB<HSAYO'DM&XX*$'VX!.!&S& &32.99" H(;EVH 8;9DT
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M=LC%K63U_-X 37*<;XC,:JI37\I3EKTH95O8U"$%AWD>XBHF0^;5$ @?H=.
MX@SRQB%<UEEA6*&%8ER-M8Q#7YO B""8*(X>=_"37+&68H 6.X\W=]P"]AK;
M\#<&O;>S8NO:;A?!M9>[;Y!:N-.:)E:U:$:"Q8+F:<(GBN_*NMA8OBR^)6'*
M9/-0]Y=LBRN8R>&S62N)'@U:?+Z]"U;"Y&. 8?Y6G:HUF:N)*,%;YB!FBMB=
M6(*!AOB)[Y:]CZ>)PG<[8L=C<?E=ISF/IQ1XF6.AE=WJWJ6W6Z;6<;-+6&P5
M<GD(LA5BD6FQMRRPUXIO"189Z'51XBSY97.;RQ9&D=6.0MEE>6=+4K*3+M6D
MLQI8<C1>9$D8EU4BE.[ON^CCDA3@/@M(95KK+$G"N"6.1:E2;'U5D1: 5UJT
M+%BC75@1!3GFJQ!8)7C:7Q\0'>U=4U71AW.V@Z?H]_7\GJ6O-/5:CA+NIVDO
M:O)"[5#<MPZ[<1;.&I9*S=HT)1S7K("P*)LO=SN9N5#&XO:=SRV;QV'VK-[S
MC*EM:*)2W#9)ULY[887K5()C?R=A5EG$DCUD<<UX(>6\H[Z'5B7,Y>:,Q393
M(RQF".L8Y+MAT->$H8H"K2%?!C,492/7(IC0@#E76=6X.X0ISK:J<*<-5+*7
M+602S6P.*@L)?NK*EV\LT51)5NW$FF2U:#">PDTJS2.LC@SK9^)WX@[F;UK9
M+'=G9CG-/L9*WK5^O%AJ/X7<S-,X[+W?DZ.*K8^_=RE!C3R%O)U+L]NL?1FD
M9  "<OQ'=^)M.N]O9.Z>SG1LC5RU*]JRMCH\3/3SF4_&\K6\(Z"3PPV<MS?B
M2M/"*,S.N/\ E(F:,PMT.KQXASQ,K'-94F=)8YR<A;W,DT<$4R2GQ=R++%5K
M1RJ^Q(D$*,"L: 8:]WW *"JJ<#<'(M&2O-15>%\&JTI:D]RU5EJ 40*TM6UD
M<A9K20A'@L7[LT126W8:2>,Y\47Q%[-)KDV?[R;IE)M/S578]6L36:,=G!9V
MGC),+7RE&Q6H03?-#$S38^<SO-'<KRR+<CL,Q;I(R7Q!=Z\Q9R=O(]Q,O//F
MFU>3*>E1P-&O;?2<P^P:FWR>/Q-2G!^!YN23*5?EH(?5MR,ULV%)3J'NATDG
M$&=F+F;,Y64R'<AER%J0R'P'K;<O*2Q-=W@).]PL8SZG3LL'=_P%5$*U>!^#
MJRUU"UUK\,8.%8%6W'D L(CHJ(E%^**\%C"@78TM:\=%D$S8OXB.^6$?//B>
MYNPTFVC<CW#V'PCQ$Z93>&9WDV>6.UC)XX,E.TCBU\FE:M;C;TK->6(! SMZ
M[C;UW.RU;.;_ +/D-HRE+'PXJC8NQTJT./QD#/)#C\=C\;5HXW'TTEDDE^7I
M4X(VFDDE<-([,65T.K,^7RMFN:EC)7YZI8.:TUN>2 N'>0,8GD*%A)([[Y=\
M[LWUB3VS:7"/"F-OC+8WA?AS'Y41F(9.C@\74R(B:&.NT0O5ZL=H1M7AA@,8
MEY##%%$1X<:*!T.AT.F[M(>PZ'0Z'1V.S@P4VL15]C78Z>8MVI]>LPZH^)M5
MJT-+:&L5C4NYM;$<C6\-'56VD]6KX69)I(61PJ'IO]#H=5LY947E0<@8!E4*
MS<S%O78#;D$Z4MLA=*.@ [6(X!'-9F$D[FRT3-'),\D,/A1)"%K1,2D"N$\2
M58P!)*SR-MF)[#H=#H=4=K_8=#H=#H['8=#H=#H['8=#H=#H['8=#H=#H['8
M=#H=#H['8<??^CW_ /6\?^_Z##V(!'/!X\O<#^'/''(_CP?<?;@]#JO/M[@$
M<$#V^_/]/MR1^7)('1V.Q:1XHW56E$#E 3*CA5;W\6 BE#D<^[>7'V^DL3T6
M#V7\VL\Q)$Y:*=#P)$8E0S^9*./$#Z0/N3_1U=)"K$O8 <M((HDA_:"2N>2(
M9@> KD\EB#['@<\'K.JK,IAE\)84X*)P5!!/B89%4E.(@H'LY);DLH/'5P<H
M&_,C776ROOY?M'33=#Y#VCLGE[_;^G7MU]G0:'G[NU"\,7B&'HH/[FP/"/Y\
M>1\$'TD'[F0<,3ROW/. R>G*L9?T5D<*9D6-C9D('"N54HOF![@J#]((/''.
M9>#--"L2A/%%D9">0?#Z1*&' /!(3Q)'')(4_?"T2UR(H(I#$8S#P DJ"9R.
M)'9F#-(%!]^/W3['^)H;ZD[(!ZD:((!]I.CKV$$>WIV7_=Y^SR_]1_2.G:V)
MIW::)7A,R6)!'];<PK]DDE5>%>,CE!&GN&]V XZP2R^7BUDM$[DI#/"@*J\7
M]T])>#.I(4A_-F!)/B #T8*O&T4(9WBFXB>1'_;PNJDL1XCA(U(X4%B%]U)Y
M]S;YO5D,"O&\<3!Y#,6:242<D>GXH_CXG@L4)\N/JX]^J@03TT2>H'Y1'M(.
MB!MAKE(\B=^9/9-]![21O7]/P_3KX]L\2K,3-!*)'!"O+8A4,R-[,H\%1R2/
M8'DJ#P6Y^W5L=PPO/',REEF;P1&C^B'[1D_?ACXL""?(>'N!R.LJSQ2IQ7DA
MX\>?8$ JIY+<G@,%^Y Y7V')7WXQH$?R9)O3]_%FB\520K[^?BZGZR6)8JS*
M>1P3U1TZ\P('3H>C+U'0D ?9T]G0>1T:\@?+ITU[ 5ZG0U[^@]GN[>=7#(T$
MXC2"4V.>7>-XR)4\6*@,WD(RJG@C]YOM^?N]*:%['S#Q(P,L<1@<$&,2$#EY
M$*B.0#DJK\EO<^X'NQL7"\YKO9YC$CR!IHOHY\>>/I/V\> J\ JWWY Y/3]Q
M<D/E(DC-(@=C)*W!21PH]-G0'CR0?;@<\<_D0!V+;Z,2#L\O*Q WTY@#U+$Z
M.M@;VH.N@)UP+A1M(U/JJ)-)SE>NHU=2R\H)'K=6/1O/V#L^JD5>+U72LTJ)
MRK*+$;1EA_Z1P &#%1P55@  /;[]/.N9JD->2*JT2SD":'S$RSIXA@ADB(FA
M"L0_/F/R )'MTR,:T<$;*CF2"?EI J.B^F>%98U"GTV]O:;DE?8#W(Z?.-F@
M2)A-&!51?J:%9#%)&2 B2N1R7'*EBOW;^CJ-VM[V06 (\^8%AR@#0)'K!O($
M'?GL>S:F)(/+U1&Y>@7D]0[]A5.J\N@VF /4%6!(+OQH]66=RD=I(1&76$,7
MLEE/!A]7R15K<<S#Q\F !/VYZ>F,@6>U6M<68XZ<?/IQR 231QN)&G 7B.6N
MO[LB0A7D/ 4@],_'_,1QHE22!/ J)8+$JH )&/IK6@3E"'4D2>,A]B&?Q/N'
MQ0BEHNEM08) ZQFK$383Q;]Z.= ?.K68C]J%!55(8OR>.HU;;ZVF4,1I1^8*
M=C8UM2"& /*".J@+K8..!(&U)56!?ITWS @AO,\I(VI.R5.QLGL]*$YFE2%X
MKE5)Y6^6M31#F3R'D(PL?!],("4BF#E23Y>_OTY:\:1VD6]2Y@?A88YI/"56
M1?KFA6(A%+DK(!P"P $G)''31K7D?QLA5LS02,T-")['IQ2 #]NLA0%T=2R+
M&A8+]P3STZZ:7:U5<AY^M''(&:.N?)09Y !%9GE E'ILP6.-%/+!E=@."(U9
M4CIT3F]4#F*DR,>G(P.UWI5)9>4L3R$#9,TJGF '5PI#\X4'2D ^LH&O>=#U
M@J@-U([+6=@KIC45YH+D,MI9HX+*31V4,<+ <&!HUD16Y+,P++]*@\<CI&JK
M(&B:&.G TD*A)%6<Q4Y"05L@2NRR65Y (<,&7V\?SZ/;5/8>MCIA"4,UM'6F
MRA)Y %*E@!Y+64,!Y\M]7/F?<])'S-#U!7G:6F7F,DD8X>46V^EBLWN7K%>/
M'CCE@6 ZP(5<P*3LDF0D#3 :*J044@:Z*20I!T06WM>V!E"HO..@ 2$ D:WM
M!YD]1]FQ[]>1[(_<? 7MF[:[EJV,U_7-GLYS"WZ4.,WJYE:VJYK(.R20U,]^
M!,F0JX>:S&CV)*2_,-&%$7)'MT^['?I4/CN[3:AK_:_&5>Q6'[?Z;JF!Q^I0
M5<3;S&P_B#K-;VFOD#EJ4"/CZF3L3#"W/7:S<J%7MP0R#Q'/Z"46;5>6F!$]
M81QI,DGD]LK%Z:)(LX6(^'[RGVX+,3R0.>TO;K]#!WZWS6-4V^7NIVRQF%V[
M6\=L\!F&<S-ZO%E,;%D\=7$$"4BTBK-'!,(+ B,O)X=5X,RX0GXUG%G'\'4[
M<EM(YI)YZ%BY7N58[\F.$A\2"]6@6.1L94V9%*GE D4<D31<X=]F.[D*UK"<
M0]\N6HT:32TX,?C\O2H7\5EI,"N9G2*:K+@<ID)3''Q+?YUKVJQ*R1B#D<V/
M2.*WQ'[ >\W<["=Z>Y%30<CON;[WX[9FR>S-<P./QNQ[73LX[,G3H\2X1]KR
M-"G#!A<9823%6$CMK,D;I&P]^?P]$GL3V-)))/:?M^.223_\+-(?TG[>W^3V
MZ\!G=FB^OV\%BLY:IXG)X3N_@=:OQY'4)MB,^7I7LQ4FQL%)4=]=RUB:K(*F
MSV%08'PE]1D:T.??QV!@GI]C^R=>U$U>Q6[5:"D\,RF-X)%UFBS1RH_!1D!^
MI7 (_,#K<O<+/<L6[\MR6S+**5U9&L/9<+(^7@FD :9!%S/+)++)X4CLTC.\
MP5R2W&?RZ*F*HT\%7Q%?'U:AR6*]&BH14H0U2MPA%3J>I7?TEXH*4-.K6-J&
M)8ZT4,-8O"@Y/"'W[[8:#NW=/N1=S^MT<E:O9K<=3MWXY+..R<FNC<VSWX.+
MV/LTK_R7XUCZF1416$D@G@\HI(XI9XY#T&7SM'"M@9MAV:+6XXH(AAK6S9B;
M7J\=6!((%_!Y[S8YPL:(#,83Y./*1C*69G%W,;&CN1W$MQ>=B%MZVIXY%E$D
M4RS9VYPT:\@A?(\JQ\0WW!9>.I,^&/L1L'Q0_$)VS[/8<QT\/<S^.V/N%;FJ
M5[RKVXP4XO['6 G+5H#DJU<TTL,LEA69DI*;)1EYO@?,Y?)08&M<N2PSW)*=
M>N9IWB3TNS#'X,,:&4(L[I5B*K&(W<0"4!5/+Z!Y"#@S@[A:?O R&"PD-[&8
M"GE;F1:ECH;=B?%8R>>*Q8FF]'\>Q4BL7Y?&:4WDKR6U@=F;PV[+?H[]3K?!
M/\#G=[XS>YN#Q5??^XM*7,Z_1HR6I+-S"XZQ)KG;W P&^(R;6QY5J5^Q'5KP
MP6(8$D>%$B:1HL_0E9#7N\6]?$5\2&1N8;?MOH8K)V\7LT=M<E%)G,CFLM)L
MUVO>$/\ :-Z>WBWPD[01O+CJ\4U>)V'FA+?I@._N'.X]N_A,T*<8[3>T>/Q&
M6W'%46%6D-BL5*\.JX1_EF$!_ ->E-V;SB18,IE'DD\98!RD?^P\4\-CM?\
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M?=#-8_:.YW<O:<7.PQV>[B[IE</9L1M^VQ63V'(W:5@(Q(<3Q2)*DO"OZ;@
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M8#9]F]]=CMM+"RZ?D#*H:/E(V%/B#0WZVM,0.FF(WL-Y$=I"Q-*A(C<+&J6
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MF%EF9R69V\^(S4L1V\[IZ3O7Q"R=V))N\_:/N=:RXU_*TL+WMTK5_H[@]O\
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M2A99;<'B5XV#R AKKQXKX\>/ \>/MQQ[<?T<=!F5069E50.2S$*H ]R220
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MXEVD/^5WN9_CS#?]&:W_ '[H?RN]S/\ 'F&_Z,UO^_=1YT.C\ >!OX'<,?\
M86,_V;L?LW=\W^-CO(_GMQ)_XEVD/^5WN9_CS#?]&:W_ '[H?RN]S/\ 'F&_
MZ,UO^_=1YT.C\ >!OX'<,?\ 86,_V;L?LW=\W^-CO(_GMQ)_XEVD/^5WN9_C
MS#?]&:W_ '[H?RN]S/\ 'F&_Z,UO^_=1YT.C\ >!OX'<,?\ 86,_V;L?LW=\
MW^-CO(_GMQ)_XEVD/^5WN9_CS#?]&:W_ '[H?RN]S/\ 'F&_Z,UO^_=1YT.C
M\ >!OX'<,?\ 86,_V;L?LW=\W^-CO(_GMQ)_XEVD/^5WN9_CS#?]&:W_ '[H
M?RN]S/\ 'F&_Z,UO^_=1YT.C\ >!OX'<,?\ 86,_V;L?LW=\W^-CO(_GMQ)_
MXEVD/^5WN9_CS#?]&:W_ '[H?RN]S/\ 'F&_Z,UO^_=1YT.C\ >!OX'<,?\
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MC:<Z>JD<6]]OAKP_:[MC\'V)6G6Q_=;NCM/<71.Y^QQ7[V4Q-[9<-W4K]O\
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MKC\[B)9$:YB<C&AT\$X17BEY6EIVHX+E?EG@0]NE((8 J001R"/<$?\ K_\
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MTL8EE \G'GZ3U@G/EZ:!>2 !YE69O+G[<'QZJL],#E+')8EG\O4#>9XY) 4
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M5XF(*F1$1F)#CV!)"\'CVXZ85!'E>2&-Y16KJSJX\D>P5_Y0N/ID;RX\/I/
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M+EZ>R;0%)ZSO*DE8Q'UU#R<EZXDX6<*?L"/;K%CID'(E4EC4#7;/$]F"*L7
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MLP_;>D_[(&9QP[LP+%"YY! Y'(X'MSU(6L1V!AXDDCBBC$MIC)%-S)P96;Q
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M_P#X0X?V)9N5!^*\!KS]/$/]E.\,\A_L@S<@WM=XJ$<S-K(63NM4T1_2B?\
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MJW8\9CYJF1K3'$8LI'L%J3Z,G>:(AZUB >$-0I WU*>>YWZ3<$_![OW Y_\
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MGV[IYWM=3Q6?P>!D[?ZE7WK9-M.9?:]OV3(V,3C]>CAREV*$QWO7$#A(M#=
M^*OO#VN[=W.VNB6],P&)R$34K>RUNW^O'N3+A9<M4S=K67[B>FFP2ZQ>R%*)
M[F%L//!) ]BK%)##8<=2K_[,.^)*?%=S<'EV[/;/BN[V[S=QMZI[=V2TS98\
MANCXC%X2IGJ/XD)/PNY@Z6&Q[ZS)!ZDFNWXI,AC)8;,SMT=?S=?]&O9]H_W]
MCM//<SX!=@^$JWH7<FSN^M;IDM:[BX[2^X.G=RL=IO;_ %6UD\MI57:X\AHF
M;V^QLN)V/2I(LA+J(V#<M<H35MRIVTK46KQU;O6B/Q*)VW7O]W;;L_=UV]VR
ML;=8NZ=+J56W2UBMCK]2K:L8K!0WI);$F/PN1DN8R*[Y_+9%J[7:21U)HHU6
M>[/Q1]X>^&O8W7^Y>1U/.R4I<;8R&V5]$US$]P=MLX:F,=B+.\;Q1KKF]KGQ
MU!8JE9K\B*L,%<2)(T*,->>@;]NM_#W?KO7N^_9V'0Z'0Z7L=AU0GCQ 5W9W
M2...-&DEEED<1Q0PQH"\LLLC+''&@+.[*H')ZH[I&C22.L<:*6=W(554#DDD
M_8 ?[A[];+]G^VCQ&MN.Q5VCME?6P.+LP>+8Z*0 QY6RDG+)E[">]->%.-IR
MDLGSLWE##>.N-L1P%@;&;RKAF&XJ%%'5;&1N,I,=:$'9"CZ\\W*5@A#2,">5
M'VSW,=SO%7?=QO0X.X8A,:N5M9O-31.]#A_#I(JV<E=9-<Q',(J=4,LEVV\5
M>,H&>6-Q]INV::Y6CV'/012;-;B;PB=0QP%290#C8'#O&]N0 /D[J -)(?DH
M"*D):><.J          <  >P  ]@ /L.J]>:G%?%67XRS=O.YJ<S6K+D1Q*6
M\"G65F,%.JA)\.O K$*-EG8O+(SRR2.WT/=V'=GPKW1\&XK@GA"DM7&XZ,/8
MLNL9O9?)2(@N9C*3HB>D7[KHID<@)#"D-2LD52M7AC'2-G-AP^N4Y+^9O0T:
MT<4TI>4L680('<1QQJ\LAX*@^"-QY G[CE9Z@?O)KUS(38[-#([2V-Q6!VN*
MSKN#UZEF\?EK=BG2M4+&1EBKS['5L4WQTM?&Q859%OSY%H+L31)&\>%A,?!E
M,C'2GG:!9(K3(45GDEFBK2RP5XPL<OTEB5$B0LG)S..=D&W#QQEQ!8X8P4N9
M@JQVEKW\1#;,TD<4%/'W<K3I7\C.TD]?Z''U;$MN4(YDY(B4BF(\)O0QV_\
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M</"CL!X ?0$^\9<_<$>)X!)XY/78-P?2-R^PD=%(.AKHRZ(/L.AY$$ '6^W
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MI$TROZ\_HN"'7U#[^L?8@@^F3[,.L9@NP3,HC]:G[K.HD'G83GZF16/BLK,
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M*J??WZ5Q7DD<R2.PD162-F$+?3(O#@*A*D>P!+\MQ^Y^? \G6L4,R1O$0GD
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M:^__ /Q/\?\ L_O=O>W7_-_QA^GM#G0ZF/\ D(WG_&&I?ZYE?_#NA_(1O/\
MC#4O]<RO_AW1^RMW;_PTX?\ Y?'^OM_I]Q[']37W_P#^)_C_ -G][M[VZ_YO
M^,/T]H<Z'4Q_R$;S_C#4O]<RO_AW0_D(WG_&&I?ZYE?_  [H_96[M_X:</\
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M ,G\2?X ?F>EG8<!D-8R]C!Y.2G-=K0TYY)*#S256COUTM0>FT\<4I;TG7U
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MAWK9<+I^IXYLOLFPW4QV'QJV*M3YJVZL_@UJ]-7IUHTCCDEEGLSQ11QQN[.
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MO1]6*VTDC<DN\8].1 6#%XQXLS(HX4E@ 5)/M[=9@T 1B9%)DC::1_$A6C'
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M8DGTUC]0!5+EF7]F0/WN']F$A')XY\>/;CH!UT/GU!ZZT %79)Z'KY G6R0
M 0.R$ZZ_[O=[]#^GR/YR3 RI,T=A95,J\><9<QD)_<UX9#Y-^\O)"D@ ]*$2
M@(H"*A8<L%4*69A[EE!8!F^Q 8C\N3U@A2507D2O'&ZF0B,-Y>2<CRD<_22J
M@\$>X'^0]&8R64L3'PQ/IE/)@8S^ZQ+C[G\RI''Y#@\](QV-;&M@]/@  .@
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M[5-8OU8:TE.UG@#?OXF%8%DIXN8FO2G:6Q&HD=CU28X %^E</X;.4Y #XBR
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M)6'EV)6+^$&*^%H"7QN0Q<WB=5$/THDY>K?1<@_;.UX3W_&*&A$(?3&A$PO
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M<>2V:YE*VK59L?@:R:C03'49<=A:5&SE(DR#9+YC9IX4#[#?:5OEVNY O,:
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MM3G'BQ#TSTB/?HW9M^2D$A@0I()Y' (^X)_(C\^?M^?0\EX!Y'!( /(X)/V
M/YD_D!]_RZ>-O=<C<SNN[!)B-3BLZS2PM&G0JZQC*V$R,6"!%:;8,1'&*F<N
M7>?_ "S:NJTN5X'S1/'6.GN%^EEMES,>*UB:QM./S>.NU+6NXZSBL;%GI?6M
M6-=QDB&M@;U)OIPMRBJ38B+]E4*KU5R5N;7I$@7Q"O-X'7P^38?E\7ZW/ZG)
MS>7K<WY/:UZ3EO#YOFJN)?15D\+YTVOI1GY&J^+Z"/HU@^G%GP_6<^#X UXA
M:7(YXY')'('(Y(^W('W(!]B?L#T.0>>"#XGAO<?2>.>#_ \>_O\ ETX8-CMU
M]7N:FM#!24KV8JYJ7*3X:G-LL-BI6^5CIT]@=3?J8F5/VMK&1,*UFSS/(/,G
MJ^_L]S(PZQ!+CL! FJ5(J5)Z.$HTYLI'#=:\LNRRQ(&V"VTC>A+9O^<DE,?*
MOS%U05AY=B5BWAJW+X6AXA?3Q[\0^JJ>N'UZQ]3D7ZW:[X^0\4J:$/A>DSQB
M7TX<QJI6\2"SX7HHU)/:_%6K<_T,?XSXTG[1V;?DOCY>0\?;ZN1X^YX'O]O<
M^P_B>@2 0"0">> 2.3Q[G@?GP/<\?;I^5^X.4J[K=WJ/!Z3+DKWXCZN%LZAB
M+&G0_B55JDOR>J/&<74^7C;U<?Z2<T;06Q"1(HX0L=L5O&838,%#1P=FML@Q
MXN7LCAJ=_,T/PVR;41P&6G4VL(UESZ60:DRF]6 @FY0=5E*W75B0^M8 ^@UM
M40&LW[<=&PY*2+O\7 #\TV^46ELY4JI;%UU8Q8MF49/FY9;,[)E8@?0EYEQ<
M 6>O+H?.;,8?#I<OB% !!)4$%AQR 02.?MR/N.?R_CT/)>/+R7Q'/+<C@<'@
M^_V]C['^GVZ<%_8K61U_!ZW+0P<%3 3Y2>KD*.'IT\_=;+/"]A,SFXD%S+0U
M3"JXR*VS)CD:58!^T8]+,F_9.7<<7NQPNFKD<2,0L&(CU3%IJ5D8:E'0KG):
MPL8QM\VXHQ/E385CDKK/;L$R-[($K[&YW +5PQ\$$A9$W88 2]37?2HNQXXV
MVXB.4JUC*!7*XR!F$>39%.2Y>>2O,J8J,MZ$>09.$M-8DTWS:ZB'DN\WB!C>
M2CCD@>7LON/<_?@?Q]O?VZ'(Y\>1R!R1R.0#]CQ]^/Z>G-1VJ[CSM!BQNNSC
M;*5FA>%W T+?X9%:MK=>?6_50_J_<CD7TJ]O'A)8*A^60^G[=8'V*U)K%?5#
M0P:TJV:GSB9./#TTV62S8K156I6=@"F_/AD2%98<2[_*Q66DG1?.1B:>6'E)
M\5^;D8A?"Z%PX")S>)T5DVY?7JD<G*WUNUSQ\ASA?0(?#](KH9/3NHKR5_$L
MS^'Z+U>O9_%T@Y_QA/Q@2Q?M)0 0>2""%)#$$>Q'N0?X$#W(/0\EX!\EX/'!
MY'!Y^W!^QY_+C[].J]MU_(6=6M2XO68'U''8W&48J.O8^G6RD.+M/;AL[/!"
M@CV+(V'<PY"_D \]ZJJ5YB8U Z.5M[R579L]M:873I+NPPYJ"UC+&J8N;6Z"
MYV&2"R^#U]XS0PTU)96?#2TT5L3,L<M;AD'-82MS &Q(%\2-2WH^R(V3<C\O
MC=6C?U F_7'K\R_5[66LY<1,RXJNTHK3R+$<H K6DL!*]8R^@GECL5]V'L\A
M\!P(/!EWXH9/(Y Y')!('/N0/N0/N0/S_AT 020""1]P#[CD<CD?ER/?W_+I
M>J;!:IZUE=6CI8:6EE\CBLG/DK6)JV=BJS8=)4KUL9G9%-['8^V)2V5HUV$.
M39(VL E!UDR.R6\GB-9PLM#!5J^JP68*5S'X:G1RV26W<:[(^QY.%19S\\4C
M&&M-?+O7J 5D/ICJGD@Y-^,W/X0;E\'IXIF"&/F\3ZHA^E\3EZM]'R#JXO\
MC7_&Y/08?!],>+QO3?6]"%+QDN>%Z-^VO>_$C3\3U(OQWTEO[6[-WR7Q\O)?
M'_"Y'C_#[_;[] D#CD@>7LO)'N>.>!_'V]_;\NGY'W"RD>\1;\,%I#9.%UD7
M"2:?B7TMF6D: $FI&/\ "9%,1,Q5H^#<XM_W4<](V-V:YBJ.T8^#'Z_8BVVE
M'0O3Y'!TK][%Q1Y"/(B;6;DZF;7KK2QK7DMX\I*]%GID^D[#I2E?9 G<CGG
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M%[5_:AOQ/*3\HZ^C]S^?:KQ\CS ?-\/+XE(%O3^HCF&[S\GHO5J3>K$G,/3
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MY/(^@_6% (!<$)Q^7)Z<M"P81-*U='/F\<?C#RS^# ^*-&08N 0P<KPWNO\
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M) EC"@$@NJD'IR4@U^G',\LHLF\:TGK<0U8(O3#M%''")$=$8\^4WI,5)#,
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M(RDRLGEYGP]-O,&/V\3Y^W+\\_< $<'RY/11O%6M<$NS^1C4@A:R! K(S,"
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MW6O_ ([XCLJ=#I+_ !S!_P"/<#_M[#?]_P"A^.8/_'N!_P!O8;_O_1\QYO\
MP/E?^SKGP_YGXCL?LA\ ?PYX._G/A/A_EWQ'94Z'27^.8/\ Q[@?]O8;_O\
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M.Q^'7!'\,N%/YQ8C_;/C_3[CV:W0Z=/ZC;K_ #1V/_9-O_A]#]1MU_FCL?\
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M W!X+>WVYX)XYX'Y?EU<@Y;[@>Q]SP1]OS!_(CD?^M_+K$[IZ3L7 C\'!<.
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MU CV,7M$<A )+[ 5@&+'>R"2P*@;0*'/* ![!L=MC8]?70D<J\H+#:\FP02
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MY*DGQ (1F(]O<'VXZ4JWAZ7B 4],E>"&XY7@>*^WNOY*WY@>YZQRP%HT63R
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M '=#TX_^33_-7_=U=R/XC^L=#D?Q']8Z-GWG[SV-#W#[AVM]./\ Y-/\U?\
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M&/0-AR=O-QPRYO2(N/2U+*N\,2V,'$P'I5?%'1OJ$WU'RLP_Q!=Z<9G-9V3
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M[(W*V/HUH\N3+9NW)E@JUH@U-09)YG2.,,RJ78 L >>MA1V9[H$<C4;!'O\
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MFC8_U^C_ ,3H?R,=T?YHV/\ 7Z/_ !.CGX6]_#_L]N-^'Q^S]/OZGI7R-O\
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MAM][T=\=UUG+3W<!M?<3;LS@\GZ4T2V<98R$AK6HZLRK,$M(GFK2())(V#\
MD<=$._.X8#2OCE^#+=M@S52IJFM=JOAKN;!D8YX)J^.@IFW#:LVI())'CCJ-
M)ZEF,CS6%7D*^/#'G-LOP_=_->JPY+9NRW=;7\:MS&8NMD,[HNPXC%39'*V(
MJ%#'27;%=(9[N0N21U,;6!5[%R2*")7D=0<6Z=FN[VAXQLKW&[6=QM1PSV8J
M*93=M3SV%QJV/$K'4BR.5K^B2"K".L94#GRCA0L"O4$@RF?Q0SEB? W%GO9G
M#<16))J=N*"@]"_=N1"6.2 /Z/:EG>.)Y)H>7P'5&=]D;RR'"O G$B<#8JGQ
M[A9<?A."^,>[FC5J9?#7<CFZW$G#^!P,TE2S#=Y#DL94QT,\D,-&TLLER-GB
MKQ\@DZ\]]<+7[,=B/T@UW==DTZ>/XGNZ>JY?LG5P6SX?8;FZX>.Y0R,UZ*EB
MK5F?&5(:OKM/+E(ZHB%=W9AZM;U=4?T:ENO6[@_$*T]VG#%-\*_=&")9KE:%
M4L22XU(HDELRQ-+).[!$@4L5\&904\F&ED/:/NDV?J:C'VWW^;:[F .PXO5)
M=;S4F9LZR\*VOQW%XJ6-[/ZO/ 4G%NLBTC"PE8%>.$_1^V_='?8LWD]&T#>=
MIQ.$62#.7M.U?-Y.CC3"CR3PY>SBZ[I$4B7U)89I6Y #/!P5)=K/%E^SQ1@\
MS7X9NPQ8&.]7JXPO//9G>>[D\O?#V/0D]>"UFYF")4#05%@29G;FG>*XWNGP
M=#NLX\X.R'>=A+ECC6;A^[D^*4KXZAC<?7HXCAGA7A_PL7\_6%"7,=P76B\>
M7+A,AE6ORU1%'&M*+M=VE[E:OHNJ_HN,-N$M*UJ?<7MAW.[6[A0FMUWK ;5)
M@)=>?*<RDTEJYRO1ECFLFLT*RSLCJR-PK][,,.]&9_2%_#]H68U5NZFW]P^T
M&]ZKA\KL&*PU;8L#@=;UJGE9J66R=B#$M;QTD9]:L]I95C\24Y/7##6M&WWN
M'L#:WI>N[;MV;@K37(-?US$93-9.&E4,<5ZS!C:HDDKQ5)GCCL3+!%\O,\:,
M4<@!YZWV1[W[?7O9#2^UW=39UPN:NZ_E,K@=8V++-CL_C/&/)X?)WZL33P96
M@6CBR&/DG6U!Y)'+X@A0\UN\7)7<;5QD?"EN]3D:"$O5,[6):U7@T\)WX(+,
M>/E7Q%CL?.41:.S%2GF=9()5F+-#+_R=N%\)Q)/Q4>];#8'/U%L9#64JT%H5
M\OD.^3]EGA[)9*A9XCJ/)7#5$X8GB$].7,TJ$5FM>I25!63KSV9P/:?L-\3O
M=;!=D<YC3E=&^#?8)]SOOG1L^'@[R5ZEF]D:=6?,6)J=^.O<AJR/BZIEQZB0
M5C$H]:,(VQ;+D>]N<_1=_$GD\IC+%R]O..T'?X*MFAB\=CMLPV;N2')0Z_4E
M@Q^"7+-B,A<L"&K6K1K+6A#*GI(>15SM=W0UU]LCRF@[UA9]'AQ]O?3:U[,8
MQ]4@SK^&,GVMS'$^)JYB9N*)R;A+KMPK2$D]$8^VG=6SI=G>:FC]P9>WU6;U
M(]SQVO;"^J5Y89F6S.V7KP+C(#!*K));A:-8V#J]CD.>L:/C[(15YL1'PI9J
M8R.W/ETQ59[%>M4DK9[$WH;G@^AGE%%<39QUF8HBN;5AW$+1"+MGOW!X&QDZ
MW%DW>U0RW$5C%8_A&7BK+PX[)9#*09?@#BCAR_C6NG.QM*^=_"S'<1XFFDTL
MM:OBL?7C^<(['IR]1?C.[-_%;W%[R9#.=R<]'L781.^V*H=LUFWW0LE6UW!;
MCL&/Q%.2CKV*OIG((9Z;SU9VR$3O2K,S63$H,G6W_>3N5V=[NY;X]>QNJZOD
M*.^XGLC3:YMN1VRE/K.Y6>U5 KK^-U_#/8$>,LXNQDGCFGB/G=+-(P=HP!P
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M5B_PU_KZ-'W'[CV.9?W2_>/U]H^_M?P/X#^H=:M?%. -:U?@ ?\ M2Q?8?\
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M/3*^8C3S\O!>#G3.VS>M=TP8[\=MV:YRDE^.HE;&VKY8XY*4EAI&KGB%?&_
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M-_V3A_\ P[H?@&&_Q9C?]DX?_P .ZC?^7'M__C')?]'\ET/Y<>W_ /C')?\
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M'P['[.'R-OX6=SGL_N/B_A_FCX#[C^>)OUYW;^>&Q_[2?_L=#]>=V_GAL?\
MM)_^QU+/]C5OW^,];_TF2_[GT/[&K?O\9ZW_ *3)?]SZ/G?A3]\8K^3)\/\
M)_L_1\.Q^SA\C;^%G<Y[/[CXOX?YH^ ^X_GB;]>=V_GAL?\ M)_^QT/UYW;^
M>&Q_[2?_ +'4L_V-6_?XSUO_ $F2_P"Y]#^QJW[_ !GK?^DR7_<^CYWX4_?&
M*_DR?#_)_L_1\.Q^SA\C;^%G<Y[/[CXOX?YH^ ^X_GB;]>=V_GAL?^TG_P"Q
MT/UYW;^>&Q_[2?\ ['4L_P!C5OW^,];_ -)DO^Y]#^QJW[_&>M_Z3)?]SZ/G
M?A3]\8K^3)\/\G^S]'P['[.'R-OX6=SGL_N/B_A_FCX#[C^>)OUYW;^>&Q_[
M2?\ ['0_7G=OYX;'_M)_^QU+/]C5OW^,];_TF2_[GT/[&K?O\9ZW_I,E_P!S
MZ/G?A3]\8K^3)\/\G^S]'P['[.'R-OX6=SGL_N/B_A_FCX#[C^>)OUYW;^=^
MQ_[2;_L=)N2V#/YF*.#,9O*96"&7UX8;]GYB.*;Q9/612B\2>#,@;D\*S #W
M)ZFO^QJW[_&>M_Z3)?\ <^F-O?:S8>WE"CD,Y<Q=B+(7EQ\$>/:TTBS-%+,'
MD^8@A01%8F7Z69@Q!(\??K(J9+AV>Q%%2FQS6G;4*PP*DI;6_480J0>4>?,.
M@[2+A'O9^2_GN)</A^">(N[&YQ5?LM#A*V%QF/ARLMI8)966E-%C89(Y17CF
M)9)4/AK(-Z8AF10S6:Q*RIBLUFL4D[*TR8K,9/%I,R#A'F3'VZRS.@/"-*'9
M![*0">3)V39FLM;79MF%QH#5%P[+G?G!6\B_RWSOXA\T*_G]?RXE]$R?7Z1?
MWZMP&N;#M62CPVKZ_G=FR\R/)%B==Q-_-9*2.,>4DB4L=7LV&CC \G?T_%0/
M<CK-/J>U5\[^J=C6=CK;6TR55UF?!92/8C:F7F&!,(]49)YI1[QHM8EP.5Y7
MWZE*"_X,3QBV:_C"*%D$W@FQYB*,KZAETVPBGGZ[ Z[[;UGDP0MV(;$F)%]*
MIMVHIFI^EI2'JFU8C<^,M0<O*9Y (1K7..R-?SF2R4$D&6S68RGRADEC3)Y?
M)YGT)"JH]B%,E;L+$Q'TL5",X]F!!/6"WE<GDK]2_:R>0NW(XZOADKF1M2VN
M*<2)42"R9GL!Z2(BUT26-::HBU_2"@*H9'M]N>$SE;4M@U#;L-LN1L1SX_7L
MOJV:Q.?RRS-Z$24<7:J1WKZV)?I05:\GE(/$ D =9LEI^V8C91JF6U+9,3LX
MDAJ2ZMD\%E:.?6612U:&O@YZD63-N9?J"+5)ECX:/R 8B[+7O*TGBQW.<31P
MRF6.<$6"NHHG+@-XW+SF*-SSZ!"CS;LE>Y@2(/1;>(97I6+E;T>Q297QQ>-;
M=NN8W(:EXBQBQ/&3!SA!(Y8+I)O9&QE[,]S)Y2]D[K%/GKENW<R%VR?$+ 9\
MA<ELVY1&B^(#RR (/%O #CHFD?+3+$P2LRNG"\,_K$*%EC\>?!%4D>F>"#_>
M\'GK/)$\$S021RPLC3Q2+&JQJCQDI)%91AYI(KAH_#V/DK!N/<=8HUA:&2NH
MDA"?LFX98Y"".?-?9BPX/')X(8??CCG"9F)9V9B[';,WK'9/K,WM+<WOVWF#
MK6RZQI''&B1*J1HJK&D858U0* @15 "HJ@!0.@&@!H#M4QQQQ%F\H2BA!/XC
MU2!P/4'B6(+>Y\1^?Y<>_2:++U)/.PUB0OY#P4D(J<_0_ ^B0N."1R61N2P\
MO;I111 @"D-!&Q Y8N[,!P[R,>?(L "8T4,K?F?RL,0!=BWKR<J5\95!E5FY
M"LC*0HB!'V]V*\'[<="E1T;U@?/9Z^SIL@ZZGJ WNZ!0=U[_ %^X?TGX^_RW
MK&$@EB=Y9)I![R!7D$9 C4MSZ092'!'*@@'D @>XZR+)7DCAD$LRAHD"J'D\
M@H]QZH3G]I[_ %%OJ/ _A[7RU8III+$J>+<,BF-@/)9  6<'CZEX;ZN?8?Q^
MQ+_AT,('I/8?R)Y;U?/V ' '@$'');@GDMR??VZ-H=;9AY:'3IL#8 ^&M^0/
MF".G1/,C?VD>XC1UOR_1\>WG3HR2F2%BD3M$[$0*XE\?,D<DM^]Y#@@'W4KS
MR/?J0X/(6"LL;B-2"(O-F23A005\^ B*WLX'!(^QY^\>X91,&B,D=1XSS&'\
MA*Q(+'R/YD_WGW'B3R/SZ?5&>81I')"R!/&+GC@<.P!5@Y\N6Y]N"0"2>1UV
M':!#$:7:CE/F-!N5@5Z]3LGIZQ&SLD]3P)ACI QV0S<X( 93H*&'+R@CFUO1
MT" -*5.E?%,F2>NPADA=O32/A@Z1L22IB//[*,'V"KQP??@_D]*JPSS_ "$L
MQ6)0LGD #$)G_N@=A_<SROBT@\O(GQ(//33H?2E<+R)*\(D:)_$%EC)\N/N'
M4G@>((<C[-P.GA2M1.+$BQOQ+#$I$+JK.RN&\8>48%P>"Z\_2.3SSU'+#$D$
M*00.4$'9!+!5;J#^220"2//?PVEB@OJ\S#UBI((/K!4',I":!]8:/0$:Z#8)
M+GQ,CSBQ.*T"M')713)"6K_6Q5?&.,'U68+SR_O&W#+R>I"J5WDFKJ8GB=+<
M#,L=?R\[()*SHRKRE=1[-%+P[?O<<=,;&JMA)@LP@EB:$S11J_RA+\^DR<@2
M Q#R=R57ZR>.1T\\2)8;DC2J;,<BNJV'DE8S0MX^<ZQ(T9-=2 ''M)Y<!6^X
M,=N'?.0 I4= 1LZT@ !;0;8.QUZCJ.NR-@8P<HCWMPQZMH ;+-U('4'H%).O
M(CR*]IDT#0<SW2WO6-#PS5/UDW/.T-3Q:90K1K/:O3>E28V7C>.K').?%K2Q
MR%5Y^E@..MW^^'Z/3XG/AZU7*;MN>/T_.:CJ&3APFW971-XJ;A/I%ZPGA3&V
MX6A5IV,+7L3(L$=J2)U65T:WZ*L'Z@?X/7QQ^)WX>C7:FMAN[NEQRI+)9'E$
M,G&4**YD(+.?9?(,K#@_GQW5^)/2</V)D_22V=F[K=L,KLGQF;IB=([5]L]%
MV1-@WK&93)[#;%C*;SA1XKK]K&IF(FM1RQ2-%Z;HDLDDD4+.&&P-#)X',7[B
M64-*26".R+$-:O1(Q5VU!))#+%(;)LW*U:E' DB.XL 1@R<@.K.\?O.XEX0[
MQ^#>&,)/BY*V8QN+R$V'FP^0R62X@-GC;"8#*5J60J78$Q Q/#V0R?$,EVS4
MMUX_FIQ840LY7D;M_P *G>?M'V0[:?$1NV"Q%'MYW5%:#7\G!L;WLDUC*5+U
MW'1Y? _)0-BVMT\=8*226;'IL(^>!(")ZU?]&Y\3^Y:!J6]:IC.W=NANNOS;
M_J.M)W%QZ;CL>-CJS2R0XG7K5*.S:R8@@D)KPW&@4@*9 S<CK!\;>LY?*_!U
M\1?9^?!W:N$^%7 _"UG]2R&7QN0KX[(26=5HUMM_"<A+4BI77H3W,@^0^0EL
M+6N3206Q$6$72MVZ[%YG<_\ V6SWVQ^UZ9C->[$]D\AMVT:_<S$Y[@YW!XF'
M*Y.<:AK%.(2Y>*0,M6Q9::*M6>4QRI(75"ZGNWQ/S_+CQ5RMR,87&V2B78JT
MD=SY_P#P?S%H/-7E1JM::"_9K1N@W"(O6Y3MM2?U4?&,W %/B5LGPG@;\G&7
M&6/$MG"7,O4LXFMW>Q=X/ ^+-6IE:DT>1S<.1Q&%NW$L,(;4TTG@*\;1KR=[
M/_H__B#[OZ/^M6F-VUH8JJ,K:S-#.=RL;AMEQ)QUZ:AE4V? S8^U-@TH7JME
M'>_(JAHI"X3QXZCK9_AH[I:GI/<;=<LNI7-2[6=P\5VRVNSCMAQV2%G;,M0K
MY7'K@7Q]7TLMBC6M0^ID$L0GUV>%("RGC<OX1\]2WO(_I+M\QN*L4\=O'8/N
MOLF/I9.!:]XTL]EMFRE."Y%"[(CBM:B6948L)3(I)*@EK=CXJC?HY.Z,B+%#
M6G^,+M$WHV29HD9,?AXO3!?R)\I%X ;V]^#[>W4&/#7#5O'8^:M!>6Q8PW%.
M1DN>G)-'-8P2SPP/' :JO&EF:);++XKE5YH4<='&WW[S^\W$\1\109;(8"6A
MB^..Z/AV/"IP[/3N4ZG>*N+R>1KV,D<Y:6Q9P].U8Q,,_H,:V)E3(O'%HU&B
M79_@7^(S1NV,W=O-:!7JX&C@*6T;%K6,SM2UN^N8'(%C5S&Q:<BC)4,,T4;2
M3L\TLD$(EDG@C$,_IVZU\$_?;,]P-!T3&XO38MD[F=K)>\FK4[>VI#C)=$BA
MHV7R%K*RX]UQN3:'(UB<8\$ZHGJ'YD!#UMG\9/=ONKVF^-OXMF[78%L^V^=L
M,%HVYF3!YK:J^*U'):EXW++5L6_C@DA$\[KE;B-1K<O(W!#<[CZ/BVR/Q-?"
M1B8IZL'SWZ-G8,='+<E\*,+V]<UZLLUFR1S'5C,@:>8CA80S_E[NU?@+A*WG
MKN'KKG6.,SM+ W5GM1!;3'.R8V2S5G6JJ[N5T#-$8V]!F]433*X"PC(]_7>]
MA^"L%Q3D7X&:+BS@7/<=X:2CC[AFQ\,?=Y5XLJXG*8U\S8E48;)SFLEYK,39
M^@?%-6A)&6DXV=X?A=[P=D<GH:;GA\.V,WO(-B=0V'4,W4VO5<]F)[8H2X>K
MF\?$D4.3K679K566%']))IHFD$,BJ^\U\"O?G4NZV#[,;)1T+#;GMFK6.X.$
M.5WRC0UV?#XRY'0GA;-VZ$4:9E+<L21XOY>6:0L&63Q!XWITGM[KNKXGX.O@
M[R7<'1>XG<"S\5N5[S[')VTS8VG6M2TZC2R=FO0FS "PMD+L]&.5J,,<7@\M
MAY8T">K*?_2'SY3N5JG8#N_F<#D<7D<-\2_<KMA-%EL5=Q\OX/!O]=]4EC3(
M006'HS4,-8M4K",:MN*7S@:5.'ZQK/=_P]5Q6=RQAR<CXLX.48I<E!*:VVQK
M<1XVSD*]1E-BI\\T9(9#$DD*">*9'D@D(R,?\H3C_(\5\#\'K<X=BK\2+QU3
M/%[\-Y"O%E4ADXDB[N>)L=P_=S,4\5#+3\)96&W5:]+#<<UYZMJ"O8@WHCM_
MP#_$-H.\:+HV;';M=J[G[1%JFO83$]P*.6GBR]K&6LO#/GX!C4M8/&S4:<K)
MD36F@>0PQJA,R,69VP^$GOCWFR>\X;4M?Q<"]N-@M:KM.T[+GJ.NZM0V6"X:
M,>$HYVU"T-W*79O 4ZL$'J2PSPR2^D)8PW1KN&D _3$=NG=0'_6'M6J,RE?)
MQVVCX\"GNP Y'#_2"./?@=19O0']AAW\7SDB#?I);@D=)9(9"%G1XRS(P)\7
M :-6)"D*R@.JE;-C@KA<7<[*M;*)3X?S'%=%JPR,337(.'*.-:#\:>B1"UBS
M<DEE(@E(C @33?2C-QO?;WGSX;@2O+D.%WS/'O!_=/FHLHW#5I*>$O=XW$?$
M52XPQ2<0*V1BQ>,Q,%:M&V0IB>VSW)BL9]$[:AZI\'/Q [+?[R:['IL=?/=A
ML;'ENXF!SV2@H9:K4EKY&Y0DP$4<%F'81>JXRS9HR5[$,-B(1>G(S.0L;['V
MBW;5>UO;ON]GJF*K:-W3MYC':I:BRL$N2LVL)Z@R$60Q:PHU  1L8I#8F,P
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M,R^WZ/5^(6QK?='3^X7<+MWE-8Q'9+:]OT[#W]$NST:F5W/N2EJA@=<Q^X/
MSX.I%//DP \4T)F$8DYA;!A;NM;#L>LY+TCD=8V+.ZSD&@8O7>_K^5MXBW)7
M9@&:O+/3>2 L WI.GE]7/763MW^EAVW1;/;^[:^%O7=AO]K^[O=?NMIM^/9N
MY>MO6L=W;.8L9VIG,7AX(L)MF<H09FQC,=L.R4LA%7H10/!0AN(DZ\JMLRF1
MVO;=MVN3!9:A)MFU[)M,M"/%9B>.A+L>9N9B2E'.U%6GCJ/<-=)F56E6,2,
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M#HK\]3_]4P_Z1?\ ?T/GJ?\ ZIA_TB_[^CPW_</_ -$_ZOB/O['HMK][6/\
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MAPC1A9/":2,*"L3Q_P!S5&8_4I4>3KX $@ #R''78EH#R&^55 /-RDDC0V6
MYMD'1.N7F'*2=@=N!\.YY$ZH2[<X3>P!L="I8+RD^3'J%8ORCS[/K&L(8XOI
M%IU8-$H^I!3^_E(2>(U#^Q=OJ!^_ Z>6-B#LD5N$0PR.TD*P2>3Q2-PSR*5/
M">2@+Y/XJP]@20.F3CXQ*%^6!EG>023E(&\%C)]U"AE 4'W*^X^W('/'4@43
M%)+!*SJA_N*0QR!U]2-?K:0,%9 1_>D>*MP%8GJ.6B 3H==-L@$,-:(T-A1^
M5UY1TV.@/7:.'&RNS]4(% "M&P.@=MU)T  %#$ E0"2#V<->.>*Z]F!I'1P1
M;A:0RO[)XQ>L8BS+SP63D@<'[D+T^J4C30PQU8K-:PE-IP6"!$]-O=DGEXF$
M?/B3Z9(^YX\N.F=B:_HQ(##',Z^1KH2\3Y%7+"1UE1G9_DAPW#+]SPOW]GM3
M=BD ^2^6;VI2-+8D28)*22XC\&+0C@%V\5(/L1[\]1NV02 /6Y= ,2@!Y0=;
M4MZPT0-@$K]7996 G^,70V2RA^I73;4DH3RGE*H6(#'1 /5AH%#VGSX>MTP'
M;/NUVM[DYF')9*#1MZP6U9:IC):L]^_4Q5A;$]:K%(_HEY2"(GG8,S_O@$=;
M);IWGTKN-\;V=^)0:[EH^W&<[^XWNE8PWECX]J7!U,_3S%W'/ \ORXR5HU!#
MX23&JS?9RHY.E4'RT,'RS^K%Y1)''9JMY23,.&\)6]&-EA\5++Q^8'U'W'3I
MQD7JQB*C]!/'C7G0-9G*D&5O-)&\P#Y.BN%*@\?QZ:9<K;@K&M&ZB!<A!D56
M6)9%%B"-XU9B2"8PDKJ8B3'HD2#RTXOPAALAF),[82P,E9X5O<(335K4D&\/
MD+<-VPB1J&1;0L0Q/'; \6/0"#7;MYM/Z31^Z&S?&1J6_6NXFQ=GN_\ H>1U
MOM'H\F0QUT]L,A\I5KU+5G'DBI0CL3++=N?*V)G]00MQ(Q+A&TOXZM4TO>O@
MOVJ+6=KDQWPW=G<[VS[E48VQR2[7#GJ]ZG>BU]5E=+-=8[BV!'<,!+Q1E>)$
M#GD)BDLS7IDJPCR@]W:=0;2N%#*1"K*45>/J+.X \7((^D._%V1ZZ1RL#:GM
MBN_K5WBC:5BK&2&P?)'?D<>(0C@$CD#JU<X^XI-@6GOK/9C:*PLLD,4DZLN8
M3/1J'96Y((KT8>*$[CCC+0A1$Q3M$JOR<^Z>&C)C:^ GJ8^>E+CI*-6_-6IR
M1S\$R=WMJPT$(16R%KAZ<K;O=+%G(JF3E=[2F1M\.RWQ-Z#VCSGQ>5CA-T.M
M]_NW^\Z3VOBCAJ_B.MP[/>S-[#?K!$\@2*#&5\E6KRG'-(S1UVD1>2B])?;W
MO9A]7^$C?^P4F/S W'9^]>I=U,1E8HZUO7L;1UG&U(/E;,EB03RVI;506'%>
M)TB5_J=74AM2*@8Q2I/'8BKQSSAVAB-EYP)"/&>24HU>%6\6A:-E#<E1XK[=
M'*,,IAI^BTU::O\ ,CYB3F:HB2.6,;,I<2B:, $D?LSRO!XY,6DXJRR1I#"]
M>".&KEJ"*E>$(M?--+)=4%4VI9I"$(YF@#+X3+U1IPW=5PC-8LV[$&0L6+N7
MX*S]N2;(3NT^2X!K5*G#\TO-L,J0U(3>3HE^02-/U?MUSVWX_P#M-D*/>'NC
MJW:3;\7\2G?OM90[4;QD;6T4+7:RC46A-C+^RX&E# N3F:U5G<(EN0F-A75Q
M"L,KSDL!\<7;JMW2[-[XFI[C/A.W?PEYGX=,U6B7%-=M[1<P^-QJ9?&QF=(I
M,&DM*5Y9'*SB.2)EC?AU/+)J[ -/&2CR4Y)&GB8244J\<2K!7\$,;'CSCB^W
M ;ZQST:@K2?LWAG\!)6A\+)54CE!'D(_E.0 X'ULX;R;]TG@<]9T_>7Q3)+'
M9>W2$B2PS^ICJ<2-:BNG(2VI8XH462U9N,9[4S'Q)V 5U\-%58;7^31W4P5)
M:<>.S1BFI7L9S3\1Y:Y/%B;F CX9AQ->>W9L/#C,3A(UHX>JAY:*%G!DD=G.
MSWP@=Y]8^'KOEC^[FU8C*Y?&8#%;FN"I:]#C XV'8<7D,7C;4OKO$HAIFYYV
M)"6>.5>51PI#3=L'QK9?N5\-MGM9WCN;_O'</'?$'@^[6N;?D[&/R=.EJF.R
ME:T^HF4&*S7-3'/E:F+B2%X%DLP#R2(.IY_M$',<MF,Q"N6^@?76?U 5#Q>/
M =N2KR J?%_;W +=$F9W]-(W$C,?7>S)YQCU(V^F'Q^E0S^("H&(;[@>_'3)
MC^,<_CL9-A:=M(L;8&2])JB)6BG;*15(+,DWFLLJ1TJ_H[MLUW!:$!G<F7Y_
MN?X%XGXGK\99C&RV>(Z<O#$M'*>DL+-!>$[66N8ZO1EY2]:M8GS>0^=H(V$6
M41X5M*_H\/)T3V/XN=+V+XY]7^*BMK.T5]+U_)Z=<GU^Q\@=IF&N:HN!MQ1P
MQS"DKS60)H8Y9T+0<EBKD=6=N?BD[03:KW?[7=]- W78NV6^]][G?G6;>D9C
M'8O:\+L(OK-6Q67%F*6G8QUJI$L5MH"98FEL0J%\HIXM 3[K'*965U\6">0B
M@>P#_P"D(#C@+R"6)X]O?V'16:9XS"HD<)ZLCV5FX0*&'T>4BJRM$9.1& .?
MMY<<\]7HN.^(4MVK*RTW>]DLME+D,]"M/6LV,U!!#D8YH)HWB>"9((N6'D"Q
M2*K1<C 'LV3]Q/=]/C<5BQ6S->+!\.\)\,8:W2SN1I9+&4."K]S)\/6:>0JR
MQ6(LE4M7[1DNEF-F.4P3HT6U/27?/CBU_N-6^,FSE].S&&?XAM*[=:)H&.Q[
MULC7U3$]OK%T4?UEL.(FGLS06$=IJ<3 2 QCR]-9"S_BC^,3$_$?V1^';0)\
M3GJ^^=I:+P;GF+C5!B\N(L'%@H[F/D1OFVGF2M!:N)/'$Q>60*&8>1T4>R8X
M1(T9#2,L:HWBCD-]/F?<JOC]^?/G^^'+<CJBA25@@C*M!RQDF0>+E/NGJ\AG
M+>0^KZU'N>#QP*KG'W$]^GDJERXDU?*UGJ7@*U=?'C;.V.(BY\.-%25<I<G=
M)(PA6*1JX B 0)ANX7NSP&4X=S.)PUFI>X3R,&3P3C)6Y4I30<$8SN^$6IGD
M>>M+PWA\=%8BGDD,]ZJE^20SERVTFK=]\)K7PG]P.R9Q>2DW+9.[?;_N3KN<
M3Y<8*C!I5^MDH19LRR?-0Y)YJZ-7:*&1 Q#%U*D-L[8^.+MM7^)S;_B:PFM[
MU4S>T_#Q+V\H)&,1'8P_=$8&I@ALXG$[PRXH04JTGS?@;9GKC^URDA0<N93)
M+,U>6..9HXUF \S%$H=BH1%"'R=0#RYX5UX/B".C!6+E WAZG!'"IP0 OY)]
M@4'W8J?(@$#^-NEQSQ#CH*%>O8@$>-^;VHJ:T3M!)BY,K-1F1B"?%BDS-\^*
M>K^)&'YEA0K=S'<=P!GK.;N9"GD6FXD?B8YHP92Q"EV'BZ#A2OFZ;JH(%.TG
M!>"*P#0A:&P4.K<H[;L;]\7MGNY\/G9_0^ZV0WG;^[/;?O-%OA[A9J:K=@RV
MI27TFL8&6X/2LKD8XR\%&)X3"J0UXV<Q\^+USWQ<Z)F/CQQ'Q65M>VF+3<;D
MM?N3Z].*#;*[8;54P4R(L<WR($EM1+&AE5O0(+>,G7/"&.N7+H\\C..296+1
MR?EYJA "E0/$$A6'C[#GD@Q71XA*"I',KA>7$A*^P!!X]@0/93]0^W/2R\=\
M1RM!)+<2>>M<P-\3SUXI+$MOAR&S7Q<D\KJ9)VBAMRK*92_C@(9>8HNDB[C.
M[JM%DH*F+LTJF3Q?'V%DH4KLE.A4QG>7;Q=WBJICJ<*)!0AFLXJI)0CKQHF.
M)F6LBK*5&\V\]W_A5Q>^8/N[V8[?]TKV_5>YZ;SL>![P7M;S/;S8,1;GOV\]
M@I,53Q8F0W9[4<=)YVLQU8E9G$KJK=.KNE\4W81.T'=KMI\/':?<=(M=_MGQ
M.R=Q[6WYC&WL/@8,78JWEP.EX^A$@BIO>K+Z#R'FK#),XE8-!7@YYGC\O_6C
MC_WYZ'5L\;YA5R:5X,/37*Q3Q3FIAL="\(N57I7FIRB RU7O5':O;:%T\5""
M0' 84IW'<&--PY8OW>,<Q+PQ/CYJ/SQQAG+D5M<-E*^:P5;,5C9CK92I@LM6
MBR&)@MPN*L_.I,D#M"1T.AT.H?VW%V'0Z'0Z.QV'0]Q]F9?X^+$<_P"7CH=1
MGW#[CQ:",('P%C-',2Y:/F'*Q8X5AC(L7("1+5G]4SG(D>Q41B$'ZB_ ?>'.
M&\QQ9EH,)@JPMY*RDTD,#3P5@R5XGGE;Q;,L,*\L:,P#2 L1I=D@=H)WD=XW
M"7=5PK;XQXVN3T<!3LTJEBQ7HV<C*L]^PE:JHJU(Y9F#3.H9@G*@]9B .TF<
MO_RDG^>>AR__ "DG^>>HZ[89WN[WMO9;&=FOAP[D]U<E@*U.[G:&B7:F;M8>
MGD)9X*%K(Q?+UOEX+D]6U%6<LYDDKS  !">DON'O/</M%L U+NOV$W[MKM1I
MQ9)==W:ZN"RSXZ:1XH;\->?'21V:4DT4L2VJL\\/JQO$S+(I4;)_8![U/+\'
MHM^?_OG"_#_.'ZZ'QUSA_5W_ ":/X3Y?^9^>^'^0_']>NI9Y?_E)/\\]#E_^
M4D_SSUK9_9$U_P"8E_\ Z45/_#>A_9$U_P"8E_\ Z45/_#>C]@'O4_@]%[/[
MLX7X?YP_77VZ/ZN_Y-'\)\O_ #0SWP_R'X_H^W6R?+_\I)_GGH<O_P I)_GG
MJ/\ 4,OW?W^YH=#2OAR[D;'/W1R66P_;AZ-CQH[QE,!6DNYZEK64M8VMC<E+
MA*44MO*^E:XJ5X9I"7])U6.LIWWGPN4RF%RO;O)4LKA<E?P^5I2[13]6ED\7
M;EHY"E-XXYE]:I;@FKR^+%?4C;@D<'I?V .]3^#T7L_NSA?A_G#]=#R]A_5W
M_)H_A/E_YGY[X?Y#\?T?;K87E_\ E)/\\]#E_P#E)/\ //6MG]D37_F)?_Z4
M5/\ PWH?V1-?^8E__I14_P##>D_8![U/X/1>S^[.%^'^</UU]NC^KO\ DT?P
MGR_\T,]\/\A^/Z/MULGR_P#RDG^>>J^3?X;_ .>_^_K6O^R)K_S$O_\ 2BI_
MX;T/[(FO_,2__P!**G_AO1^P!WJ?P>B_[9POP_SA^NOMT#Y=_P FC^%&7_FA
MGOA_D/ZZ^W6RGDW^&_\ GM_OZ'DW^&_^>W^_K6O^R)K_ ,Q+_P#THJ?^&]#^
MR)K_ ,Q+_P#THJ?^&]'[ '>G_!V+_MC"_#_.'Q_1]NE_J[_DT_PHS'L_O0SW
MP_R+]=?;K93R;_#?_/;_ ']#R;_#?_/;_?UK7_9$U_YB7_\ I14_\-ZV"^&[
M,4^_VY9[5)L7D=57"Z_#G%O)DZF7:R9<A#1-4P&M5$043>KZOFQ/CXA03STR
M\1]T/'W"F#R?$><PT=/$8BL;=^RN3Q=@PP*R(7$->Y+/)II%'+%&[GV+T.@?
M+O\ DS].?BO+1K[7?@_B$JOEU(CQ[OKR'12=ZZ>>E+R;_#?_ #V_W]#R;_#?
M_/;_ '];A?V+V+_G3E_]2H_\;H?V+V+_ )TY?_4J/_&ZT7^&/#_[];^3S_\
MR_UT?ANY_5W?)?\ X;WO9_>;Q7_%_P S?$?</S:>^3?X;_Y[?[^AY-_AO_GM
M_OZW"_L7L7_.G+_ZE1_XW0_L7L7_ #IR_P#J5'_C='X8\/\ [];^3S__ "_U
MT?AL_J[ODO\ \-[WL_O-XK_B_P"9OB/N'YM/?)O\-_\ /;_?T/)O\-_\]O\
M?UN%_8O8O^=.7_U*C_QNA_8O8O\ G3E_]2H_\;H_#'A_]^M_)Y__ )?ZZ/PV
M?U=WR7_X;WO9_>;Q7_%_S-\1]P_-I[Y-_AO_ )[?[^AY-_AO_GM_OZW"_L7L
M7_.G+_ZE1_XW0_L7L7_.G+_ZE1_XW1^&/#_[];^3S_\ R_UT?AL_J[ODO_PW
MO>S^\WBO^+_F;XC[A^;3WR;_  W_ ,]O]_0\F_PW_P ]O]_6X7]B]B_YTY?_
M %*C_P ;H?V+V+_G3E_]2H_\;H_#'A_]^M_)Y_\ Y?ZZ/PV?U=WR7_X;WO9_
M>;Q7_%_S-\1]P_-I[Y-_AO\ Y[?[^AY-_AO_ )[?[^MPO[%[%_SIR_\ J5'_
M (W0_L7L7_.G+_ZE1_XW1^&/#_[];^3S_P#R_P!='X;/ZN[Y+_\ #>][/[S>
M*_XO^9OB/N'YM/?)O\-_\]O]_0\F_P -_P#/;_?UN%_8O8O^=.7_ -2H_P#&
MZ']B]B_YTY?_ %*C_P ;H_#'A_\ ?K?R>?\ ^7^NC\-G]7=\E_\ AO>]G]YO
M%?\ %_S-\1]P_-I[Y-_AO_GM_OZ'DW^&_P#GM_OZW"_L7L7_ #IR_P#J5'_C
M=#^Q>Q?\Z<O_ *E1_P"-T?ACP_\ OUOY//\ _+_71^&S^KN^2_\ PWO>S^\W
MBO\ B_YF^(^X?FT]\F_PW_SV_P!_0\F_PW_SV_W];A?V+V+_ )TY?_4J/_&Z
M']B]B_YTY?\ U*C_ ,;H_#'A_P#?K?R>?_Y?ZZ/PV?U=WR7_ .&][V?WF\5_
MQ?\ ,WQ'W#\VGODW^&_^>W^_H>3?X;_Y[?[^MPO[%[%_SIR_^I4?^-T/[%[%
M_P Z<O\ ZE1_XW1^&/#_ ._6_D\__P O]='X;/ZN[Y+_ /#>][/[S>*_XO\
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MAX+8J4J+MFL?A>1A&.LV;,[PPOD)Y5JB":U=B$#(QTW^&CNIV,P.D]X>SWQ
M8;/1Z;W3JX2S3WO2<%C\QNVIY;!SQL(,<;4,MJOC\E!$L=EJ0?EWE$\)CD,B
M[@X#XT_AN/Q+OW$RU;?<%V\T+X?L=V=[0;!%K R^\4\O#&]&]M4V/@DE3%WH
M\>R#%V^2\4L!>6.,SM"G;?"-FDO#./J3<9TL9:R&8Q,*V'N2QY#"T*MG-/?Q
MK5[<TM*O0$-CYSJWHHZB37\HU:627EE">D?>UBL[/WEYO+4NYC,<48KA[A?B
MVS)CXL/!/P[QIG,OBN"(<%Q%#DL/5JYC)<027*"<-9? 7+.5EI</<+IDZ5>J
M\D,K/+6-EU+LCO/PB?"1DMOQ&8V;M=@>ZM[N;L+7XDPF&[D]RM/SF.PNA#)V
M933BDJME#6NRFR*$-GY=Y6ADE>.-.@[>QX7&]K]?V2Y5P>[;+\.FC_"97O8*
MWC,]DM,RRMNN]=[CC;6.N38Q\WB^W=C&X.*1+,E2M=V>,33<>K&O.#X@8/A=
M-/&W^PV_=X=UV3*YG*6-TD[JZ^N($JVXY;:7:EY8(IK>2N91_*W(QF81NTP8
M,JCI_P"O]_NVND=Q/ADQFO6\YE>UO9G7;:[?D1BIX,S=WGN-4NCN?ME/$66A
MGR4M.2?'X[%QS2H]ZCADCAL+%.OCGKQ?6CN6\;D$Q,=.E9Q=7$R4<Q%?KP8N
MS'A,6E<SQ*3/-CL9B_39\G#8A>"^I!B5YHFA8+O<YFK6'QG$7#4G&,F;S6(X
MIR?%=7.\%6<!E,AQ-B+/&O%TF06K;E$.+J\3\7<4PX6APM9QUE<CP_-]%=EA
MHWH[<8_$+VBU?MG;[6972;NQ971.[W;*EW(U:IM;XR#9\#3.2M8>SA,Y+BF3
M&Y&Q5GI>K#=I0PQM$X1D+J7.O;EHR@2&Q(%0L\$<@*JH)Y)D;D2..0!$&/FI
MY"^PXVB^*#N/H&]3]F=8[9Y3-9_5^S/:6CVYJ[7LFNOK62V.T,O=S%[(K@'M
MVY\96#6UKQ1SV9'(C+ D$'K5X1IYAF8H3,LL96=B'(]A&/I5?!CR3&"?+CD$
M>_&H.*%QL6=O)BO1_0D]'T*DOC5!9-6N;PK2"1T>!;IL+"\,C1^&%,+M%RD]
MA=V$W$-C@3 S<4C)?/<BY/QCF:SU,NU%<SDDPDF3JR15IH+\F"7&26X[->"V
M+#2&Y$EHS %YY75>"@@BD4/&4(B>9V')K2,0#&R@ F12/?Z1[$ 7QL;0>(N8
MV14;DCR"\_F8Y!YN2![-(KAB/.+\NK/"4SS'B&V'9RIE1@T)+$E'\N0(4]U4
MJI8D\?8\]9A)9(66*.&4-Q&55/2D4QGP/DS?OJ"#X \#C[??CIB)'0* "-:.
M]#V>Q@"#H:/-KV]-=.T]Z_#KU/V]/UZ]>V-T#0QS%G4(0\D4:K"'9&+ ND@\
M@P  "GAO?V'N",M9Y2AD6O(\<Q]6+UYHBRJX!"*"W*J!P0#P>2>>@ZE?F'M&
MNL4LJ%&5"LA^D ,S<MQ*'Y"*%/D IY]QT0C2I*92Y9U20Q1LLQA<H@'#2IPW
M+MY>[_3Y<?NCCH\U/38!4[ ) &P>7H5!()'F=@>7N"'?3I[1[R.FOB/+I[=Z
M]G;SKX^%&]*-240%O<L7B\F#>T*GZB?;]IR> ?L![=2)B'DA^EIIH52-EDC=
M(UY'@P\%+@CAA[<?O!G#+R>!TQ\7)-;D!EBBB1F_9\J\;CQ!),3$<JQ/NY*C
MR'L/9AT\\;3C<AYY.6DY\98V#1@D$!75CY<L>/[W@$^[#VZ[#MD'FYCH\H.M
M!B2VMC^G9ZDZ'3R!X#PRE2K1GFV>A9BFD CZ$ GE !4C?F#Z_0 E[8F468V4
M)X)$OE")5/I1?8IQ)&JN)@&/UR'TP"?+W]^GIBI[2'F)8_($A7BXD1"IX+@*
M3Y,P'!"@D#@D<'IH4$,\)KQ,X^70\"0>(DF_Y.)E\@/('V\C^7U>WOT\JD8\
MX8YY8TFB1#&(E;TW<CCT?34$F55_NDG/#??D CJ.VM'F4Z_^UT=@:4^1Y=AM
M@GV==$'7;:&)5P(CS':JHYP50.V]<H\]%0#R^1)UT4]2_<?()<:&B='EFX\J
MS2"-E".WF0&;]J?'ZP3^X/M]^G'$.:N/C85HHCZ3)$"PD/UL \Y\BIFX) \3
MX^/'Y](47H5WB"101-4X2RORRM+,+7 0I$9@ JKY>?U\@'R'O[=/*AZ,L-^L
MQ$5?R;TDDB4JO$8 6&17>:)?<\#T^ QY+ @#J,67 '. =%^;K];1Y5  !TQY
M2K*>4>9VP)WVV1CU) 4D$B/DZ?5.@&+$D[ )#*P)Z$#0( (DG5=?RN?S&(PN
M(H7L_?RYKX_&XG%X]KF7S=F0.T>'Q=&M&TMFR AE01HTTB*_)\0>G!"B8>U/
MCLACK&+%.U:J3U+4:B5;D4SPV:UFM(/6,]:=&BEB8<PRJP7Q8=;'?HXI<)@/
MC,^%G)YC)UL-CZ7=K'V9\EE;D-6A3B?!YJ$6)KUB2.O5$K2" 3V)8@KR("%<
MISU%V_L1VAV[:][UVUVK[-Z'\1.U_"_\26>I]N,5O6%DPM3<,-W2QI[0]PH\
MUD]GNXK$]Q]KTB;,;!EY+^916J2RVI,=5CB 6JKPK)FL5-?K6T\9+UFD:LB2
M()/!@I20&%XDD#6K#W)(XXG7<JQ2F'G6*;PH;Q7WS5. >,:O#>6PUJ7'6N&L
M?GERM*Q6+4Y+&0SM>^;\%J>L\>)QU7"P6;62@$L5.>[4BR#5S<H^D<6<3C9'
M@R-JOAY[=6I/!7EMQ4+ IXUK43-'3N7YD:."[<"O)3CLR^<B!BBF-2!*7;_N
MCO79W8ALG;O8K.E;/<PMC!KFJU;%7\K!CKO'K15S:I7*]2<&-6@R=6.+*UI$
M!K6H@>>NN_>K"Z;IWP^_&-VD[0:-V4^2UW)_"_M65BQ=[&W[].IDNT-+]=NX
M.)MP[+Z68R.O[2TT='(XI,A'3?)9%VI6%G1H6%VJ[0=M+WP@X7N+6[%X'NAD
M/Y+MOMVL?:Q&0O=TY>]>'VE\9-W(BN5\S0'\@6+U%I9:M:MC[$TV6H6+32/'
M!*QPIN";U7*>%2RL:6:.-N9.Q:C6Y"T,N/RMG%2BG+#%(\Q$M995=41M.0P#
M*=M:=_\ @,SPG)D<_P &V+&'S?%>%X.H8>W/@[PNU>(N$,3Q;1GSM7)68:%*
M*:OD9*YKV)):[&NL@G92YCY1S/3L/6R%B>'*9#YZU<R'S F=[DT[L[SW;,I+
M&:6Q+)/),[>4D[,S,68\OBK7C1)C'7@@FB*@TC LRP"RA]3U#!P9_74^1+%B
MJ^Q^W'770=OOAXR'<7NUI?:GL!VGV/N7VTT'M5E='T7:=Q:/3.[.5WQ,/-W"
MS5FM;S.+Q[SZEC5DL8K#4LW7-,W+U^P;3HL2R'H/9+X%]C;>*^/AUF?'X3NG
MO'PZZYD'R<5@6-F[@8;%;!J&[C(M?C^9QW;W(5-@PN)RO KR5J\<8^8]8N6U
MN[/(W7"1YO#G<]R'QYK%J.)VJV9(YE#RU8E,D1KV))HU5GC@:I*6*7JHG6Q\
MJ?AW%U5L6> ^.XE7'XC(25:]3"V;->IE\;C\ACK$E6EF;#PT[L&6QL%"Q)X<
M=JX,O314L</99*_%2OA;2XZ3)28J4XM,FD-._#CK%;$5;4,(F%6&[Z8B>U#'
MS.:0F^9:,DE."";:20L%E2O&Y>],9I60E@QY\IXPY!5WX" GW\258$GKM+VX
MTSL7L.T[KI5G ZK8[4XOXK]HP&)U6SFEJX;*8C3>R6<QHSSQC(J(Y\YL&+;+
M-E8'6-\A+7DA<D)$4_M[VH[)]Q,CJ6=PO:[M5ALUENRNA[?D]?O+DLMVZH8Z
MIW'GU;>:E6J^;AM5^[.T:V*RZE+D,H/+()=ORTRBADP5[M+EHQI5S&-E>2Q9
MKLF[7K-12 V9X/"KO$\#O9@6N&:.:5F9FB3E8BJ7Y4V(Q_IQRW!O$]:.G7Q=
MKQT;&^'!'FUMOCJE\3WXK$-V*/'7VR305[-2KX*(D\TDT:'CD(JBB['Z-2 \
MQ>N[QQ<2*Q'AZR*/;P4^*<@G\U'OTL6=4SN-S=/7CJF=KY:Q5KVH<-^%W!EK
M4%^LF0Q[PT!%\Y)%?HNMNKQ$?F*CK,.8CSU./Q(=L[6J[GL^^4^VR]JNW6P=
MQMCTC1M,R\IK;3BJVI5:;F2_K\MF[=\):L]2QD<R;$V.GR-X1U9?VB+UU_V:
MAVOV/N=KNXRXK1Z.]:5O7976H=[J[!X9O/X/.?# UZ]%L$S9;Y7\.PV4@HU*
M0HQ54QTE?TYI'L22J<+#< R9";+5K-U:4V,O8JLGBPSQQW:UT9$R6JXEC292
M(J(L5%L10K)',!)X3-&KOW&WR@JG"^+X5S>.PDV=Q_$_#O%63E%2]2GFPV7P
MGX+P5<7D)*EJ:E*HR.??'9=\?9NRU)ZQ>LEF%)I$\_RTX(BX%<),UCU!&\!$
MB3OQ!Z7''J"8.!%X!0Y8E .?;HQDL#;P.1OZYL&.L8K.UY!#D,5E:,E&_48A
M+$5>W2F1)(9%C='\719 C*S^Q'75R+MAVYQOPUX'N;A>SVM;IDKVJ8/+X[*)
MB,I=[AZQM_\ *3<H;QW"[A9"+/PQQ]OH<6OS6I/7Q$T44@QUJ=_1$\LLN]V-
M.^'KNIW\DR6[8G1=?M#XH>[^CY#8:N=>*+N0V%[.X'9M%.^36LH(+53*[BT6
M/_M";$8ZU%$<)!;@EMO(,Z+NON24EE;+4HK<[</25H9A-#"U;.M=C5I;#P$)
M)6-:*:0IN(UW8O(DP2%F"7Y4V*AS%BLO"/$5C#XU>.JN5M5'QUK(PY7@F+#V
M3%!C(\AXSU;<=VU4!E"SC(Q1K$DE.*S;3AS+'$'59Y$90 0?30UX  O$*"1"
MP$_'"J2>2#X\<^V3TX78S!0DA8QH9(4B=U(#?+@%0SUG(Y///)'O^Z .J&Y:
MCV!T75?B W+8>R^O938L%JO8=ZFDYFW4UG%8C?MBM[#A]MSVK8/![1L62Q&M
M6V6OF#J\F4MV*DM:CZKQ5N1(R_AW[8=C]D^&[(;3LVJXK>]JO9ON7A]U;SQY
MW32,=C=6AN]NLI@;.2VK7H=6P9RZR7LCEY,;G#GY/6PR1Q2^",TC@*R;D5%<
MKC#,]#(9!]"X##!0R4V+"R(U-6:66>"64Q0>-)#4CDFE5=%&E2_*#PWX.6N)
MWX5XI7&5.(.'N&XI0<-*MS(Y[AJKQ1(U>1,J5BJT:=RM3:Y=]$K7LG;IU*<D
MGC2R5^>T6&R-G%Y:_0Q=F7'X6*K9S-VG0DGI8A+LXKTILB\*&*JMJR/0J&=E
M::4>,8<J1U;6R^8I8K*XRI:R%7%YF2C-F,-3G2.IEY<;*TU">]%'P++4II&L
M0"4GTI&)X+^Z]J=*T3MQJG9"CB(M:[30=HMYP_P>7<INOZR8ZSNG<W*7NX,<
MG<^IOE63.B>G@=?L3_*Q4VQ6-CQB.\9MS_442J7PU]J=91*V<TKM'F^YS[A\
M4>9[9Z3=W? C6]^M8O)4Y^SFE;7E,9L"UTQ<.!L3W,3K\^0QUNPOR\-F=6+!
M7H=UF26.D]7)5>>:C7GMN\=R-(FOY%\?%7@,<#R6([,)66!D4&\/%6FLR&,R
MPEOE5\,&QF:^4X7R;PT^():6&B2?$33VXL3P_6XAL7[\=F^E;&V<1DHG@R7B
M3:X<=J$N5EIVHK:5^+,<H/E"AY?AI$0AD(5>#X3(2/3+$@E0%7QY)_,]+U;!
M9STI>,)F5:OCOQVTJXZ](*N))5/Q>3]CS!AO-E1<B_C1\B )26'/6#M#V1TS
M+X#=4[O]KNQN)?;Y>]*V,5IUO'V<CV@V?3=3DR.'UV'<[&]2M1QU_*U(FUO#
M8+$[')<K7++7\JD!XB>FXYK";ABK^SY3&:!K>FYW]'UJ6*AV_1[L%2[;M0[7
MJE+<]8:!,W;G8Z=2DFDQ6#M44L0F[:\EN^7,-F#NUE-%[ES*Q5V:.26"J(9#
M,RP*&FDM>+X0IIR34BK2J6\6P\$PAEC*MEY#Y3M$9HXC#\+6+\=>Q%6O9-LI
M0EIFQ8L0UZT&)-)[)S%EG@S;/'48AZN-BR-&2]C[1GAXMG_\/]?0Z[<1=B_A
MOC[@:]C\WH7:S':O7W#9,3VA&*VRK;_EK[.5>Q^?V2UNV_20YNT\><H;K5I1
M4,N?P.:ODG.*BQLSPJ6YW_%!CM$^6^'W<-'U+5M&D[B]B,%M.VZQIL\\F"Q^
MS)L&?Q4ACK7+EZ[4N3X^E3DNBY8-BS,?F710ZCIHSG %[ 8^U>L9/&3^BS&(
MUJYM^/(D;8V.2=!+6B18Q)E*IA#LCV*S"W"K5WC=Y=P+W_X3CWB'%8#'\,\2
M4?G6BEM,G>^:&H02V*_$-VM2D:IDK,LE@U>&<FEUH(Y8L;E(GPUR2._!8CBU
M7Z'0Z'4#[;\[#H=#H='8[#JA53]P#_E /_7U7I\ZW'VQ;'$[E+NR9?YB?@:Y
M^'G'_)^0%8D6Y%E^9\?+U_;PY"^/(^^=CJ)R%D5Q<HT?49_'R%D5:XY->J92
MK@.V_47771Z].S)G\V.'\?\ .'S3G,U]/% *7#V/.3R.Y0Y\851+"? CY-2R
M<_J%D&CS=&)X)_@K_FC_ '=#P3_!7_-'^[J63%V&!X]7NN>/S P7'_-_;(^_
MY_P_];U;X=B?\/NO_GX4?^L%GVZ?APHW\).%1Y?W9!]WEJ#[/N'P[0O]E'RU
MW>=ZQWKRX0 Z'7GS9->O7RUVBCP3_!7_ #1_NZ'@G^"O^:/]W4K%.Q(!(;NP
MQ_(!\(.?^=K0 _\ 7XZMX[&<>R]V">1^])@^./;D>UT?\W_7^72_@I[^)>%!
M_P#ID=.@]G@;^S7NWY>2?LHL?_P==ZWL_O2C'GKIURH]_MT/CU[17X)_@K_F
MC_=T/!/\%?\ -'^[J4^>QO\ R?=;_2X7_OH_]?\ ]90_R'<^R=UN/;_TN$_Y
M_P#X]/0.%?\ [)>%?9_=<G7E[!6W_O 'GY'[*+]/_HY[UNO_ -BD'P]OSQKV
M_GZ>_I%O@G^"O^:/]W0\$_P5_P T?[NI0([($_N=U>./^6PWW_C_ .>\#_(!
MU3CLA_@=U3_1Z^']_P"CGYWV_P OOTOX*#7_ -4_"N_<,K(?W/3I5T?,:UV7
M]E!_\7'>M^;A6M_XT/>/O':,/!/\%?\ -'^[H>"?X*_YH_W=2?\ _41_Y'NG
M_D^9Q/\ UBYS_P X _YNK".R?Y0]TO\ 7,7_ -[/2?@JO\)^%O9_=27^+[JF
MO:/U'8_9/D_Q;]ZWL_O7I>W7OSH]A_T=HS\$_P %?\T?[NAX)_@K_FC_ '=2
M<!V1_.'NG_S6\5_7_P">??\ YN!_3]^J\]D>/_-NZ)_I-W&\_?\ /BX!_P"N
M?Z.D_!>/>OPHX6'_ .DIR/9[J1^'V:^'9?V3I= CNW[UCO73\&,>#UU[&SX]
M_P!OE[#TC#P3_!7_ #1_NZJ%4?90/\@ ZDWGLE_ZF[H?ZYCO^^]4\NR8_P#C
M/N<??[_/X\<C_)\W[?\ K^W1^"\0_OIX6_-D;1]WNH_ ?=\.R#O.F/\ ^#3O
M7]G0\-8P>>O?Q$ ?/^CW]HSX'\!_4.AP/X#^H=29Y]E/_47<T?Y,A0/_ %V^
MAY=E?RI=S#_ER-!?_6_--S_DZ/P7A_A5PM_VA<_\/^ ^X=@=YLY('[&7>O[/
M[W,0!^3[3Q(![1[?8/S1GP/X#^H=#@?P']0ZDLMV8_O:/<K['GG+4E]_R_=L
MCG\^>?M[$>_5GEV;_P#4/<G_ &Q6_P"]]'X,0?PKX6'_ .?7O]&.^ _1V4=Y
MEC_%GWK>S^][#?#6O_:;XC]':-^!_ ?U#H<#^ _J'4D>?9KG_P"!_<K_ "_C
M54?\X M'^K_UQ=Y]F/\ %O<@_P ><S4_X_Y_GT?@Q7_A9PL-?Y9D/A[L8?A]
MWPZ+^R59Z:[LN]4__H' CV*1Y\4CWC\X^SM&O _@/ZAT.!_ ?U#J2Q)V7_/%
M]R#_ $?C50<_\_S'_OO?[>WWZN6;LPIY_".XQ'^"<Y5(]_S/[7CD?Q_R])^#
M-?\ A9PM[/\ XO)?#_-7P'W>SL?LE6_9W8=ZI/L'S'P\ONUY\5CWCKY>77M&
M7 _@/ZAT.!_ ?U#J3_F>R_\ B3N)_MNI_P ;JAM=F/[W!]PS_'G.5![_ /-*
MW/\ E]O\G1^#-<?WV<+?FMY,^[W8KX?H'YJ1WEW?\5O>K[/[B\-_#_[+?L^[
M[-QCP/X#^H=#@?P']0ZE 7.RX'OKN_L?S)SU;D__ .3JOSG9;^;F_?[=K_\
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M'W>[A_[-?F^'8_9(S'3_ .B/O4.]>5;@3IY>>^/A\/CT^!U$G _@/ZAT.!_
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M>[U?^AW<Z]G_ /D?]=#X=HEX)!/Y#[_\YX_Z^J'D#W!( ) 'N3]^0!^9/'
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MD4U8! L0B;W,8?Z9#[CA?<L6<>R^_D!_E'3TQ\L<$D3 PPSQQI+"MM'B13(
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MU*O'!7>,@*25]*%IB/V1BD]SX $JRJ!Y?4/?H[7$?BQ*QEBQ\Q&!XI,!PP!
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MW=+?G(?X2?Z-O]W0^<A_A)_HV_W=<TOPK%_XMH?ZG7_X?0_"L7_BVA_J=?\
MX?1_4JXW^&-[_LB#_;?M_4=3^N:<2?XIL%[/[Z,A\-_W)^W[_NZ6_.0_PD_T
M;?[NA\Y#_"3_ $;?[NN:7X5B_P#%M#_4Z_\ P^A^%8O_ !;0_P!3K_\ #Z/Z
ME7&_PQO?]D0?[;]OZCJ?US3B3_%-@O9_?1D/AO\ N3]OW_=TM^<A_A)_HV_W
M=#YR'^$G^C;_ '=<TOPK%_XMH?ZG7_X?0_"L7_BVA_J=?_A]']2KC?X8WO\
MLB#_ &W[?U'4_KFG$G^*;!>S^^C(?#?]R?M^_P"[I;\Y#_"3_1M_NZ'SD/\
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MD#P&-JI+<QP1AD_@2_WEE8D@GAAX'D^Z@@FD= DGAX+&I9C,L;CRG)'J$Q<
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MIZRBO$8X_F*9F64!9C*$E/K$^,;2(H\7D  99PH,/ ]P>.K9Y((UF(>P)R8
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M)7>O--.T(8OXE_ASSGPR=QNUNW[#NV$WS5/CDW;XQ>S]>GIEC,:UW3BR>?\
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M>?S2P_\ G9K_ ,:Z/ZIW@#_!O%/\AQG_ (Q\?Z?<>Q_6Y^_K_"W=O_.#.?\
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M+[OK:[+XT(;D\6/FYQ'R\Z[\1D$BIK?5VC(=5\RGK#U>O8K9]D2%8D-EU+-
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MU89((8'<DMXGZ_358I0)'X \>5/"D\%_+ZEY8<<GHV2>@ULCR4#7-["==1[
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M>0/(/,<XM2[01B1%?SD\P6_9Q#W/))]AS[CV(Y/'MQQU(F$+QB:%8_*<2(Z
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MLU9PCHS0SQI(H8<J.>DSJA[E])'62Q8659)2X=W619G'ASEPVF$C@<DO-ZS
M<K['3MDP8["S5X7K4<5+4EJ4XZ[05*;UI*%>06Z$<)CC,34X)6])IQQ[@BD?
MQX K,&[93=S9UQ=/.Q98ZJF8DV!==+H<.N=EJI2DRZT^?$9!Z<<=5I_(DPHJ
M<#CGHS;S.RW[FNY"]M6<MW]1IXS'ZM<GE1[.O4,+/\UB*>)D]OE:^-L_MZ:
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M\FXB$J%L$N/OQU6QDL_;UK':;:V7,6-3Q&4OYO%ZW,\;X?'YC*1B'(Y.I4/
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M1Y&*.\B'QXM(LG/(XZ+]8Q-&S! X+$\ #GGG^'2^FW6)/I,Y/--(3XCD\]A
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M?-G[A[?JVL9:;=-^R:5I-AP.)RQQF%U*I'2F$,V2JV1!!):GN23B(QHS0^;
M^"D;'=J=O_LU_@&NY#8&]?.=P>WFZX'8$AC$;U]MQ$U^U0*1$.\+BQ!B+<"%
M/40-&54<@EEVD/PC?HQ):EE7Q.P8;LM<J/%*KFU#O'<=;*V(W">$K6X;V8L$
MR?W9?04\?0H&1)A<._'-?O1BIPGA_P#8WLYPJT,83T^)(X@DD8+0B<XFP(RJ
MJ6$T3@,6&^S%#Q?Q5%W*9#Y,-J_;C[P!\HNAPEX:6IGF&)L&Q'-'#.2)GJP\
M7X])^?H&AMQGI&RJ=1?AH^.?MKVU[F_%+ELIV?W[)8[=^Z-G,ZYGNT>A?K/'
M3UW&48\#@M+OU,9#2CQ-(PXTY.F WR[SW+<D]:1U,K:-]F]9U_XDOCCKP93M
M5E<3VWWCNOL.2V'3*E')4X-0P^3-^]!A]AEJ58$PL[6$62Q'*M-?5::*$*B$
MCHU^A2*-IOQ \%W(WKMVLDDA\Q*WZLY7R()!!9F\C(>2Q8GRX/(Z9/PQ_$!<
M[<_I"/B"[3KK4>7@[V]]<SA[&:ER35#K_P"K]G.V8IX:05EOO8^9:,B0HT:+
MPI*L1UK%*4F=X?[G[?%.8JMA<SQ7EIEH+@H#X%F;(7I%KS2Q2M)<AOW(UJL&
MABCBCN&:P)Q70CI6?*5> ^.OE9X7NSX.R?X8\'=TG#M*3B!^.KD'I&+HX#AR
ME-EJ%&Q4BBQ5[ 8>S)F863(W+%BQATJ8WT)LA+&T/_I/?AM[?=G]A[-U^R_:
MF;6=?N:AMD^TW-2P^4R%6:S6S&.2G-LF1$=M(?0JM.8[-N:(1Q._MX'GKHQ\
M/,KK^BT'ULJI\/'=4\>H40!,/LO')+>(]O<-[J >1P/;K)^D%^+^;X>:^O=M
MF[<U=WQ_>#1=RBR5^SFI,8V&@26'"D1UTBD^:#B\;!)((:)4 X)/3J^#O,X7
M5OT>6C;#L.*.?U[6NT6WYC.X,002MF\1AH\S<R&*^7L@5I3D:E:2H8['["3U
MN)>8V(,]Q.'X<QW>UQQ5P]^"#Q^"<@F3QT.-:C3P!Y<$D0B\)1#:AFKN;;FN
M@*/XB,O.06T5Q7QAW@\0_)9[E+O%N"OW4Q_?!BYN&.)+O$D>:RW'J/-QW+=>
MR+4LM[&6J%^%<1",E(PGA6O/"XA4JOFJU_LCWHSVCU^X>([4]Q<MH\>-AM-L
M5#4LM8Q+5!!&&LI9CKLUNL/WDM5HY(54^7GXD,8QCC#)ZBB1%D)$0C/J%%8
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M>%CXO]IWOM/W0[>ZQB))]>NY[#4<=+:RN(R^MF45,KA<]4S#SB>]7AECF6Y
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M*\""I7B1??DMH?C?@>OP70P27\K))Q1F*IR61P8JA8\+3E8FJ+%DSL[7)EY
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M4E /D@,;N1P%C=5XY<\#ZBO\>?8'\^BGRY+.8P)TD<S*SU_F0OJ<?0C!E*H
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MJ -@-UV=DCK[PQ ;9ZD#IL#@7#EOHR!L'E+QCE;DY5Y>3?*6!Y>4<R#\D$D
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MO0XRWBYJE"E7FGEJQ1U7H5ZQFFD+BI+8F99;)C3J3^A?5G[@]ZPBLQ/;W6^
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MVL-9PV2X>XAK<4U*+<293B##Y#A7+18[*5DR5JS:;'6_$40S0B2U,S2;;UI
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M?F.I+E[T=WY]6;1INZ7<"72GQ@PCZE)MF:;6VPR\!<4<,;GR!QZA5 J&#T
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M28G0<15,I$7ZT:LE3=+LBQ>/#2/!D\J@8$D10<%N!XCSL:;W0[D]NDR"=O\
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M1QQUU&_1ER6JOP,W;5)Y*MFKLG>.S7M0\L]:U#"TE>PC$,JRQ3I'+'S["1%
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M)6BB6,Q^KXVHQ$@20\GQ$3@EU#<']\L1]N?;GEY49X&B2)I&K+([)(Y3QY\
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MRKRZ<&9BS,Q3ACR5(]PX<><Y"\5.;SIUK/C',\LJS+<D<A7$)C "3R#@@%@
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M?SZ4WDBE8>+SM;>",!%9 Z_F 5(,=:12WUR\)]RO/'MUBNVRK+S;(V3]76B
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M;T/,< *(R']AR>3RPYY X]QFJ0+7@*!/'S8RO]9;F5@ S%G)8L1QRA]_L?\
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M39U$MC \3RI9ACV [I3R.*DBLN%V5C:]55FZ&50=KT5Y/\?O[_Y>?S_YP?\
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M;VM''J-)8+Q/6 D:0 &.6)B4C5P@X/B>6\3]B?;^FXOU=CS!W[R#M=:4=.I
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MEU0Q67;RY"L8T'OR@Y\9.8_?D*"!T\L>D7HS58(+5995)\*WA.UME\G)DE'
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M*1QJJ(BC[*J* J@?P  Z"JB*D:A455"H@X'"J  %'/)X'')]S^;'D\]5Y!)
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MFFK03/&>9(8V]NM*N\^T-G]K;"Q%&QNJMZ1 (;SV">(KD&<@E6;&5FBQR?\
M(V6R)0#U0QV!W6=WLW'/&$6'N+)!C,>K7LW(ATXJ0NJ+6BD&U$EV9XX8Y%)"
MQ-)83G$8#:,^4QW\5>Y?NGL<68B2O;XCX@>+#\%P3H3&V2N0-.^2M59?#E-;
M$4DDN3P21@O:%2C82(6F9&#LFR9?;LM+F<U*#+Y2+CJ$;EZF%IR$'Y*F2!YR
MN%4W[Y59<A.OJ,$B6*%$/H=/3MKKM+<>Y?;73LG+8AQ>X=P]+U/*34W$=R'&
M['L%'%7IJ<C!ECMQ5K,CUY&5E24*Q4@<=>DM&C3QE.MC\?6AITJD205JU=%C
MAAB0:5$10  /,GJ68EF)8DGY[LSF<KQ#E<AG,YD+>6S&5M2W<CD;TSV+=RU.
MQ:2:>:0EF9B= =%10J(%154,OH==FN^'Z+VQG._.Z=F/AHP&Q=L;?;&AEY[<
M'Q,=PX=BN=\H"]^SKNQ=H,CHN$RF'UW&7<=A<K$V'[@Y# YJS?:OZ-%HHYI5
MU-D_1]]W*[9O'6^Y78:ONNI:5VXW[?>V,>V9[(;[VYP7=C:=5U+1HMTIT<#)
MC*61RUK<\)EEAIY"U$,.UKP=[T2P/E=FSMHOT.NR>_?HK,;J^IW:4_>_0=)[
MLZ=VC[97MFQVX9K+2:'LO=[?/B0R_8Z1\?EUP,F5P&@W'I4L5JJ1U7R-K;+4
M$>5@K8^6>S'SE[^?#CW%^&O-Z[K/="7 5-HV+&9S,'6,;8ORYK7L;AMJRFIU
MK.Q1W*=:&%=ELXBYE];:F]A+>"6*W.899!%T=CM Z230RPV:MB>G<K/ZM2]4
ME:"Y3G X$]6PGUQ2 $J2IXD0M'(&C9E.Y':GN+^N%*;&Y3PBV+$Q0M=$<9CK
MWZDA6"#*U1[+&L\P,-RFGD*%MXE#&"W6/6FW2CA\U=UO+X[8,=(Z6<58%AXT
M]UN4#PN2Q\B<\.EVGZL2<^Z3>E(A1U##6O>AW>8_O!X>GIO'%%FJD<DV$R)4
M"2"R &]&D?7,:ESE$,Z$D(66=09(E!Z$^3AW]9WN'X\I9B"Q9L\(92>"GQE@
M%D)@R&,9N0WH(6VB9?%!VM4+"A7?EEHR2"K;G!Z+]#HCC;\&3Q]+(U7]2M>J
MU[E>0\<O7M1+/"S<$CS,;J)/'Z1('"D@ ]'NO,ZQ!-5GFK6(VBGKRR031.-/
M'+$YCDC8>QD=65A["".WT54;M7)4J>1HSQVJ-^K7NT[,+<T5BK:B2>O/$WY4
M<T,B2(WM5@?;V'0Z'0ZM=LKM4?G_ +^/]_/_ *_\.J\\ $C[<D$_8@ ^7L?O
M_1Q[\CV]SU;U5@3&R@>18, H/U$<$<<_=.3]F!!]P?RYZ/=]OZ_K]_3KV0_?
MU'Z_=O?PW[.Q40I&)'B)$LIY5V!E(\O?P"L0%CY^K@\ -Q]N>K5F,1CAG_:F
MPS(DWIK&C%5\BA3S/! _OCR'/! '!ZP.A(12LMI/4$1B6=5^68@GTWE7ZF"^
M_)<L&^[<GW&6:I)(L"ETC,$KR(T9,I"L%"KRY)\U"\,?L>?I_CU60"/7/0GS
M/GO6E((];0('3ZI_)WY]EZ'[?/6Q[->SX=/(^\G>^E4D82>F;)/K_7%&\(+(
ML)_:*03Q[D@KSP5YY /MUFY4"9XP[OY%N&_9\%5Y]-78#F-N0?(\CGGW]NL;
MF*H!+(0W!"Q$@.X\P RJWU%O-SR>20GV' ' Q6"9)(XY&DA\XBG*#U.69O:$
MD\P^+>Y+<!_8<,!R":#'H= ]2=:!((V-* 3H *W\8[WU *?'W^WW^1'Z_F\C
MVN5(I)% ,D<K*LK)')],)?V:7G[%F/T%QSY#C@ <'JV:2&.)FD61/5*J%\>9
MG*/P&?PX]B0&!8K])_IXZO)DC*1PPB4(JQO('C5@4^DIQQ^\I /!^C@^W6!J
M<)E+!^1-SR#+*7Y0>3A&\N#R?9PP*J 2@ Z4:V-D@?6&M$C1!T1LZ]A&QK2^
M_L=.GMZ=#Y^[_=K[.P=[" B0&6,D*LT!6-_-OW8T9"WDC-^_(W@4(/TD#WP6
MJ9D>-B524Q)ZJ2^3NI]^/)U]I&)+>3GW;@'CCCHW6+".1((HRJ,%5%E!]#V^
MTKL/VQY^L%.21]'(8=4XF)(%AY2O ?TY(T19/?R"JREP/8?O'G@#[>_2[*GH
M0H&OAOZH&P.8#?M\@3K1.NJ@G?3V$>9U[O:#T_7J!U[>=JC&KP^3<!_;D*\+
M"4!OJ$B!BH4+]BK@^7!_HZ?E&1!X1AD6M*&$2&#W*@!0Z'D\J&/B6;Q(/!'(
M7VC[&UYED$<\51'<KY+YKY<?4_V'(0C@>P YX/\ 'W?6/E\(U'JM':0&*2-T
MC$:JW[RIY+P692/$ \DD\>Y!Z["MCV!@WP7K]8  C6] :T#O8WH>8UP/AGT(
MG">'TT?)6<@KS+U* [YR=+T)UO?*27MC'%:-_-9/E?FBK(DA19$/OY^)!\@1
M_?>04_;D >STHM5DK*1(L1$KFND4!>5V/CY)Z0)]_'^_) 8<D#[@,K'+*!"P
MB+*?%5,Q4I(.2085/(,YX^F$_01S^?W>6+K31FNRUE4V+,H7R<QV4/CYEV=6
M,<<;*>%'B.#P#]P.H[9(ZDMRG_[9>NAY$'[#S>T]=Z[;-Q!8-&FB5 UHHWJA
MF36F50Q&R H!UO1V=D=I"IO Q^8AL2S0_LU]*ORDW)^DER%/BL9Y+>2@%1P#
MP"2\*"CU%2H_DD_]MGU PB6VI"1O*YX1&4>QD!9U7DB,CGAAK!"L]M%,=.SY
M5C7F29XX[$?CS963@^FQ"'P "#DG@_?GI[8A+L:0S^LL=!Y%C>%8O<5&/[2Z
M/4YC+1#E55@22>?'QYZC5H (2&\^BA_;T#+]4$-K9(*\IV"&*@=MBX]CS!63
M>CU\,;URNRLQYF#+L#RVPT5(+;WV?>-C,ADDCL2Q0R'T+/%=9X?F4(,TE>42
M>H"W"@2>/BR#V )]G/A981-\O"DKJC<S3112&. *_(>")R@223@_,DL?-O=?
MMP4'%6UM"*"+SK5JMAI);:F)'>H04BG,++P69N"S >))('MQT[<'&B5K)>Y9
M8V)&",L?IAEAF=E]1>?-0PX"M[J2?(?3SU%KC$+('4@GE"J/,;;0+<J=65 6
MY2P/EL=.LXIA2(N3?D3S'RWI"0 22!L@ @:)WUWH%UFY8M7_ %*K2V:=:-^/
M+S1'C\5=YCZZPA)HN&]%AYE>/( _8KU!9;,3V*L5FG6]5EN<655K=?Q4O8FD
M9%+QR$JK,@]RO  ()Z1,;9>:NU>5Y$4@IZ!C$TX#<@U_/]Q))P3Z?/DQ\@1[
M#V<.,6"Y!\J*ETQ5R:4<+2-&8RB@B*Y(K^)@ ;AX^/4#$'GC[1BP>12 @58^
M521MO5\R[=4C9R=D$>JAWH_5!?H@20=G;@GV#1(76NC,HT#T/K'IL>9[/7%P
MQXV@TC^4<,Q9FO5[99X(RRE&$K+R&/DJ,$5O'D@]7U6BAG26*C#19TF4RQ>I
M.SEQXQM.PC'IEB0P/B58.2?SZ0*C53/"+5KSH5)&45HPP(D >.2-JOV,2,$$
M4K@B8 MSR.2\:#698A\@LEZM,"H8H#,4'*OY,J^(9 6$2$$N%"CWZ8YE92Q;
MF9I2-DEU7KOE7;$JSA>I5AH#7* 0S'+4C0)"J%&_,:U[2='H.NQY==D^SMFK
M)9@K<R-$'D*%Y#;]:$.0>66-$]W X*UE_NGCP""?8-%&T:S6:L9<3$0P>9B^
M:8#Z6;R^E%E7EQ X CX'))'2C3UO+,_C4Q.9LUDA8%+%)H0\OW26%G5") .?
M!@%(/YCW(*WL1G\9),MC5=MRX_#K%P&GCUM0+'7*E<?&ZSQLF5E!*P\ B4 A
MI%)'5M:UB1M)#*23S[$3KM= $;)]7H-DDCH0%.]D6'R%&)=RW*RC8!!GCYM[
M ZJ&+ [ ZZ]@.^QTQNJLZF-9_%?)_2\RRGV],(#P/%.8P?L0.2./;J/L[FZ*
MR6\?5DFP]BAE,,EICA)[IMFW.OA7A\ 8WBM#R@L6D(%,'U& ''0S:W*4>=LV
M8NXF(BL:_B["0)B9.:C26X@4H<<^660,8[E=I.8X0S>1  Z+6)W5\DB6MVD=
M;^KB*88E715<)Y1TYAQYUY^>,W("/E??V)]SD05#"P>;F8[32%"G*P>MOF#1
M2HX43% A5@".92=@,W3Y$6(Y$KLH4JX,JR \R<EGE*M%/"\1YH0_-S; )7U3
MS,I>7-6H\BM5MFN55?<Q0%2+6IO0JTC4#C#FVP\&KQN?5.5!\7+>EQR.K,=E
M[ABU]4V>Y8>WFMBB=K&KV(3?C@KLZ5WCX"THZ@!DBNNX6\55$^HGK,K.V4L1
MRV-O+/MS(\!H$XSQ^57]DTC N,!^8R2%5,W,?'MSUDQ-F2.# J+.[,QS.P(Z
MW,48F>-:[>"Y/SY:#&(W)Q,Y/%B0!0!^62P01CZ-"0@+?10 'FK6#LGT/>MZ
MUMCL@-S%M.F-SRB77BN/I2 /'L#0])H_YPUKE+*1R@==:T[QRVPYVPN-QTQV
M>VPEU/.W&F&L31M-/#-X1Y62 $BO/0YX@QA):Z.67\^CU?.1T[4MS)9JQDJM
M35\1>, P-F.<?,2*K9*.>-6,UFTY DQR+Y5A]R.#RF4[-B2M2\)]U"'5LXZ^
MOB463B.4><ME!^]GD^^)K#^ZK]SSR.LV1FDBJ9*>2?=VCJZMB9H8:.&\K*D3
M( ]%1[SYQR6%^FO AB#G^]XZ0Q(S>'R %W93RI&K$-9"]&6FI#:)7:E2!T "
M@(:1++$HE\5@8XTDV\LKC:TU<EE;($,I8<S*W,&))8NQ\7M@RV?R%5]ED@VJ
MY%%#;UCY&$ZO<F?&19&=3)7CG5?[?%^-O3ED1"V.Y+R\$<='*^7L17!$VRVF
M0[HF.$#:Y;8K6:K+*V&%DKXM"7 D.6X\ 5$?(9AT1LW[;R9F7U]\1#8U<1QQ
MX=))8V+JTGX:%!6RDRMQFXU :D Y)/'!53+.;*>=K<D_]K9$A"XT+$J&%_4@
ME?WC.MG@$7?'E)@JGW//0R1B, QQ_54DB.+9/H]7S/H6R0Q;9YNO,Q+%F+2(
M))BY/C.2TAZ+-/Y&W;  'I^@NN4:50 %  "JL<=<%M=<0T8+N8R.6NW;&:CK
MSO@;U")XZ$LLC_,1")_3:O&AAKO)X&WP"G//)QW]C_$?&:EF+-7'W=/S5]:5
MC6;ECF2 %%R,WJ(.)*_#!<3("]Q1PH8,.K8II/5PC-<W4"2;8HV-K&)"LI(F
M5$R#<!8%7@#$/^]9(3QX\NBF/LS-2J#YK?R8]3S()GPI2<M$S>,TX/).>B]E
MQU?D_,@(Q8@^](B@#O*(R&);H0C(.9K2^JGH@C4CPUUI5UU(T3I%>Q.U=(#(
MI11&-[<2$".B=-(+_B-MII>;G;UE*AN8 &0_/G:L6OVUHY"2EEZ>%P-BUFH]
M9G(DAMR0K T=!(U,I="\;4E<M0$GFZJ$/3FFVG%P2RP2?/>I!EJ>$D*XZVR&
M]<A66(HPC(:L58&2R"883RC,6'NUV>S)4R444^_23-AM<6%*V%,UTRS31+SC
M:\:M)9R\S-X92H@9X$]0@,5XZE5>UVXW<%)NS6\WC]1D[@XK7IL_::G6Q>-S
M[44M-K-H2'YV&$45;(Y-A4;Y6))"S>8$9MM6CD!^BF8 R2,45R4415&D9V2K
MZL488G3<L<2L".4$EZ?G,5.0R6ZM<R>CUHDL2QIXLDDM^."*&.6\!+:L-&JH
ML0>Q89&7Z4CEB84^P17<A@UH9"U3A;.Y'%W*TV%M.,C+2BXD@%AE44H$?F2.
M[_<YO;Q)4>[AGRU.MDZ.)E,JV\A#8GK<02M 4K%1()+ 4Q1.?(>FDC*TG]YS
M[<R(VF:AJ"=S,+F>XUC;=GQ&5J#0,KI=*+8>W^TFW=YSDDNS6Y,7=QN&Q5!@
M<--%BK4N6M*U>2.K$OJ,O'?M>U_-WLIHG;[ X['9+18]1NXG=U7N,(\I<H0U
M]@V_"RYB&O\ A&=OW(WM84UHW_5X2^C2>0@.*9:M:.18[%B&%$#QA8G%FP29
MK<9=A!$$!@EA'/%9EBEEAE@E@YH)59*(<S?LPR2XS&7[\DPBGBGLP-BL:4]#
MQ%N*,2Y"PM@B[6R#"&QCZ%NO7N4LC3R!K7JS12R/\)WPG9/XK^\.-TV+'_A^
MO08_Y_?=R;&+-)BM,BL$24JL\R(MBUF[:'%8V))9$@LRR6Y(RE9E;V$=OM U
M'M;IFN:!HF#HZ[JFJXNMB,+B,=7BKUJU6L@7R*1*BR6+$GG8MV&!ELV999YG
M>21F.J?Z/GL_F.T?PQ]MZ6US6Y]JSF"KYV[7OK$9M=QV69\CBM6K.(8IEK8V
MK82>Q%.7D_$[5PLQ"Q\;O==_]R?=[6X-X8K9&PC29[/5:UR[-.@66G5FBCEK
MXN->>01QP[YYM,&FG(,H BBCB\*_E>]_.3[W^\6_AJDT,'!/!62R.)P5.A8:
M:EE;M:U-5N<3SRF&N;-C(K&J5.:-HJ=%5CK,[6+=FV.AT.AUNGMR1VT0_29_
M$SN'P?\ P/=_?B#[?P8Z7==%U[!P:S/EL'D]HQN*RVV[?K^FP;#;U7"O'F=J
MCUM<_)GAK&*DCO[#)CTQ%:2.6VKKP$@_2,Z*V+CRT_\ [$$[FV.#)6LYY?T8
MN\5==_$5D6M8KC+OI$F'JS#(%J:X^3*26J]QDQ<AEOCP?MK^E\E%?X$NXDY+
M*(>X_P -\A91RR\?$9VM 90> 2I(;@D \'GKCXGZ(W]*3_8Q7^V1^)[LU#CY
M?B&/'PP1X!)^T5GX:5[_ -'N^NP2]RY==BW5?B3_ !2O)EVV-JWZM_J^!H35
MI56'*1G9/]7Z_?[/S]D_X?/TBNY9_P#2#?"MV3QWZ53:N]O9?N1'M:[6=Q^
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M!(E6E2HQ^E2IUJD? 'C!"B<@  <D#R/' ]R2?Z>C/0ZK2**,:2-%UH;"C>@
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M%6JQRS2(A.QV<'0ZM\EYX\EY'L1R.0>.>/O_  ]_\GOT@4]MU7(9_-:I0V7
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MI'5MJ2.WAU!! (/((Y!_B#]CTE7,3'<N076N7X&KT[E00U[30U76Y&4>>:(
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M2#8"]+6'^:Q6J/+ZVQRQB9ZSUUB2YXS**M.%5#4+*^/SCK&K&3S)/ 0US#9
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M>+ !I,G:+6\I(Q ')>]//R3S[J>&(X/3QZ\N^\_/0<3<>\3YFJP>K8R+059
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M^'<I T5SBF]'J6E?N4Y.66O@:DOAVXUL(K9>6.%%B?&M*\^<         ?8
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M#F<,!OJQ(8 [1@ H"D#E7V#SZG86/9@BIS:("E6;1TH&M@!@S,26))9NI;9
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M#/"."Z!?84I[#DK*4FEP7HM:KY:651E*$OR[XX-Z"$QR$2?.%>"R%EK^7,O
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MY8XTC02%U;MB&;/4('>U27,)#6>5FQ0NT[TIBQL\[QPXV\9(#*\D..H5$.7
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M-757 <3X_%9/&9^63'UL7FHHLC4R4RTX[#TQ1NQS06IA7IV[?*RM+#7ISV4
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MM5O]V^XF![=12^#38'7:'ZWYZ-&'D4ER/SM'#5IEY"E8OG &##R(7D[W:?\
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M>42,03$&4J3H\I5CS,0K-[=:&B-C1ZLSKHSSMZ?S"$RP>SR(D;6)1+R$)\N
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MTA[^3AMV)=0UA19V2"U#'-6@=;L:M3#RIW$JJJA5 55 554 *J@:  '0 #H
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MBO)(LH;EP_BJ69.8ED#<^G(L8XEC((+-P@XY'!]^I!Q\=B:*P[15R98EB\2
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M)#EX8(+I9(X+%:TK59IH)Y):<@DB26=&$GIA^#(H8-(.0Y^H\LU\?9JW!9;
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M/AGJWU?^?_>WL_&=:Z[\M=/+D]3MD*!SCU5ZR>ZH-?CBGS]"]X'3>P1K?/\
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M[W9& 2QZ10@TK6Y&5"L6:V&N+F:LQ.P+"6'#^C5)C"M'\T09"LA0^B?KE_\
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MHZJ"4)'! ]A[?F0>P[6AOS.E7E]NP"H]70 79)/D!L:.P>G F(!8*=E"22P
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M?6>GY1GUY[!)_%XY.$H$R+"057K/"E6 DC9'#$-&ZH&1A:@#(_X@1M6!4@;
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M!0  !T=C]1VY)?IEPC_#!J47G&D[]X]5:'S0.2L>'V1I@J$'GZ./(C@J/?\
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M"ORZCVA,A!$7E^_X+P01R/<CIRT)(_:*:>9()HHS.PXL2D<@D* &6-0X^D\
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MN9C M<!.!(/D?E/$#UAQ^-%?(D^IU)*N3MRHOBS"7ED7I8$-A25M),3RV90
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MS&V>[.&L5MLDJ&Q7KV:&)V?$Y-K<6-CC2F&>C?A5O0@/67!8X$CDFE>CFYX
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MR-CIK6M#R)V//9UKJ-[.NNNA)3?EOVZUY#X^T_[_ (=-GSI4?1@#QO/*2Q0
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MGN<P0<I#'!/*\(]>,"P ZO(SE"\C$,2J*WIOS]_;F,VPI5M] X+^(=G70 J
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M6NX7](Y\,^0Q.!Q.J]VLK7VSMIH>0QFM6\1>[D:]C=)VG+5\SI.*QT-V:?\
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MW]@/?W_RGKFM,76)WB!,R*9( /<^NGUP<??W]54X_/G[>_71_'R"2I$?-7<
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MV1O+'7TV5X>XM>&8_-V_F$OFG WJS@<(FQ!2/&!1\N8@K>)/66M\B?P@K4U
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MV*W'&D-6.[9A @CA=_&US&O@#;\V5?08*Q@^7+R<@AU ]^EBJT]*&K;GCIM
MWJ(WA 0]>5G\(065F]BY^K@>_'M^?+)(C)TT$;9'(&(+$@:(4N^N@(YF4>(#
MYLVF&8I!(.R=C>_8-$>9( \_6\^GEK6@3] 7)Q8FMROY5HI(PKJ&-><#S5UK
MD']HA'*#DO[D ^YZ/16BTT4?K>H8T2:9H*TGE.A'CX3,Q/A(&(9D '@_T^W1
M18+(226X?39S],I?U(G8CVD@C;Q>&93QZ2$%?N6^XZ4(95@*Q+-(T:1I--;E
M_;&;RX#U@Z*2A1@&\/'Z/=3S^6*Y4@D!2/)577*O0<VFT=G9( 4[!.SU!(K'
ML'OWY#7M Z]2=C_3UUHGMDJK5"SK7;U%+#U(&?VB\N23X,2W+\EB#Y>Q)4 '
MV$"TXG=HDBC9N5@*H8BZD#R7R9O%PSD NH  ]BI//6!T]._5EF$7U>LI:.-S
M)(#'Q&)20"?$?8*IXX'/ ]^LSQB6QQ*W$ !+03.CB24?W.6-5)*1)[AP_'N2
M>#^5HCS/,2&4$Z.P2I (.M%CO770.F).CU[+]_ZZ^)/3V^0\]CME]1FE"R1F
M*-8_.9I5#0MPQ#1@@?6#]RX)4^ZE>>LJS"8\Q,IA7]]^"5<$^*QPN."KHX^O
M\O$CC\^BTTLB(I*0JHL>G&H=G0H%)#Q>GYMYG[!2/MP2">.J1Q!F;Z[42L 9
M?4=3R"6*B"3@! 6Y)!!8 @$#GCJCE&NNAH:!\]$$!MGS+?#?38V.O0UO]1TZ
M@_K[.GOUV-*BB::1@I#E?#Q4@K[<,S$'B4C^]9^?#W ^YZP1R2.;40D6549E
M3[>L3XC@L3^S7WYY^@^_'/M[&YDBCC"&M(R $L@9?1B"GE6X=@6+#E_H+'R^
MX\N!U:GHR2B02>HLD+%_/AO8M[J.>)40CW\?'CGDE@?N>8V02-#1UT&BNMD$
MZV-]-C?4[/8&C[Q]O7RUUZ_Z]$[(]_:R*P665K1C9(44&./]H% /BOG[>F['
M@!E1 /8G]W@=70PA5 D;U/!F<1.QF=/,EXR&'BI'N/%2#X\> X/5)[ BA,T$
M7K")V$J_N>BB\ .J%5+<D^(\>?;[$CWZQN))Q7E]")9QY.&:16@9.5;@HC>;
MLJ\<\*#&WY>PYK'7UOJJ3[U]4@#IRG17>^I/7J/=U4=/+V'V=-?K_IWV,M-X
MIZK,>5*Q.BQGCU'*E.8SR\;<?;DMP#Y$G[=9(5E\'$A=6+/XLQ5V12. 0%"@
M!3]05@3S[,W6"6PX(\E(+Q.(RGJ>/F?I3QY3@'DD*S\,/OP0#UGJ+,M=/69O
M4!Y/G(9) >![ ^(X // ^P/)\B3U2?+8 &S[=$^_H-#H.H/G[NFNP.GGK?3R
M'MZ??_J\^VQ%CXD-VH=O\/VW[>X[ =I<)7QD=+:\MH%:3&;GW&NJTC393;]R
M8G/R+,LGI+A\=<J8J&)500N>3UJUM,E@P8TQSYZ-Y,YC_5DPD2V;$B-*2ZY$
MRMRN.D;@VY^6D4D,0Q)Z<?39V:!K"8:,5<A949VC)*V/R,>-:LD99A8M-(0;
ME0'VFHIR\P(X]P.G)\E=R$]7TZU),E6)8*\;E!!6@BBY4C@@^CKPII06"*GB
M/MWYY&):,TN&L%P]4R0PF*K49,G;DO9&Q"LLEW)7;$YDDLW[[F>_=FW(4C>S
M-,8( E>'PJT4<::P]XX+ MXF_(<_-&^9VG$>IFH$ACKJLM;*5(Z!0MZE.QZM
MA:DC'F6.NQX'!ZAOK:#N-K=S+:WFHJ6(S#6Z^S7LO5EL9:MD1,:$,EII*=1>
M9DAO59+U&AC(A\Q#/-$6)4!3JZK*ZJZD,KJKJP/(*L RD$?D00>O0+N$SD.6
M[OJ--9$:S@K-K'6$#1EUCDF>[5D*QLP5'AL^&A.N9H9!K:GMX6_+BX,M\+]_
M6=R[P21X[C;'XKB*A,T<RQR31T8,1EH@\R)S3)D<;-8E1=\D5RLQ_;1N[I>U
M2+$3[7JL&P7JV+U^;9M?BS^4NTI\E2QF#DR]-<OD;N-JR0VLC3HX\V+-JA6F
MBGN0125H98Y)5=4$>Y _CUO!V9^ _?>]_:/6.[.N=V.T. GW>OWHM:5VOV=]
MJA[@;7!V#L1+W#FQ4M'&V->2&GCY),Q!+=OU@*T*TV62[:B5-T]N/^W6\=VO
MT96IX#>])[9[?\(,U?N'J^B8K?,9N&+W+ ]DM]_DU[R0Y>MFLO@=:JVLA6V^
MUVZL7\EK6$@FGCO;"E2GE+\ZUI9VUGQ7<']%XVQ8/!:OV[['U*R:9W V/2][
M[\+O'ZL1;C/W'O8_5M$^(O$ZUZ\U6M!VOGDS^!MU8[5R385PU6^Z05XO+7S<
M/T6?>;4HMOC@[V?#]MN=U63,4J6J:YF=J_&]MSFKZA5[A;IK%":[BDQ6M9W2
M=%O8_:-@@VB[5KBE=AKU;$MI)50S?_18=T,3F?P++?$-\/>$OU]7[F[=DWSR
M=Q,'2PN#[14\7<W?*W+>1P4*V-6K_C%&MAM[QZV-7V.=Y'P\]J"&20'8[;@Q
M6OT,\VJY>C<S';>SA[7<;6MFUZ*' [/@>[6!P,?<."MM^E9/(&:WD=FTNYK[
M6<MB[%J>K-^I#1PU*!M47L/S^_2*=RNU_<SN?V3L]H]@[69[6]'^&O5.W>2A
M[+0YFKVUUK/X3=-RNOK6K4\_%#EZN-JXC)8RU#'<3U7-J28DK(H#WH_HN.Z=
M[!8/;#W[[$XW2\MI6W;SD]LV#']S=?QNG4-/FUIK-#9,?E==K9T2YG'[3C,U
M@\K4QKXVU0!Y!:U3FE7;/Z)+O57V.SKC]]OAXGFQUSN5@LS;QMO><M+C-X[6
M1Z[8V#MS6P%?"1[!LFYW*6V8'(TJ&O4[D<%:[(DC6;%:1&.QVY7=#HU>IRX^
M_?QU@$6,=?O8ZP#%/ PL8^W-2G#5[,<5FNPF@?FO:BBLP']E9BBG22-2O1V.
MRAAJ,N4SNO8R#P]3(;!AZY\R57Y>.]%<ODL 2/''5;C \<<J 2 21UDI=S(Y
MLOA<OLVAZ)M%7":/-H]/"'#IKF,GKBE+3Q6RY$ZZ*<V3VW%-(MU,W=::SD+,
M:'(-,HZYU]C\&,KN$V8;R,.LTW"G@E&R6:AFK11@D%&>O0BMV)![E$D56\6=
M>=R .!P/L/8=<1?*7XI:7BG#8&E,",)0]*N)I)8A=R$J31PS0R*\4ABK5ZLW
M+(KJ184%?/?L5_P=_=A73NWXOXXS5%]\89HXC#S"2Q4LG#82I8IW;5*Y4E@M
M0);R&3R%%I:\T4JR8URCJRJP>]&SV\M0:50RN+V?#R5LK<'<+9L5D*F8LY7!
M6; >FVM:Y?BJ4J&5Q=?RC=;.0>ODF 9V@9CQBM8K23A\]D<=MV2_%*NRP4=;
MUK)ZW+'9S&J6'<-L.3SE.W-B<3D:"",VL(J3O89G:I895 +-Z'7,WI(*ZDK5
M9#R% WAO$PU L"-JM)"K/'RB;F=6,LY:2QXW,P/HM\TNDHDK9;+UE\?QW@-F
M&[#)S9&3(3Q'YSK7IHH+'BO1\.O-"*F.$=;&FCX$+QR3/VTLO=W*#!;CV_V2
MAI&M1;3D,WC]FCI8[,4&CK//2U=<S6Q]W/YVG+:6M8PU2J+9FAL&$2QQ%R3D
M[6]Q8Y]1J1Z;G+UW?=?EVO3:.)JC+7]AUVN;8LY6A3QSV+!@K?(76LI+'%-!
M'6EEDC$2^98)5202JDJ>5)4$J?XJ2#XM_2.#_3T=Q^2R.)M1W\5D<AB[T/J"
M&[CK]NC<@$T;Q3+!:JS13P)+$[Q2I%(B2Q.\<BLCNK7!+CV;;U+$8+[(@MKI
M4-E7956:O*QY:O/#&6E)\7DGD9U#1-C>B<2PQD09G&6W2#E0Y'#2J\LR8PPQ
MR334,G5B3Q<L$OV?"IA/0S+CZ\4,ACO1I>6Q=^WB;4<<E[%)=2Q3KY>.F9$A
MLH!ZH@>>/Y6>Q #^TK^9>/D>:CVYC+*S6*MG.UCFMI]2"#6(E:G@ZL\?DIBC
MFEQI9@;IM%2^45E44@SF+RX!ZV J;SN%''X'#UMBR2X?5]D_7#7L-+)'/BL5
ML[/7>7-UJ,T3Q&[8-6 63+ZD5A(PDL3#GEF;7W+W'+OWEJY*IE\K)W-R>HYC
M9,S5Q&$COMD*%M9Q8TB['%$VM)YMQL->G&L-V -'X#DGK-QXIL60V)4(2-^6
M2G69?%YH"P$KV&<JTZ)$H,>A"[SLH*M!(WY=\XC1O\W8Z5&GDB\:#,Y&.45O
M2'CC<U1B_#\2/&36;TRBQZ]V"+'1.\<RY"O'S3V#=M*N1VCA=ZKPB-<)6>!8
MQ6B)I)*#RV"))+Y,@3)*73P( /5U2><G$\Y':"&VO.HWK82!/5C19RM:T0Q%
M?%P'DT;J<RV"$$B+R>)6M=Q<5D=GN9?,=E\+:K+7J:95PN';*ZWKT&2K8=:=
M+N>L-#*O9MY2&5Q=O>O.,?D<A"#8HK%RC)6"R?;U6[40YSMYW/EKX7<]H;N7
M;Q>]Q4<KO>-L6;$E)ZK6\=:HZE4K5.*>,DKP74E?QGDC#$@YHK5I-*+U- >5
M0\L;J &5(A(PCJRD )*]AAU81UY>C6#!'*U_.61A57EX?S$CGZ1HZEFA/RNJ
M37&A1I\Q4:1EEJ0X]&Y%1[F1I%3Z"M^Y2>G9K(FUJ,5.6SE;4]6>U/ZV8I+0
MO-7L6YE3UZ\9,4122-DC56+/#Z<I'UGB6NH'[>9C2,='0BCPW=RELF3R>7KX
MN?.9G!7M1QFDO<GE@I;<BU8LO<W=+@@&.RE(P8Y\:5$M=&Y7J>2""0?N#QTZ
M1!515$L4I!D+&(@A 9YE16 5 AY4!"A0.71 [,,[O)-*[4[E->:)%%R-4:8^
MB59998BLLWB1&28KSERWB*ZD= S4_H(Y!]B#]B#[$'^@CV/4W8/XB>Z^NX_2
M\?C<[BQ_)\TL.I9.[K. O[!C<=9K7Z!UX[!<IR96WKA@RMZ*# 6++48I+320
M1+,$80CUL!\.E_MAC=IVFUW,GU"G*FFS-V_R'<# YG9M(Q^YIE:4CV=AP>!_
M\HW^<(MQ,.B#T4RAA>4$ </F#>W\X0UJF4.(-IECEMM::I$BQ,+*>+*'C7I+
M#&T/.RJ+ B)>/ZZPOCF#$'AZYD,OPL.+TQ<;V*V'3%QY:W-+:1L;,*M5H9Y"
M&JW9UNF&*60X\V@(+&A!(K7_ (EN_P!K^QR/E,K#A=CQ^1TO)S4,AJ>(J7*-
MW1=:R.N:EZN.GK!JZT-=SERN]=D\;2V(;%H/+%$P5,1\6_<'#=K,EH=%J2;'
M:RV _"-T&/P[3ZWJV$UO+X#\(P==JCRX_8K*9BRT>V4YH,G6HR6*B2>$[];
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M@""?-=:WH[7X^P0PV5BD869P*\ZP518(L-ZG'T*K#A&!;W,W'(YZ4J'JP0-
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ML60JJGR?GDAR?( @>_'6&U:-:+U"L9='\5B]4AO0 ;PD92>?+D!2HY_R'WZ
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M/]K2'CZ<,OW@O<!W=47CZNKKU:HUC+@X_3W+V-0+>OG9HFD,5> 0FXH!,,L
M 7$ >UU C/\ ?IQ9S7S<Q^1CQ6.PJ6&QL&,J'+5!+3DKQ.I2M/&H]1:D17Z4
M''FW@R@^/1#9ZF/HXRO::'7,;:DR&OP6K65JCY&S-79(HO0$2R3M)$5,>.BD
M4(A50W"^XNPV%<Q*K/SR.4"B24NIYZL@)"S'0/(5TH+<RC:CE!6S/1:(2NZ1
M<L<(E:3PX0C#P[4?(K/"/I 9%+!M (=\VR58NT5%+S-+6U1&E[@,R&3,R),U
MDU$YF],_?/\ C[-0_=6,AOSY."I5J*^!XH:D/'8]GDC$.9E9H7D1Q))CP?\
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M]=J6<*!R[;GZD@'U>72ML:\P-B8WE._,$JA"Z*J@+=2%\,'2[Y0P8LR\NR%
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M"0>?"5$!CC+G@!D)X7ZON/=3OH?5)+#SW]8#UB!Y=-GFT"/6.N@WV->>NIZ
M>\^73[/L^.AOSR2&9(20\SR!N' :.-I?;W6/R!\O(_93P3]_L#UC\!*L$D2*
MQB=F,;A8W:1E\74CQ^DKSSYGD,1[<??J^2(.L$S >JC)-+&JCCU I\O'\R>2
M1SP#P![<]6ET,R2)7;YJ4",>J_*(J!B'<)SZ2L/(JQ 9CPK<<GI%^'F.I/0
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M$]0LJK,(@1Y#W+NB?=G)Y*@'R/V+'JT2J 9D,97R\)>56*&1W'"2^J2/+Q'
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M>G;+7I,C,UVPDDE$6$1#%45>3$BF,< L%\F/U$C@KC1-$JB'EF7W)GGD*L6
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M)8F#K,5/34EL%4BA5J\\L<J0S1(\#K$Y+#Y:>$.9(Y>5(+,%X\2GY$=5F*1
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MJL*O/9F?Q@J0JTD\B1*6%H ]1ZQV5&@/6YM'6U!YNG0D$ DZ\NA[9A90AD+
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M!(8=1L=>P,4WTK'-*7+J'GD\(R(."&6(M^_R_BR+QYGW/D0"">*,D9Y\)Y"
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M2+7*[ KHGIZOF= $'IT*Z !/0=.NO;VR&#(!SCEYF5 2.4EW(1%&] LS>JH
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M;GVZO8M821(I&C=/2,J3>H2G'#+SP/#EPI+>//'/+\>_)H^T^P#8WT!*[YM
M'KL ]!KR.RV^U?NZ_9U\_+J=?9]G7XZ[6!BC,DB)&5E66642I-(\B>))D0(A
MX(X\I5Y\0/8>P'65K ^8KPHZQ!V69P%=DF1D( 68@*&8\,5(7Q!Y]O8=7IZ<
MZ">2*/U5X\))50@,!Y+XNOTE?+W!B)'M['R!'5L<TG+)9C>3SY\$1 \,OO[?
MM."%\E)!$C<+[>W\$ZDG8.QT(W[= <PWL, #]@'EH#9#^OZ.OM\CO7W[':J0
MAR9Q,O 8A0L9B],J>&(!)4^I[AV8'R)+*![<9&5_74E(HYY8I&D4R^;>: >'
MV^@J?;U.0#P3X_F>BENM8LDL\<RQ2F/FO') I41\%6<O]/#< J$^KV/E_'HS
M-Z]?F6-(2K*PD0M^T>4\B(^9(Y9 ?$(WNW/"CGH8;Y#M=GIK8TN@/5)! UL[
M]H) (\]]CW>0.B/?[NGF-Z/GY^7L[7N758EF6-I)RL+B/F.-8W!Y5 /+R(8?
M3^Z2O/N.K3%'$)R1(H2-/$JOU*?(@B,D$,RJ>#])<#@DGWZ)?."RJQ_,&K,"
MHDAD'IB1N&!X?CR0\D K^\.&/V]SGE>SXH$422(W[$QLT85^ K-*)&_MA64
M#P#'[N1P>DY2" ?5V?6'LZZ(/4<NAHC8)'3KOR['EK[1Y?Z![O>/=OMGE]01
M!HD4>+* )4"MPQ^HJY!"D@$GA/J)'(_AB]501#%.TDL9$LROXJP1?9@SB-5;
MGE2>!S[^S$#CJYI98U\I(93&S(.(R)71FX!\E!)(+>_,8(51]1]NLLJ^J28B
M3(H-=Y(BOJ1(_N6/E[ #Z3P/VGVX!Z1?+KK773;!!^KT.@>@)\NGGO?EV/\
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M]@]@NZ=6O]M-CU]^SV,GU;M;L4&-PN^7:VMWZ&#ALY_)Z=L4]+"T<]6S.O\
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M]HM4,M#@WAJ+C\?%-$UJW83]ISUDL%&KO)$*J+9]6=6E>63CQ(9Y?0+*BD\
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M7*R.?$QD_NLI]UYX;WZ7\*<H9"[Q4Y$Y846-H6,2B*HM( IXR\P>#2E3M8V
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M/9(C9;!TR;)W)JM)FSG\FVEX.WW-GK8..C1R60K4[DL?:2QJ^?C39Z,>GR9
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M\O!#<$GV YCC%EFE*%G*GCD%V_P9&]O?D<D G@CGCWYZDO&.STZZL>06BY'
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M!'MUER \Z"W&)^9>PDKS*Q1F<1,>2$*KX\J"8P/3) )4]8_@$E S#3A5T!L
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MI\4'6MC94 D#VDC1 /D-'7V^6QLN.&%ZTGS:U6DIS+ZGG+(2E='Y/E*P+OY
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MTU@JV/&14F#36(_VS.95<R!N 0CEHT/NBJ>EAB,IZ!!^V!^FN;E"$]%&@!S
M :Z]22" .PS!0/,[*Z\O(D ;/4D[ZDD^TGKT'952ZLA-7(M*DY8R$U^?F&*$
MM&T\3'Q/@"" A\2IY()/!-3R1K%'9BGJSE$$<LTL)CF#MY-ZUA%(BC*JH\W
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..-A3H?F8=?>#TZ[[?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>g976821.jpg
<DESCRIPTION>G976821.JPG
<TEXT>
begin 644 g976821.jpg
M_]C_X  02D9)1@ ! 0$!L@&R  #__@ Z1$E32S$Q,CI;,3):0D@S+C$R6D)(
M-#,U,3,N3U544%5473$Q,#,U7S$S7TE&7S1#7U-!1RY%4%/_VP!#  $! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0'_VP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" /(
M JT# 2(  A$! Q$!_\0 'P   0,% 0$!            ! ,%!P ! @8("0H+
M_\0 <1   @$# @0$ @,)"@D%"@$= 0(#! 41!A( !Q,A"!0B,2-!%3)1"18D
M,S1"87&S0U)35')S=+&RT1=$8H&1D[32TQ@EDI2A"ADG-U5C@J3!PO F-397
M9':BHT6#A+;4X?%E=9:UP]4:1D=69G>5UO_$ !X!  (" P$! 0$
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MC'%<>=)^Z P!"_\ @HK2 FX[=349(.,X_)R&]L97MD_;[5_WP"F(!7E95,S
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MJJ50=N?OFI<Y'UEVFD!)7L25W*>^#QF?'_3X8CE95$J5&!J6E+'.2<#RN&
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ML@BPW-K:G#.:-BJ]RZ*< J%<,0<OM]R0"%#HHPG;Y9'"_E\C8 R*P]7<%=V
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MRZ*,A1,J0HC;/LL@(W%U!)!((!W9)SD_9PZY=<.;'=YB7)[RP%HP00,!4*@
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M((W$$GBFVEA'ZUM((VV/<&-1!"Y;BY&F_>X.AB^WPF);C 3*592S-'N5-H1
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M!I%*JS'T[!N9CGN\6, &4?6))&W.,<6,8( !54<$*958%B7RS%@"0P;L@)4
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M)!VE\')!"OND?W 8X"#:5EC!7;W&.XQQSQS+FI:#44]56U<5%11T5JADFD+
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MI6WDF<TZLRR]BGYEU-0I;Q1[%>+)2/N;7)LC:"MNY#9+8[_\SRA@Q /UAV)
MP,DCCR?Y%\D]:>(#7M#R\T1!2FODII+I=;I<IF@M5CL]*\4=5=;A)$CRS1(\
ML<=+2PJ9JRK>*!2JEI%]S]:<B]4>(CP/<F.7.DKC:;-=I=)<H+^M??X[@UN%
M+9+(LM1 S6^*2<U$@J$$!";"02^!C//7A.Y657@Z\2MSY;\V-4:6-RYO\HJ1
MM&WZVRU-#:7N5LU/6FHL/F;TM*Z7:HBS-31+B.I>"*&)C,40^B<;<!U7$7'?
M M=FU'4T_!M7D'"F4YAG*'6&64U19JU-40=6YSM.UCZZ:C0[X<(75(*5A8 Q
MXWZ,/2S0<&^B?TKY5P]F-%6>DK+^+>/N(<GX:<IZFJJ%T**C+$/YJ:=#7@U#
M&74C5=F3K'C2XU0.A;9;"L0OJ[[FC<HM.:CJ^4_.W37-#66B4F&J-#+;J6UU
M"5D<+S2VNEJZ*YW*2FNDJQ3BC@NE/ E1)$T!DBE.%BKD!X';QX@.3.J.9=AU
MS#8]3V'5=STI1Z4O=JIZ>RUDUHCM$]=77C4DM8*JU)3T=?6//&E!.5:WB%&#
M5!*>A'AC\.FJ/"?S&YY<Y>;>J]-VS0510W=J*X)=2#?:*6]U=_\ IFX)4) 8
MZF*%TIXJ61IZV>NJWBIU="&>,O#[<DO'@*\6-\HHY:6GO/,/G%>:1$#KY:DN
M\5DKZ:,%""G2I:J..1"WR*-E3@XD^COA%6896[FG"51P^_4\/\>5=?PFO.Z]
MYU".'BQ^2,W:JG75UE.JK2MWE\4/43RTI=;IG6DE*\J_3-Z1TY1GM-D'I$H^
M+Z6BXP]$V7Y5Z06^%LGIJ=;G&(JCQ#PY4T%/3M9=6-Y<XU3D^K^K9G3-K73O
M5S%0M"VN6?$)X$*_DGRC@YP:?YI6?F58::2@@U$*"UPV^CH:2Y.T"W+3]QI:
M^OCNUOIZM.A4K-Y>ICB=955BLB"^F_ W8J/17+_4_._GQ9.35WYK2TL.@M+G
M3_T]4U9KD62B2]5DM91144DT<M.9Q"DU/2^:@BFG-0W3'0L$,;?<D8(BAZ#5
M=YBE50RJ8WYB7..4*<!47!8>C:J^R#.!QTEHO0;\\/#CX<];\T>5%OYSZPTM
M;:6]:6AT_JU-)R4]NIF2*TR7E[E-245=53K;Z,7BWJKT"5E-'(JL0Z\0HO1Y
MPAFN;L+RSAL(.8^CCACBVBR2KS#B&KRFFJ,QK_ S7QZG+%.9X^XBC\,T#+06
MV]4>*XZRA 2E.QF?ID](N0<.5+6=\:*4G)_35QSZ/,SXHR_*.#LOXAK:+),G
M359!ZM0YZAGA*D8=S$.?E:HJ2V\S0^ RQ4./*6XYY;<\_!;?^0]NM\-RU]IK
M6NO+QJ-:"Q<M-(T%95:EK]*21US)JQ:20BK*1O1F.MHZ:FFIZ3>6-9)TR..;
M!HO4^D;C8;WK?1&J++I:'4^GA=IK[8*^@HJBWK=J2HN%('J($C>:IM\%6BTV
M=]1AAC!X]!/$OK;Q3\M?$;IKQ,ZWY6VS24=A@;2_+VCJJU-3Z2H*":CN,2VN
M[7:Q5,,SWNXK6UE=*CRT<<M2G3HXNC%LXAGF[XP^;WBEM&F^4.M[=H6TV:ZZ
M\TG4I<;!372DK:2K-P%LCGGGNESJ:):*F2XRSU(D5">D!O";L^;<59+P+0YM
MGU/2?G#P[F>7U8I^',@KLHKG$9NVVEA5+7YC4YHXU4T8S*H4\D-*9"$4[;*^
M1!=6A/M? /$_I6S3(.$JS,/S.XQR+-\O]<XTXPRGB/*67.'7WG*D9CE.34.0
MT[]#F9R6C:867TU)=>K7JAHN.(99<7Z]>(O37B$YE:3Y<:P\'W-6SZ:L-#:Y
MZT:>HY*&AH-6VZKBHWL)MUUEIZRWQBU4D3T(L58E-2;Y&!FADC(X\[^3-/K_
M )U^.2Q7?Q&W:'0',?EE:['/'IVYV>FI4UC6V..OMM'8**AK:E8(VN\-SJKX
M*RVI5P5!HV:FIMFYTF_E7X+_ !<<B=>V>JY5\[=*5W+J6_4=1?8GKKE':JVP
MQ5@DK8[EI.JH[G0/5U5!U8A+9JVE#U3K)'+"HWBWBDU_R\?Q[^%F:ENUEDJ=
M$5-)2ZWO,55334]L-UK;O#9+77U\4CT\%30O5JTD4\P>CCKXTEV!QQ[AQ$*R
MO&4<6<39?Q!PO4TG&7"--F7"F<9TBJX5SAXU+-$UF.0%BHFG.6I6<P=+ ;IE
MH9<;=0_S.OCY7X+<R[*OSA]'_ ^<<'<=4.8>C3TBUN2>D'AOA<T/'_#5,**H
MS2IR?C 55'%8,\<;&3,"K4_7-+J6':9RE\.GI,:+]T=Y+:?NW,RT\PJ/FA98
M-5:HNG+K0%QY?U<5(E1IBT5>^W4NL99(*PW2HMZO**BIITH(88J96,<[GVU:
MS?<X-!:BKJG2-F\6>B+SS*HZ22HFTG:;+;:V!&IPK3/*L-_>[-21%MU541TK
MRQQ^IEP#Q+?C+\,5RUIXH.77,;5-?:*#E+S%U)RXY:W6YT]>::]4,JP54,\<
MTDD:4T--=#$M%0W&&L8I)5*0@<!N.K-%<H*[E%X@M+V3EURHY2\O>15)I:OA
M^^;=;JCF;K#5E7;JC%NMM5<)I]1=.B9$FN"TOP:NDZ\\U2\>(5PKX#RW/N/N
M+JS/N"6E9<]Q10Y;XHS+B!5:Y^45.K7GC-+0/LL4]'6MJ:J7:ZKJ445*MHT]
M-3NN.EM&VSZ6\ZX2]$7HZRWA/TH/HSFGX$S3// .2<'(RQDY,BE9;X3J*_-J
M:IJZW,LL>:?H*?*\MH%YI7M.IK,PKJ=IGQW?'GD=X.[OS3YX\S.16J=8/H6\
M\MK9<JJON=JLT&H*:NJK7>*6T*E+#55ENVT=='6)74U3N,@CVQM$"6(G)?N8
M&KVT1J>Z1\W=*UG,+2T=QGFY?VZFIZZW0+2":JI:"\ZAAK&J[9>+C:8XZU83
M;&IJ>HF%,'EC4SGISPX1R?\ ?(O%.X#D?>]597:3M)O^G""% R/M)8#OC'8#
MAC\!8?\ PG^.AF60L;]4!V/4D>1EEU.-\KL6:24CTY<EPBK'D(BJM?X=]'W
MJ_R-EF89"]F%3G7%7I#X>3F1S>OI7:2FX>35/4%0:9E08J*IIND0RV2&63SO
M.5#52HMA%OXT],7I78'$V>Y-Q;2931<,\ >ACC%S)/S=RBO9S"NXS7EM+FU$
MBLJFS545"^[F+E2\D*JJF&*=FBJ*!/CK>X>\.?@GO7.[1E\YGZOUS;N4?+6S
MSUE*-076BCN-3<)K8S176HC@JJRAHJ&V6Z58Z:2NGJRU55.T=/"50LW;_/70
M5EY7?<T+_I'3^M+7S)LMLJ[-44&KK'%%%;[S!6ZVI*GX$4%351HT&3#*$J)
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MN5R24"EB!N]SQF$ 5  $(7?WRS$@Y5MI(4C)P$))7&/K'MD@W'W;(D;",H!
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M>Z1J#C=)E<%@26);# +CNPQ\AQHHK*UML-MU54VW#B4MHJ7D-P^D)> 0E82
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M.U%36W1]"Y &V6L_YRN.UB,D]#HQNH.,E<CU#'J;N VCN"64X'J;.=WI+9!
M& 5(].1^GC[#]"&5&@X+36+3#F<9C5ULD7\!GDH&$D[CFI7G4]/&/4X_,?\
M=7<0C./2HO+6G.:GX8R3+LJ*024"KJ@YF]6OLLHS"E87%B*4 Z$XS+K[MDY9
M?5DKG/L,?F]QELY  P/EQ6<-^^!.[[<_OMI/=A@G)(]NX X3+DMWRJ^H )G+
M$9P2&R !G8W;MV ^7&)R "3D'.5"LC+MR!@D?Y6U<X&<_9V]AQ\T ;0=MR?A
M<=#.D6L<$*Y)R6(&", E2%[>H*=W?V# #/N3[=J)/< JPR&8[L9P/4I)[@M[
MYP<]^X(X%:0X!  < $DD*5)/M@]NP& 3[M^GC/J;B0H5<-W+#W!&0VTX4?(*
M>P&<$G@PK B8TZ:D09F(@1[OJ6#XPQ+?/!)&?7^:%QDE3[Y[]\CMQ;=AL?$)
MW=P<IZ!V((_5W)^T9/<\(]U4.K'.[U$]R9,8(P<=@HW,,=^Q!.>+DLK%G[$#
MLS8(/8$=4#WR?2,X  R.XSP8 )-@($#OKO\ ,D$]"1.JY(*@C!)[8.?<M@8]
M@&&1D?9DG.<%XLQ7=4^H8V4X 9B"NTU Q]5LC_/@?9G/# 2=HZC(H)/U3D$
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M_6'3SG"DYR.Y";0J[U5\G<7[KGV(=@<XQ@# + =U./FWI@*1E@VX.X<';U"
MVV-R.^<CI,HR5R2XR>#$F/JRI4>Q5L%5/?I#;[X;N7()7<1D#'?GK2J9 WM
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M>]2Z%NMJMM1]]&JK5:JJ^V.ICBDC>XQZB2O2HK;=/2S1RTL$ 2KH4$U*Z>H
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M:-*@,:F)1F3<S2PXWGTJN0Q4]3#M@]FW#U#& D5F;"YC54E(+"2 Y<]RSE)
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MC?@.C9("]PPV\ZXDS[/*>@HGT-T679:*@4&6Y72N4E(PJM*%5CH!4[4/.O\
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M!E1'#*8D$D)P%&9,MOR$ (1R1C!&-N"19"P,@# AV?:4EC*1D ON8;\[BWI
M)[L=P&W' &ZJ&Q%2/!/,T.5R&CS RT=$F?:]B+@[@8"* EXD4A]92E-0269?
M'+RP]>7$\OL0OF 22!:0=BAU)?X(KA2PW^_P079I'O-+37JZPT]UJ74=:6Z1
MI6+%<99808V>N$SM& C.R@*$[9?+U9)C+8;S>;++5!4FGM%RN-JDDC@8(L4D
MEOJ:<S*,ML$I; #;,*<<, !.794]#29B21,$^[,7,N2NYB"0IW8PHP&XR8-/
M*V=J!0PC598$V]E. Q?V; 900<E@/=3P<E4%H5-4%-!7(H^*5-DF3X=Y3[2B
MH\I2#>29,J,O*7&^2B*'^7QD'P/#=*0@)+B1[+G*E"0GG"@D  ?1$;(-2ZD2
MDKJ$ZFOXH+C+-47"A%ZNHH*Z:I*^9J;A0^=-/7S3&-3-/61S/,419&?8HX$M
MUTN5GJ/.V>YW*SU91(Y*RSUM=;J@Q$Y6)JBVSTTS)M'>,R-&  0@(QPS,)%&
M#TRH"D9FA9@'&1M8/@G=EG8@CN<+GL$_B;@RHA(4J!U(N^<],C$@^KALDYW^
MQ(.1P!JL4I"R:DJ;GPU_I)1H?849*05$F4V"C.\X830)2XV$T80^1XR ED)>
MD(3^E0#"SRI /."(2!I;#Q+55-56/<I*VMEN,TJU,]REJYYJR::%@3425LLC
M5;R1A%>-VE,BNBM&4(&'&?56I;E74]=7ZAU%<+C0!I+;<*N^7>MKK>H<N9*"
MNJ*R2MMSEL2,*6>)F8,X'8\:RG4.P$1F4&0N!-"I+2)C<PWD,25+;5;'?&/G
MQ8-LV#>N![LDT2=(DL54#?@E03D'[2OSR$ENK2'$@5!"U)60 X)6A16EQ<?2
M4% *0HF23[)DX%>HK*%+]446VRTA2O!);:6@-K:03]!"F_94A,)4CV2(3A\N
M%]O%XJ167J\5]TJ3&D"U=UKZRY5C0HS"$)5UT\]28E9L)&7$2!GPH!)X;@WH
M)#-\,')#@A>^7#+VW'L2K*24#88$@'@1FJ WI>$++&"%#PN2#V/J+C!=1ZE
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M#$7Y1C6(@&PY1BFU?4Y!/OM)^M@A5&Y@0I9CW.!@.*D'."3WSWQ\_LQVQ[X
MX!B59#U%(]0*G;*0%VL W<X D)&" , >D]R<G+C'8@G SVP1D9'8# &/8$DC
M[3GM<7#)[C;<" +_  OI<],4AOZ,V.EP09! .H]QY;QC<- :GJ-%ZYT?JRFE
M:&6P:EL]Q,B9W"GCK8HZU0 02)**6HC89 (8Y../HW61*L0UD&R:"J*5=$].
MRF-X9$$P9@1M53$Z/&=KDKD%NV>/F8==Z,GMN4KD=B,@C(/R(]P?D>/>WPY:
MP76_(WEI>YF+U:6EM.W/$P:5:_34IM$LI(&85E6"&0;P',;!R2'!X^AOW/V;
M!%;G^1K48J*:FS6G22>7FI7?5*J(F%+354I) )*6O\T#'Q-^[,X<\7+>#.+&
MF[T=;7\/5C@2)**]E.8Y<%&Q*6UT&9  GE"JBPE9.)W8QC.PL\BCJ]55)28G
M CD4Y]0! #@[1N!(RPP::0A'+;/5(X=22ZEG*A^PQN56!W@X]9QD;2>$8%W+
M*LC$&53#'C*])$[C !Z0C.&*%\MN& ^2.+R&0HC]%)20T:S%]Y50%7(5,A6E
M[NT;*S;R#G((/T]^/Q]>/@6PZC2;VVN(]^DVN.Q,C[4V@.-SE8X&VEE+(-F_
MW"9<95F/=#M!8D81$I?:"KN\8:)\EB0=NXX#994&WZH7T^Q('NA(,#J/N??'
MMZ9.YY2K;4#%02\Q3+1;.T:KZU4^^9>6( -TR'&!))CNKC:C*B]VDA9&$Q!(
MWE6=6'!@D38GI.EH&MO=:3-P-)6625%)?'1$AVQI@R%QW7OD8(VMZB P^?8G
MC+S,<F79'"2K,(T3T@C.(X\#*JP/=\L0Y;(VXX1$Q;8T@8R#!VA5+- X9 C%
MD53,&7ZWUCV 8@@&C$ZL2"H !D>/M($,N5.Q<ETPO>1#@!L'<,#!@$6)G77I
MH8^O2.M\*HY])*1^A>G+L+=6(KD[ !D(0>XD.X ^V2>SQ9)26J3)ZGV4P9D*
MJOUJDXRQC+, WJ]/8G.XY[,@91$TC,,!>CZ-CM)ACM9DW;F [,)$SDC!W$=G
MK3SE#6)&A<KT"S2! Y!:H"@DC# ;3M( .#ZNYX/M^_#$2.DVF1$08.WS,D"8
MQ\VJFC.TQT,2#MO"O+N]MY?V(_D(2=V2?T\%1K181GH4W,=BX=R!G:5]1QOS
MG&#C:<=SV/#)'*C;3+L*NY4%I23D*05 CQE1[ @D89FSZ  6M4'VL77$>Q6=
MG41,BXVHH#!FD.-KEEP&"XP.Y_,A7/,>S$:E#4W@  A,DR"(MI F;?T)"F8_
MHKVC]*]N$W(Y[1.YW.IOA\BBHRN7I800G90\C++'D#.\^D(6.,>H;A@8[<%]
M&ARR"G@3;M21M[$L[CT'!.5&<*0<$C&U>_#'YD&0*K1IZ,,D;[$"L>Q!;>>S
M )N4=V /;'!:U"(-JNF BLV2)'0L-J&5PY+.N&; [!""2I&>-19<D$%(,2!X
M;4?J[<AO(($R)5UY<94TU.('(HD1?Q7A_P#Y-_,:W[O,%/;GC"O31(YD&R..
M9_0 #N958!AD_55@-P)/OWX52&W-&%2G1]Q8=FD4! P!V*_U7 R&.#M(P3DJ
M.&83(%'K?"RE249&[XSN09<]/\U=S,V1Z@ -W!<<X'92O8,%ED8(HR<RAF[G
MU$#W5,$]F/RU5ET<Q"P1S2)0V1M)NW,:3<6!-Y QD33,0/85H9_2O$GZ.WB=
M)B 1MOAY\O:@9%6%%(1%Z9=RX9-I96P@#JV>P[,3D+G;CBECMYR?*1=% =[&
M1UE:3&6&P!MB@'N =WLW;MPT+4QOL19!G;(3LR)BK$X>+>6*,NW&"#U%S@$D
M85CK8P'R%9VQV!"83)&W8OXO)P2 Q4_6).['&)0>!L2= 04-@@2 "(;@&$DB
MY*2?UC)$A3T_]!7:'7S.AO*S:^\::C3#LM-0D*5IT.&+8#D#N.X+, 7)# ,,
M9&1N[DCA8TMN7LL$91D52AE8LQ8=U9LD (&"Y&5VCU?/AJ$P1<RRKAV:38C*
MRJ%!#!"&! 48#9R1)G&1CC):C8X^-'&K^K,6S+1D!%5F8]G?(5=P4>Y'?!&$
MJ>)^F(FWZ-N#<6D-WB\$3IJ9&)BF8D'D.H_WYZ18&3^D.H,_L&#334&P@4.T
M]T)+L00I.&5".S.1M5/F!NS@#BFI[:W4(IXE9#'A3+("4W':'[#U, 2V 0O8
MG(P"'YC&<O$BJ,1M)G>5! 8[@2&8G& <J03MQCBT=4 GIZ1"X8NQ4$AV)^J0
MZN%!;>Q^J!@?F\.7M0I,R#9#8!!*3J41I8B3!T%KKU9C_BSWEUXVM$ .2(%^
MD:$W&' 06[<3T%+'W$A<J V2P (]><[00?5V8#W(I::WY*>1&1&&#&1T!?/?
M("X)_P H$XQAAV&6]:E\NW4C*(X(4L-S1$L6C ./;)!7:NY5!!P.V,=7&B%2
MZYSO= 5W)@_7"NP.$0!6V%AELD'WX4O084#]'Z*&C$0;D-C2;VWC74-+3_\
M%J'FZ\;;:.7O-QMI.'5Z6W F)Z;.<8 F/8; S*I90=R$@.6QV&1D'NDM-0
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M09&4J5]**,AF;TY^6 , E?;BPI;=EBU,@.[I$LS@!0>Q"@8))R-@)8D>^#@
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MD>]@S;2XC5&R & +%5+9P5&2=Q"OC("D+W$J?-PJ3 ,!MJ03RD6Y =)G6P!
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M'3#M@_,JY'<$DCNH)R3D;1GC!J:A+AN@I!4C$G44H,EL,Q!,@^0.U0",@DG
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M1E5';@_-/AH&?S:X9,&?Y"RVQMH?5];7-YV[G[Y7'W]?N/.O\[L^UMJ#F%Y
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MP*=5YL1 A=RKU=@+;<E7!(V%N[9.=H7)]1P0,9R7&/ZB^HL<#N0 >_L, G
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MLKD,I9=K2;9&D5NV%S9DBEDBV4PIZ:*,;DF??4UU,RQP3SJN.I DNU4Z9)V
M=<._MGCRCO(GZ/<6@]K&9$8U+S'3R-X&VDD7OJ;1$8(25(W8/%+%-*T(Z<KM
M(D<,N3YD3D1MMF)*0DH\T;G#$G"@R3ZKQ4=$ZQL)!,_3,.V.'(1& + HS,V1
ML61W*/N1MPX:Y9JJ>6%IE6HC@=9IFR:B?S1962 K&SF(0LW56-6,2LP(]98
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M;PHZWB">^G33O\.V%&WEWFXB/[8(MIJ6P$+2=:%Y7*QYFZJLF[:&20IZC'"
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MB 6LD>T;D;]_E[L(H2+A*09'ZHZCMV'P'3$2'P_\H=ZNNCXXVC"K"8[I<HQ
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MT6C(5F/4C,QN=S:4(D>X!':H)1L_6=0&<'#''8S:WN?UG^O@>7\;2_RYOV/
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M1UCN&,]NW?OGY<.+>Y_6?Z^$)?QE)_2&_8OPT'VAI\.W[/KZX,)[*[^-4O\
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M_;[# [<.? U%CRD&#GTMW]OW1^)S8^:=AWQCP-5I7>5J<U5*1T6R!2."1VR
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M*1)) G&&GIZBK?:IJ5AZIJ7W$M,4].TX^^\ZLA*&VF6DJ<<<6H@)0A*E*)@
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M#;E[:]>N^# $Z5O4HLU-,?PHXQ2L,'HR=S\8Y'RP,')'?MPOLKOXU2_]3?\
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M[V^'?!AODEG-12YHY1A*K ZU+ELJ@./CX&WL3D@G/8''"_5G_B<O^NI?^/\
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MUUBCU=1:FMM+)'?K36VO4-[N%6E(;@M' E4D]NJD$RK&#3RG:"6C5N//^W^
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MH_7PO](TG\(W^JE_W. 5NU)#+>M[I(M%4Q9Z$L4C3221+FFB4NH-1&JEVC+
M[#G] 8[C?ZNOHEET[4H*B&69ZJG3;YD4B1Y68QSKW*-VE6'J*#@YQPN4$Z&X
M!UU@)'3RZ#RP8=*C4%NM%J6KJFF9(E"[(8)6=Y'D<(@.S:H)]W8A5[DGMQ'E
MVYE2S4]5'1000(T;B-IH9YI2,=BQ 2,$]QC';/OVX9EU!>:NBBCGN,\D3QON
M0;$1U=G!#JB*&&"< ]@>X /?AGJ_R6H_F9/[!X"0"8!UF3$@S<#41^#TQD2C
M<[BW[=/EAW.LKEO=S=ZP/)&J$A9L(N <1 1;8_LW( <?/ACK+LLYB>2JFD=Z
MRE,C.LY:0+O]3[D]; 8[G+?9P;\E_DK_ &1P/4_5I_Z=2_UR<1FT7CS\NW:W
M2W2\X N(^ _M_MQBMQIU)*2NI .66.93@]B.R G.>X'OQG2JUPKX(Z*&:I9:
M>H#F.GF*QEY:<HSN8PJ#*DY8C'OPYT<M)"Q>JIGJP"I6$2F&-L'+=1TR^".P
M"CW]SCA6>^5K5E *4I;HJ:GK#3Q4.Z(+F6!LRN6+U+9(.Z?><CL #@.UIGW'
MK[HVOY@;'$53L-"+F.T=]3%K:^Z7K-4FDMM-3W"H:6K0/U3\:8("?1&)63+A
M%[ ]P,D D '@N*XTGF*L]1N[PX^%+\J>,'\S[0?_ &<11]]E_"1(EPD01)MW
M!8V>1BS$R2LZ,7<[L?( *  .#;7KJXT\]:*Z%+@&D@8.6Z$JXID55&Q=A49R
M21N;VR.)>R9OJ!-SU&_+\S[];0*5#:;Q:/Q'GB4Q<:3(/4; (S\*7MW_ )'
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MZ8.T;@;]R(#L8@,Y]*Y'S/;)P>_$&P2,](]&VUJ5:NHD$#(C1AQ*P!"LIQM
M]*@[5]PH/?A-Z6EV2?@M-^+D_P 7B_>'[$S_ *._$K2+7]G<CI'P^VX,7.2Q
M)M$QO;Y=_D;:8GYZ6GNL-/+%>*J.)*>%=ENKH5A+!4822,FYM_YH!(&T9 SG
M@^;8D-.G6ZA6JH5WR3*\C[9TR\CY&YCC+-@ G/MQS[;IGM_2FHQ' _3B9@L4
M1CD(13\2,H8W!^>Y3[G[>)%MFJ*2N,-+7VVD@E$T$IJH((^DR0R"28RQE=T8
M**S'IEU/==N" !,$B_N@:VW[Q^#JBD@3M ,XD?>G[^/_ %B?+W_.X&D935TA
M#H1TZOV=#^9'_E<)TXM=6A>E2WU")@,T,5.X7<,C("9&1W&1CO\ ;Q:2EI?-
M4J^5IL&.J[>7BP2%C[D;,9]_E_?PH&Y(L=1'V_VXC@_<G[]/^FGR]_SOEP3!
M^=_Z/_MX;_*4A]Z2E_ZM#_N<.%/VW    *  ,  9   [  =@!V X1C:?>(^T
MXDCZ0]_U'#>/RM_Z/%^TFX(X;A3OYIQYVL_)X^^8<GXDO;\5C ^7;.2>_!'E
MG_CU;_TH/^%PR!.HT'7H.V(XO3^T_P#2I?[,?"[?5?\ D/\ V#P!3T[D3_AM
M8,5,H[&'OZ8^Y^$>Y^?R^P#A8T[A6_#JT^A^Q:'!])]_A<  D7&HZ]?+!A6#
M\1!_,0_LDX2K/R=_Y47[:/A."F?H0?AU8/@0]@80!\->P^$3@>PR<X]^,*N!
MUIW_  VL/JB[$PX_')@]H@>WN._ 0)-QJ>O7RP8UO55EO-SFA%%423TK;NK2
MO+%#% RL3&RJ-IER"VYFW,#@=P>-)OEGOM#14,]TJ7:GCKS314YE>95_!VV2
M%P2D:8&R-6!R1A=O8F0M3R7"BMDST,]Q=Y6,4E0C0 4D;#O*&Z8(D8D)'@'N
M3\\ PO737&KFIO-W:Y3L)BA$LT; "*)]OHZ83>N, [2?<Y)[\2!\C(,0#!CK
MW.]MAUQ(3;2Q'2==O?K?4WU.+\)?XP/Z,?VZ\8]!_P".5?\ I@_X7%0T%345
M>R"IJW(I2[$M3JJ*)?=Y&C5$4]]NX@LWI&21Q%,7OJ(-B(GEOT-S\CB9)M(C
MVAN/QU^'>R_ T'XVK_GU_80\%BVUK4[U:O7FEB<1R5*K$8DD^2-)TBN<'/R^
MWY\-L$+]6K_#*H8G4=NCD_ A.6^&>_< 8 [ ?/)X8%C)B0-CI*3[^F"22+:'
MKO%Q[I/:VM\.*^X_6/Z^!:/\EA_4_P"UDXS$#Y&*RK]_MA_X7 M'"YI8?PNJ
M'I?L.C@8D<=LQ$_+/<^Y_P W$1$&^Z=CN#M&T_(X<F1;8VD?YM\$5?Y)4_S+
M_P#LX);W/ZS_ %\-]9 _E:@^<JCB)C@F$ ^W8XBR0?F.W!+0/D_AE7[GYP?;
M_-<.T"^_0S?EFW;\=B3)ML-QU/[>FG?%I?QE'_2X_P"Q)POP#- W4HQYRK/X
M6G<F'MF.497X7UOED]L9[<+]!_XY5_Z8?^%P6@7WZ'?E^J_X. $WL=MQ8VL/
M=?;%G_+(?Z'+_M"<$< - PK(OPNJR:20[LPY&*A1M Z6,'.3\\C[.".@_P#'
M*O\ TP?\+A6Z]-CV^\_#O@!-[;WN+63BD_**O^7'^S7@A?<?K']? $<#]>J'
MG*KZ\?<=')^$O<_"_P!&.V/T\$K3R,RJM76%F8*H!A)9F. !\+L23@?Z>&1?
M6\#8]!^W;;OA F![-HUD:=;QW_!PM;(*J<1BEIY:A_,2!5CB,@W&HD(##!&T
M^QW>DC(/SXVV>FJ;+9KE=I:84%SF!@HX>FS+'$#FKG:)@4AADC^"=S' 9MNT
M,,;+I/2<=LI*>KGK*UKF7J6=XYE6.%9)'!@$80))MQEFD7.\G:,8XVRLI#)2
M54<E75RQR02+)'(8&21=A.UP8>ZG'<?/A@ $";DP1?6;1 %_?;$"J8[ #ZM?
M>,:[I[4,TM/;::YT(H(ZJDZM#6)F.BF"B-5A2(AC"SEL1#?L;&%&".'#4$]]
MB>W)9J6EG1JVE-7)4N/3\=0L83>CQ@#+&4;]V2JJ"IR936V>-FE:[W"6"2GI
MEIZ%DHUIJ,11*%$.*<N<D#!;NBC"C/MIVJKG<[&+1,LZ2557)!%6!AN'P:C<
M@AD$:A8U+]B<R;SD@IP[$R%:1-KFXC;W&.NE\1'D#Y]?B,-6I:"^K4Q76KIX
M!*^ 7MB2LL1@.8Y)^[E'Q]63*J0O< @\:Q07.HMUYH+D8VJA#'4B3K[G1PP
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M:*TTD*F"FC::M@E+I(S2/F'W99!'D9<-V<$8P,\2#>K5'1:9N%+;ZZMIH(8
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MU3_2#^RAX(X @@;=4_AE6/P@YP8<$]*+N08SWP<$C [#M[\$=!_XY5_Z8/\
MA<!B==AL8T3O[SWM@23 @$]Y'7S\_AWM5+^30?R#_;;BU7^2U'\S)_8/"-+
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MFOY7/_1J;^W+POPW*+AYN?XM!GRU-^Y3[<;Y< #.<YSDGY8 ]CA?%Q_A;?\
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MH*FVS024T+1R1QSLKQ[1W5LX)QD$]O4"#\^+U:W$P.!-0C+P@%8:C<"9X@I
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M3]2+^F47^T)PC"+AT8?BV_'1BQF*HSCIKC.#[X]_T\)U(N&R+,E!^5TF,15
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M%^ 99I>I29H:P$5:9[0=R$ER!\4Y.0<9P/T\+]:3^(5O^B#_ (W$8) \S_\
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M-J,N4('I9AWX<J+\G/\ 2*O_ &A^(WL6H[W;YJ*@NEKJXK?%MAZLD-/U5,S
M4\0E29E)!#*D8_,!W$8R9"I)I1 1]'UQ^/5'(%,03YA\C\>",'L?TCMG@()F
M(N1N-;@[ZR>N^(&V"JC\GG_F9?[#<90_BHOYM/[(X'GFDZ$X-OK_ ,3+\J;^
M#;_S^<?;V)Q\B>W%13R]*+%OKC\-.^*;]Z/_ #_$>4P--3N-^6-_Q[\&%:G\
M4/Y^F_;+P0WN?UG^OAOJ9Y>FH-OKA\>G))%.!VE!QD3'NW8#( R>^."#/+D_
M\WUWN?<4WV_S_!RF!YDZC>(WP8J3\?2?KJ?V/"_ $D\OF*4?1]=_C)]J?O\
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M[]S^KC;B)G>PN.H/U;Z8T.8=?D>VEKZC!W",/UJO^E']E'Q;K2_Q"M_T0?\
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M,BFJL#$&3EX/8=7V&.YS\QV/N"#I]H[?>,!4('<@BQT!';!O \?Y15_RH/\
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M$H_^&.$8ZZCZ47X1&"(HP1Z^Q"*"/J_(\83UE*RPA:A"15TI(&_ZHE!)^K[
M=SQT@#(L=1L<<3F$:@&.L_5]F'#V_1QL-MTA<[E4T4\@6AI&IZEQ+,K&5XMJ
M-N@@&&DW#LA.U23[\$V/3]'=:-*ZHNR4L3RO&(D@=YF6/(9@741@;L  @@X.
M3Q*/G:19Z%#5(YBI9XVDV,@;8L: [ N%)"_57(7V';'#2G<B9!M[M#;?3H1/
M;$%+V!_';?SQIUGM5Y*(]MD-OHX9I%4W9":B5E?XDBT<81DIW90>C(YW$9W=
M\\;K;J8T;5L9GEJ'>:GFDFF;+F5X"7V+^Y1;AF.(9"+@ GWX6-PHB>]2A)^T
M29/R_><#Q5]&)ZTFICPS4NTX?OM@;)&$]@??ARH@B#H.LDR/VXAAQCBBCVJD
M4:*'WA510H<G)<#& Y8DEAWR3PA1C%/[@YGJCV.?>=S@_I^T?+C%;A0Y'X3'
M[CY2?;_(X&I*ZC6#!J8P>O4MC#]@9W(]D(^8^?S_ ,W$8)!L=0;]I_9@D=<'
M5'>"<?\ F9??V^HW&47XJ+^;3^R. ZBNHS!.!4)GI2CVD]]C?/9CB\5?1"*(
M&IC!Z:>XD_>C_(X.4P/9,R=K[1^S!@FH&8A[#X]/[_HE4_\ P^T]N%S[G]9_
MKX;*BOHC$H%3&29Z<^S^PE!)[I\L'A<W"AR?PF/N3\I/M_D<'*8'LFQ.VGT?
MN^6"1UPI)^/I?T&I/_TD#M]I_1]G?A?AMDKZ(STV*F/L:DGM)VS$ /S,Y)[=
MO\^.%OI"B_C,?^B3_<X7*;>R;"-#UGW;?"<&%E'X5.>W>FINV>_UY>^/LX6X
M;5KZ/S4Y\S'@TU, <2=SOE.!Z,]LCY8[]B>%OI"A_C,?^B3_ '.&I),6)L-I
MZ?"XTZWP'SFP^0'U:8I*BF@,RSU-- TE;6,BS3QQ%@ICW8#LI[9&>WZ/?C*:
M2AG@J8Y9Z*H@>FJ!,C3PR1M'T)"=X#XVY .[V!P0=V!Q#NL:NA-X8^9BRS.)
M6V2%5S(-A9MA#,8QO !#! !CN..8*7GS:;3<M:T_-"CM_*^Q6;5T.D='W^[7
ME:V#7#55%+4+5)!1).]L9402M%4+'$E.ZF5Q(' Y^99MEV4N4WY1?%(BJ<=0
MW4O(<31MEAA50XJKK"CU2A;+;9#;M:^PV\Z4,-+6\M#9[F3\.9QGZ*Y634:L
MQ=R]JG>>HJ9QA>8O)J:MJB:3E^6>+^4,U>#SR%/,992U;U/3ARKJ&VJ5IUY$
M[P F&  >\4855[C!&%"_,C&-OS(QPM-1U<@%.E+4-/*\'3BZ,@D?\(B^JK*"
M1@$D^P'^;AXT7366]V:UZD6_T7T.\5+44591L:J"O@CV%:BFJHMT7EWD7IB0
M!B?45';/$RU-?12QEEGA=B\.U@C;L&HA8A7:,, 0,D @$9(]^-]'*M*%I(6A
M8"D+00I*D* (4% D%*@04D&"+B1CDN<[2UM+0IMQI2FW$+0I"T.),*0I"@%(
M4@@I4E0!29!$C'$O,73OB9M.O*%](5W*^/EY5_>\9*/4%+5/J"*,59&IY?,Q
M,H:1*0KT%7LK;!#'O$C&?=3:?%KDH:R@E-9:ZEIC',@+] =(;5ED!(82 ';)
MA0&RI&X8XWF&:S:BMU?%55$CA+M<%BGF.ZHII%D4 0,$(6%,;1#]4H,-W.0R
M+55VGJRV6SJ4U[M-3/41P;AT621H#(\),R,H)P[)$^8W))1E) XT*++$T-1F
M%0FNS.J]??\ 6"S7UBZJGHU'Q/T.7-+2!1TQ+L%E*E !#:1RA$XZV:9XO-:3
M**5>5Y)0?DBE]4%3E66-4%7F:0FG0*C.'VU'\H5@\#F]86E"RIU\GF4Z8C_A
M ?E3_P!&3]LWR]^-FU8+?2W-9*=$HJ2KACEB#!HTZN/PD;-F(3"Q421^R]V7
M*]^$)[":2EGN<]?2($I(WZ"B:0M&T_H99$C9"75E=1]4J22PP>.ARF2!T^XQ
MV_9CD\PM-I_'P_'7#1@X)P2![D D#]9Q@9^6??Y<(0XW51!SFI/V_P %'[Y^
M?_;Q'U[TS6777ND=9TO,6^6:TZ9H;G27#0U%&AL6J):\ 15=SD8B1):7&%'2
MD.U5Z;1L6)W>&MI%:I!J$[U)()#^H"*,9^K]H(_7^CC6IW*EQRL0]1.4R&7P
MU3.K>8=%<QX-,Z:IM+*UK82'G7J;P:@-OE5,MWD#3C:CO5;%$PUESE-F;5<[
M549?K:=NGJZ=65U7K54P*!]RI:::JW#3LT];ZQ1*>I0BL0SXA?9>2ER7ZR_/
MU#M_GX&I?R:'^0?[;<62NH]R_A$?U@?S_M_D\#TU;2"GA!J$!"'(.[(]3?Y/
M&S!@V.HV\_O'QQHR)%QH=QU&%ZP9I9QD#TKW)P/QB?/@GALK*RD:EG"U$9)5
M< ;LGXB?:O\ \/?VX*%92'.*B,X!)^M[#W/U>"# L=3:/+Z_LPY'4?$8RF_&
M4?Z*D^_SS#(.WVG_ #Y^>#POPWRUM(9*/%0AVU#%L!^P,,@R?3[9[?;PMYZC
M_C,?_P!'_N\+E/0_#"!$FXUZCH,9?XV?Z*@_^G2_]GZ>".&[SM)YHGS"8-,@
M!]6,B:0D?5]\$'_/POYZC_C,?_T?^[PR#T.@^H?#R/VX 1)N->HZ#&4'UJG]
M-02?\\47O^DXX(X;H:VD#5&:B,9G)'U^XZ40R/3[9!'^8CW'"_GJ/^,1_P#T
M?^[P$'H=!MT GX822(%P-;3I<XSIOR>'^0?[;<6J^]-4#[89/?L/JGWX'IJV
MD%/"#41@A""/7D>IO\CBU56TAIIPM0A)B< #=DDJ0 /3]O 09-CJ=CUPP1RB
MX%OA;I]F''Y+_)7^R.$*@96G[@8K:8]SCV,G89^?V#W/RXQ-;1C -1'D*N?K
M^^T?Y'RX'J*RD84X%1&<5M,Q^OV4&3)/I]AV]OM'"Y3T/PP^9/4?'#CPBP/F
MJ<_(4U7GOW[O!\O\W?[.WV\8>=I._P"$1]O?Z_;Y?O?MX0:LI#50-YB/:M/4
M@GU8RSP8!].02!V['/!!Z'X'[L(D=1J-QU&'#A",?'JO;NT/S_\ ,1^_V<8>
M>H_XS'_]'_N\$VF W6NJX:.1&VF%I)6WK#"@@3+RR;"$ P<#!9L' ('# -['
M3H>HP%21%QKY]1[OP-\9+[C]8_KX'IOQ*_RY_P#:)3_\/T\9FHIT);K*\2R,
M@G5)C"^QMI9).F%*$^S9&1P^:3ML-REI9JQ7%J+54CS>M4F*U$NR%&"DMO?
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M01(5/IA18@2%R1&H7)P ,G&3@ 9)[<(2$^<I&^?1JQG _P#-\$['_>M_H/\
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MK4L15-;Z=5 0_H'WA6X[5.[L,]\=^_OVXF:'VJ/Z;5?UIQ$G+E@VN.?;+_\
MUS8%/;!RN@[;D?YL_JXXV;3^5>%C,?PO7'S/YN9X/M.+'P^/X X[L(/#N5R(
MM/YZ\*$?5^(Q*5/0T7EZ4^4AW>7A;.'SN,8R?K^__8/EQC4T5$(6(I(!ZX?8
M/\YX@0?7W!!/8\%T_P"34O\ 1H/V:\8U/XAOY<'^T1<=\7(F]QBJ0#L/ABQH
MJ($_@<'N?S6_W^$):&BZM-^"0?7E/8..XC!!^OV(/<$=\\.#>Y_6?Z^$)/QM
M-_*F_9C@23.NROJ_8,(@#0#4;=QA:H"U8B%4HJ.@G3BZS2/TT)!(7+_/ R?<
MX&3VX;A0T1JG'E(<>63MAL9ZIR?K9R?;W]NWVY<>$!^5/_1D_;-P:S-X$_,#
MZL.!T'PQBU%1L%5J6)ECR$5C(54'W"@R$*#COM X<4TW ])7W:BMT+6R*K6-
MG+9E@?HQ"2-XPX8(DA)ZF,8=3GN2!^-OT)<%BN%?:JA%DI;I4,K*[>@2I3K@
M;6].)4RAQW+!,#W/#'M3))WUUT\[QIB*A D1;:+7(Z1N ?C:^-(6AH2R@T<&
M"0#V?V)'^7P)!2V^*C26:"ECBBA>6::9RD<<:%WDEEEDE"1QHH+.[LJ(H+,0
M 3Q&?,;5^J^6//W1FE]1UEABY5<Q+7-:=(P4%KJZ[5<VNXI"2:^L2-8J&S(L
MM/ QDD93G>L097D!O,W1VJ==Z2M^G=,:MBTE'472 ZHDFMRW**_:49*B&ZZ<
MDC(WPK7B0%I86BD8 Q]>+L>.!^7D/L9[^3:.JKLQR*K50/97S4M/5/5/@,5-
M.ILOU*6D4E4Q4LU%/4/K:4Y3A:T-%00A=N'"2Z6KX3.<YGE^5Y-Q7E[6:T^?
M<E=64%+0^M5-'6H>%-1+?=S'+JJC?HZNCI6GTL59::=?0A2W&YGTG;]':BME
M9*OT=<$K:6":SU]!5K4TM1"TP66:AJ*>62&=U SD,RE0X*DJ<!733JVFI:"J
MMT<0R_1E(+)-$"0&617*MN4 LN0Z]PRCB!^0^BM:\K.7[:5U77::J5L5]KGT
M?3Z8AF2CM>EWKA4T%!5SSK'+55:RO([M)U)(HWZ,DLI[\=@-K:W"WPQRP37*
MM$>9!54\"0]<L26+>L;5! '34,P !QWXWLFK*O,,IRZMKZ%W*ZVHI67*S+WB
MGQ:2I*$A]DJ!/,A#@5X2B4J4T6U.(;<EM/*XDRW+\GX@S?+<IS6GS_*Z.OJ&
M<NSBE2H,9C0I<FFJDI*4\CBV2@/H2%-MOAQ#3CS24.KB">@HUDH@:.)=U0?=
M9!N3H2D=BPR"1D'V.,]QPMY*B_BD'_1;_?XD6GEL6IFM$%V>:.\K531B6(BF
MCFCZ,TB1Q[?A$*"52-@&0 JN[/#\=!6@OGS=P"9^KF$G]0.T>WR[?HXZ)&EQ
M$VOT(U([1[AY#'%YDC5-_(6L.NEY/OQ"GDJ+S9'E(<>50XP^,]:3OC?[X 'Z
MN"/)47\4@_Z+?[_$@7O1?E)/,6EYZH0T.^JBF*F4HL\I$L00 $*N0\8RV!N7
M/<<:2593AE92,'# J>_<'! /ZCP*L1KH(/D!I^!ACE,V'6($@:?6/GWQH^GM
M4:'U'?=8Z<L5TM=TONBKC!0ZIM=,)FJ+)45<9%/!5[PL;B0QRIF$RQK(KQ2$
M,,<;=Y*B[YI(._Z&_P"S#]OT 8 ^0'#3:=/V*U7+4-UM=FM=NN>H:Z*IOUQH
MJ&GIJV\U%/"@@FN53%&LM9)$'?8T[N069OK$DO\ QJ4GKP9C,%4JJGQ:@S1)
M>;8]7-0X:,<KZW'/'31^KIJE<WAKJ4NK:2AHH0G?S#\EJJ9RANN11>K40Y<R
M<IG:KUL45.,Q5STK3+7JR\Q%4NA3R>*W1*IVZA;CZ7'%-]-149IX2:6$DH22
M0V2=S?Y7V#ALU'5Z<T]8KI>[[46NRVBW4K3UUTN,_E:*BB++&LD\[OM0-*Z1
MKV)9G"J"3P^4OY-!_(/]MN&35VF['J_3%ZTWJ6UTMZL%UI/+W.V5J,]+51HZ
MSQI+L9'4K-$CHR.CAE!4^^<E7ZSX%3ZD&%5@9>]4%4IQ-,:GD5ZN*E3*5NII
MR[R!XM)4X&^;PTE4#&.A30&KH_RF:I&7&IIAF"Z%#*ZY-$74>MJHTU"FZ=56
M&/$-,E]:&5/<@=4E!40ZPP6NH@@J*:&DGIZBG@J*>>%C+#/!-$LD4T,BR,LD
M4J,'C=6*LI!!QPG445$!3D4D(_#:93V?NI,F0?7\_M]_T\%4M-345)1T-'!%
M2T=#24U'1TT*A(::EIH4B@@B08"1Q1JJ(H[ #BU3]6G_ *=2_P!<G&1!7RIY
M^4+Y1SA))0%E(YPDJ )3,A)(!(@D V&!:6N=?A!1;"U>&7 D.% 4>0N!!*0L
MI@K"24A4@$B";>2HOXI ,^XVMW^S/J^1[CA!Z*B\U /*0X--5'&'QN62#!^O
MD=F/M[<.'"#_ )73?T:K_MT_#Q @=!J-AU&(^H:/7_\ A(OZW&@T?_@H%@H/
MO:EIC4'53ZB,@^D%N2F<H*01EMA,2Q%>GTB9-^=UL&DK(-27"OM6F;*+U=7H
M$N%<E!$M77I24Z] W&J!66IBI%9FC\Q(R1Y..Y'#O'#+*RK%%)(S%0JQHSLV
MXX7 4=]Q[ ^Q/SXWZU4DFD*6XW.KB$UQKI[=104JG\2)H%?IN^,[V(S)LR!M
M6,$DDC5IJ)+ 7XCM16*-94UK+E<M#[E*Y4K4?!I%%M'@4U.VXMBF;2"IJF46
M5.+2I1/1K<T75%LLT]%ER1EM#E;[.5M.4C5>U1-LH%37H#RQ4UE6ZPW65KRR
M$/UB0^EIM24!.RU>AM&W&\VG4-QTS9J[4%EIJBCME[GHU-PI:2M4"LHTFW$O
M0U##>U'-U:=9 )8T23+DREL5B:G7?8[0^YZ@-NMU*<CS$JX/P^XP ._RX?Q[
MK_Z)_42 2/\ ,<C@2C_)T_EU'^TS<9TLLH+JT,M(6\Z'7EH;0E3KO(EOQ'5)
M2"XOPVFF^=94KD;;3/*A(&@NKJG$,MN550XBF:+%.A;[JT4[)<<>++"5*(::
M\9UUWPVPE'B.N+Y>9:B6^>Q6(4\Y%CM"E89"I%OI@00N01\/W&.W"HL5AP/^
M8[/]5?\ ZG4WN5&?W/@^H_)JG^8E_LGA7Y+_ "5_LCB?*F![*=2/HC;EC;MC
M'XKO_&N?^-7WX99[%8L0XLEH7-3 IQ;Z7NK,00?AGL>%S8K""?\ F*S^Y_\
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MXKJ@?A,O[E3')Q'W[Q'W^SV[=@.%VAGVO^'U'U']HJ8?FGMGI?/VXO3^T_\
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M#\.G.<,IR28LY/;.,#MV XB'EM!*VM>?86KG3;KVR D1P$N?O$MA+$,F!V[
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M_J--B=JJI_":C\%K?Q\O[@/X1O\ SG 4M3\2D_!:WM4-[P*,GI.,#XO<_/\
M5GAVJORFH_GYOVC<!2_C*3^D-^Q?COB.<P"+JWGKV^W%0;_P;?\ H)_\HQAY
MD_Q6M_U _P")PB:G\)7\%K,^688Z"Y_'*<XZGMVQG[>#^$3^4K_16_;IPDQ[
M5C]$[[6[?/Y8GC#S)_BM;\^W07/;'RZGMWX%IZGXM9^#5A_"%.! ,C\'@&#\
M3L>V?GV(/Z Y\"T_XVL_I"_[-!PA$&QTZ]QVP8OYD_Q6M_U _P")P-1U&*6
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M9$DN1[>XR/\ 3POYZB_C4/\ TC_=Q<*OFY/0GY/%^8O\)-^C@C:O[Q/^@O\
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ME*;^"_\ IDW_ !.&8MKH-NP[XCC*G#?'R"?PJ7[3^;'PL0VU^Q^H_P C^]/
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M_P#]5J\.6#]A_P!!X7@_/_\ 1_\ >X;_ "E-_!9_^N3?\3API\#<!V "@#[
M,@?_  /?[>.OBNH^D/?]1PWC\K?^CQ?M)N".&X0U/FG'GVSY>/U>3I_;J2X&
M-V.W<Y]SG!]APOT*K_R@W_4J?_>XF0#^LD6&L]!V[SY XCC*G]I_Z5+_ &8^
M%V^J_P#(?^P>&^"&I(GQ7L/PF4'\#ISD[8^_UAC/S'L/EPN8:D!CY]CA7./)
MTXSZ3\]W;]?  )'M)U%KSMV[_(],&%8/Q$'\Q#^R3B#/$G_XJI/_ )_.6/\
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MYR%[@$]N"N&YH:D5<0\^V31R^KRD'8>83(V[L'/VGOPOT*K_ ,H-_P!2I_\
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MV5RRY9V7E'R^M6@['<;W>Z.QT53 MZU-5K<=07 2L\I:X5VU3)TR=D4:X2-
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M'B)*7F'R\N%CU#?;9K&SU5LT1-4TFMZYI^E%IRKIHC42I61,#,U(M,IDI[E
MLU#<<_@,TNTCB9Y^3W+%8)B.4?*@;8G.1I"RL5P,Y -L&2" <9'#;:>1O+[3
MNFM:Z:T_H;2M+0\P'JZG5,57'YQ;W+6)M6FK^I2C_FNBC)@MMLB"4EM@)2EC
M7))@/SM+S(*>&TTOA5GCJY\S6]X_JY]0#8+;2?"];Y/6Y/,:8.>$4N\A.9/[
MWHI'R5\9JK149:*9/AY&U3FD]<0<V\58>?6'OR>'?4.5/(*TM&H2JG\08C^U
MWJT:CM%IOU@N-+=[+=Q2UUKNE%(9*2NHY6?I5$#D*2CX(]2AE8%6 (/&N\QZ
MSF-0Z?@GY76:PWW4K7^T0U5'J.M-#01:=DJ&%ZK(I-\0>MIX0A@C,A)#.RQR
M,H0R90<L[O8:"U6.T6C3MILMM\M1V^DM528J"WTL.[I4]/2)3QB*/)[(@[%R
MS=\DN])HG4E4TIJ4MM B2-&"]3-+)+AL-)$BP@=/'='9@'^6,9XZ;M-45>7>
MK5%4NDJGJ4-5%9E2O"6Q4+;;#KU JI;J.1*7>8L%]IU24<O.E2IQQ6*ZAR_.
MO7J2A9S++J:O6_29=G[9?;JZ-MU1IZ?-FZ%ZC\52V>052:1YA"G OPE(;@89
M>2%+S+?Z?NG,_3VGK%427RYTNB18+B]>M;H[I0-!75ZLS="NGG5U(?IRO$H9
MX(\@MT#PU!:Z&2@A$-%B*"6*,">4*52-%);$(P>V0 ,=SV^?!>:_^!H?^LS8
M_8_+_P!OZ.,U)2JI*9FG55U-:6PJ:FM6TNI=YW%+EU3++#9Y H-HY6D0VVD$
M%22HZF9UR<QKGZU%!098AXM\M#EC;[5#3AMEMHAANIJ*IY/B%!><YZAPJ><<
M4"D*2A*B?E-3_,TW]<G"W#>C5_F:C$-%GHTV?PB; &9,$'HY)^T?+M@GOPMF
MX?P-#_UF?_@\;!%YD7Y=]+)%_K\L:/N^K[\9P>TO])J/VS\7ZD=1225%.XF@
M(GB$J9*=2/<DB$X!5T8%65@"",$<"0&X8EQ%1$^9J.YJ)@=W6?. (3VS[?:,
M<<_3:6ATWSNU#S,H[KJ*MJ;_ *3I=,7#1Z:@JWTC13P-U&N5LL34PABNLQC4
MRN&QU99I$;?*V,%0NI;73"GI4U0<JFFJDFI13FEIBVLKJTI6VLU)0XEIL4Z"
MVM?BE86 V0K>HF*)]-<:RO70K8H':BA2FC75BOKD.L(;H%J;=:]20ZTX^\:U
MQ+K;9IPTIHJ>0I/1T/XF'^9B_9KP#>/_ (VU7\W)^QEXPM\UTFH:.::CHZ:6
M2FB=X&JIF:+*#:K$08W[<%@/JL2O?'"-V-?]'5>8:'\5)@BHF)STI<=C".WV
MX.<?+C,H65<:'?M^WY'IC3;NXW_\Q!^"DG\?V3&OAW_\1G*[_P"=:'_;J[B6
MY/RRD_FZO^Q'Q#?AY-=_@.Y8;(J,I]ZT.TO42JQ'G:[W582 <Y[9/;'<\2W(
M:_S=+\*BSTZK %3-M(VQYR>CD$8[8!!^>,<<CAP3P]D%P/X#RC7_ .G4WUS]
M>+%QG_/#BS_6;/[V_P"=:OO^/AASX(@_/_\ 1_\ >X;<W#^!H?\ K,__  .'
M*GSALX!PN0.X![Y )[D ^Q."1W('MQV(\OQ'W_$'%=1](?C;#>/RM_Z/%^TF
MX(X;A5+YI_P:X?D\7;R4F[\9+WQGV/L#GW!'!'FE_BMQ_P"HR?[W$BE738;C
M8#OB.+T_M/\ TJ7^S'PNWU7_ )#_ -@\ 4]4H$_X-<#^$RGTT4AQZ8^Q[C!^
MT?+A8U2[6_!;B,HXSY&3ME3[X;V^W@"52#%I!U'WX,*P?B(/YB']DG$&>)/_
M ,54G_S^<L?_ +>;-Q-4%4O0@_!;@?@0]Q12$'X:]P<C(/R..X[\0;XDJE6Y
M62#R]<N-=<LFR]'(BX&N+.<%B<9.,*/=CV SQP>*4G\W,_,6_)&8G;_DKN+9
MP)_/7A/_ %BR;_U&GQT/5?E-1_/S?M&X"E_&4G](;]B_"E55+YFH_!;C^/E_
MQ&3^$;V]7M]G 4M4O4I,TUP&)V/>BDR?@N, ;LD]^+ $D+)(M)W'?%0;_P &
MW_H)_P#*,><?W3_PB6?QC<H>6^C].<Y]/\A/%/RPYJ6OG1X+.8]YO=MH*JW<
M^-'454:*VP6.KJ4K=562]6V:HH=1VZT4-RK:2E*W!:9E@E1_'+Q4>._7'BV^
MXQ?=/.4?B/T,O+3QB^#BET3R=\4>CK5-32Z9O&H)^8&G*VS<RM">6""'2^OJ
M"AJZRDIY(8^E5P3&G#4;PA/;7Q_>!2P^.C1_*5:#F?S!\//._P //-*AYQ>'
M_P 0/+_3=NO>JN6^LZ>AGME>C6B[2T]+>M.WRWU!AN]HDJJ=)Y8::H9I.ATF
MXOL/W%?3%/X3O&KR!UQXF^:_,SGKX^[SIS4WB"\6NJN7EAJ-4W.X:0OE'<=.
MT5FY="XI8*>Q6RDAJ[=3T,MS 0U\M0I3I10B'*K2-1??YCRF+_?L-J0DI49)
M2H$"2"+B8N!!!,$$$02;1C1[58/'G9?N/GC/D\:FMN1FL+'</!#%/X>8N3-E
MN5HK+!R[')Q#4V[F"UPM]"*[4+0R6 1U%*U1!NIZ\HX5T+[S#TE_[G!K6JDE
M-+_WK.J-2$!5WIARLJ#4+$QV@2-"'$9W##$'(]^-CY-?<K>?>A>67/3D]SA^
MZ<^);Q+<M><'AUOGA[T_HSF'RHT?;-/\JJ>Z1VJBH-9Z<MMLO4\=SK[%9+:]
MBHK1624]+-0UDJRU(,4>-&Y&?<>^=7*_E'S3\/VO/NGOB4YY<D-<>&G67AIT
MYRJU?R?T=:-%<MK9JBR0V:UZKL=FME_FAKZ[2=$'6U6BL:*FFBFEADJD1R2P
M#,P=NVA3U)M^.L!4F2;74%0! (L8U$7UN(C#3]S\L/CQM7W,[6-?XI=:\C=2
M\A[G]SZT]+X7;+RRLUQMVN--:</*2[RFGYF5M5;J.FN-P^]J33U,):2IK(OI
M."Y.6RXD;6ON;&M/!QI/[F1]QXH?%5;M,5NM-72VBP^%V34FE;]J*KI>=+W5
MY*"?3E59Z2II]/W<1&B=+Q=6IZ*)(US.JK)GH[P6?<P>=_A9NUOLO-'[I#XD
M/%?X?[7RBN_)NA\-7,+EAI32'+JETS<;+3:=M_DY]/WFMK*8:>L\,M':J81/
M'&DY!D!1<PCX6?N%FGN0'/#D1S#U;XR?$7SZY$>%+4.K-6^%7PN:ZTW::/17
M*&_:C2KIJ.JEU)1W*IK]21::CJF:V124-)YF>FH7J6BCI1$[N01!N=38P($D
M:G021UQ,+04+02$ROQ04R9(0I(0+;E4R2( O)TV7GJ)!_P!T0^"U9\F8?<^O
M%.)LD$F4:ETD)"2.Q)<')'8GN.W'N]QPGKKP;6C5WCWY2^/FHU]J6CO?*#D!
MS(Y%T?+!=&TDMGO<',:YVZY5VJJK5K7%+C155"+?% EJ2V5%-/\ CO,P/O27
MN0U2@G\%N/N?\1D_WN$4D@6CJ+=$]XU!TQB6H$( _53!\\93?6HOZ='^REX6
MX FJEW4?X-<!BMC/>BE&?A2]E[G+8[X^P$_+A;S2_P 5N/\ U&3_ 'N&4F$B
M-)FXW.(8N_Y9#_0Y?]H3@CAN:J4UD7X-<.U'+V\E)N[U"=\9^K\LYQGM[\$>
M:7^*W'_J,G^]PBE738;C8#O@QFGY16?SD'^SKPNON/UC^OAO2J7KUA%-<#F2
M'L**3(Q HPPW94GW /N._"XJER/P6X^X_P 1D^W^5P%*NFPW&P'?!C"A_)Q_
M.U/^TR\*U'Y//_,R_P!AN J*J44X'EK@?BU'<44A'>HE./K>XS@CY'A2HJE\
MO/\ @MP'P9.YHI !Z&[D[C@?:?D._$N4\X,6YDG;:)P8,C_%1?S47[->$JGZ
ML'],I/VHX3CJEZ47X+<?Q4?^(R?O%_RN$:NK58XF-+<?35TK8\C*6;$H.U "
M2SGV5>VXX&1GB(2H$6W&X^_"/VCY$8CG6D8>MDK':1'Z_D889 0K1TT*M)/$
M2JYB=Y H"[NX.6XT"5F:LI-S,V(*G&23C&SL,^P_0.-NU;?3<*J*GDM]UI7H
MVGW15-%*)HUE93&F!D+&47JA"249RI)QQK=L2AK;W;Z>O>LHJ1X*W?.:217+
M*JLD:;CA3(V%ZA]*?/WX(-HF"D ZP3$#ZQ&T^_&5) %]M!OMY;W_ +,2;IJS
MVZ>W07)J.IBK((*IUJ&F(@G=$G572(,>RKV.Y5#'N">-$\,'_B*Y??\ Y&?_
M /3%YXFB.2"FH?+T])<%IX:*:*';12,O3%-)M;<&.[</5N[[LD^W$'^&*I5>
M1?+X>7K7_P"9G[QTDCKVN]X_.!&0<]C\\'CAO@GB?*Q%_P W^(?A^4N%8D]X
M)B<6:E_F/GO^MG"/_HW'&.A%]Q^L?U\"47Y.?Z15_P"T/QDM4N1^"W'W'^(R
M?;_*X%HZI1!^37 YGJ3D44A'JG<XSN[D>S?8>WN..YRJ@VW&X[]^^*K@RH_)
MY_YF7^PW&4/XJ+^;3^R.!:BI4P3CRUP_$R]_(R8_%MW]_;]./;OQE%5*(HQY
M6XGX:=Q128/I'<'=W!]P?F.#E5 MN>G;!A6I_%#^?IOVR\$-[G]9_KX;JFJ4
MQJ/+7 9GISEJ*0#M*IQ[G)/LH^9[<$&J7)_!;C[G_$9/M_E<'*J!;<[CMW[8
M,7D_'TGZZG]CPOP!)5*:BE_!K@,>9.#129/P?D-W?'S^P=SPMYI?XK<?^HR?
M[W"Y%=/F/OP8R7\KG_HU-_;EX7]N %J5\U.?+7#\FINWDI-P]<O<C=['Y'V/
M?[#PMYI?XK<?^HR?[W#*538;#<; =\,_8/D!BU)&D8JPB[0URKI&&2<O(Z,[
M=R<;CWP,*/D!P2WU)/YJ7]F_ %/5#%1^"W#O751[44AQED['U?6&.X^6>%FJ
MEV2?@MQ_%2_XC)_!M_E<,I//,6D=-HPL*T_Y-2_T:#]FO#5J7_Y'-0?_ )%N
M?^QR\&4]4IIZ4>6K^U/"-WDI"O9 ,AL]Q^GVX:]1U2_>]?AY:O&;/<AEJ.11
M^22^Y+8'^?C%4)/AO&+>&OIL@XS4UZA@?],U_P"=.- \/7_B'Y.__P"/-/?L
M9>):E_&TO\N;]CQ#7AXJ0O(;D\IIZYR.7]B!9*21U.%G'ULX/^;(QC!XER6J
M7K4OX-</KS=C129/PO91N[GYG[!WXY/#:5?F[D!BQR/*B+C?+J>-^^.]QD(X
MPXM'3BCB ?#-ZS#AP.OY7)_18_VS\6\TO\5N/_49/][A 5*^:<^6N'Y,@QY*
M3=VF;OC=['.,_:"..T$JO;4=1U'?%;PX<(0?7K/Z6?V$7&/FE_BMQ_ZC)_O<
M(052[ZO\&N!S5$]J*0X^#$,-ZO2WSVGOCO\ /@"57MJ.HZCO@PY)]=?Y2_UC
M@.A_)(/Y+_M9.,UJU#*?*W'LP/Y#)]O\K@2CJ5%+ /+7 ^ENZT4A'>1SV.1G
M'M[</E/+$7YIU&D8,$5WY)/_ "4_:Q\%M[G]9_KX:ZVI!I*C%-< =J?6HI O
MXV/W.[M^@_;@<%^:4D_@UP'N<FBE Q[X'<Y)[8&!GA<JH%MSN.W?M@Q4_P",
MHOZ4?V,G!'#=/5+U*+\&N _"B<&BD!/P9.R]SN/Z/L[\$>:7^*W'_J,G^]P%
M*K6T'4=3WP8H?EK?T*/_ &F3B%O$Q_X@N:?_ ,[L'_Z<M'$P"J7SK'RUP_(T
M&/)2;ORB0YQN^K\L_;VXA;Q+U*GD'S1'EZY=VGH!NDI)$0?\]VD^ILD#V^?N
M<#W(XXG% (X:XB.PX?S@'S_)M4/K.+3P+_/?@S_6WAO_ -:HCB<:7WJ?YRG_
M -AI^(5YXWR^U-OL/*C0]<*'7?-FKJ;+#<XV#2Z1T/1Q=77&M9D&71:*W.MG
MMKD*)+K=8%C</'VEM;I1T=/7UM=YJBH*2,5M?6U%*\=-0T-);H9JRLJI&8"*
M"EIXY*B5FQMB0M]F8,Y+P2ZPN^J.?=]M5U@N?,!4L>@Z*:DED%AY1V.J==/O
M2;MIBFUW-&-874JL9DCGM<$@<4RL<.>%VJ-/D5,I:'LW#GK;S2RARDR:G2TG
M,ZA#B;MOO>,QEU(M*DNMU%<FK:E-&Z4Y>&&F:(UG%-8VV[3</>K&@IWFTNLY
MAQ)5!TY+1NM+/*]2TRJ:JSC,$+2NG?I,K7E[W*O,J?GF_2]DM&F=-V+3E@HH
M[=8[#:Z6T6BAC&%I;?0J8*:(G)+.47?*Y):29Y'8EF)+G7?D=3_,R?V3PA25
M2BFA'EK@V%/=:.1E/K8]FW#(^6<>X/%JVJ4TE3^#7 ?!?NU%(%';W8EL ?IX
M[[;*64MM--H:9:2AMIMM*4-MM-@)0A"$PE"$( 2E*0 E(    &*JZZZ^ZZ^^
MZX\^\XMYYYU:G'7G75%;CKKBB5+<<6I2UK42I2B5*)))PY?)?Y*_V1PA/[TG
M]/IOZI>,?-+@?@MQ^JO^(R?O1_E<(3U2_@WX-<.U=3'O12#.!*,#U=V.>P]S
MQ,)//,6D]-YQCPX<#M^64_\ 1:K]I!Q;S2_Q:X>V<&BD!/?';O@GYD9&!WX0
M:J7SE.?+7#\EJACR4FXYD@[@9[@?,]L$C/N.!*2)D:I(U&N#8^[Y*2?J!PX<
M#1?E%9_+@_V:+BO-+_%;C_U&3_>X'BJE\Q5_@UP.6@.!12;A^#QC##=Z<XRN
M3ZAWQC&4$JO;4=1U'?!AR7W'ZQ_7P+1_DZ?RZC_:9N+BK4$'RMQ['/Y#)_O<
M"TE4OET_!K@?7/W6BD(.:B4]CN_3@_801\N#E5!MN-QW[]\&#:C\FJ?YB7^R
M>%?DO\E?[(X!J*I?+U \M<!F&09-%( "5P"3N[#/N?EPJ*M2%/E;B?2O<4,F
M/JCV]0[?8?F.#E5 MN=QV[]L&,*]9FIBM-(L5098A!(R!U27)*,R'LX!]U^>
M>-4TY=[U<KG+#7QH(*&&I6:5:9H6:J9EB0 X 4YWEH\#T$=CM[;1/5+B'\&N
M Q4P'O12#.&/8=^Y/R'N>^,\+FJ4%@*6X@%BQQ0R#)/YS>K)8_,G)^T\'*J(
MCKT[=]Q.G2_<Z_+MB\OY31_R*O\ L)POPWR52FHI3Y:X#:E5V-%)N;<J#TC/
M<#\XY&.%_-+_ !:X_J\E)G]?UO;MPU))B!HD#4:X0W[G[!C-/RFI_F:;^N3A
M;@!*I?,U'X-<.\--V\C+D8,G<]\ 'Y'/?OCVX;+]<;C!;I3:K?<)*E\H932L
MC4L9'JFC#, \N2%C7.0QW?(<1Y%2;0#RWU_52-!W'X%\/ M^OL=HHIHX9<7*
MHJ9O*J@60Q 5.6DF0YVHZAHE4@.[-Z0,9X52URW#Z-O%U6*.MIJ2:0TT,00&
M20%Z9II,[SY>/;B(Y D)R2.W&M:.M<R-6W&]6RX25,E7-Y<5E%+-4(_68O.Z
MNS*&(PJDDLI!P .) EJ@8I<TUP'PW[M12 ?5/N=QP/T_+B<$$6&TGL(V/E-O
M=O@_'X^_?M@B+O##_,Q?LUX!N_\ \;:K^;D_8R\*Q52]&'\&N)Q#$,BBDP<1
MKW'J[@_(_,=^ ;K/&+=6D4MP3='+([&BEP6$,@/<L<%AV & 3VQG'&-25<JI
M&QZ=//$VQ+C?_P Q'_F%O?IB-?#O_P"(SE=_\ZT/^W5W$MR?EE)_-U?]B/B&
M_#Q5*.1W+!?+US%=+PC,='(Z'\.KNZMD!A^D=N)<DJ1YND/EKA^+J^QHI-Q]
M$?<#=W ^9^7^?CD<.)4>'L@('^(\HW'_ #=3=3BP\9_SPXL_UFS_ /\ 5:O#
MEP1!^?\ ^C_[W#=YI?XK<?\ J,G^]PXP?G'OW"GN"",@G!![@CV(/<'(XZY2
M1J,5U'TA[_J.&\?E;_T>+]I-P1P *JE\TY\U3X\O$,]9,9ZDN1G/N.V?UC@C
MS5)_&Z;_ %R?W\,@SH=!L>@Q'%J?VG_I4O\ 9CX7/U7_ )#_ -D\ T]52 3Y
MJJ8?A,I[S)[%8\'W]C]O"YJJ3:_X73?4?]V3]Z?T\ !!%CJ-L&,X/Q$'\Q#^
MR3B#/$G_ .*J3_Y_.6/_ -O-FXFR"JI.A!^%4X/0A!!F0$$1J"",]B#V/$&^
M)*IIGY62*E33LWW]\L6PLJ$[1KBSDG /L "3]@XX/%(/YN9^8,?DG,;[?[E=
MWQ;.!/YZ\*?ZQ9-_ZC38Z%JORFH_GY?VC<!2_C*3^D-^Q?A:JJJ3S-1^%TWX
M^;]V3^$;]/ 4M52=2D/FJ; J&)^,G8=)QD]_;)'%@ //H=3L>^*@W_@V_P#0
M3_Y1CSS\8_BXYH>'WQ3?<U^2>AK/H6XZ1\8'/G6/+'FG7:JM]YK-16?3E@T9
M<=0T-3H.JMUSH:&V7B2NI$2IJ+O272F>F+QQTZ2,)%\X[!]V,YU5'/G[L9R5
MO^F>35->_ OR_P"96NO"\*6TZDBGUG;.6@KEOM+S5CFO[_3U3#,]EK)6TTEE
MC2A:LRRR21%9X^Z;S0-]T"^X9.LT3*OB]YEEF5P5 _P7WL9+#L!N(7).-QQQ
M\U_B?L]?R\YN_=@?&99Z6HK(N6/CD\0?A;YFQ417=<^4'BXY*KHJVS5COE&H
M=(:_I+9=Z'ZJBJJC KAJC:T!&_4==+S]G?&VE 4$@)]I2/8MJLJ 3/F?9T.I
ML38^^.KONGOC6YA::^Y8\F?#-H[PV6GQ:?=!>0UPYZZJUKSCHM:OR)T+:-,6
M&EN&H;1IC3MANIU34W*X5U5_S9%5UEP>FHXNFPEGG#I+VK?%%]UKG\ R^(/3
MOAZ\-?)+Q&\GZ[FW=_$]H7Q!+KJKT'J/EURMTW<+C1ZXY 4NDKW4WKI:Q-OB
MJ[70ZPN%,\<!G@F:!6@E;E:T>&WD9XO_  %?<L?#]IOQ(4GAP^Z/<OO#!I3G
MIX,-?V5*F;6MJ31UJ@M.J):^TGRMNU)R^NM6M+;]266:Y15]+4I#<*2FF2FG
M5^FN0?C0UEXU/N0WC.UKSAM-EL'/?E9RK\6?A_YWQZ>G@;2E^YE<L^7UXM]R
MU5I%(OA4UEU)13T%Q2WP/-!0UDM53P3R1(F) 22.PZ"T@_5KWW.\"(!(0F$K
M ),R3>(!,E)N"0($)T4<0O:/NC_W232'W(KFK]TIYSZ1\&[774&A.1?,SPNZ
M<Y=6?F4]J?2O,G4MHM.I:?G-9KW?$JH[S2T-W@DLL.G+TU-3U:RBJGF6/IG<
M/NC7C5^ZF>%C6WA]NO(73/@<O'(GQ-:ZY&<D.5K<UK=S6K>9M#S@YK6NE:Z5
M.L4T]=J"R4.A*2^U@%#4V\UMUI[4H,]+/-AGY<Y\5%/_ /NF?*6+KQ&7_DC>
M%4=,2+ORNO-%%AMSG([Y&,C'?Y<=5?=@IX'Y<_<?0L\+&+[HGX-7D"R*2BJ;
M""S '*@?:0!CY\!2 "8B"H>X<L;]S?I&]\*?;("09-@!,6O %S%[3MYSU-0>
M*;Q:Z%\7WW/WP=^(&Q<A#JWQ%\D>?FM/$'=N55#JV2S6K6?*VY4L>GX.4]QO
M]PBJJ+3M9;*RG:[0Z@ME;725HF$+TT8"\<H<I/'W]TC\3OAF\9?-#D!I3P<T
M7,WPK^-+GER?>CYHVOF31:*NG(7E#IQ;[])-!8[Q676MYHU9WQR3K44%CF4!
M13TXW2B</%+64<?W=#[E^TE72QJW(;QB4JM)40QJ]7/4V5X*5&=U#U4RPS-#
M3J3-*L4K1HPC<CD;[CY/!)X./NQU<D\#T5T\;7CIJK96)-')2W&G7EY/ :B@
MJ$9HJN 3QR0]:!GC,J,H;(X(VW^TA'[?GC*A*"VXH@<P#?+TE3B0H?\ A*K:
MQII@#E_]TR^Z9U'W*+G;]TPYIZ0\%<5KCY96C7WAHT]H>S<SS--=J;6]7H_4
MM/SCL5SO^\T'3I*F:S1Z:O2R-*T,D]0/B1K*W/S[H_X_=7\X+9X>O GRM\-U
M3S Y6>"K1/C4\2>L/$#+K Z5K;%J^U35ENY?<K+-I>X)<(*ZY55MN-.EPO$T
MJT_4@CDJ88XGJ&XJBFA/_<D=+&)8^H/#K79CWKO '/#47<KG(&3VS]O;B7?#
MO<+=2?=)_&,U9<*"C$_W"3P[/ U95P4O7CH+'JJHKY8.NZ=6.AIY(ZBM=,K2
MP.DLY2-@W$+@ &=+3]?OZC"Y4E/-RIGQ'$Q!B E$0)V*B1,X?/%C]W/YG\K?
MN?'@$\>'*KE=R]@?Q%<PDTESTT!K:FO6HOO6MNG8)?\ "%0<O*ZU7BU-'=8+
ME0UK62NO4E9%%1"..L@DGB9V[FU-]TGU9I#Q;^.3EU6:8TEJ+D#X7ON=^@/&
MMH:KL5)<EYBZONVJZ6^W&:QW:]O<Y;)/IVKH[=21T+T5LIZBC$TM3+65"*%'
MSN6+EWI?FY]S%^X3\HM>T0J]$\W/'!S+T%J6GF&Q9M.ZVCUI;O/P.2I 1*J"
MOH:I&4'9'-&^,'B>/N07-JUTWC!\?-+XQ*FWZ;T]X7ON>VE?"IS[O.M(:D62
MOT'R-YHZKTC6ZANT$<$U7+8[OR\N5O%413RS&+J2[7W!C.-9(VY9TB2!?R&F
M\SB26T>%S+3=396F"29*TI (&@!"Q/D"=,>F_P!SL\<OW4?Q!ZD\+_,OG_X<
MN1&I/"=XTN7NH>86F==>&P:JCOWA:6VO*NE[;SRK=:WP6W4%)JJ",P=?2U/7
M5E)<%[K&O7CA]]%]U_6./F0\'6M)/N9'BY\+7A"Y1\TJ+GY]R^^Z2#5FIO!#
M.]PDN&KO#GK""U2ZPN&EK?>9>K4:OY5:M$];56J6J\F;.RTD6Q*SS*2_30M7
M2$K^%TWN/W9/M]O?B(!(!@].N@'3Y=O+&%P $0  1(B02)(N"3!M! )@S<F<
M)4/Y./YVI_VF;A6H_)Y_YF7^PW E%54HIP#54X/5J/>9!V-1*0??V((X4J*J
MD\O/BJIR>C( !,F3E&_3Q./T@,&.9,V,0(G&/!4?XJ+^:B_9KPC5D".,G(Q5
M4W<>X^)[C'?(]_8_J/MQ:*KI.E%^%TWXJ/\ =D[>A>Q[^X^?"5354FV'%53D
M^<I3VF7( E&3V.<#W)^7$0#(L=1L>N$?M'R(Q#.H7JWN<S5K*TQ5#N0*%*%<
MH0!ZNZXSU ) VX,JX X,TSIWZ5N--5UB$VV&&L0JK@-45 $3"(CZW1 8&4@K
MD$*#GC8]4T%!--YA9J8&<1J)(64LCJVQGJ7RL*1N7+.[;79@#ZL9X$TM=[51
M75[0;C2;2M3)2S&KB>">0K&K1I(=H69E0?#!*DJ0IR#EA)!)@_1,1UCMIN/J
MQD*I2!TB?(?MC\:R;( M/.J@*JTE0JJ.P55IW55 ^0   _0.()\, /\ @*Y?
M=C_\9G^7_P"-[SQ.$M52=&?\*IN]/4C'63N>A)V]^.>O"_3V^+DMH&L>K83O
M:9)-DE<_1#FZWA"1 7V85 %"E2J^Z@$D\<)\'\Y<KUG\@<0VWOF7"MXUVU\\
M6>E_F/GO^MO"(T_[&XXWVTQT@ON/UC^O@2B_)_\ [(J_]H?A1:JDR/PNF]Q^
M[)]OZ^!:.JI13]ZJF!,]4<&9 <&=R#[^Q'<$=B/8\=R#!L=1L>^*K@JH_)Y_
MYF7^PW&4/XJ+^;3^R.!ZBII>A./-4V>C+VZR9^HW;&?<_(?/B\552"*,&KIL
M]-/W9/WH_3P08%CJ=CVP84J?Q0_GZ;]LO!#>Y_6?Z^ :BJI3$ *JF)Z]/[3)
M\I02??V ]_L]_;A<U=)D_A=-[G]V3[?U\$&!8ZG8]L&+2?CZ3]=3^QX7X!DJ
MJ0U%+BJISCS))ZJ8 ,( R<]LGL.%_-4G\;IO]<G]_"Y3T/PP8I?RN?\ HU-_
M;EX7X!6JI?-U!\U3X\M3#/53&=\IP#GN0,9^S(X7\U2?QNF_UR?W\,@]#H-C
MT&&?L'R Q5/[5/\ 3ZO^N/A9OJ2?S4O[-^ J>JI<5!-53C-=5$9E0$@LF"._
ML<=C['A9JJDV2?A=-DQ2@#K)W)C8 >_S/$B#SS!B1>#&V%C.G_)J7^C0?LUX
M:]1__([?_P#\C7+_ &27@VGJJ3R]*/-4V13P@CK)D'8HQC.<Y^7OPUZCJJ4Z
M>OP%53L39[D %E0G\DF)[9^6#G[.,50#X;Q@QX:[Q_F'&:G_ -T,?_.:_P#.
MG$=>'7OR$Y.Y_P#E?6+^S/Q+TOXZE_0\V/\ 4\0WX=JFF7D+R=5JF!6'+ZQ9
M5I54@[9^Q!/OQ+LM72=6E_"J<^N;)$R'&8NV>_8$]L^V>.1PT#^;G#]C_(64
M[?\ 9U/&.]QE_/'BW_6CB'_U>LP=P.OY7)_18_VS\7\U2?QNF_UR?W\("JI?
M-R'S5-CRL8SUDQGK/VSGW[CCM &]CIT/48K>#N$(/KUG]+/[&+BO-4G\;IO]
M<G]_"$%52AZS-53C-62,S)W'1B&1W]L\ !@V.G0]1^W!AP3ZZ_RE_K' =%^2
M0?R7_:R<*K5T@93YNF^L/W9/M_7P)155**2 &JIP=K9!E0$9D<]P3VX<'ET/
MTNG;!A:M_))_Y*?M8^"V]S^L_P!?#;6U5*:2?%53D[5["9"3\6/V&>_V_J!X
M+-52$G%53?,_CD]O]/"@QH;$['H/Q.#&,_XRB_I1_8R<$< 3U5+U*+%53D"J
M))$R84=&3NW?L.V,_;P1YJD_C=-_KD_OX"# L=.G<X,(3=?S$WEA$9_(Q],3
MEUA+>:<D2&,%PI7(!4$AMI(P#Q#7B7W?X .:.X /][E/O"DLH;Z;M&X*2 2H
M/8$C)'<_9Q,8JJ7SK'S5/CR: 'K)C/F)3C.??'?B%_$O4TS<@^:2K4P,QT]
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M$;>>$-_.WP&+I^4U/\S3?UR<+?\ P_\ P_;P$E52>9J?PJGQT:89ZR8)!DR
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M((!_D/*- ?\ FZFQ8N,_YX<6?ZS9_P#^JU>'#@B#\_\ ]'_WN /-TG\;IO\
M7)_?P?3D$,0<@A2"/8@Y((/S!'<'Y\=B"-01[L5U'TA[_J.&P11>;?X47Y/'
M^YICO)+GMMQWP,G] X(Z<7\%%_JH_P#=XL(9O-O\&;\GB_<I/X67_)X(Z,W\
M#-_JI/\ =X9)MY#ZA^/<.F(X IXXL3_"B_*IOW-/LC_R>%VCBVM\*+ZC_N:?
MO#_D\53PS8G^!-^52_N,G[V/_)X7:&;:_P &;ZC_ +E)^\/^3P F1).HF3M;
M[(P8$IXHNA!\*+\1#^YH?W-?\GB#/$G'&.5<A$40/W^<L1D1H#@ZYLV1V7V_
M1[<3U!#-Y>#X$WXB']QD_@U_R>(+\2D4HY529AF ^_SEAW,4@'?7-FQW*_/C
MA<4D_FYGXDQ^2,Q$;1ZJZ-,6S@/^>O"?^L631_M&FQ/-5'%YFH^%%^/F_<H_
MX1O\G@*6./J4GPHN]0V?AI_ O_D\.E3#,:FH(AF(Z\N"(I"#F1L$$+@@_(CL
M> I89^I2? G_ "AC^)E]NB_?ZOM^GCO@GG,DQ*IOYZXJ#?\ @T?Z"?J&.:>=
M7A-Y3<^^;'AAYSZ\&J$UEX2.8-ZYE\IUT_?!:++)J2_66HL->NK;:*.<7ZV^
M1J9.A1B:C,4^V42D@@\\7[[EGX3]3:.\<?+F_6K6UTTO]T(UJO,[G[3U6J4>
MHIM94U31S6^Z<NYQ; -)M;*NBI*N@5TN72GIXRQ=5*MZ2="?^ G_ -3)_N\(
M&&?S*_ G_)6_<9<?CT/OLQ[=_P!7?B*;SV22//&4*4-"1%A?2\Z>=_.>IQYB
M\X_N1_A.YT<G/#=RCNM7S@T1<?"9IN+2'(WG7RTYD5^DN>6EM-&W"V7.S5.M
MJ*F6.[V^_P "QS7FFK+;BHJXHZB$P-O#S;R3\"'ASY!^%'5/@OY8:<O%CY.Z
MJTQKC26JZR>]U%SU]JB3F3:9Z'6>K;]JZOCGJJ[6-XBN$SM=W@$5.Z4ZP4:0
MP+'QVGT9OX";_4R?[O M/#/U:WX$WY0O[C)_%H/\G@!L=-)D6.J1]GGA<RB
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M<9/D>_YO!)@7.IWZ1'PP8 DBBZ])\*+WJ?W-/X'Y^GO_ )^%^G%_!1?ZJ/\
MW>*DAF\Q2#H3YS4_N,O\#C]Y]ORX(Z$_\!/_ *F3[<?O?M[?KX4GJ?B?QJ/E
M@P L47FZCX47Y-3?N:?OY?\ )_1POTXOX*+_ %4?^[Q2PS>;G^!/^34V/@R=
M\O+[>GA?HS?P$W^ID_W>&HFUSHG<]!AG[!]0G -/'%BI^%%VKZL#X:=AN3L/
M3[#)P/8<+-'%LD^%%^*E_<H_X-O\GB]/#,15$03$>?J_W&3[4_R>%FAF"2?
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MQR.'21P]D$3_ "'E/_IU-/U7Z1VQ8N,_YX<6?ZS9_P#^JU>,NE%_!1?ZJ/\
MW>"Z?MNQ_D_^]QAT)_X"?_4R?[O"T,4HW9AF&=N/@R_Y7^1QUY)U.*ZFRA-O
M/RQ\2:>+_P 6$M9(R>(WG-M@ZC"+[[*A7>*(1_!P\"')>0LID('<G/<<!MXQ
M_%IY>'I^(CG49C%4RL)-8%02*='5<[=VP;2^2 ?6P )[<<WN9X[G(A,Y+^9#
M>F9)6$<4#L IF9MS=MVYFVJ W?L!G4%! \\=(?@P!0)X3*O2FI5C53+N!)C8
MEXW8')P<9XE%[[[F#O$F_P!>]L2&HML/?]&8,W(O$1&.EZGQB^+)::$T_B"Y
MSJU1+!*[G61!5Y60[$4JP(D[!=W81_7P>$&\87BX6GFE?Q(\XML=7+N5=8.T
MBF-H_A'91G"#=@DD1MW .#QSL\>]*&,4U.N[INQ-O/?I1HX7'7]0;.9!V!!W
MDC..!RDD!NJB2.%7G&5BHV<2Q]BJQMN(IXB>Z?6)((!]B$"= 0.T"]P-(OM(
MW]]T /<;7'^C\#J1-K6M?'2,?C"\6323JWB3YSQI&%*B/5%2VW\%]"!?(=E)
M8$Y( (#=_K<.-E\47B1U5-Y#4//SFQ>Z 4E=726^[:EK:FA:KM5O:NME6D7E
MUC6KH*^*.MII&;T3Q)(H) !Y?>LJHI*XQ/-*A\N&<TJHI_!8T*,I1B,*Q (8
M;NQ/8YXVG0QGDOQA:.?IBAOH5-@1039Y4*,X4;6(P!GLON%.>_!XKG\V,_/_
M &/F4 $3_N1XGL!>>NFVMNX!@<<<)?ZQY-,Z?RA36D] 8N >NT2NWC \6[*#
M_P I;G2SDN6/WV7(,Q'0)8@TX/N[%CC(R=W9E'!$?C!\64:EF\2?.:0#RS__
M "57!G0O!(6*N]/M56;&[W4C&P=CQSN*?*.\B-1QH\\>Y9FJ&:4Q1%(F"ID(
MH4EI<]\@8., *-FC#8J%!>F0Y!G(&*4MM*F+N2"$4_5![YQ@FPK/MKL![2I
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MC00,$C,DDLQ6-AZI']V)QRU)!TXX)7<P22FU&*'?)(K*#&'F9XT.QRV"D??
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M3B\8OBRCHIC_ ,H+G,9U,\3_ /Q9^@;7ES-G;DR 8+E1ZV"A20.!HO%_XNY
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MG/&E[@D[-'4E@M15(A)J%;;OC"NV4.,@DL "2%.0"1GC\,_S:X>.XR/*-O\
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M*CT=,;U%3)UPW>0@[L $D?#) PWOQ+I<&P W]QF>IW^X@(L;[[2)*183!'8
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MI:UK(2E"$@E2E*, )2 22; 8S-M..N-,M(4MQQ24-H2.9:UJ4D)0E())4HV
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MYXLX:F38QG=#'6\?L&V!],I");V::61XVT]K/8OF H"?1\9#;21TV;)W$@9
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MJ:8B-J1<2P!0)2HW3TRQ,2"<8*,=[$Y5_G\N%*HRN[DP1Y6*"-VC@CG1V2I
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MC<,G^+?#M],BRC;0'+J:?,Z_+%CXU$\9\7B/\JN(#WC\KU<ZV$[;$ COA.7
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M4L2M*$D&]:.^RJ\J&(!:>L21#LZJ@\D+4(DG6BK"XZE1M),(+9JD1AZDPI8
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M44,T437Q:+KBNKXJ>D@GD53'$BQG=XI0K4OBSBI?+3K'Y3S,\U.2U4()S-V
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M"#\FQXE9Y&$=7*$B94E9(VRJ-!$I/8JJ%<@ '.649(SEQ?W Q:]ATW/E/S.
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M.">-+*,TI<VIG*BD!\)JI>IY5 "RTI,K2 H^RKFD CFUMIC:S++ZC+*A+%3
M<4PR\$A*ARAUM+B4F4I/,$D<P$B^IN!DL=6J,HDA "W<%3%([?B09 2SLQ+#
MLN22K9)+<).*B&FAJG,+B&N4+&895+!UC+G(##8<#)93CY'/%".=6VR0J:>.
MEDG/X48U054 9LR!3ZG(PBON!;T>K)!SAD1J6H+F)45Y$4M<6,B1JL3(JQ#
M=5)(!P,LQ[8''4&H^H"YN!%HV^)\\<T=1-HB^_LB]KZQ:+",#/4R-T9ST P:
M= 5656W&223<2(57"CT @DG ) .>%TF<"JB*PJTE,!D=967,COA28<!B#C!(
M!&!N['&$9@:$*)T3H)+, 9BS2/++-$456D(#;7#@X)!&3[@\95",8E+S5LS3
M;E*Y#J(X6E5"V>[=P<#! PQ&3V!;K\=K[ZS Z=;:8EMTM%O\Z+B!K/3IM(QE
M1AP9 !5-F)0ICDIQNP7;MU<D@#).,-V)(QCC9]#!OOHTV62JQZ\9:G*=EJ0.
MP(;IAL=OK[L'N/?4Q2P]0;J6OPLLT8Q%&&V)0B3:,)W=6)=\@GI$8[^VSZ%%
M+]\VF0E-5+,E7ZI&#0Q K!4D-M,/K=@0/=1N]1]@..#Q5_-?B7_5[.??_!M3
MWO?\"(%JX"C\^>"IG^=O#6@G7.J" 3&@MU@;]4=,Q54DUYA*2;GT?>E6,QP*
M21$=@RIR"1NVAR"WYV,+QK)Z:3QHW5!6F=2#$I(93&"/2Y3 .<D,3D9&1QMV
MDW/F[XPZY(L>J3(QJV) $*[<MY?X;@DXF.X9.!'WXUZ@:I5()$EVA:.3J/43
MFJ$<,LA*ND2+&X5F3:1DDGU$*#CB5 ?X;SZPCP,F/6_A5NG:0!,0="=(CFP!
MX7X3F?\ =7$NI@?[HRN2--AO;6)P''+0HE*[TRR'HJ)%E#-U997C0R(?4%=5
MR03@$CWX7G2D,?5IZ.58TAJ(%)=1ME,8>,!2P9@B(S, #D?OO;C&2=W@H%-3
M RI'3HR]"<&,-/"1'*0P!;V8%<;E!"X)4\6JC R,6:GPE340 1QU8=NG#,%D
M#22.H5F ;8<-D $[<GCN3Y[W_$=8.NN*MI,QL?B4SI(@DD&UXB\67JZ;#T20
M44L+O(C>I@X8"-=S*T4V44%P6/HR"O<>W%XEJQ3J%E@VK21 YA<^@7%P!N+G
M)WC)9LY4[3ZCGBTZHT4$T%+$N^"3.:B0$%9::/<OJ(.<X*Y4#><]U'%C%+$U
M2E1"O0IQ' I%68E4"7JB-'"[9&RX.&!;9EN_?@$B#W['I-COI^!@C38"YF1!
MA-IGX>73!5!!4-7:;BDEHE%=<*6V.U3'/##3T]57""6HJ7CCF98J9)I9V9(G
MEPH58W. ?43DGX/;;RZGU?)ISQ*ZLURNI:NGU%'9[T:+2&E],(=PJ9-/5-)%
M1W2LJ:\S4J^5KHDCZ$#5*11LS >8MFUJG+ZJM^O9;58[Y)I.LBOE/;+]75,U
MIK:VCG(HENM/39F:CBJ&BED$8RRQ@MV)X[2Y#^(GF+XL+/J_FG/R7Y5&^<KJ
M&K:QZ5M-+?ZC3&KBTMP &KH4GHJFXQ5-);)7M*4CEZ4,BF1MI5NKE;K;;A$I
M+ZE2EMY*0PM#;:UJ"UK2I(,@@))1,"5"0,</.!S)0E25EKDNXP7#4H4XMM',
MTELA9Y0F3"5$#0"!/;E'R5U-+473S_,R@DI5K^C:XXM:7=ZA:2.GA$QN'6J1
M"\[532-$]+F#RIC!)<. I;.25?NJI;WS*MLE&;A/Y5+=J&YBLAM2NL<<<Z5E
M4L<UR!ZA>=0*9E96CRHSQX;W/[H+8M7Z"7G?2\DM V.SG5E3RJ^]73%?S LF
MFI+I!;H]0+JK*7.HN2W:45"V>68,*)*- &AZH+F2M":XU3S!U-9EC@H;%;'U
M%I"FJ:&R:AU5<8YJ*^W6DCJ8:I[XY=&AII6AIU0LKDL9_D.-X9O[;308I0ZX
MZ4MMJ8*5KY^51B:0IAL.!20I0/*!RA1 !Y/Y.:"%N>-6+0EI"G'$U2RA(08%
M_60KF=4V0KE!DKN0"3CZL*#PR\LM16J@@T9K:0V>KTW2PU=%/<[+S%LT]2A2
M&?IP7N.JK;=$A+R2-;:BCF-0&C!,?K$$W+[G);;E<WN\5+IRY55+45U);[O%
M<-7:.U!'#$H1!0V.RUE?I*LHZO?F&"[;F+QJ]33AV4#RFT/1ZHU)XK?&!RVH
M=1:DTKHGD50<V*C0%-9KU6SO05VF:6T_>[(@K49(%I:FKDJJJGIUVSD"*.6,
M-N'0=%JGQ3Z'Y4ZCU7:_$_JS4U[L&K] 6..6_7*W:;"VK4-IO5=>#0F\5-SC
MN=\IC;H/H>Q4T:U=S/5CAD3:":\W45C+H>8J'6[H>0XATI@N*'@J)A,&18SR
MA4E4V4+4XB@?1X-52MO$)>96TIE+@(IT#UA("B93R*L"F2@<H&J<.FN_"CIZ
M^Z;K*BAYMS:=L<%S6CJ+MIZHM5\U'35M-6+0U=HK*'5M#9*2.1*N:&CK#2Y\
MN\D9BE=B"(R_Y%VO%6S5VE>:5MOM%HJS4T$PN%%;IKG)1ZHMD-XLE7<8M.5D
ML=%476RT<ETMYDGS6T74GA+!,<%7KQ@>*;0G)/3?.J[ZFMO,6.^<UM5<LC:[
M_8-(W"LI:#3]G@NE!>O*5-'!4-#6U3ST]72QLKT#1Q5DDS+41@%GQU<\['RL
MT%S+;E[RC=N9O,"NT6+#;M$Z:T[-0ORTTA3UVG+O=[W3W#R;/0VNLEM-DMPB
MZEFIUDBRL;F)MBKK\WS)"',PJ%U:$!;;:GE(E*O#4EV5)4A1*6G-22I!/,%<
MQ24X*"BR'*W5-Y91BC6X&77$LMN\JVBZA3'*DI6F%O-@04A*P"@H"4K"W7ES
MX9.=O+FFNMCK:ZX5E^O5G:OL\=YM%/NJ*6.IN,GTTVF(ZZIO-UL5*]RCCDJD
MM\EO#QQK5S+(=O&WIRT4PT]/J2MT;9+S0R4/FJ[35FUK7T%\I[<5%^I[O9+E
MIRKET_4L9889I[-65%/%)-&<TO4@!AFI^ZD<Y**HN'.FOY!\L:_5^EM,RZ13
M4MS>TU&NWTK7W1IZO3EMK+837P6*KKZ1;E6T^]:*4I322 R2(.-HY6>/?FCK
MN^\S8?\ D]<D]*UND-#IKG5=\DO.JZA+C3\QKWIM;G;GBM]2.I670TEGN%TE
MI(4@3Z+CIHXH\2,VLPZ_0*KJMJI?I"X5^O.4U6MCE=;0@N04E13#:DDI"BE/
MZ,)2#<[CZ*2O%!0/4K%9X8:%"U5T(J9;<4I+5G D>TXA0"E)2I7Z0K41,1OJ
MK1%ZAO-T6U<M+7J6G\W(::NI>8U_LJ3P%"T#>0NFEXJBC7I(\:QSR,_P)'ZC
M(CN.<.:7)O4',6^4-XOGAKN%=5V"R6*RVTVWGW:Z2GCH[1!/2TE=!'7V7KTU
M::>IEZ]2CK')Z1 =I93T-6?=#4;Q ZIY#0^'31=WO]%JV+EJ-7T&H]16FDOT
M<7*/4>ND$5'73U-31VR.R7W4-GA%7/-65%;6K<3.(TIXH>7]+_=S[7IA;A5V
M/P@R4#:D$<DRRZY@N#R^3@I*-*:&>LH99J:BA@CI$BH1(:>.0-(BK)*^>C2%
M#;SM>Q0I355:B[45"7G"Z_ZPKQ5K62Z9+BR72/#1[1B9D#DUX0]3M9=49B?5
M*,!BFI7*5L,L&F2EA#;8+$0TA(:$+5#=Y(4%'== Z'N>C-/5VGQX?ZZST53J
M>Y:@$5=SLL]WJY*^YT=!15+T\XID6.B>.W0F.D;XBS"9P,/@;S#;:>JCN-JO
MG*B\VJSW:V7&@FEM&O;%<JOS573^7@DJ%JX8XH[>N_J59@<5++%M4=N-QU1]
MT<KZKF1J[E]J?PZZ8I+ERWN&G)YKE6UT+1U<VHM-T=]ME5!3O;344XBI;K'3
M[I"6D;,L>8I,<(7WQHRO9+-=H^0>DZZBU))?Z$BEG"K1-:/+P5'FI&HDA9*I
M:S,:D ;4=7R&XS^J94\\_5O4:TU,@.U3:5K>"EI0THE7C1=M24\R4GV5&.4B
M3I^MYE3T]/0LYDV:,26:-T(:IX2YXJ80*:Q2ZE3H0I:3SIW38^:M?2ST+W2B
ME\VTE#<YZ5VWTQ#&"N:)'*?7]:JNUOJL2&'H/ <ZR%Y-L5:9C72;,M2R* OE
MGD5T'UG[*21A !]@/&QZ\N=+J+6.K-2QZ>DT['>[G!<XM/4R(]+91/TU^C8M
MD2? C6,],*BJ&? ]/&KOY<5 DIX*R#$=4=SS&G9BT63L04Y(5,X()(8>G*@=
M^/U )@3MK<";P8) V'7E&@L:?;0E0OS)"I$:*2E5HL;: $@S,XQ6&IFG$C1R
ME814L[=.F0JK5%0N0%D4'X@PPR<#.STX!062(29!E[5](,; -P,T0(9@<@D'
M&!VQGY]N%9"W3E"^956HZ=0WG6V%S(6('X. V2P;I[AL8[BQSPXN:F+?OD6.
M*6Z4C?&=JN9I5J8E=&DC"CT=B25&00J8QGB+A]A< 1R$"PDV$];WG7YC&5K_
M  K0/]-L[Z\PCL-MH_5G?#SJYZ ZPU.DM(LC-= 2PR)E"4E,5PQ  1FR<!@0
MP]@#QKK0PF="E'-MGF@*+OC+-%TF1E[N"NZ1207P<#!('8[+K%]VLM2;YH"!
M72.N^*<*Q6DIP .FZMDD;-V=H.XMD<:K(8.I!*R0R;EADZ4:U$?<[RR,SLQW
M $9=2%]((/OQQ.&OYM\/?_0LG&NO\'4WETMTQ9>-?YY<7=^*N(=X_P ;UFX^
MK63L<95,#B:HZ,!IUC@AWAR6VDU"%1(8Y2KEB<JI#85NZCZPD_0"U1GOY,D'
MX^DSB!N[;Z[<0=Q])R-J_FX/V\1O-2DU$D4-/$JM.@#&H8-Z*,S@88L",KNR
M03E=H(&>)"Y;JY^F9*B*,/,+?*#+7- 7#/<?6J,,%&QV90 2"/<<=N;"WQUV
MWGZN]S.*Q:3KJ+@GM&T$0;D]Q?7&DS)ZZ)H&@5W>/ =9 Q5!.=S; /3EB"#\
M0DK@;<GAE,CM31HSJ%ZLA952I4DK%%C<5 5U4Y( [@Y)[%<.2-&:ZH9Y:>.1
M.M)&3-OA$JI J$NNTRH59CM7;WSC)7@%WE-/!")(HSY>>7J1TU5)EGI58."K
ME=P"*,CTH=KN-AX!^#TPN@-K1YSR[=9F\:CL<*%EBC5OBR UI1A3FL5PIE!;
M+2,J_$4%=K$R[\9[=^%,,YDGCIZV)?.4D$#]97VF.=PV^.=R.IZ_0KJ8U;NN
M!G.57)434].#,BK(],TBB@K,2.Q1C(S,<%MQRP7!E;ZIP<<#B"-H*MH_C2TT
M\KRJ8NBJ#*]-B'3<"QR1"2&0=S[G+!U[;'>X\M>E[#X*_L]S?M=,$?5?N!:V
M#9I*F241M](?"J&'J%$6RU'+(00!@/@Y !*F/)R& '&=!=+E:I:2XV^8=:@I
MV5$K(J29,5$ BJ8I("ICE@DA?I[7R2A.>!HJ)^I5[J:.7IA25:5%P7I-VX%8
M\D@'( ^?9N^<ID9H9#+"B$'"2=<(Y(AARK#HL6 7! RH4D@=SQAJ&&*NG>I:
MEEM^FJ&ELOL/(2XT\TZ@MNM.-KE*T.)44K000I)@R,;%%555!54U=15#U)64
MCS552U3#BFGJ>HIW$.L/LN((6TZTXA*T+2I*DK2% A0QN#ZSO$;D_1VBT254
M8(-/V\LFQX4828B.=N\LI).%W%>ZC+)5R^?KJJXU,=N!FN<99+="U-3A>B">
ME3*%CCA*JI&%#ELEN_#&R(\DJJ .\V-U2#V'ESMR(1W(!()'OCME>Y,8W;A%
MM)Z=-(4:I!5@E.^[T]+#$$Y49&TY'J)SQH4.29/ECRGZ#+J2C>6WX2W*=I*%
MK:*D+*%$:I*D(40=TC2,=C-.*.(\]IVZ7-\YK\QIVG0^VS55!<;;>2V6PXE*
MIA80XM$ZA*U=<,W+:.6KYRZ1HJ*ET_6U4^OM*4]-3730-6TD$TU\I 'N5X:$
MTE533Q,\,DZ2 1TRC;(\Q6/C#Q8^-K4-B\77.?3VF-&Q6FRZ2U3!HS3-=;+;
M-99:R<R)2T5_TG:UFI+G36JIK!5U8GO)62Z6Z*&29?,3Q)QHG,CG#9^1D,_,
M2[U=SNLFCZZSWVWZ9MVL/*72Y5E)/25D-+0V_+36\,L3D5*0.E/"AGCZC#;Q
MY4^(OQ;P^)+Q/7#G;8[91Z)M',[6$M;J&PX&N-809MD1BJ;A>*JLHI$2YTR"
M.XW>:E- >E4UD,"/'MX\]7PZC-ZFL35T:W:5E^N;YU.\C7K;;J5\G*V4EU:F
M6U\G,TM">8@$*B;CGN;II,JRH,UB6ZAQC+Z@-(0KQ33+IN4.%1Y@VE#SJ(3S
MI45 &P$CU.IO%UK^\V^>NN[5=GN4U?;*2^5ETNT\E9+1W.IJ(%N-@LDE'4VJ
MJJH)*(-)3QRRW6"*L,4,<U0L[+,U\\47,K0=EGU+$]3JVGCH[=67!*%Y+/?:
M6V7&=H1>!%8:Y350T5N@DKZN*W(9I8$G%1 &=H). >6]UN=ZJ)KC8JFHT]);
M;))9*JCU#8I8*V\4,%WZ]*]3052PTC5S4!66R0/7T\U;0STMTMRR.2!)>GZB
MMH\:=CHZVV&VV6X4LFHZV<U=QFDN <4]EK8K5!YN.+43U(IKF))1.*D15*M^
M#[WI&:\,9.E?,<MIU-,*5X].H$N*:>:;">5Q0#S2>>F!1X"G)YT'PDN,^&OE
MT%?7N+*A65 +B1X2PHI1SI42>=)A#AA=_$Y#(5"B%I4GT#TKXA-9ZLS44NO-
M27.DN%0$L&F++6UD=@IVB$<[4E'/1O!45.IJJMJ_/RUE?&DM)'/'%#*%0%??
MWP?>']*W36I[A2ZE6D@O\^E:JU0:=H-759N]2FG*9KT]UC&H+;3TRU5<[0&8
M4E2JU*5-3'2M#@2?,!RZA^C:^*MNU)JBDU*E!0:92W:0N%-2Z,N=IL,B5]-/
MJED@D<:FM<K-12I121SSUCP/<MZF-$ZIU#]TZYI<A)!8>5UITUJVXVW67T;2
MZ<N5QCL^HP\M#43W4Q4%14M2U=:DL426JEF2.F:66:.3IA$4\WARERZFXH:;
M]3K%Y6]0U3;:*-\MMH?;53*:*RR:=I;*FG7R*A2P"\@+=('K"4]\5>8,Y?5*
M56LMU2ELP[5M)J(1XA6YX;;B7BE;BVFTQR6;D(B6U8D3Q 6/E)IOQ%<W+C17
MZ[\I]?4M[UW0:@I$65[W34$$P=M2/=$&*F6.>:(34%0:ZWWB@K*BANE!51L5
MBU?4.OM"\RK)IV?5]XHKU<;-I\Z8CU'9;/;+.+I8-,1126J:HLMM,=NI[E;H
M8XY:FJL;4D3P( JT91PL=Z>\2M^YJV#3NN-8V&6T7>OK[UK+5%CK:RT7J>TZ
MGM]\J8WM5ZN\$4E+4TH%1%)4I&%A7=$GEFC@9C OB'M(HQI/F/R]MECHJ'R6
MJ9;]HNH@CM$\K0@UYB@$<T,=AK:FLJC3QR>3EMU7)BBJ)11U84<A.89V]FKU
M$_F-1E9]:KZ6@4E655++:V%UH9IU51I4GG<;#02\IUUE9$I=Y'$E77J<P<;I
MO6F$TU6@MTSE0RAFJ:)"Q3 N>%XRY0E<\R0A+@@RD*28[\M'B)YAT^BZSEK5
MWBGU]RIIZ"&[VZ\5U+147-S1M5#54]==:O3M?>:=QJZWS[I9);5J"Y"8TDBK
M25\[(H+=RV\5_*GPU:Q;F#S3Y7VGQ*Z3U_8OO%L5MKM'V6[/I2KN<RU]$M;0
MW:F>JTW3ZAD:&WB]E8Q1",U$-3-3(7/GMH;FSIE+18+QJ>ODTC4UYC\J=81M
M:J*Y6^W=."JH[;U8TI:V@I*&26!HZ*622EBJ(Y$D>+&WM?F/X==+:UY8\D>:
MVG-%1:5O]\L')>QI?Z>Z4]\L5ZI[]K5;;35]):[2:&JH;$B7.0/9ZY;EEXGF
M6&1\,MRX9-8NO4[7%UFIIW&J1JK9IFTHJ$%3M,Y)]NC<+10LAQE"4^V6U-)%
ML:ZLX>K<HKZ0LM.)Y55BD+<6E*5<J7TPD%%1S*6V@.(4YS*$*YTK%^1ZOQT<
M\?"K=J.DTDL-;)=-<2<YM-Z;NMXIJ;25/I_5%;<:>DT+<EH:""Z5M;9*"D7R
M-\>YRTM/]%QT=335=170AD[!S^YS\V+MJ_Q.ZMT_07"T:PYE7,W.?0E57V'3
MU#=I+/072LI*'3DTZPT-&UOBIC1,L8:LNOF8NC"\DJ-#OW0U=:T-9X:M*RT]
M%4Z \/-AYQ<N]=36VHH)*C75#1:Q62WVSEZ8K7-46.RVX4T==)9+G+<*RAND
MCR1SQLTD,<"Z U99KIR1OV@+WIZ[6'2EBY@:EU?2M3QUXTI8+T^EK7>;9:=4
MZDH*LU^K[Q5K"5AIH(J4Z;KS'4112EI3Q9JGAS+G\J?15TU4ZQ"G'7:53;X:
M=<#3*U^ 'FF@ZBB2E:&VG6U!IUI"EO.)+*:T[7OMYJE2,P2PS3+2 PZMVEJB
M5%2F.1UQAVJ\+UQ80'"TXE;B5J;:2%!XJ^)WQ.<Y*34$DSWFAIM-737U-0:4
MTC3UURL=PL^G+H](]+J2[49J(DK:REI:>OHFEN)%QM5Q6HIZ>&FAE"MVY1ZR
MT'KK49O6B=94.J:6.W144E-;:FHGHZ"*.OC:*H=98(4$U14F:,NS2.50!MBD
M#CD/E/8^4OC+N]!:N9-)S0NUQIKHU0W,*@HH[92/J):2,5*WV?4T$E)#0V23
MHV.[WJX5LD'7A2JD1&KB>.M=,>'^#PZWV]:.MNM3J^TW.*U7ZC:>UV&T1VJ5
MM\,U'!5:<:6W76*2.DB,51'L:*(Q)+'U 6:W9?EF39?F-#EM#35&5U62,O4C
ME*Z$<E6ENF8;6I"J9*Z9T(62[ZR$4::AQ=0HI4^2DYLXS;B/,<@>S/-ZYG/*
M/B"GHLQI,Q:=2ZY3%S,'T)36BHJ!74]2^*18<R]TUSU$SZ@WSHIQSHW6I5HY
MY3$8-H<.XQ+Z2:B$X(4!21A3B/((R "?9O+M(54O'Z*>0*,58"@T[D#  [D9
MW$>DG 8[ 038RAI]Z21+.:J%%#DD;6E1L!4(8L'"DD^XS[$C"!DDZHD1XH^D
MT<81:6K9621'B9226W+M+9 ),F2%^>+ACS33R&GLWV':;[&^AO;"J2+$8NHD
M\H%*7(@:I1-X$>W)D=6]*YR8QLPPV_(!6!)T>$B&LA9DG?T/!)N1W5UVB9W
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M3FGA<84NVL.5^AFN%HJY*2NAIZ*6Q745-*46.4K/%)3F.)H@3 &N_"5SPJ/
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MN(1S+9=>IFA3K4FFYE%Q\ ]>CI\WK4YX[DOJ#2J7(W:VJ"RVZFII*15/3%#
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M3 I;=&&PH##)W,<K@<)+;YYX=Z+$97ZZH#4S* GGG9CM(VJH92,# ]OSCQ>
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M.7 J*96=FIZD$J3Z50@9$?U@,Y[LI+E1T=73^8*  P^9BDAGD5E0RP1.)$,
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M0HI]F.4&!J "9QSUN9?1.TY4S3-.("DL.O.O+6D@A2E!RH<6GF).JH4H$B2
M0(NO>D[%X0N2]BU=XC^<%^U!6VBXR5LMKTKINU5<MYUE=KA*AJ+73W.(T\L=
MGHK@8#7U?D((Z0M-41L[N'X'K?'WR1LM94W70OA8O%_N$E4M/1:XUAJ>"T5$
M$%3 *&&CMM/I>FDIZ7S!C6HCIEFF#UC2R,-P./4_7GC!\/>N]#W^W6BETASF
MNXII(;?RSU);:2GJ;S723U=(*>&GU *>"IK(#135K6ZDJH[A5T<*&-6CG3CP
MEU)57A=15-QIK%I>&^Q4E77T&G+/3T]CT/I"GJ:YIA%9S,LMOI-7SL%BI:FI
M%44,=RAIXBZ3JLD5M'1H(\&H=6XN5"A<-#3I2"5I0KU0,>V5+4M25*4%2IQ<
M A)Y&:YH\\I!:>9JFR@'FJAZ^YXG*A)4IVJ-0V2&P$M@(2MM/L @E(QM=9SM
ML=OUA7ZB@\+>AUU-4W2SZDGO=TY\<PJJJOMXLRLMJ=/,.4K*NW1B9?)+!'#'
M3PS8B9!$[1CXN?&USK\4O+.Y\KZ;EC8.7$&I+A::^[ZILNL+IYZ^6:C9I18L
M:AHI *6OJ)()ZFJM\M/7QFG422I&[(8M?5%CKZFX5.G+957:UZ<C^C:F\:IH
M;;57Z35+Q+1733,%V\V*>"D1W:JMUV%/,M5#3TX6>))3$K+)4:6K'TMIF[U=
MTU-:FB6WTL]@ZJ7;Z4\U&E;9[525"5-954T55-%:Z:IGC2&YUA:JED6F0(N>
MCS5D5=.[74RG':?D<IUEZOJ%,J* 5K2RY5O))*DM*Y3RI*2DCQ.0$\)^IJG*
M:HI6W&V6:I/AU2*6EI&"\B8*24TS:Q"5.>TGE< 4>4I)..:.2+WWE5KVP:PH
MJZCL=WLM\@6IL4%[EIZ>^VJ$]"YVKS<42M,]XII*^FK C5.Q)Y'1FF.1ZT<K
MO$-R[U)=;YHG0OAZET+6:L6ZSU]PLW,Z^W"TV^&CB>4WFILUVH)6:-!-B*.E
MJ:*:>642=3<-O',.F/#QH?F!16:?45UYAV>WZ"U13:?H;Q3T\5\JJC1%XJ+Q
M670SUU);ZVVM=[=-5+:[32.\='+2TM6*DKY=)CV:OART#R YBZDMG+[6UWYB
MVR6EHK=!J:\1T=KJ(HXK:M766Z**CC58YEJ9E2Y2$S+-/"((WV+Q8E9Q2YC5
MM4X-8'W*1VI1^@JV:;U=A]ELI=>1# <)?94TP^LNK2IQ2$J0TX4F792JCI?'
MIQ3^J)J6FUI<<IG*E+[C+JBIMA4NH05-.(6XTE*0 VI:N98 V57F-#)NEE):
M90YZU87/5G"$,54QDR*2#DEFR3@MCA:2*-:R/)F=?*M!L,];'ZHW[IO9.L(P
M", #Y8..V6U)1'2RH)9$+R4+,QJ9B QD+,>DL:]39ZBOJ&W';<3D.\M0LL\(
M>I@J5BCJ#ZZ.IEQC8<LN\M(S8[.6 &#N]QC=@@'47@]-B)M(,G[M\;H@R)FP
MUUL==]9ZSM& Z6)YFA6%(49*25G,DLF'^/D$B0* 1C!"9!^>&XQBBF4Q/)+2
MKU*9#ND<9;XCC.?SGP,D'W SDGA9(XZ<TDDC4C1RT[(K24DX'KGW-D&4'> 3
MW[>D8"MV/%XVHTBH9(YXHG+0H^(%<HI9P[EG1MQ*X/OW'8=_9=-3MOV! [Q
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M=TE=@(D#OMR1@J2>P!]L#8];RC[ZKXO1C9@]2,^7D8L3'2-NWK&02O<*P/H
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MI$@B0A#&&.T$@*7&?M(/<<8DJE,[-3P;PE*%9897*JRT[,IV(45R<;M^#NW
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M"\NHN6UM@JZFOUQ;5\]F2P4<-#5R33D%U$#D(_8% Q\I!TZQW%NV$(,VCWV
M,1VN1L#WQ&9B81S@M'*PJMIB2KJ Q*1PE7!:50RY .XL2<=NP&!6RTE3U('V
MB)'(6L<NC"-]A&ZH.[W)PV1@G !."^Z&M-YUM=[=I715ODU/J*]RUOT19+/2
M05U?7F@HGK:TTZFJ3<M-34U1/+D@(D,F2&(3AI\T@67K2PTTDL;TDGF((&W5
ME,98ZN)0TT>R:G96ZJ+O9 A+ *N2:1H>MSIT.WUP1@O!T.PBYORC:!I:P&G>
M^!*5"2'RLSS114CB0M$8XXDIT68MB0G"D#;@$H3[ Y'!)0;U:,0RB.DD#JD"
M [T$3;7+U"AL*P)<$'&<*6' $%1 TE2JW.V,CVMU3*TN)UCB6-^DOFQO._:.
MHA<[R,@L57C8;)I>_:@L6J[]IRT+J.TZ+I::ZZQK[12T=5#INSUD]/;:>X7.
M5*MY*>GEN$\5(FR.5^N_J502RGEK;X6$:Z]HMJ)$81$ 2)Z#<_1&EH-M)-SO
MAPT)KG5G+W45%JC1U?+9+M;;A:JBG,%/!/15,]#5K54L=QH:BI%/6T[.-DBR
MJ7$9(22%CNX[EY$^-ZAT;6:OH.='+NVZ_GU[=9ZV_:QCTO8I]05$5?%'&UEJ
M8*1:*J73L!2*>"@MU884GC:IDA\Q/4U$W!%TTS?+/H;3/,6X6=:#1&LKQ?Z#
M26I*JFI6M=^K-'U4-OU-2TM;YH9-HN$BT59%((QY@/$I)1^'/1VC-6\P]2K8
M]%VNKO\ >8-/7O5T]OHJ.F$M/IS2UN>Z7F\=)ZL%K;;;?!+45,J$@(BA<L_&
ML]24]00MUH%8T<3*7!$?KB"8-P%$@&X F^5MYQNR5&+2@W200D'V9@2+$B"0
M3)MCTITWSBY73W;3BZ/TUR/K+/9;BE=:K['JWF-I7F!;:Y;G/+:*NBMVIIY;
M9/6VBVRU"W*@G-;#5PJ:>CJ%B,*1DVJH2AYDZJU1=--W'5+Z>H+_ *]TWKJW
MZ%T!+HJ_W"MIH7@LPJZ&HJ+SKS4NF[:*Z'3U=J6G@OE!6RBVBNDINE(//RP\
M@N=>K>6M5S;L'*?4VH^6=NIKU656O*:AH::QQT%@IIJB^3M45=:DTT=FC8RU
M4<<3R(JML5L=X6CGM\B1^3>.%:LQS130MM6>G>BA>)XDBJ(LK))ZUD3W+?-C
MM'-?R1MR?#?Y02;O-%_=),$.M*1.B@!!YB! B,Z*M2>4*3/+$!)2B#(2)]A:
M5!/ZL@P1!)F,=<:]YQVF\50NW)/EGJ[7-QN-5<+)7ZVKM%ZPT+J_2%YKII*B
MZ4=TTSKK4%UTZ\0>8S@Z/MOT/;:INC#(!*[<;7'S=Y=7;1,NDN9VI#J+F33&
M.6F:[6WFIHRBLL]!"P2!J[3T$!:X2%@U;00K56R:1<V^9(B3QQ+UQ4TR-)4&
M>2-45!+,LSBDZJ'>ZU%9(YA!SME""'M]9<<4:NA<JT=;3"*GD82N9Z/RZ87;
ML:1:_I(S%U*QEU++ZE! XU$<,TY6%.U#BXB VVE"E$1',5*<3U'LH!(,&8$Y
M#7K$A*$@*U!45"3RGF2D09,1?FMTF<3SRQYHT/)_5G,O5NB;-4ZMN',K3=!8
MHX]?5M[2SZ0GIYJKZ5N-EBIZ]ZR\TMR@J62*@U+.$HS##-"))2P2&ZNNK;@>
MO53"J9:FH*0QUE3'%3*L\C*D<+3JD<:[B(NS.%(#/VX9UJ*(Q+2M4T2SSTT\
ML4;/ TLJIN;,<8K3*^Y3\-A$5;MC[>-NTGIK4^JZ'5!TM:*F\+HG2MRUQJIJ
M.@BE^]_2=#6PT-1?J_?.)%H4K*JFIA((WS/-'&N2>.Q1Y;144>KLH2I("0XH
M%3I3  '/<BP@A 0G0 &!&HMQQQ(!/LR2$"R940I1@$:JN9DS)G<:P&)%0TD$
MAZ<A==M6S;)&2,>H25!#+CL<ACDD$G&.%)RE07F6FE#Q5$PFG9XC&D<S$P[F
M20MEF[9&!@8SP71K+=YDM]K J:V[5]%04%+3T<5945=PKWIZ:EI8#'.K":IJ
MI$@BAQDNX![-VF.3PT>(F#4FOM$5'*+6<&K=#:=H-;:TTU/8$6X:<TE4HM13
M:BN:&JZ4%NF@;JQ-&TC. Z*NZ.4+OD[]9!N;P!]1N,8P+SIH 0"+6,F>HL)F
M3Y3B%I4"-42HD$Z=&)2%@11GJR(^X&H5@"<@LI8L<$@#N4(A)-N7INBRU0VK
M##$%;H4[IM)>J4[=I[X/<C ;Y<!RUUMBHS+YRU5$,;5$E3)3I1YIX4=F,E1*
ME3(T"J%!VRI& .P; P=RU+HG5VC+GI&R:FTU462^:LMEBU'IFTU]OIC6WJPZ
MR"-I2XT16JQ50WJ*>"2W=U)$L)<(67A"YZ3 _'O']I%T(M$&VL$R;"+Z1:#8
M;6QKJO-)4O ZRJJM5/N,<.4=H2'.TO)V<(J$9;;G<IW$$(Q+)Y"I4)4]Y'["
M*WE< T^>[?$RH*@D C.T>Q8\2+3\J>951K?6FAAI>\Q:TT+I_4.I-9Z;J:"G
MAN>G+/IRF\QJ.XW*!JTA*6TTTL4DLD+29+JJ;FP.(T:HA,$<C4IF+(T$;K3=
M+>":;IRX+.TAV9/<!P&"D'/#$SH-!K>UM!WWB^N :7&^D"_T3O?0;:F)[KU:
MSM#53=.J5&DBBSMH1DPNZ$,$ 92"V/3E2<EB1@\$U"JE73NKU4)GA@DD6("1
ME9E*'(7<"<*"%RV23\QC@&2-)8Y$C@D01I4S,?)L^0E5@'<&4H$3,>[NH)(8
M C)71'"4\@C90[QHQ2"*.-@%<J"#,N77N"6V '=ZA@<*?Q$:@?+N.^'!DR";
MB^Q TUU.H-]]\8Q#IYC>6M!$=605A/<!8@&P5.$<KZ_FI52<>QVS1$4K:DTV
MB25$D45<*J5:E9(@A:BJ2[1L"$D]3X R2P]8';C46Z;NS1]Q'!+N#I&/K]EV
MCS0)R5()!)';L03QM>B-C:FT^"(E=9DE $:Y<>4G0K&RU+C?@DE2@)7=Z1\N
M#Q7_ #7XDC;A[.=1_P!FU5]Q%_?(U-\6O@*?SYX*FQ/%W#9LH1?.J"=-??H#
MOB^DT(>YO\.8KI+4+J4JYOAEHU!C=6E 1B/G&0%'?<,\:A VV."9H9,QSKL9
M:G=N!J&9U*R3E&W8P#MPQ 9B2=QW#2E2Z1WE<',.DKU(0+>R':ZJ$'7+$-D!
MMOIP_P NX!X>[+RIYGZBM&A+E8M#W^OM?,K6%;HSEU5T]F2>+6.K[943&X::
MLTIGC>IN5*582P.B(NUE+%4)XR4/\MY[-_T62Q)(MX-9V\Q[S$X6:_S7X4@?
M\+XEVW%1E0TD1?6_7$=(D<@IIDIWC!;;/-*4:)I1*I51L<,<Q#+ X#G.<>_"
MS1[5F=8HIXYYX-I6",+M>*,@D-4HP/<$+@@,#EA[<5<*2ILTESLU\FH+;=+/
MJ"IM%VM=>M''4VR[4;M#64%6C58Z-73R(Z2P$;A@D$KWX!>KML4=$'FM=1%T
M:=Y9(5HPJ=388A+.M3( 9%)*F0QEQZDW9[=HFYB!O-ST.]]1KU[8JNMC-AN(
M@VB(UU^K2\E4@EE5%*2KNDJ*E8XX8MC;I8<L-U6&[.@P.WM[,.$HWFFCJ$=9
M5Z%'4;6$<!)#3[W7U%NS.S!<=USM! [E%*R&">VHC4:RSP1")31PB:3JL>G)
M3H:D/4.X!$4T8'5 8(&P3QN6GM!:UU-:-?W_ $Y8KM=;'R\L4-\US=8+6#2:
M7T_65$=-'=KL[5"=&F:M98$:/J.Q.2, G@]X&AOMI>_6)ML=X.&-B>@Z?YIT
MV WZ"^-;1933P*$JB>JC;>E;L &:55(+8?N05P^!NR#D;<H3]<1Q3[*K;+6-
M,HV40#*40 9C*ODE6R#A!V(P2<.>GK9<]8W-;?I?3UPU3=&M%=>ZFBL%!Y^I
M@L]@BJ+I?KO+2TKS,MNM=KA:NN=82L5)2*U3.R1*6XU^6HHFC9XY*>)*>&CF
M<,(2$CJ<B.:1C*.E%4%E,+N!'/E>FYR,N3.D3&W<7M?46OY8C&NYDDV$& "=
M=Q)VZVZ.=0@%?4P++5HLC,Y5%:4(9(%D8'I[@V&+ @$X'<''"(8K#.#+7I(L
M,94"(@ FHF/J;;E5*MN'<>HL-W;'&"STW4IP9J=34++(T<;4:!W2G&#%'YL.
M3TTW$;58*"V#@\.FG;!>-<7"JM.B+/7ZONR6RLN4MJT]2I=[A%;;/237.\7&
M6FH:J:6.AM5NBEK;A4.O3I*6*6:;8B%@M>VQMIH)/2^I^^,/W'0'4>XA,](T
MU(C<XB'7')30^N87FJK:MMN< ,Z:@H8YK3=HWIQ))&J-320Q,9B\HED0"<^D
MO*0B@<QWCD-SPTQ?[6FB1RXUAI>\:AMU3K&^ZBU)>+;?H;+#;7I5>2U2QST5
M;+1^YK@]1505DPJ:>GE8,W'H-K'2U]T6UHAUC:)-,3WZQ6S5-ABNJTL;7K36
MH:.IGL5]MK15\T=3;[I%$9*5U(=EPQ0#L6KZ0B#1P]:!GCFIX9X$I(DF_$AY
M$V]5W4J""X*!L88[0<GGO971/J*U,A*S,J;)3)D&Z "@DGVIY9*A),C$5-H4
M2%)%R) WY8B2.51&Q$R1 NG'FE?^7VL- WZ\5E&M9?*JY4<%'0WF]6JLO<%'
M7SJE-5V*R3]*&.@T]0T\T5?9;YY6"6Y7&":@FI(*9F<R'I+PO<EWNVI[GK>W
M:XN-?IZFTY<;[/;+&M*LXJ5DK:N2GN:T*@0U%T0K<Z&PA:M*9J>-5DC1F'H?
M9M+ZJU)I?56K=/6^6Y:7Y;TEMJM<7JCI*>6BTU#J*H%ELRW*H6KR9+C<95IH
M$"EPQ+LH51G=M#^'OGQS2T-4ZSY>\N-0ZSTC9*VZ6^X:@ME/1+;+=7T=$U95
MTDM367*G'F8*4&=H8E:39AE!QCCCN<..%04UF+C!-E*33HYU()0>3F0XV$@A
M*I*4@DJ"K00J*&60#[ ,_13 4E )DPEQ*ARE4<PO(2 -"<<)5U;+2VN]T>E>
M2T$M?J!+!I6DK]-Z8LUHI+=IEJ^DDK;A=FKH/H^2JHZ*>>:.D DI)!U/,,*X
MU,K1;8_!Q>+5K*X7T:UAI+'>IM1_?-I^FHGJKG/2U=740VYH9Z6HH;+)!+0,
MM8D),U-35*A'CD91N[4KJVAZL\77H)UIZ1Y)GACIT2 LSQF6<"HD*1JZ;2\Q
MC!93@#L2NM7!%5K&LM'$:FF7INM#!'*4:,[7IU-7ZUFR0)$+*^.V2"!FH^'6
M:8K+E2^^5A06"EMM*D'Z*""E:H0#*2VM"I@S88FH(4$E20LI2(YC*01R_JI"
M$@'0\W-:QZ&+=!<H]*Z(M\D5,MUO]?"]ND%VU.])=:Q7CVTR1V^"6/R5LA2.
M-#!'1Q)T]F0X.XF62\B)12%*HF.-I&'3M^1MI3(0"22P*@'XH)V@G!8\(*PA
M@K)/.(C4T\/7BDIHE:-:=S)&9%-2&@WX8,90J9('MW"]EH9]5:AM>EM-6M[[
MJ34E9!;+#9;8M,]?=;O70"FH[=14_6]4T]7,BHV\11N07=0<CNL4[%,GD890
MT@GF4$( YC"94HZJ)CZ2C($7BV&- !  GE  2D:"P L223YW,DR<8TGBGH!)
M%4#N6*?@8&V25R"K1,I(VON.X@J<A?3VXQ:(++64\<U9MC:0($0R(Q28D!BH
M]1884.  &[-@>U[W15%ENMSM%TI?HF[62OJ;9<K16PP)56ZOMSM3W"FJXS-D
M&EJH)X9\9C#1NPDV]^"[90U%VN%);+3327*JNU324-LHZ!*6:2ON=PKEIZ2A
MHQ'5=-YZNJEC@AC#[FED6-@![98L)^7D#IIOUUFYUP"!W_HV,;:R>IF";1(U
MN$%5X'1I:Y&,U*A^""4S$JO[J2& ]"C/K7 /SX5GBF97E:7=$B0PJ]0T\$I"
MU"G8T8*JRHN&W#( )QZN) O/)SFKIVW\R+K?>7]_M-MY2ZLLVD^:-97TM+%!
MH#4UX,$=JL6HY17!*6NN+U$"TJC=$XFB+2+N'&H4>GKS?+-J/4]CMC72PZ&I
MXJ[6-VH(Z>HHM,T-36TM'25MUD2ND6*FJ*J5((F7>>H=K*!WX)Z]@8W C>>W
MQTUP3(, =-=) ^T6-A MAJJU9!5 1B0,A5IDK)RKA5[$;ZC+*/;#J?;VXPD<
M1HV8) \U),'(J5D1@9*< @2S,1Z5VLHQGMA2!V7J+A"Z$&:%D?S$;#R\=-A]
MGPBTC3, &<$H#LW=F4D#@:MK*8QN[7&@B\O3M#,LD%+#T79H&Q,[5>(V4 '<
M^UO4"!AQEBUM;=P)M<^=IL!/:^ ;;6@6-K#HK<$#J8 U,8+2.$5,Y6'RL$RA
MH?,HDH=9"B!@J2C.Z0D*Y/H ^S@=P\--"G0C=C 5#]",-\1BC! *C).T@990
MVX#M@Y.]V?E=S(U78[#J?3>CKOJ6P766\VJV7:S6F*XTU56Z6H4O^IZ:%:>J
MDF*:?L3->+M4M$E+2V\-++(%!Q'IK*&>=5@DHJE99(%I)Z2"F>*H+&.0B%(:
MB1:D&-@VV.5F9'5F558$DDP).VY/2T&2;^<],(VB?=OI&M]]"!H.MH.Q*8IG
MVS,T44,+A8H5"#I19&14,1N1E]15L'V .1Q)O+(253W^61GB=GMI8]&G8.<5
MPR-RLP(  (.![8[YXC"(2>8KH%A,6_:SM%:=LJJ1"-NWKXC3.",Y!8@=BV>)
M-Y7+4)%=Y.HP$RVY]K4/<%7N2$@]890A5VG ]6_A7'RV@=8TOUC0VV .'L9/
M0W/^CLF?=>PB-XBF!J@TT!#2Y2H*IMBICM3I2' =I2X!*]DV]/(+;MPQPK,"
M8H$E,BM+"E1NFAICG$)C]&"S888/J(R2&QGOQC%'(AD6-V"1.SH34TQWE!*"
M%8@!V]3#"_8?3G'"<T@)A5G#RI1HGQ%694 4;1F!%QZ6 VEF9,C))!'#WFPW
MMMI\KP?>!.F"\BQ^B)TDB8O._P YL.N#3$2*+<E3EHPN$BH$+*8 YSEF!SCL
MQ ;\XG<2O $2L&78E4&\G(2R&GSCRTA)/?\ %D=SG#%,@]\'@OK0/Y/U48VE
MED'D9R1M@4,S $EE!_5Z\OV'8"J$D50)*)1#2A681212&6H61$C.9%,K%E ]
M(VINW-Z2<EY N(([W@1J0(Z=MS@%H.UK@^0O86TM;2\X<*26.225)ZFHAZ<$
M<!21%ER%) WJL3IC!#*O?&0"3WQE;9:"@DLU<\I<V^\V*XFG6EB$DD=KOM!<
M9HHF,'>1X*9T0EL!F4$@<"TT 1975Z:21ZAX$A,QA)9!O)#FH55! (]9VY&.
MS'CJ707A=GUMI?E9JFQ<\>545PYHZVJ^6>E-'5FG.8OT])S#I;/37VY:2K*U
M*%[)'44%HK*:L:[+,MIJWE6FHZB2I!0'<6NG0=.A(MH9M\9G"!FPU)ZVFU[]
M([R3[CZGW'Q,^$"'7W/OF%4\[M$ZRL7BZYK^$ZMK="BPWKZ0Y9Z4Y87:V5G,
M>KYMPWBRQ6NCM=%#!5T\<,$UQ-RIA%-%#ME*)$?,3Q,>&,6+7>K](5_)JNUF
M-!W6S6?2NF].6ZST>K$TGXH7U5H?3K6.CMM/:JZKN'+.GBK4J:N)ZNX6BH+5
M<KQ#I+Y82\L.<=GJ=06^Z<L]<4$VDZ1;I?8+EI:[026>TRSURP7JHBFIP\-M
MN*4D];138<RTD<DP^'!,R'6#E+S!U'8]):DTI;'U9#K*X:\LUEM&G;97W>^[
M] 55N%_K*NW4R2;:.26[4PH)8R[38=6C#[ 5U^\?7OB5^UP?U3U$P-3K>9D^
M^/7ZEYY> R+G%56C2-VY4631E!RRU-KG16M]2V.V3Z>H>=W,[7UKU/K70MWJ
M*S1^HZ*BI[+H:GJM#VQ[M8;E;; *BM^AXZ&Z/3S1QR?$!X8-/7?D38-":<\,
MU9IF3FYX@-3\P?OQH[G4T^C=(-(]TY0VPZV32]3?K=IV\7&:LETS<+EI>YP[
MJ2BCN5NH[9#4H?+>T<H>:U[2SUUNY=\P:^FU'<+O!8:B@TMJ%HKO+9%JJ:\1
MVV8492JDME325%-7Q0,[4%1#)1U 2<"(IQ<I.9@FH.IH'F"@>[P:54-IV^1R
MMJ93/'-I^*/RG5^E8I/AO1J@DC<21MAU<*>>L#RV&I]^VUNP#I$W/G D;0('
MPL9OM[0P<X?!7&E314?.;E'=[O-K/FKJW1^L-9:&MUPT7H36VH.25CL^F[S?
M++:-)VJQZHT78=4PW2QVV]R:86GOMVVUE9;)I&6>1X_Y0GA$K^:.L]9ZJY\\
MH=;V76MMT%H?4MHNVA[-9[16V.Q<E:&RW/6.GKG4Z"O%_(&M#56HZ4I+AHRW
MZ6DIH[E)-*95C7Q:O')'FYI31EVY@ZDTK>=/Z.LVMVY?7.HNTBT5?;=27.QG
M4%-#6T=5#NIZ*JMB((:Z:0+)6/'21H7(8 /R1YX4QM<4W*7FC'/?:&NK[!3-
MH^^>:OM#;J9:RXU-JIS;^K<(*"@EAKJMX-PIZ&:*KD9*61)."._W;;_7TCK@
MYC>/=-S;EMWF=;ZZ[X]+/%-SA\.=P\'E^Y5\FN9G+&=[AJ#D/?\ 1_*72^EQ
M9M?:833.@Z^U<Q:C7E\DM--]]E_K]8337."MKKK<YK7;*JCI(6AIV2$=(5W/
MWP)1\M>6W+NIYA\L:CE<G-GD9K,<J[#HZ:COVB+9IGE=<[1JN^\T9$L[2:SJ
MK9S0FI=0WHU=5>YZ6SBFH^A-;"]"_B!JSE%S+TS<Z6VWC25WGK+E9:>^T<UN
MHJR^4$UN:PT^I:@K<*&BCI?-VBR5E/7Z@I0SR66.3%;(4 D.P2\@><K::UGK
M.HY>7NVV'0.G+'?M0O==/W6VUGT1JJ\BPV:X6:@FAWWF'Z15O/5%&[):Z8--
M4>K"$%XOKIK\;#?2W3!-Y(N(^&^PCZ0F?A;'</B2YI\A;MRS\2FEM :RT!>M
M2ZX'APF-1R_EHDM/,N]Z)K;A'J[5]MMUMTCHVQVZMCMTE!)J2W6>S4MKI*EX
MA3F63JD[/%XH^2ES\%-K:MUI';?%?#RQLWA K;?/YNZ7FW<B5YC4=\NVO10M
M2&BK/+:/FKK0X>KZMPI:>>V[D>==GE]6\O->TE^MVFZ[1NHJ+4=]IX/H'3\^
MF[S27R_+) E4DMMM<D2U5PVPQSF5HHY&A,,B2I'(A"N5HY1<T[SI^IOFG^6^
MN-0VA;))J66X6?2U_K:""Q/25M7#>!64L3TLE!4TE!655).&854%)42P-+%!
M*R@&@OMTF3'E]VFDX)N#&NA/N.@FX.UKBT$G'N/4>(3P.Z?T1<:6U<X.4%TU
M];M!<W.7%DUC:-/V_3E]U/HS46A["-,V^OH=.:$TE:J=Z[4E U/#9DI;O/;*
MVDZ%5>ZJ4RLVK<P.>W@0U70^(2]T^K>5%[U+K:[Z^J;_ $NJ:=+?6<U*6KY1
M:8T[RVO7+W551H?45YFDT7?;6]/06W3=TTOU-0T]8+S)-12)./'"]\G>;NE;
MH+97:$O$\[:7EU E598*R^VFJL4%JL=XN%SH[I3Q>7JH;10:@LIO30C;:JBX
M4])4X>2(R94G*KG-45EPLR\K]>/66NCHJZYT@TC>ZNLM5IN@,5MKZV*GI'>*
MBK9(YHJ.9PJSU$<M*A:IB>-2+'MKY6%OMP3%B1J-#I$6.^@C>=+8]#?#KSF\
M.NAO!MJS2U5S%Y?:.Y@ZPY&<^M'<R]"W2PRCFWS&YB:HOVDIN6M=IS6'T;4K
M;-)TFC[=?[4MAAN=#07*]5E&U72U-90+51UXH]?^$;5&L?#)4<F=3<KY],Z1
MYSZ3O-TO&FA)8;QRZY+TKZ-J:W2?,"RTFBK)(D.D;I0WJZI>;O=M5:JJIZBX
M/4UDM$*0#C70'A:\0.O+A<[58-$245RML]+:ZNUZECGL%U,\>EKWJZ)Z>WU4
M#S3P/I^R5]0:A"#YSR]&T?4FW)#$W+_6MNAD^F],:ILDB3VZVSB[VNYVI+==
M=4TR5VF[7<7K*=$IJV\4;&NHJ9B9*JB22J@62",OP6[DZ?*/.VW7>-"I)B-@
M-;D$F!>1<@[V^)Q]#]U\=_ACO.J[]J<<S]'VK6'-Z@YK\I^:NIJYZE:&W<J=
M#Q:O')R]2R0VUDHAJ]=16V6W5\*2>>C1EJ(UEC*F ['SC\$]OY=<B:&BU=R.
MCLVDK-H*HK+#K:S>8UGHBWTNGKK1<\-)5&FXM%^:U#>^:<\SP6J]WG6%7)2Z
MFJ;/<+"U)%1$IY(:BY%\U=)U.KZZ^Z*U3] Z%N-?8]4ZKM=+<[GH^UW.A:AH
MJ^*35$%$EMF@HZZ5*&MJ2T<5)5LM-4]*4HIVZP^%CFYJ"T^'BXVV6U5=I\3-
MTO.FM!U$=>_2T_<+#=ZVCKX=:N82E'!!24-9J(3TK.)K/!(R$S@IP= >Q^,'
MN=.VLVZNY(MWB(W&GO&Y[G4 >E,_.SP9G4%307#6?+*[Z!K?%3R^USH>RVW2
M?E;=H_EA;>2M;8-(-K?3-+3>9O=KY9:TJ*.W\Q9*F6LJ;W=$DK:TUJU#[=,T
M+S.\+]%2\Z8N=_,;P[<Q=8W;4=XDUW?]'<L1167G9R[FY3U5NY>:0\/M);]/
MVJGT9JC2?-E[1>]3W"D@L<]?34=1-45U;0F2)O,^^<E.:^GKW>[+]ZNH[X-.
M\P+URX%ZT_;*ZNL=ZU3IZOEHJJ"PU"TK/6B>2@F>B5%DD90L)^.&B(M+R=YH
M72GM5SM^B+_<9M2:JDTG9['%9KG6:ONM[I].46L)%I],0425[6[[W*R"YBYL
MBP20RKE$1DE8 F!U,8)M>+0>]H!,"X OU(Z"(Q&TD/ID)AJT8K2%HY!0Y7+E
M%$C1G#2*BB)W4!9) TC* >Z42NNXHE9A9Z9O0U, 66HGQDCMO].U3@X(.>P7
MC=;WR_US9+/<=1WK1&HK-8*.\KIFKO=RTA?+=::/4=+53T]58Y[A54Z4L%TI
MZF&6EGIWD#&HB>F7,\;J-(94GW3!Z(!Y454B22+(AD<NYC,H*#U*22,OD8QA
MLFNMM+_+]NV_:%H9!N= #;;M:VY[$1L5F&>W3EZN5F:>641O&)%!,\1W F'
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MN=2\N]0Q:J@M"Z7J=?\ *NKY97 ZBMU/3M'J&2CL,R5%.\$E.LM?YB2H]+1
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MSL22RJV RX&>PSN R,\;URWJ! MV#5/4,L=ME(AIX)]@=[E@.SM&0YP?3Z@
M <]^-#J))&0SDB,O6 1E7 )2.F,)/?# ,1M;( .2.)(Y:3R/+>U:F1D2FL@C
M4STPV!OI0MWQ^<>^#W7V/?/"MO\ 7'V' ;:#Y3,<L=?+47OKB-8ZF+SM0K>8
MF+),%=5ACFW,L 5D"OTT=0"-T>3\^Y8CA"6%C'#!*90JTLZE9JTP$.:,2/$R
M[3AAZ?2I)D_%Y&,E6II.G='D>9UB5ZN)IY&BC*RFDB=,'IJN7 (.%( P!@G)
M0F:!Z.I#5K/(E/2R+&SQ,,/$%(4E,EAM*LJG<H4;O?/$HZ= =]9 /SG3W8)
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M14UBH;E9=-UE9=)ZFR4M%0V^&RO9:F>[7.2JMM5::BDJ_I"KBJ(Y%D(!IO\
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M!$J(GFX=QR(T[(.X!)/S.0#PJ6IS4O$]<2'-R5#U(65BA5P&.S8JR8!!. S
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M[AMP,+[YX59X:B5UBAD!\[ 08JF)F5/+Y,:EI'7#$,^\C:",9R".%=T$<-P
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MB<MMKC&!.)?S(@NS8P51L(W;B?96'&P:ZZOWX:D8L[Q12T\>TQUY1.M1T9*
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M& 3WX2:.I$E62TLA6!6</3%@1TWP7]?IP,[2>V?8X[<.=HZ7!\IVUM'8S,X
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MI;35;R3OTQ>5+IRREAI;7YE]K(U=I6Y1UMLEIE==SPT!H'PSE"S,"/$WQ)>
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M.BUU5Z0#"%;<J[BP+G [D]QGTX)M;%4B*I</5"/8X E@.[:![.X*ACG.2!@
MCMPA4"J1%!W,6HY3NDI7#;>K3G)8. 0I &\CL,@@Y'!(Z?.;2-+:P.L:Q&F"
M(@]@.P-M>@N9$29/40A 0T=2J+$LIF0!UFJ6D2(.K2&*-H3&W=1EW 8$8[@G
MA8RS&*GV2NR+3U0W%G!"-'[,!2X&[VQU&W$8++CA=Y3'4&>8D^;A2:-:1)X
MJ.R0X<IG+ @L4!PYQV+,#P),9HX88(Y:E 8MAB,=>&):79CN-I!#'ZH [[2-
MV. 1T&VONF3-M)T.IP"PT\]9!D0(-[P +@1K, FTL=0^<G<II8V&Z7L%6)2
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M;5)P$#C=D [26.\D9)(('&<)@EIX*>&@$L\C*1MFC!(CF#RDAF 4[,C).?\
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ME"])JFRU),*_2 @IUI[M0M')T'H;VD;UD$43L*64S4TF1'&3*DE+FD219*?
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M+@J.V4[GU<)RBN6GI69F2FCF$D;%(=S=63N5+*F3NRP#^GY=@#Q4AV)^,'H
M(!.VDG6;3B[]/("^WT;&VMSVG7IA14H_,53N\"HE+NW)<*\L91U-X!;#,S*,
M/\@-N%8DCA/=6"*&.G6-A--)31!III#TR].VP&8>CT@8*D ]SM!QN(1H\5+/
M4AA/'<HY8I6@7=T4,D!8Q'(;J,Q 1@&;L,@8X&2*!S2"(Q;S6LC S2%1D1[
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MQ*>@_P!T95$3^(VN!@9%@6E82)7+(*P9 :KV@8R0<2 !@?F1NQCN1PKU#&*
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MQI$XC?:57J5C'Z^X@'MGV.QE'8GA_5T%^FMYOYZB+;&X,V41;6#[)'O^SX8
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M7:*CU!J9=)WJ:@Y6R\P---6U6D+G%'>*!]2T-NI*2:EH=05B/!<^B]:7,C+
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MPT]M@55,D'5C=R?29Y!@L<KM!4,P!_-! R?LX\8](M2JJXE>7S^PBDHFTA(
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M4E)@74=< -@X)(*X! 4>K@B"4U$"QOY<"&HF8]2-BYD-.[=.,MN0G:P?V'L
M6S@</2XO8=8%TG6_OTOTP@/K&X[2%"TQ]M[XQ:*$U,E/YFE5I0Z(Q@IPK%%A
M<]U.V,$9.X>Y&!G<1PG6M&DM2D-=OS#&'2!HH(]PDRT1C13D;?5E#VR6/O@*
M*$6>CC9@7,O6.VAIW!0TD8WJ3A7]>5*$8!R^TMG.=0ZE;@Z;\1TZH&\A F9$
M8.5W1D&,;67<ZD%B2ISW'!)MOTL(FVD=@!:(T\W .DW(!D:7$SM)(DS?M%\8
M-,L;2E#5B,T0CC KCDE.HQ)Q'ZXQO!V8R"?<%ACT]^YI<E[9S/NO-W4-ZK;O
M;H+/;=)6.W34U0DO7FK#+6URN90"O36G@0 #<$E WD+@^8LS"?9+)132NUNJ
M)))6^$DC]&$]1$ZN-D6<' ]0P<'Y>V'W+2X4MKY4<\+I2QI#4T-WI*KXC"57
MDH]*>9I0ZA\F-JI54Q[E+!B 1D-QY=Z9*Y^@]'F=N4RU(>>7EE,%I-TI=S.C
M"H)GZ24%$0)"R-#B[>CPJ'%V6.MK+;E,*NH0M ]L*11O"4I(5[4*/+ *NFH.
M.U*GPGTSRDVK7%521;@5BGLL%:2H]E-0U5&^<=BQ3&>X'VJ4'AXUYI^:G-HU
MU;JJV!QYJV7"V9,Z9P6I)X)0U%*,[AM#(W=9%(;/'F-JC[H3XX]#<J*#7<W*
MC0FLM7RQ4+5>@+1H;4U%7&:OKY(1%0RMJ,F04="4JZMRTA&URH*/'QW!X?>?
MWBQYQ\E:/G#J'3'ART0\JU\E5H2_5O,&SZJIA;+=%7UD;=:MF@:6(2-#\*-T
M:5'9-RJ3Q\R976^DW@AMKB;+<PI\N2S7/9:W7,OY6M]513H0Z\RXS!J*BD4A
M0EU]ERA>]IHK<(4C'T1QKDWY6*N%>+J9.9LU&4Y-G3E X455*W1Y\M]K*G!4
M4\LTF9.KI7B:5EYK-J$(14/-TS2V75S-K31%PTII>_ZAN%/5U\-DM%;=7-#+
M31S[:2,R21QQ2R".8R*,+O>-5()(^1T1:/5-WAM%SBCN*0-;[7/16^83;&@J
MJ9*F.!E0$]0++U)60% 4;860 LPZ%\25P\2/@?N//&NTQ;=(_?LFJ;);++:[
MM47J%;?;M1SZ9BJZBJJ88)(ZNKGHYY9J/IGRP*(7<[B=@L%UK*ZMJ;=-3&DH
M[19Z:CI:T-<%>L,-+3[>F3\(;]AB1X06*Y5<?+T)?I7X[X[IJO)>.*FFJCD^
M9FF;:HJ"FHG6JQU#C%47G*(I:4&4L'D4D(0A7.I!*E(CSOA7T:<,<%5]1F7"
MU'ZE55%&UXZJRM>K$*89?YTH:35OK)+BUA#A"W%+1RI(\-*L<C^(^]W'DMI'
MFMSGIM!5G-S66E]*4U_H=(QWF[6*XZV%AKS2VG2MOJH&D1JF9KS7TMN=*=F$
MS%'4M*KQ^<4?W1/Q61W&2^6?[DUXB+%=)*1K6HM]_NU3!%:I9::KFHGBGI*B
M-WDJ::"=V>-Y!*@/4VD@^X$EJK>9%JDT]>+)%1T-XN&FJ59*ZCJ8E:G^FJ22
MMIXJRI39$D,4#LLI<,9W7<6901U[_@(T#+>IFMM_O_EHI7D$&^+RRJ JK$E5
ML.\J<*2PS(,@'W/'JOHGX;X9XBRS.CQ%5YNI=)64ZZ%YD5P":1^F6!2O(2\Q
MRI04 MAUI/,EPAPGE0!4O2_Q1Q;P]G>1_FQ19!%11OMYBT\,N4KUQFH:FH86
MJFJ$KYPO]*&G#RK:'(/;7/S3)XX_%6[3ULWW%?Q27JX72IEK*VNJKKJ:HIJ]
MZZ&&"<2T4-L>FGAJ4C0&G4+ ,#"9)+>I'A5U13<T>36F^=-WY+77E-KC5M%?
M+1J'EAJ*]WN\7?1LMCU/6VVKL%>E:(Q3UU+56N.NE@-*D]$Q6CWB-!GUFTK;
M:#3<JVZGKZ^.D>>!FF-0U1(0DJ1D"/.V)D51O,:JQ&&QGOQYWZ'U)#9*G7&G
MJ:B(AI.;O-^HH[PV]JJ4U6LKC5L[4K+MGQ/4.-HRS'  +=N)^D3AG*\DRZF7
ME3E4T'JT-JJ'WJYP*952ND)2TNI>;2HJ2D<@*HM[(YE#&'T=\09KG^8/(S5B
MD>6U1%[U>G10TRD/HJ:<3ZPQ3T[Q ',2H!,\Q)*N1&-N2[5@H_(QV6HB4! E
M2TM47I8)Y0KPR0F+"B4 NHD<Y+!>WN4M5I3Z.L[ZBU.R:?T_'76JUO>;Y44]
MMHHZZ]UT%MM%/))+)(L;UU=4P4<+2,J=65=Q4<;+81%);HJRY7B/S%J,;/47
MF1HJRYS/(SD3(.A&[1]HUB6+(5$])(),<^-'D9ICGMR6NE)>],'6%?IL46H+
M);*C5^HM,615H[E0UMUK+G%8;K;$O"0VJGJ7AHZMY7D;:E&T,Q$G%"X?]*'&
M' N>\.9'PZ_2-T/&>=4M#6<^5L5E>'&JBFI&_4TN.I99=?57.<RG6:@!4*2V
M[R>&ON<?^CKA+C;*J[-\_I'E5G"V5YA5TY:S*KI:((=:]:=%64<CCK;0HTP&
MWV"4?24@N<XYI\3O@9UCSYUCI/5MCN=ET[46+3E=8KC/=H_I'SADJ)*BV/":
M*LA(BH3-4;V),B-*7@ <Y'+&@?N2'-6U;GYC\\M'ZG>6[W>L=;%I.HL5$EGN
M"K'16)+:]95.T=MB5OP]ZMJFME>2:0*9-O'7?.;Q/Z]\'O+31TE+X?\ 1,&E
MZVM^@K-;K=S,N-Q\I,UM-V%36/-32S,M7 KN%\S-,90T>XX)XX6U+]V*YPK3
M1/9N4?)ZCK*VCCK:>UW?4&K:N[4T,O4*RW"WTE135%+#B/*2SP1+*701EE)/
M'"XDK_W0U9FF85F9TB<OKJEUAYXN4?#5"M7Z% IG$LJ74J;#C+3:E(;6M)5_
MA2I1&.IPI1>AVFR7+,MRFI%;E[##]-2\E;G-:D(34+-4CUCF2%EFH?<2AU7*
MMH?X$H2F4ZO=_N..B?"OHKFCSETSS.N.JKW;K16WM=/2:4H+/;?+-<(ZFHH/
M,4U743S04U-+*(9)8]S=-7=<EAQR.[=0S'XD4*I53"'I.6W"%8@-@RR*-VT.
M?2$ ) SQ]'?,?5)U]X.M4:RK8J6*?5O(2LU'4P474:ABK+GI1JV:.D$S-+T$
MK&9*;J.TRQ! S%P2?FTAJEA>G>.DE5WCCZG3,HZI6>/<%#[L 8Z;X[;L*<XP
M;IZ!^(<ZS[*.)4YY5N5E90Y^AHNN);2I!704[:VH90V@!M5-%DJ,G7'"]+65
MY=EV9Y([EC2&F*S*E*A!4H+Y*I:T.2M2E$J2\!)5$ $"9E2&1_5L=D!SV-*T
MAR*6I'N",8!((P2 2Y&%.4U$I2:-I"!+'^=2.H>.2>F .[(VH2OUSV]( )W9
MX-AEIZZHAIYJ=XR*F9LNTB9245&Y2RB-%*E0 6[L<JO;*D2=4(+1TP"BGDB+
M'KD%DK1&I#";:Q9(P?8*<L0,[2/>!L+? &QC7K'RZ[8\EL!]>H,B+"(CN="8
MF+8/6>>%[@\Y6=E5H$!B"1J%G<(60Y5D7;C8?<=BQ/"1IDZM+DPP.())9@\4
M! 1ZB1E8HY P%(*CYH1@;5 X#D7;#.ZP1J?,U WA9]V,GT M*05'YH(+#!R3
MWX< _FC3S-Y9&>&FA1ND.IM,I)D=*@,&0A1&,D'W&  . VN.L&T:1:.WS(]^
M =IC2TF)B;SVGWR1J A1Q0.W>JI4,$N^3=3TY]$E(JJREB0_JR"AR$*E\;CP
M_P"B'5M7Z>C2JDJ8UO%64Q,@0YI*DK+L"[EW#VW95NQQ@=F2D:/>V21T::FC
MD'T?3,R.JL60JY&<+@AQDR9P1D G9-%-MU1IAUW@2WNJ8*:.*(&.2CJBI:2(
M@DE3N">T?YN/GP>*OYK\2_ZO9SJ-(RRI[:'07'?7%JX#'\>N"O\ 6WAKH 8S
MF@&G4 F>^G3&6E)]D^H%)J@!8=12?EI; 9$8>G9E96&<2?(^H*0.-3AAF9X8
MB)\S14D922J9DDB=JF7.57(&5&U2N=VYL=QQMVEDA%5J>3R$T2?>]>=W4DVE
M$\OZD9>JV#+[H<G:.^5!XT\M1-4P2+3L$$E-$\76'NL,K9#F4D[MR>S8&TC/
M<Y=#_+>?'?P<F^3-9?7628UL3>TX,UC\V.%-O[ZXET$P?6,JT%_('\' QK'+
M4!J R&21$42B4]-O*]56&8\LZE0RY(P.Y!7WM2EMT6:&-ECK%E;X#;SO9H,,
MW3PPRX91\V4#W/:\D<>0[24J=68$1DSEU'E60[@LK  L,*!EBQ4Y"]@E)&\#
M1IY/:6CI9,#JL#NE#!B4D8!G[]B05.1A3C/;F3[@+Q:(\A\.ADXJL"\ 23UV
M]DVM! UT]QP<QS3RL3($CI1TXS$Q.Z:I.]V(ST\](*=V<L HQ@C@:)Y,-MD*
M(4G&WRK/GU4^3N_20,MVV$>Q+\7BJQ!4PB&DF175)&2,R8E#4U4#( VYC&20
MP!)4;21W!(6IO+UICCEBVO!254;%WD3>%,4J.K91#[D;1N;'=@05PSTO:_QC
M\:], Z2+S$=0!<'RF_69G"E/'/*4A:0 /5T1*/128W*TTBEF+KC:0&5"</V[
M$#O''-Z#4%RY7:XMEDK*:FO=XMPI::OK(5,,$24\M16YC,<T;R344$U/"\D;
M1QO(LC#T#B0 JL\<@I4VR34& PJAN)C<N ?, $%OM]6,;2OSCWF!HN_<Q;%I
MOESI&6AMVKN8FKK-I#2]76QW=J/Z=O)K8*.*N%MG\UY>11+&74=).S3YCWGA
M+>:IT%]U12RS^D=5!E*$>TXH!,D\J05&)($ 2;8FRTM]QMAM/,Z\I+;8GE"E
M*@)3S$B)/*)) !.P%^).9]DURUK6X:2N=HETG3:$T3](6^]TM+=KY3ULU-2F
MB@I;E)2K*EOI9)*->F9(WE19E9&5^.H?!%I_F#4W?Q:2Z^T_9J^R7WPDZZTK
M<+O0T,%NCMETJ:BBKZ:NT\8J>>"EN-/:*6L6N>F@BJ)Z29*=ZN*+(,W>,CP(
M<WK+KGD'X5=&7FP+S%&@[]<=5RP6_4&HX:HZ-I[?05DL5%R\HZBKFA@JGI12
M5&H9)1+$&@@F2LC0"(_%9R_UOX)KCR_Y1Q+8;UJ'6W(.HJ-=W74VN]15.JHM
M3ZZW4LC:;M5CJ:"T:8IK/1034EITIJ.GNUW>FJZR._U#RR0QPU3->(Z#-\I5
MEE&\4UU<DH0RZVZA:*9FH7%8I:D #Q$I0ME*B'"5$$2A1%MRS(ZG+LT1F-4@
MFBI2'?%;=;<;<?<8:'JS38)64M+4M#BD?HP$E224NIQ[H:7^Z><S1X-O%'S!
MY1Z!Y?<NZ+PJ730W*_1>F:J&*_6&_%])45PO&JJBDIH+4+='<8YX0ELI4E,-
M11&8U$BU$BC<ZOQ5<]:GQ#_<[](5O-*2;2?/+EO3:]YF6".Q6ICJ*_MY^LLE
M127V".&[V:R4,)DBGM=NRM=#2)YUBZX?S3\/7AEYEVKPYZMY65E3HFBY?>(^
MTZ:YVZ^_PD:OLFB]<:;I[1Y?1UFM5BI1724+4FJ+1%5W!:6LBDN]MCB\U7(L
M%3 1)-UT_I&_G16N;QX@-/V;F/RBT^^B?#S:M'6N_7?5VD]-VW41M='77FWV
M6FK++<I#:XJVMO%.DM,]ZI9:?Z,>FJ)7!\2?;8#KC:3X@9+K:7%%;H]JE\%I
M90LN% ;JN=9$)6TE/,V"$-C'JK"E!M#A"6^=+2U('AM*,.I=6DK]CFYVBD$G
MF2XH@*4"I9PX\T)=3UG+75^HJW4%QJ:"E\;5)HFPTMWJWG26&V6WZ>J8;)+(
M))UME)%7--TI ZLLKB62*9W3B&.4Z4-/XLJV^/0TZ6F[^'_E1;:75#P@PW74
M]#S*TE<OH*.L$9,OE[9;Q*\,,LDL,-, L#.>V^7C7W)2ZU/*'E?>M <[=84^
MD]97S55VOVF[;5:1NVHKSJ"F\I;[4T==3U5O2.LF K:JK^CIZNDH#!'7U,4T
M52PZMDY4<P[+(=::"\#5NHK+IVY5M?0MS3YI6N8K>M/![[3W"@JK9>:2);JD
M4<4=O\O!!0U5:RK%4!E4C3*)8_P3B?$8>9<A24I"0IM"5H!6GED,A93I"R8(
M,G;#TKNI*N5YIY)Y5N*4HH5S(44I$GF<4GFF24 $@IY<>;7W2F6^:^\8/-VP
M:&ITIY[?HRT6G3%=<KHEAMMYNC6:PS7&:@I:FE>Y5M-3U9JJF>H\CTF<19"K
M/&>)BYRZ@U3S/Y=<CN4LTFIIK_R#EI[?JN:]V2*C:PW^<4LU524%X@DJ(9=/
MUU3-3W">N(@2VF>&"6GZ<JF-JY5<Z/&)2>,SG1<DMW*VU<VM;7_2M/JJ]ZTI
M]'Z\30NGJFWTE3;);*UQK:B*NFI[7Y22Y1V)9*BMJH8**0FIC"O-?.#E_P W
M:B\W6EUIS1O>J9]87NZZGU(-)6'Z!TE>;K+*\=NU;:;TD$,5/E0QU!053B.T
M4&;?7T8EI0P[]15E RYE3K*$LL,K0I*@IU7B-I4X7AXA40I14&T)0A (#@6I
M)2G',IJ<J55+2RXH..*2>8$)0IL^&E+86V("4P5NA:ED*+90@@J,;<PH=9>)
MSQ(<M?$'?+2W)^;2^EEU#;8JC?=+.MYTQI*JTK35X :@K+W!K*_Z=LU,UF>*
M..G:N:J>9T@4,/S2UERPUY?-'5O.?FI/9^8EVN^L=<<PJ&"BH]3Z2FYBU]#I
MZGDMVEJ&\+2VVWTZK).ENK;RD4FRW30==J>42G6;5HK2$,":MU7J"ZQPT=YH
M;53T5XU4E-;ZBY5,"RU<->MMFBDI=.UMP\U:Z)[8T$?FH35-*QZR\-6NET!I
M?55DYA:4Y5Z1IM.C5LM'2NXEOJW.2OL]HJ)GMQG-;45%Q-VH(Z*KJ:\5@@H*
MB5(DII)QOUP_SU+:.=SD98=;8"&N3D6KQ%^$''5KYKNER0DK*TKDP93F\%26
MEJ"6TE:FUNE;G/*4>&D.<B D#E2TE)MRA(3!"@!C=>87,#0VM>6D_(KEUI'F
M#KNMU#S!Y=5&FU@LM347^Y:?T'JV#7PM5KTYIRSU-.\ESK:>Z/3U=!<*B*GI
M$*!)>F6'I?SO\:WC$Y@:!TY:N0W@:\0-340ZBL=$E^YOZ-IM/::DNU!+/-:Z
M6R=>ZRW>["EN%NJ!555?9;;Y6=:5'R)% \YN8FK^;&DXK7S*T5S=U!R=-^TO
M8:2PZIIM*6>]:ST,#KBBL=V>RVJ]P,U!5Z@M]PJ+4E0UN$%II*V*HB@#)(&W
MG2]]UIS?T-?N:3^(OG#7:^O5AIK0+!2<[/,6*R:+M>I*(6S7"<MFZ&MM*:]O
M]92ST>M;C?J:BT]6&2F&G:&WAI5DU%N4S=$IU:UEMIQ3BF%*J"CG6:9"PX&F
MVPA"N4 GQ#R*;)7 <:"A:*A56A">0%:$I#P2PE:4I\50+7,I9E(43/*"H+M/
M(L(7TMI;[I)ROY>5>EZG7G('PO<O+<MZUC=[?S&UUIN\ZFIKOS NLVHKW:[U
M76G34=[-ZN\MTFB2P3UZRT^%A6YE(@HXGE1HZVMBGJS<JF'K4S5U#4B*BGF$
MLRU%12I&9L455(6FIXC)(Z0.BO+(V6.N7WF+R;Y<1:JT#K:[T-'IG4%'S+MU
M\IN:MIU-S7TUS%U]<]=76USVQZ*P4-QUW-J.GCEL]VL]WOFHK9IG3;-!'01J
M:0IP[6*WU=AH;-I^NHJM)K;IVU4%5;VI\3H]%311I3F7J!W"(8RU2[F608,K
M,Y8GU3@9/(_F0*2@N-M+!Y%!+R6W5H#GB+>>6M25+4%A2R$A:2#<@><<8P6:
M+V@I3;BTJ!6"4%QMM7*$);0$(7X:5)*0)*%"(T->5YE6)#6,ST@B4>?9U9A-
M#W ";=@V$!!GW!W=CE<0RR/*'CFD"232M%)4222QM)-M.W8C"0G WM@?:>!Z
M<4Z&F,U%(%:CF(W2@;G\UW<'JY 51L([>H9P>QXQC:C$LC1P B1-\1>0X0&4
MG#()E8D %1ZLY]1'SX]$W'8Z]K:W'2U[$XH?F ; G2-(G0VN9Z #WC%52FC0
MT>YM\$G7D1W8AII%V_4P 2I^W)'8@[N"(G.V0M21J&IYH5DCIVW+T&C)<G:,
M,^_;(^1M&,Y[#A%H(UZ<4;4\\Q-*O2C,Q+%ZB0E-YE"^E2&=L!0O8;22QQ4"
M.8I)1C8LU9$R 3[3ZHEV*0^#M]D()[GOG(X?USV, 1I/2+3KI.'M%NG2]AL!
M:\;CZ)P;4L!"'D9V>6K9OQ;D*D4;1*NX+M./D.Q4  CVXDKEE)-U[[\<@^6L
M8/X S^PNN![]L#L3CU')XB]:PI3S1I33A$,:A06(C*5V[!R,C/XO)_.'OV($
ML<L$HJVKU),\83='96"222QLI8W8N/4Z%AN_.7*'OM.!@ ,?@=1U%M_E;"U,
MSN-)$3 UL;C>([C>+:A*,7%YHUBD0SU4"P0JKF17HXV1U08S&CH1\QG=C.,<
M#.\#4U9#Y&3?Y6C<3"$9!D0+@]\J'*G8_JWENP';A:HJ(GJ)I9*-^G%5SNY!
M8%%DIDC4$J%'9\-V]SV'OW&DZ W)'"P>2EH<,PG!$D<A#LJ;2&!_>EMOYR$$
MX# )B038:[7['I.X'?261K>X%R2=H,CH=)(F+6,X)0Q[:&2024X8S1X:@IMH
M,:J@]3R)N((W,&PRD,?K#BU7&G4KF6ICE $,KN#3Q"21PVXA%DRQ 7OLW$_G
M#(X&B$JS4^6I4PU0P:9$ !EE=-K++E0"00 5!4Y+'OC@R594$DK34KF62E0+
M!%1R85&P=P<H%#9QA =WYY [\*+@[P-H.VD3VN8G7I,9L(VB3!.PW'WR"!$0
M,)K%$L=<H6*:7? 0ZU48;!AAR!$CD28[@E<X.02"."%=:::>2/RD93JS(LLE
M1*_I4*8@$]&1WPSYR3[^Q(\CF6HD:DB!ZT<H9.E 6WP=&)]G3G! +)N& 2NY
M@H<'()GFK9TZC1@1M05IW-3 *(]JJYP*AR<'\X@E3WVLI[/6-AH3Y :W[6ZW
M]TIM<[BU]93\Q>PL)QC)/*8:D^8H_7+URB-5HWQE1 6*A1A068J_;TGW!SQ:
MWO)1U5#=.H9%H7@K8>G45*LTMI:*H",7?"INA4.%])0X^J" A/&T4DT3TJ.C
M)1^J*GV@_!5UVEY6QN[ENPW$$]@>%E2!_+QBVRL5IJB1LQH>H667IG;U<,J%
M>Y)!P&PK>W "1%R.A%^EM1I]D7BT8@SV [;6BY)TL8W-K$?1WSBUSRRT[R4N
M5\UAK[3.CJC5>@;%=J0TUYLL.J;BUUH;/6RU5';%F^E+C34E/)435%:]/+'1
MVVFFK$DZ=."O,=U^Z*\G:^HBT[R$Y;\Y/$'6"X245M/*?E[<M26.NHX%D%3=
M'UE<9+1IF/,R+)45IK:KJH\L[,9$$9\4?"QH+0=7XT::\:YIZ:[UU7][L%AE
MU;47*[^4M-[:EHK_ &^V4DE7+1Q4]33F6W-!+3O3PT#RT\<<9?M]--]U#I/2
M5XM6E-/Q6C2]JLMQU#2+9[';!2TMO/T?2I#24UMM-(.C3.VWRZ)E%)D=U4-D
M\:NXBS!#ZF4+%*05I4M 25%*2P 4+<"X)#I*E>&GF*4I (3)[E%DM$XPTXIL
MOA02H(5( 4I*^8$-E-AX8 3XAY0HGF!5RC4/!'S.\1'./5/,O4',WD'7\A.7
M=+I^S6C25)JZ^4]QU[J'4,=T:6\55PL%MB-OL%L\@R&DC>IJ:PU$)1L1MO;T
MBHK')$8W7KG#%EZA,>"F2KN%_.&,8((P01C)QS]R2UE:K;4WVBNRUE))55=-
M-2SRVVL\C6F2*",I%<$BE26O!B:6H@DZ3Q+)$6.Y]HGNLU]9*6F2HZKKNCG;
M94K';-RQOL),UUFH8 5(+!&D&]?4 ??B@/5RZ]P554\7:EQ""XI:RM=DI"![
M1*@ CE@: $   XM@I#1!5-3,^&PA:@@)0$H,F3!2 GZ7/)F23)),G&T+1R@Q
MLQ0NQ8B0 NX+1E23O/NS,001WSGMCA%K?$#F9BP>H1E#$ /ARRJ%7(+#V."0
MP'<=^.=]6>*GE)HFG6MU=S T#I"B D!J-2\S.7MI.(PH>:2 WVKG1!(I5<IO
M8-C8" >.7M5?=5/ ?IAY3J#Q><B;;'2(LKO0W?5NN)(W5W8(:72>G94E+$K&
M7IJF1<+@D]LXN=),)"ST]A0^9 &_6-YB^#PG1<P@1U220-;))5:#.HO:]SZ.
M5,5'#(JJJ@JBGTL.Q+LP0!CV)8GMG=GN.."?NG,U;<_ GSHT]88DJ;SJ2Z<O
M;#;J9Z@4T5155^N[2Z025.QE@1EARTFUE11NVMQQIK?[NA]S^LDDCVGG?K77
M(IE4A.6?(K5E30U(@8S M=M6QT+PX8Y5RB[3VVD>D^<_BY^[U^&KF_RLU%RC
MT9H#GO2T%\GL5T_PD7_[V[96Z?OVG;U'<[=7VG3]*:J62W34\1C!JS!-2U+F
M1UJ(P%'1RSQ$UU(Z6G0TW4-*<5"?HH<2H\OM&3R@E-A,^6->L:"J1]L.MJ><
M96A"0I?TE(($D@$^T;D201:^.<+!R9U/IB_WFIYO5EHT+8;/IFP2U.S4=HN-
M\NJU,UR-+2:<H)&B:OJ*F2*2-BH9J9$WR*P91QN]7XA+'IJRZ,L7(WE_4\MC
M0(ZZAU[624=TU[JBIK+9)25\OFI)9(K50JC2"C2*3JQR.)$B@8 CA"[>-_D3
MKJHH]5Z[O'B(OD\-M%DH]52:;@J[?#14A::.E6>U44<)C25Y)6J'IS(0^UY>
MP'#-;/%SX,[I<*6SRZWY\130P,0E)HZJN!CE>/$,K.E#L$&P2,\C9C50<D,I
M ]AI.(Z(@-%3PFR@KP@VD?1_2$/_ $1<^W[()L"1S8\EKN%ZX*<=1ZHF+A86
MZIXGF 'ADTXY23:6_:-AS'F*<= V.B@^GZZXS>?JJ^OU&9:JX5S&:6>2JK8Y
MC4U=5++(\DDC%MTC;BSN0&"X/&XZ=N'2YWS.Z531T=HM-3LI(7J:AXH:D$Q0
MTT>Z6IF;&$BARSY Q[<1+H7F!R/UQJ"&S\M^8G,V^7>1J:\26G46AH[5;*NF
MCD20L]VFI(6C94"2PB%\3,FS.TX.RT=9J^T<U[Y76).IJ6DLM"MEBKHJ>6EA
MK9*M/)UEXPT:M:8B7\T(F$R( P)]CM/9FQ5UU$^AQ!0RIOF4E3:@ A7.1*'%
M))%B$E6D3$@F%'E%30977TKB27'PXI('B0?$:2V >="53S2">4@]S(Q(>N]1
MT57S=UM4"&^4T%3;].20K6Z?NE%*O2LTD,LCQU%.DL8!PN6SO!&S(R3*%9>*
M*ITIR[M[U<%4E/IB&HECD+J:>5841(W255Z<K ,-HR0,]P..6-37/Q/:KU1<
M[_=^7-DK[JWT7%.UMN%OI;=MHH)(J=J;-X#F*KB"S,79B!LPJ$E>)CT]JS6V
MH;-89->Z:M5@NUFME58Z:UV>J2J"6ZF9?+5=<XEJP*^H=G:58I&C1%CP$8L!
MU<TSMIZBKF6G I=64( B#RE]+BC])4 MIBY,S$P<<#)LC>9KZ!]UKD12>(LJ
M*B;^K^&D"4H)AQ0)$)@V(U!*C2F4X, JNH;?*$AA$H@S4@-&Y!^LX !R/5G'
M8'/&$K0F"C=:%U>&IK%:1:=65Q&-V2V0"5SAU;LH'<\7#P%H3)22*)%H%$BB
M3U&*<-(2$P3NC&#CV*Y!R2>$Y1$%:*GC*-'45XW'K2,$:(%4<%-JGOD.<'#8
M;';BF F!KKK! B (G;?;N-+WR->\ :3)@R-(%].A@QJ'&F6(5;AI32L\4+*T
MU#21#:ZMN&&E&T$$!""=ZY+8[$MXB5A2?&A8"IJ(T8/3)@(E3M)4280,!VW
M## #.1PK2=99IXS)1JXZ>5G$)#+&=N4,@;.-P#8Q[@XP#A6/-*\"3-#.B"KF
ME$,5&R,!ZRH<LC;E4D=U&,X3<"<+J-3:+FX($6C;SZ>6&0-K;W [&UX[]!>X
M!Q98:=HZ#%/$V&D,C+5J<DT\ARR*28AD%QV_0,=^%H9_+QND3T"-(%IB#YF5
M\-$0KN0I1?5N.% QD'!!X$BDJ(I0\$0:*FJ$<LL*.422G*(TFRH([[P".R[B
M3V(*@TK5S3R1SI&NZY09$U-Z3,*4%05CG8@[0#MR,]B6SG"O$3K?7OO/Q^9T
MP@ (D#;2( A(OTV)&FE]9&GE+04JFII&Z8@C(@>K !IU7.0NV-B60KO4;Q[@
M@XXOY0BFJ>L[@QST3H(YYMA5PY7(9L%@K;@0 5'L02W J*#&Z249.QW(9(40
MC<9-P<&4DD,IQWP "/<9)T@@_"91;YT5:BC4D1H>BJL8I22)/K28/89"GNQ
M&2YW*C B),$W'>???X@8!$R -?D8 ,[D6U-OJ555$M+&*:JE;H,LFZ8R)+%)
M!E BO+@+C)[X(7/;WS8RTL-5*DE#&O4D@0HQA5HEZ+$G!; )(!]\8/OG XM
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M[OG@DF1?W:7TO[Q>;3UUPX[182!>;B#IV,ZGSPOA#6UB+2SQ(^[:/)QR%>G
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M?&3%(ZPK,>A2!0VWI)M1719%]+9; !RI]P1PG(ZR+1*9)B(BL844[*%&86]
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MP.(1Y&:4M5HLEMOU+;I*7Z3MQFM]/>X)6K*>DJ57%7)"D*FFDKZ<0]-41',
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M3'OZD3,A!;(<,F_/@#RN\%'C'K=2Z!M=ZY1W;4/+&07.IOTMON%KJZ:6L@$
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M_MSD#H)GZA.^>/.([0GAZ/\ 4C@<;CKPY:P[$SYG&Z5>H[=("TVA=,,5J*F
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MJ"4AE,]#+&F2X(P!&/JTRH&';:%4*/F1PF\SRTSP@1Q8JD+M"<N1TD3;B2$
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MOE!$J]MNTAS8>B?G>C-$I\:H>9>L7&EH;4DJ,70ZM]/B G24H5 ]I.^.R)J
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M0D@9]\?8.$.E%!$N7IX7%9M<>?D20**F0*&0J,*-HP^20 &'<\9!QY1T-5.
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M9<4M9!MS*4?A'EK&I%L>?$%%&ZE#4T2!:>F.3@,_61F9.WNZ%<-CW8C/?@>
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M [13U4A$5 'W]0J0J/G(*# A)( 8X'R)&>%HIHWJ*:1JBK4LR!B&F)0K%5(
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M.JJ#2T0ZJ862,J-M.>ZM)COU\D#/LP'O@D=LCJ5Z)RM#A*4RGU%3)+,&B9F
MB/J"*-J*0JD9SECPO430-,[31TJQ020-BEFDWF,0%W"H(XUDR_8L0K*1@%@,
M\,Q.@T$:R9C2YO?ZYG"@B;D1!W/3RD1,VM&NV%7EJ:@B5JZ&!XJB&E14BC:4
MJ:B.4R@+*RL$P<@*P89!]^,:JG9H@6N-//'+6PR@/TU=3,51I'51C&T!FS[#
MM@$<>MFD/N8^F-9:6\(>K*#F'K*"V<^$6\\ZJEX["D7*&T3:9DU19ZFR/)0+
MY5+S%3RVZDGU$+NDU5) \>(W,9YZUKX!><EMU1S7H.6]#;-2Z6T'JW66F]-?
M?/J"QV?F'KRRZ':VG4>I=.:4EJ*.>]T6G8;I227ZX6VBIZ:,BH:AAE6%P$#'
MRB D=!KM':^^") '8S.X$$1 %C N=--;8X0FHXWHYI?,4N4:;$<1!E8QNRAE
M "G:V,_/ ^9X6@,"S*YI&8^;A*F&!V0*:3)50\C$ECZLY.X=QV[<=>Z\\#//
M_EC5:8LFO(N5=B.K=:7C0U'='U[9JVSVO4MGM-#J6JM>IKA;9*J:RU=;I^YT
M-RM=NEIFN-=#4Q1)3">2-&3U7X*_$)R\MVI[]KJT:+TG9=(ZRT[INON5PU73
M>7OE5=K;I^ZI'H\4:U,=?)][.H[=>*0722V"JEGBH8UDK%EI0^D=;6C2-[1[
MKC<WG# .YV^5MC81>;"QL-AS1I[6^K]*P&;36HM1V+I20LWT?5U,=.L6S;(.
M@7>G57!RPZ.UUR#G."ZWGF7JNZW*KO==>YKI<JZK05E=64,#R5"04<,$+.RT
MZ!<1HD2C 90@.,]^.J?%3X.+UX<N8#6<7NSS<E]0\R/\'&E.8%UU';;U?*2L
MMT=GDO;Z]MM@6G%@N5JH[J+M)1/1TI>@C]:1.#Q)?/SP +H/4&E=!\G7YL:J
MN>H9KM>'YE\T'Y>V+D-J+06G]+T=_O',;1VOM,7.HI[58;<\YBK+7J^1;S%3
M)UX4J R'C4<HJ)]?._1TSJCJMVG:6L@D$GG4DJ.@&NVDWQMTU=74A/JM94T\
MI4DAE]QH%-O9(0H2DB)!&P.AOR?1^)SF]%30VRGU-304<$#1P1)8:#<BPPP)
M#&LST\C+V)#/L.2 Y'?!T>X<W^:.J E/>M<7V6G>*9GI::\_0],W= "8J..+
M VDJ(^P=69@.QXZ A\!/BBFN%AH*;2NCQ4ZBOMSTMI.M37MNJ+1JBHH.7\O-
M*+4%FNE/))25^EKQHJCJ+A9[Q&XBK)U%&\4<JX,\0_<X'\QJ:SVWFSI;4&J*
M?PM<J>>&D8OOGTE9;,VM.96KK+I^ITYJVNKXY8J/1D$=Q8:3O0J:.LU)4*&C
M.=M)*D9?0-K#B*.C2Y:%BG9YQ $>WR<P@  2;1TQA+SZDA'BNE(DE)6OE))O
M )B\DV&\^7F$^]VCS,I>1Z_=+)= S=PNYY'=-XR?=V8];M[$<#/*5A!$DH;I
MR#U5,<D?>J&0%W ,OS^6YR)!V''7O([PJW+7GB#OO)?FY>?\&%@Y71<P+CSW
MU7;Y++-/R^LNB@:>\5M+555/<K54M)7M%3T51)2UD123K14LW9>)JT]X!8*K
M5?BUT]J77M+81X>+YH_37+^BDKM.6RZ<Q[AS+N5L_P &=WOTU]BIZ&V:;U!1
MW>UM55MM3S%7<YZJVVJ%#%&AV[6U)_%M]MH]\6QA@]1%S8#3V3>\>].@B,>=
M#5=26H_C1G;D)Z*;MF':<_&Q['&6P1G[<\8B6=Y(JEKA' 9I276*.,R1)20S
M1[G42,C!QC\T@9#'N!QWC7?<_><=!95M-TTZO^&N'G'3\OZW25GU?H^OT-9-
M+U&B[EJNHU#J._4M:U39:VSTUJK+C=WJYHJ.V6-$EKJ=*R0+Q$]N\'G-6_T'
M,"HTI7\K]65'+*"^U^H*/2O,BVWRKN]JM-I2]7"YZ3-$)**\T%+0SHQEDJZ5
MJNIAJJ2D2HGIW0 ,38>^_P!_V"3>V@;DCZ]?U>XUMT/OMCF::D+-2K)<*29>
MK,1NV94,KRG?@=LD[?TM\@.P%DI8Q3T]0TU,WK1Q!& S*7<!A(J;#C;G)&""
M>V"2>"02T :"(;932,6EHY_2DS(8][2RMTU=&RP !8$J0#[7FV)24CR-0F-9
M2&'EG#[HHI)!'*58[QV7"]AEADX&.'.G38V]^@,'YB?B"X]P@W%K0-))(,W$
M$G0Q&$T:*-9'6EE639=4+QPN%*F'"[=S$A$!RW<E0<DD=QBLJM'3NPJ((XJU
M@\O2==N\1=PZDD$;?;&>^1QD*S>>EU*9&:.N=FD658RM7" @18P60K@CU':I
M ).T$\9"5*BDEI^I1_#G+!5-6))9(TC'45@50AN^%)"C!/;(X1L "(OO.\#[
M.APB 0+VV-MH&\7]^@W-\)/)$DM/-%+5X#3GU-+D$2R=ED" >L OV!;OEA[\
M*Q.H6I=)ZHN("5422H&/6D/K;IMZ0ISW !;/?).$5CD>FC3"G8\\[%)*C<B,
M98T9BSF-5,F%.U=W=<G.>,Y?,*K2K#'$LJ"$$U3/DQ]3>0CN"Q(7)W IDY R
M1POQ^/P</3H8  [_ $8)O$? QUV4I9)&,HW+&1$N0MP%-G+2'+;E.\YQD=B!
M@GWX25I'2',H)\J&)>Y*"=M4"%]2';(V,+'N)W$/D=AQ>*&H60;33L27A;J"
ME?>RTWF,Y;/IPX"GWWC:,GMQBT$D=-32F2CVO%%&$=(@Q_" [#:J,V5[YD)#
M%"1^@L1VT\QH/VG<;:8"#:T@="+S _!$@6 B) LLA"1$/*#T:93U)T=  SG&
MT.,+[; Q)0[B<[N'4U=4:E'ZL9(II0/138P9(V_AMO<@=\Y[=@1[(1NBU$;B
M.WA5GD@6/J,(A'$CA"?P?.#O[NP)<JHP,9%H!3S2H\T*N\D-0O3HY)7)D$H(
MS'\,1@(I("Y&.Y 'L3I8==_O^7?O@$QK%QJ)%XB!M!TCWQ%ED:9WBF-RBA\U
M%)--TDC(C:;I1"&3<SA03C#;0R9)'UAA"JI=K0F2NHYC!13[3E?: )LCP!V8
MY](P2,>_;C!HH13T'3IZI6>*G#L5D*RDU$/<#?ZT R ,C)( [DX6J$/2,:1(
M%ZTR.TE)("'2GF+1-)+)(05QVC[ /ZOEP Z^1_HCIUN;[1;K@,3L=/Z1/ZNQ
MG73Y3:Z51214[TDG6IJC=(BB.)3(H#(6PZHR$$9(&"I['![8X4@>*. [:697
M:DB#LD+;69:YB7[L<(.R*<=F&WWR>%JIXXC23.]O8")I(@M+( S+T8@2JGNR
M%F^M@ AB,Y&.X_!=H#PZ<VO\*>F.;NB^8-ZU'H#E1K_FY2WW27, Z7M=78]!
M47TL^F9+4*"=Q7W"9O3=VDV11G8T8(R6"+VO(MITT(B?*+&^QP 1!\H[_1ZW
MW,QL(M)QPNLR*UNFD-7!&*>6'J+&\9+AJAE". V=Y94R!G).< <(B1(JA722
MJV&FB56)D5AU,!P&" $1Y/897Y9&1QV8WA0O_,'0</-KE[7:4TSI74TE'KCE
MYRAU+J.Y7GFO0\CKKS%M?*T<R+O5T=*EINEGLNM;A);Z]%FAOM52H:RDMTL
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M]%PW#3]-/05-VJ*:*(I'N9<*,LRYM0<;H:1*X">84S7, E(2 %%),!(  L
M( MC*YF68NI*7*VJ4DF2DU#L<RB#S$<\25742"J>NN/,BMK9:EZF>I:XU=1*
M](9*BMDJ*JI9A1G)EGJ99)3N8EU!;!!+  <(,\:NSS-5PI/;BL81'B,I6)$9
M"V'5E8 MDX';N1W/'6?+/PB<Q>;/*Z'FC:-3\OM/4^IUUU4\LM'ZGK+S'JGF
ME0\G;2:[F;6:;2WT<]!21:3ML515U$-YJK?4W$TTU-;$GG"@[MXB/#)H'3W-
M[PT<B>16K7USK/FMH7E557^Z55=<GBGU!S;HJ*Y:>N%#:ZVT6>GL>GJBTSU5
MVMM)YNY5CVNG+7F6CK(WA?>%H $ "P3:! ( U@)C3:#C2,DR9,S/-K> 3(DD
MG<SOL")X4>1$GJ5$M5LFCV!RTH8J("P8CI^L;AL^SW(( XSJ)-M),(I:B7-7
M4!UDEEC0)O[,59 LC2 Y?U97 R,GMZB>*GP*:2T9J:&^<@+Q>#RNLW(_F'KV
M_7'F/-?_ #M7K+DUJ>LTOKNP6V6KM]'54IN&(;E9%J(5M4M(LE335C4D\)XB
M[6/W/KF5HK1.M=<7_F+R^I--:1H])W6OJK;2:PU)+%%K#2]JUG&UZH[/:J^J
MTG0T-IO,5/3WG4%/26N^UU+716RJE2F9@QL=IW[03[NFOE.%'E&PG8Q[A-YB
M+S$BV.$I)9&IZA^HJ9J3A8KHNT$S)D+&$'I(_.!VGU-CM@CU!;,SEU;;7.I5
M+DDDAWM3DNH95Z@&,M+D!L+_  ?'I)XA/ ):>6])S2U9R]YZ\O+MR]Y7R<L;
M7J*DU?)<+=K*'5.ON7]BUS26RB!LE';;O57Q+Q3U=AM=J,]5%9ZZE%:1/2U@
M#[;?N>U1I?EYKWFCKG46G]=:6FY1775/+ROTY#JG1\EJU]0ZPT'9:VBU':-2
MV2V72IHH+5J?J6^H2CDMU1,7J8NH$C#%M>YZR;#>/C?4R!&"#<=A<P((@C0F
M! ^0OCRYCJ'2KB,<K*0:EOC20S#)DG!QND102I]><;G.X=B!P5'65,;5++-%
MF2J02%E@*@NJ(6($P*[0<^GMV]Q\O1'F#X#+M%?_ !55'++4VE8[=X>KMJN*
M70=]76-SU'/8M(06ZNNE1!KF73-OT?6U\L=RDJJ"W35\%T:EC(GI861"_G0B
M4CQSND+REJJF=#3O++&(':,K\1]A)D!(7<N<]LCMP@1($=-CK;O<?><!YA )
MBT _ &\$CS,;&VF"%AD+3T_TQ"!'-3=,%(EA9J>)'+AB78$$A2@;!8[ROOD:
M2F4U4F^JHY#)40QF0E< R0B1I,X[*K9# 8]6>_"S0Q&KJ$CIZB-%)?9)',Y1
M5@C+,RI*K X&YF).%Q]O:SYZT!*P1Q)Y=P\M(ZH4+2$2,"Y:1<?6);)R!]O
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M<9!/8XZ6QQ4]-!"\=6L-54)YD%$;@2P^"^]ZCI[=0'G=RQM.KKCI*^<P*?0
ML>I]1ZIELECUE>-'I3V>"TI3T>IZNZ7.S5-3;J6PUE97M9"+F;;)&C0\.S^%
M+3EXT1IZZVWFQ%8.8VI&Y1_>MI;45BOE=3WJY:\T#K'51TW%<;32P4]NO5]N
MNG&M.EEK(^E03J:2[AYJV%HT+_C\?'S\L.5:C:9WZ6(FV^GSF3L5F^Z*\V:'
M5=UU=;M#:-AJ[M8:^Q4=%<-3\T;C9K52 W:2NH*BS7'536K4.F*^IO,]:=(7
MBCFLM#4P49HTIS"_6C7DCXQ]<<A^75)RWTSHC1.H31<P=7<R[!J+4U;J^&>P
MZDU[I8:7O3R6&P7NV6'45MI;:TGT99]0TE?0P2R*_1<PQ\:W:_#U5KKS7G*[
M4.I:&LU/HWDQ7\Q)XK2M;3IIK5U91:4N!T'J6.MIS-47'3<U^>U:G\ETD>Z4
MTR4<D<<1#/\ J3PJOIGG#R>Y?5',W2.M;!S-YF7OEW7ZFT;0ZAM$>F[KH34]
M%IO6UGZ6IZ>&>XW*!JF..R7&D0VZX5U5#3A"8Y"[M^+[[:;=?[ $&\WZ3.L6
M^)B1&P.F)$T+]T2YXZ"M?+*U4FG=#WRJY5M;EM%[JZG5MK&H+';/I<V>RZCT
M]9[M2:>K5H&U-5"GN:V]:V.G@IH(1"!([M&FO'AS=TU][E%+HGE=J?3VC-'\
MMM!VRP:JMMZN5N-]Y1ZEN.I>7_,>-5N5--!J[3=YO,LYAC?Z'KDIJ>*>F5MS
M$O1O+[P[<\:KGI:=.Z-N7AXAY6:$7Z+U?KG66O=>1Q:@JN:FG]&6JYZNTU04
M\=P^F!12U-#=M/VA1;HJ^O6=*>F6@65]VM/@-FNE-J#0]'7QU/-^FMEIGHZ^
M:\5_WGVFY4G/S5N@-67!::.%*NNM)TEI"JN=)25/5K7K946-XZALH&/=Y"^F
M\F#V /ND@@D\M](F^MQY#J-]]3.//34%XN-XO^HK]?*JHN5YU+?+UJ*\ULL)
M/G;G?[RUTN4X5$V*DU543F.)<I"ACA5CM'# 67*)%3(/P>1V:2FD9F=J:3<0
M!@!% #*5& ^9"2 >)=YR<K;QR>UM<-'7R^V;4\J6S3UVI[QIV.ICHZRVZEIH
M;G1;Z":2:MLUQIHTDI;I:*R5ZNWUL31N[!T=HEVTZU"(L53)"H2&21(ZD;>K
M#)&) #W'Q#D)^>1@@#(X!8CSC37J/QUP&(V&A(V(MT^ B9OOIE'312R1=2.D
MBW4HE9I15TX B5 "(^JBDR!B2R@!MI(SQ>FAC+1'$,Z,M5A16O3D 2* 7:1C
MZ64^E1M8@G=GN>*JX83/'%#0U+;*24&2:&5NJ$V#J$2%2BQX(8DA5!P![#C-
MWDIVIA)'"KF$)&AIZ<AD=-^]L'![(P#'+ ]L=SAWB)Z;;0-Q/;SB][&.MR+P
M"#U/L_V:QVPH&2.5.C% J,*/'X?',,+.Z[07'H5@,,!@!<,P*XX1FJ()*K;(
MDD,<TA25UGFJ%S$CD#I1E0R-*05",%& !Z3PG&R-'')))3JJM"G3,$8+J)9'
M+!URP*Y ?/=A@#L!PM*P"T;)4Q/M5VW.L89)!2LV#BGP0#Z026W'Y9[@ /G\
MH,C<Z'0'W8?]&?, ;:1WZGN1 G D# [4+U"]."H_Q>K;ZX+8VK(" 2/4<!/F
MP.,E:GBE2"I99E59:,.%D@<,5$L:;?BL&W;U)#+E2N ,_)(SS/,C&K!>5*?J
ML'P2)8XQ(&(B  *DJ1C'OC=P3'(LKTD$KK(-B1J!(06CCGE;:[E0$VJH.X9.
MW!/"VWBQN/*=N]C-NE[H1<'>+:'4==#!VL9-[6)+EI$B^"1!+7S2=6-RG9%(
M;T$GT["P'?!"YR">!XTK8ZMU6H8O++TV89 ^).S;N\9R 1N.0#W[@8X3J(Y0
M]0\D*K&(YI 5J<#\(5Q#AX_KAL'"]U? W@#W3Q%UA(-NWS&P ULV01O<DMC(
M&.P<9(^SN0#SF+C37M^)BVN)"PZ73(_\/U[Z'SBY5)3U76IYFJI1#+5'8\;D
M2.0M3ZQN4[1G<%) R&].>YXPG=(HF@<32%1&K%X9&W#-9(#DH,XW*0<98Y(]
M([8QO3Q-!-'(>M%3PR F21U2005?N#E=@<HN" @SV #'A21=].#.SE*FHV9"
MRNR%$D)+", J 7!101V!'<9X"-#II$=H_;N.MK8736Q )MMRV.^HF?=OA"<H
M9)UAI8TB57)WTDY?<[Q.['V"$,V$& J X.=W94TL >HDDCI(>F@J)#(U7$P9
MR4PL(E4IC:K !?GD8'%B*9JCI^7JS#.SPK*J564*I%(O8Y+EP&.TYPK;CV
M3K8T>>HZ%#-&%@C8R2Q.PR),"4M*=R*V H# Y(( P>)#M([Q_HZR=-XVG<'
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M@DL,C;LP%8!7)& =O"%-/-'%;4>>FC5997^*)YI0W1J5)<G "[2$15;*X!.
M."*<QM4R[J1IXQ'3EC2&L<*SAFQEY8R2QSN#$@;3LQP''"I6EVP5>WS-2Q I
MG8+&%J% #&HRQ0E0XPN,Y)SG<#<&P@;3J+>74^4=L!ZSK&MI@ R)D=A:Q/;&
M0N$@IJ:G)B*[B 1'@IT@\BL")<N">Q!"XS\R""1"\M7&C$S.*6F8[*<B(#-,
M\8+;I>W;)=E&YPI4X!XO"\LJ6^.-Y?@ET5'IHU]1I9-JJY<F0E<]VQ[ACW'>
M[F2&-DD-P4+-'2.5EA"*)(%Q&L<:.V[9@ANZ$DJ<9X#M(OJ;Z[7F\GSMJ ,
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M)ZRS7&>IME2U4YEI7*QE(;:(%8W6&IP**9B?+-C+*@1@>N<QG!^)A1D'"'N
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M.*>OD>IBF+1!TGB3=T_=5CE925ZV.Q<@ ')SG=VQQ8*8IWF6*I0BHAVL:0G
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MNUQ6 L4=%(0$$L0Q'N"0;6('D>@GXG3Y]@$3<WUFPZ$";3I!MN<1@LM3%.K
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MR2H&X-N)&U2"I(%0<B>;JU43GE5J=5+!7G2E1)#&*4*.Z2ASM)&P%@"PV=D
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M4%6&"'I1M!63._T=5]5!TVZ?P=VP;TP%<>[+D@#TGA#6]^M[QOOTMADG]:;
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M<^5C87C"N#:!:0?<)(U$QJ!\['&'7BZ,TGER>JT2XS3@)TZUY,C#9&X/MP
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M=;"^A-HD'34[#EMVWUOV..^*/4/@VU+ M-JWE_RJTY:9:75E?-6:$LE\L^K
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M/UU5+J^JM5=2:DT34PW*[7ZW:;U!>[%;(XK99[I2:=KK2NH8T:JKWEIIKW=
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M2GDGR2"OU0APN"%)R>P&#FIHO6P6X2R="1TCFIIMJI(,"1NG*'*9'N"%8CU
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MG5]K;R2B-MD [EAD$#.2*>-(9J0-!,1+!NV&DHCU9'?)"GJD[6QE7.UUP!@
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M8U7U3.0AI&15=MZ@E02 /;U'  ]([GA:HBS+(5$14TC?7EH@04+$E4523G<
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M&5(8T8#I#J*Q SN4[2/2,]^$R:2;=YAYI2*J*,9F=(33]1)&C;=*6#$KV/<
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MDZC&:G&'8R#UL')(RK$#(]+8X0C@+4]0I55;HPL"[42# B5BQW@. P!RRY(
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M<U65%QG<1HE&<QK$WJ5.X; P3G,0 +*=V,$1RF$VY)$I(BHF*=>0*SHR=I9
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MRR"/8K,805VC<-O=4_?#/"U(&1XG!JXC)'4OM>D%3Z'=60HI"C+ ^IAW[8[
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M/88 SW..*XKA?L^1!W[C[HPI@%6]OF!\Q)OK? ZI/TNLPE7$5(%+)2*'#BF
M(W2+G!4*" V2"'(.X<+[Y))XD$6YUJ*R1G:2E3<%K(W<X67:IP" H])/93C)
MXKBN'L/,_9A$Q'^B#\QMH!;:,5&NZ"2=&1YO,P1%'G5 4>2-R<D/E@RJI[$
M$GY=T!.34*Z"F5(S%$T<E0S%HY4DA9,] ?:=[8PHQ@-GBN*X7X_$8:K QLH
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M0AF?N <;NWI[ #!'%<5POQ^S"!OMHF\#_-^_>8M&F+5T<2L"$:(^6E8Q]2E
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H<-E1F2&F(./I4 X9S@-C*_,CZW?BN*X6) :7-Q-K?T;#MIWMKK/_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>g423126.jpg
<DESCRIPTION>G423126.JPG
<TEXT>
begin 644 g423126.jpg
M_]C_X  02D9)1@ ! 0$ V #8  #__@ [35),3%]'4D%02$E#4SI;3$%54D5!
M5$5?14150T%424].7TE.0UU$3U5'7T)%0TM%4E]324<N15!3_]L 0P ! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$!_\  "P@ 0P"' 0$1 /_$ !T  0 #  (# 0
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M+!(.R8@JSA56P U8%C5U54(C(ES6V7S19)],]S=G^H;S-4\KZ1Z Y$Y)!TY
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MEHJMFY-D<?1Y#=J.;AJ0IL$%&MIK=!F+#46.\JE X.^P;EQ.42S;,0K]02,
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M#0LG69I2(]!1<:]Q_;"JV*#3<NYTNQMKM^F?G]\?IG'^N,^V<?UQCSGW]_\
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8GW_G_P#O_,>/'CQX\>/'CQX\>/'CS__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>g548133.jpg
<DESCRIPTION>G548133.JPG
<TEXT>
begin 644 g548133.jpg
M_]C_X  02D9)1@ ! 0$!FP&;  #__@ _1$E32S$Q,CI;,3):0D@S+C$R6D)(
M-#,U,3,N3U544%5473$Q,#,U7S$S7TY%5%=/4DM?2U]&3$]7+D504__; $,
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MUG[6KT3?6="K.8:'*!R5ER>I62[HL&(>).F N_WDL.$DHN.=/F[.*=OG2/\
MQVC=-RLC6WPV_$B=^(35A9928 M5Z4#-CS6"Q&6CFR!DUB"0#'3IQ^SQ(N)@
M#]V5U<X)&U<WE!LQM_" -HMG(PS*IW\%$L6<>+]0@$97V'=@)LDJ9[57:VZ>
ML-?(0$%:=R35QJT74=36\:%<8.5H 3<M /&L':K7TC"J,GZ6<0ZDFTRZ3U?H
MQOE3?C#4XS[+ 530[MVZH29Z9S/=\^[;$3VQ!:L1&HE/43!78VDXK5Y&F*).
M[6:QLK*OBH6;0A,];UO'MYZV-=P120]O&!Z,)@6UC.NP)+'0R5KP5'O1Z5J*
M_8JTHJTRT*F[#"A*7I>0KEO;4:Y/ \=EI8"?+AGLHSW;Z1HZ^?RJZ;+/5(O&
M,Z*"ID2U]-7T:IF8F4'0++C\91O9 A>*'U;L(R6,0"$4'*NEF9(=Q4-+LIS(
ME .I";5@OO4W]T3BV;AWIE"WBO\ 25*>J,?0[%N99:[X*J20#FAX#N0D#4XF
M\I:1@*?R<G4$"OQ"KI*QIZ(EH05@K'F1><?RT:]8[QS=5OOZ(:I_Q?J_N<[!
M!^-&R6M1*>NSO;3A@47A+E]72@NET=!8X\)#N-@22OH^.D(*:B7RKDSB2<C#
MIBG$&3EB3YE29N\'VLC17C"]#Y@!-K-;]D)-F(5Z\JY$G<3]9WB+S:</=9"W
M%JI.H(0)*^BB\OK XG'2#*%LT1@YP*WRHFJYF&Z:J&5K5=>.UE6]J@!U9M%6
M#,%PG&F)57LUO*#YR!D8T=!#Q%B5"!6%6#!BYB+D4(LY:;.XR<@V+C[N]9ND
MM5$'&F_+A5[8$XA.L(J4?+R<=)N-&6,.]LK+M'#C;U6ZR"^<95]39;.B:R*F
M^R?J;_::8TVT].UAR.8T'X.3F-T\K?<&NZVB7ISC"JV<ZIH)[9Q^.NFZVZ>N
M^V,9]73.VWH_#T9I])F!-+KJ+/9E[G&^_KZMT%MVS1']^-=$$$<Z:Z::8SG7
M7.WK*9QGTJ;[[9SMGR_:\M[S?_%K_4X]KRWO-_\ %K_4X]KRWO-_\6O]3CVO
M+>\W_P 6O]3CVO+>\W_Q:_U./:\M[S?_ !:_U./:\M[S?_%K_4X]KRWO-_\
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MK9IXH5XZG5*P1Q9^*5=V/FSO6Y.OU+,Z7@!^H2ZS)J:[10Y;+4K.P.X7<Y&
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M)RT;[MD'7K3]>7BP5Q2QYV*B4Z2L^QJIZT]?J7[%G5W I-7RX\\&>R$'(O*
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MP8_KB&YM7KC6M=C5C6'=Q0JL-RXLA&O83#FZ?=Z[;QBIKH*!]8[4'JI==O\
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MVQ%Y7MD/ JXXHV8S56J]@;T<5>$,[7L!C9QD]IBJMSI0+J!T5V1$1Y5K+B$
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M&[%O$L]4^_(>%UTODK+ ;1< !WB4KJ5IPAAA#6]KK6JJ8*.OL8QAZ<+CFLI
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MLY;;/-&$>NF_S=VB+WKWL=7K:S:SV,=!U:;(!EU'V!79M59G"D0L^]G3L*0
M]@0L"1Q+UBZSIC"BC)6/>HJIKQ[YVEG?*<Q\<D:I_P".HS_*RG^R4Y+-U_PL
MP_UUK_LY#E8......:0^U_BQ$?7[M_:75R/VZ) #2M*YH\Z;&G<CM+9=#NK
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M3BM))Q!0:JR#^?>R$MOAMJLW8M;R\<<]\4_BD;_UV*_WB/+3V9_ I#_E4/\
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M05415USG&V=5$=]DU-<[8SG&V==]=M?6QG.,^CTXSG&<9S^.......2-4_\
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MI"3DT4R@8IHZ%F\)*$)/(SR;S0@*2B9GVN'BUP.<;8];'H_YZY__ ,[8V_\
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M(N@V%FFD6^L,EI(BCTY:*CGXNI,,A76C!F)009R<$K(1KE9!-Q%IL8Y)OF]
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I<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>g810647.jpg
<DESCRIPTION>G810647.JPG
<TEXT>
begin 644 g810647.jpg
M_]C_X  02D9)1@ ! 0$!F@&:  #__@ _1$E32S$Q,CI;,3):0D@S+C$R6D)(
M-#,U,3,N3U544%5473$Q,#,U7S$S7U)%5D5.545?2U]&3$]7+D504__; $,
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! ?_   L( 2X"90$!$0#_Q  ?  $  00" P$
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M&,8QT#J(] ZCZQ_:/3U=?[,8QC&,8QC)!\8O]K"'_J"0?_:29/>RO]G<[_\
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MR58UQ6K:,CL-D,W=6]@D3MNMLJ/LK''W!U0N",>#57:D2FX['K&E(;Q1E(W
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M:B\50ND=0&%0AE(C#*WP2+PYG3&-A\ML8QC&,8QC&,8QE!]'UA_B(!GP*?\
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MU'2LI9(I497=I2Z' O06=2Y"2J;IB:,IH+98A=<(1($%JL#6BF3LVMLF<WQ
MGV"XQC&,8QC&,8QC/';U?_5K_CL'7/R^^QG[3[M$;E[;+C925K\T^2-AU%)+
MQN)F?ZXEULRE]A[PT-,#MIP:VQQ8EB\Q&J0MZUK;52-,<7LG3GH$9A)>@IR>
MY][_ &P&AA_9?<XR2TZ=::IXVV&GU1+31)0N&ZEM+)! O.U)4[%(%XF>*+C
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M_CT?RN] ?#?\:_X.O,"^?*GPJ?#-YE^,? U)?)7E#SP_U!X?RGXIY/\ #?\
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M89Y6N>ERY G;UZA8C3(#5"4E"L-/*+T2G;:9)MNU8S3,(7SZ6-=@O3*WK&A
M<WU?5EE7-,CU#VY)FI#Y-@-2Q:93=T)T5JBMUZIL852=J1@:XN1J1 G/4EPF
MBEW<0NTZK*=4Q$&Z]7.N']'X^_/CWQVY&4%&7(Z VB@;W-NCUAVA54,BSM)6
M&Q(>8RR&/,CFOD*(YE>TR] 04W+S4VQC=(B\"8F,3%;)SSM]S2=R-=R3#E!X
MG&;F%"6)6PF'F";OOOJ(;&B)FVP[@.V8[IZVJXO.OF*U:I? DD&EOE4YG?=&
MMW9Q<=F5[<HPY&&('M"W.I1B=W8EZ#45B0LP[1(!J?PB3<@S?)W>#K_O=1$
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M](Q\5>SO;17[Z5_I&/BKV=[:*_?2O](Q\5>SO;17[Z5_I&/BKV=[:*_?2O\
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M%5+T*+7OK%B5)IZQV5*"4^H!U .HB=OH'KVU#_Z@^<.MIK;*KUNZ@MFT53[
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M*J/NX:ZAT ?";;$)U !IZ>G7T[=0'KIT](W"DOFHUG=\%.&HH=N[T!86O0"
M[;=P V!:B(#4>OI$!$.[K\O;IIZ<NM#8L"<NZ"&9Q95MMZ T*?FP3!$=AT /
M![*=3.NVP"&H=WY0AZ.H>G+K3K$JLL#4JDA27MT'4Q.<6?H(" ; (;%;;ZB
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MH L ] !Z@#I:!IFY^P[G[[J-Q]>ZC?<_<?0 >G<[;?8?0 !Z1]0 'J .GK
MU_JAKK_P@&O^0!GEU$?6(C_?E,8QC&,8QC&5ZB'J$0_OR@@&W]8 V_X@#8/J
M'J&5+VV)V#8G82=@$!#8D1)V 0]0AL4.FP"'K 0$! ?2 @.74VSR;L_=!JE\
MF0:Z^@"R'QQ\%T .@!X$U082.H!Z U$L0#T>CT (9!:^0]MMG=U&3:.9>O\
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MX.H>L.H=0_;Z0_9Z $<H.VH>O;4/3T](AZ_F]?K^C*CMJ @ B "/J 1#J/\
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M(>CU9(R$<GIO'C"DTGT+E[4 :Z;;G^!1/I.FH"'?*7DEZIUFP=>HZ+TXF&"
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M1Q@->-;12E-PG^3SF=U%_P!=/">+BA*($46ZCN@)?A"W3=+JD$STAL:H O\
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ME%R,$ [[@M\.MWZ!WCQ$,JX-;6[I%+>[M;6[MZSP7CC<[MB!U;U@$;@80"Q
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M9Z!+<DO>^?JHTU^8?V9C%UH:V6D!V.ARU;H ] ,9U3>[!L'JZ@4E5"JZ=?\
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M H@.N\>BS0@4:B&P+A3 K<>\ =.HN*[92M 1]8AJ?KKUZB !E]],8QC&,H(
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MNX@1/$FY?0.FQT<4:&=>GR@'4IYWTZ /J$-NH_M ,]7Q0'3WZ;_P\K_5\?%
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MCK*3SBQV7C7%N3/)5RXB@TWM2%)55(%KNWMMLF6&KD474RJ SA%%IE/J_CD
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!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>g281283.jpg
<DESCRIPTION>G281283.JPG
<TEXT>
begin 644 g281283.jpg
M_]C_X  02D9)1@ ! 0$!KP&O  #__@ ]1$E32S$Q,CI;,3):0D@S+C$R6D)(
M-#,U,3,N3U544%5473$Q,#,U7S$S7T=,3T)!3%]+7U!)12Y%4%/_VP!#  $!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0'_P  +" ', CX! 1$ _\0 'P !  $$ P$! 0
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M<<<<<<<<<<<<<<<<^?:'XF_GG_K<>T/Q-_//_6X]H?B;^>?^MQ[0_$W\\_\
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MT9*13]LB[CI)FZ9N4@60/YOP2@/R$3?Y#G ?J(_4# (?7]7ZO ?0  /K_O\
MC_KXXXXXXXXXXXXXXXXXXXXXXXXXXXXYI[W>C]O+)V6UJ)SC0MFJ] L\4UF!
MLR-4T16JYI3J'G&;RR-?S,:YND)5] E-FOL?=JO/,:]5J!NU6?2CJ7B;<PJ\
M4P/=Y =&;7VD50N^>=F:%>B3]4) R8;):9&%)&:$_F6@-?L,'6H1FU@8!*,@
MHN&?/6E0?S\46:?3CJQ'K5JDG5;;;!.1]VOJ;U>[)/:Y)=A.NV([C(5!O)-*
MJ\UO+J7HCBN-9A=BYEFL*I;(:5&.;2CB,CUI%LV^&@^49-3.DU?@)^V!.:/W
MWIF;#5.M]K>O770G=K@G7>IU^FGZK@O5'8+.[558=.+G*O53F1Q>_P @HN?J
M+9Y)P"-/G3+]9Y%R5-SBJ$EMW 0$ $/H/\H#^T! ?F @/R$! ! ?D( / _3\
M?I_K^?\ H_5^OZ>0^O-(,MZ<^HW%SO3"9?2%6K,OH,YJ&:H06GU:0L<]L-XU
M+:)R?T*>N"6+UZ<:4N(H^I5Y2N56PC8="S^U5-4^17RF337]T2ZS[Z74;L3F
MN<35%[ #G:ZM<M#UC0Y*BOI>1>3M;.F1W)V2W/I=--=]8++:',Q8'+]T!9A^
MO)O'DXBV>K%03F)QQQS@3%+X]Q@#R/@/(@'D?P#S]1Y9]XT2A9E7W=LT>ZU+
M/ZLP$ ?62[V2&J, S\^1 7,S87T;&H ( (^5')0$ 'QR"Z_JS>G^J]?LZGOR
M6N)1BYFTC,=?,QVGLA6&#H@F 6CVWX'F^D51L[$2']C56:*NI[%/AIF!,XA(
M'3NS-<I64YQI%3K=ET&0VN>SRIXY34X]]1INVV34$3/ZVA.)WN.AGN?Q\= M
MY6SVY>VQ#29KL+!2S?\ -V0LQ&-;?Q&6]4^A5W2'N*WW%MD@=7J6@P>?Z-#U
MJM2.D5N!=6-Q83P<G4[%38AY*:&C-0$7#6Z*B(FJ1MD4@+&FG(P\5.P-AAF&
M7T_4NZ:.'#=K':R><<R;:H*UUK6Z3?;(^MSVZS&3U^*@:C&P=9?2=BLK*:W/
M)XZRUZ-9JRU3<71B%D:QA8^>-$SQ*/N*!O AY !\&#P8/(>? A^H0^@A^H><
M\<<<<<<<<<UQZ9U.O$KMEBOC34:#"99:.P6']H+%%6"O2Q;DST#$<VK^=0-4
MBYXEC:ULE*M3VA9_,R4D_B3SL8"%OAF*,BI.P<G5Z+2NH.O5'?I/>X+4L^B$
MIB:T*XR-8K['1?S!T"P:96H>&:EL&>3-WG,VJ,S6)A%W*.-CR" I>L:XT:P<
M3H<LX1>792UR#W?NYUZZV6IE3-:F-*CIZ0KJ-K;$I_7GL5K$5]R+OI*/36<V
M/),HO5<9/"N(E]\:(>RS>8;H)HO5X])D\9.'&:\CV'+=[SNL:UB]_J>GYK<V
M R57NU)FV-@KLRU365:.@:R,>JJD#N.?-W,;+1R_P9*'E6CR*E6C.1:.6J5"
MOF^Y=G9UFDW9$'<NB/M/!01/OF7(<#>#$<-VIO@,3!]1"1=,_EX\>1$ &*]E
M[Q.C'42IU%133 Q@3>V>3.=10G^*88R(*!4Q_7[32QQ#Z#^/,22';[:'BICM
MG];BB&,!BHLJXBL4@?I?H >2=OSF*/D/(F'W")2^!* F VF?U!?5J[T8'LM:
MI^8:;5H6 D<XBK$[:OLMI$VJI*NK!9&"ZY7<G'K.$TS-8YHF#<AP2*9,RA0
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MUZ0&*<@K-1;*375C(R??./:7R(^ \B'@1\!Y$/P$?KX_9P!2@(B   CX\B
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MF236,'L,(G,Q(!OB'#X9?"?LPAH'JE]U(!E&+1FCUI%1R\716$^:TU<#)IH
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MRL+<3(2<+)$(4[F$L40X DA!S;/W #B.D$4E?8)7+<7#-5!RKEW@?G_H_P!
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M4I_D<JD=9(Z39G*8/D8#(^!#Z\T_2>&=3,OTFSS_ %DZ\8IBI)-F6O3LYD%
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M'0;M0V5"MZEMK>AP]93%R^3(TM5,K4;&6.0BZY/^KYG,3]A6CLFM=A9L^O\
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M3$JA?M92&^!$-%0 !&.ARJ'13$O@KIX=V^'S\9+V9MXXXYL$]-'3U<_[.P,
MN[,A":E$2=(?I&-Y0/+IHGG:LN9,?("N21C7$8@H'M,4)E8H&]IS$-Z; 'R
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M.L2#GVHO *V7'P *!Y!NH/T^H^11,(_J.(D^?R.'R+RT="K(.DC3[)(#+(D
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M%),DD!4TDDRE323* %(F4I"@   <^_SLJG_I75/_ (IKW]I\?G95/_2NJ?\
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M<<<CMN'9K.,-;':3#LT_<54048TF$70-*^#@(I.)IP?WMZ]'G$/(+OBG>."
M(L(YY\Q#35LW872-PD14M4G]BKS=P*\53(<ZS>N1ABB/PEE$3&%:7DB%'P:5
ME3KN ,(_9$V*0@@7!:AQ(FHH4!$R::BA0#ZF,0AC@ >?UB(> _://9O@E.+0
M,-Q^D"F!#UG,J5%.2>WVA]L+7V+F1\E'Y^32#EV8_GYB8QA'YB//%O\ E3WH
M_BI][^I_UVK!S&.>/:=PZ?!LSJ"#E=5O%078AFR;)F,1%V<S"LZXHD'L2D#5
M^].2_P#[3MKY#PI" @(@(" @/@0'Y" A]0$/U"''''')+],L;>]A^V_67"6#
M!S)+:]O>29VHU:)@HL+&V7R!B)1<0,4Y"HLXIR^>.55"BD@V;K++?WI,_/W7
M$$R))$33(1--,/AI$3 "D(D3]!(I"A\BE*F4@% /   ?(.?UXXXXXXXXXXXX
MXXXXXXXXXXXXXXYUGC5%ZU<,W*956[I%5LND8 ,51!PF9%8A@, @)3)*' 0$
M! 0'P("'D.> #0Z>_P ]O]ZH4JW.TD:3<[34GC8X"4R*U=G7\4!1 2D_1,DU
M343'V$ Z1R'*0I3 '+/XXXXYMZ]*_J[^?%S6[$7*.^)4\[D3L,^:NTO*$[H:
M293.)PI%"^%F-&;KIG;JA[DSVAXU /*D*N4/0M_W_'_7S%&X89D79/*[EB.[
MY]7-1RJ_QH1=KI5I:"ZC)%%)0%V+ULLD9)]#ST*]*G)UVR0[EE.5V60;R<0^
M:ND@./Y?GK7>AKJ_I=W@=&HR\QJG3B^6%PQH6FG:"I/YW*O55W,;F&QE:()L
MF%G*R(8M<MS1-M7-":M'#B/2B; UEZW'Z">...?T2*8RA0( B?SY(  )A,</
MF0H 'S$3G\%* ?,1$ #YCS]Q;TU<)==9?3_Z:X-)MQ:SN7];,@K%I0%)-$27
M!*EQ3ZX^4TR$ !&TOI@3&,7XIS"*BPF5,<YIO<X$H&\>?/R^?R,8O^?VB'G^
M0?ESCV@'GZ_/Z^3&'_, CX#S^OQX\_4?/.0  \^//S$1^8B;Z_AY$? ?@ ?(
M/U!SGCCCCCCG!B@8IBF #%, E,40 0,40\"40'Y" AY 0'Y" \U(:34U*3=[
M#7!*8&[1^=>..;_SL2^_WW'' 0^0^UNJ#<_CY LW5+]2B 6/RC6"Q0-3AG]A
MLTQ'0,%&)"L_E95TFS9-2?XH'55$/<JJ/Z"#=(%'+E002;HJJ"!!U8;SWUE)
M?[;6,1*XA(LP';N;_(-A1GWI1_1.-:C5P,6";F#R"<G(IJS)P'XC9K$G B@Z
MW7+ER]<N'CQPX=O':ZCEV[=+*N73IRJ83*N'3E<ZB[APJ81,HLLH=50WS.<P
M_/G\>9"R.I*7[5LRI"1/B&MN@TVO&(("8#(2=BCF[SR4 $1*5D9R<_R$ (4P
MB'CSSVH'!,#G!$H$1 Y@1*4  "HE,()%  \  %3 I0     /   !RCS\#!VJ
M"FZO9X:+L=9LT/*UVQUV;9I2,+8*_.,'$5-P<Q'K *+Z*EXQVZCI%HH'M<,W
M*R0B7W>X/RB?77])F<],#M*X2I,?+2/5+;7$S;.OMI=JK2)X%L@Y35L6.664
M4(!U+9G"KUJ@T<NC"O9:6]KEE^(H[<RZ3/1WQQQSU9?DAG3R2WSU-O[H:3AS
M.<_Z=9U8;TXDETUSQYM0T:.DLXS:%.*8 G]O".D[U<67Q3B5$].*J)/<9(W/
MU10     /     ?@ ?( YSQQQQQQQQQQQQQQQQQQQQS@1  $1'P  (B/X 'S
M$>8=JN]Y;=K7:Z;6)]]+2M(E['7[0]2JES0JT3/5%=BVLT&M>GE<;49:9A',
MBU0D(MG8W+Y!8RJ8H"=LZ*A?%CN]5J<&_L<],M6</&QR,L\=)E7?F3C7"Z35
M!\FTC47CYTV6<+I))*M&RY5#'#VB( 80K(S$4 >1DF(!]X?=(B+MN !*>[V_
M=OGXGC[>)O %9>?M)A$/:D/D/-*G[E6*Q!6*R3<RR9PU48R4A8'8'.Z-&-XF
M/4E'X+-61'+T[E!@F+@&#=LL_6(9(K=JL=9$BE3)-1*B:JI9)E[&YFI' F<H
MD%L=Z"8M$G)3G*9LJY!5,$$7 )JJ&4(4A!,8"C9%OV++*':Z%1+G?:Q6K;J+
MQY'4" F)5!E(VIVQ%BDX1BDE1 J@B[E8F,;G5413>3$O$0K,[B6E8YDY\JWJ
MZXTZS+MW8+@W8@WJ^U0T9?(ARD "W5GF+1I7+HU$Q2E*#HDDQ8S"Y1\F.2?1
M6\F]QQ#5WQQQS+.'8[:-ZU*I9742"23LT@!'<F=,RC6O0+,OVF?LK_P E!G"
M1I%G/L/X!T\%G'D'XSU(!]@6<9]5LIHM5SFE,0CJO3H9K"Q#<0+\=1)N!CN'
M[XY?DO)RSU5U*RKD?(N)%XY5\^TQ0"]>.6AH&?4;5Z-;<RTVHU^_9Y?8"1JU
MUI5KC49>MVBNRJ(H2$1,1RX>QPV7(('343,B[9.DV\A'.F<BT:.T/S-?7-]
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M.V#V_%]P>.P! 0 0'R @!@'P("("'D/(" &*/@?F4P 8H_(P ("'.>.<"(
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M:  (@ CX 1 !'\ \_7GK&]/RHC3>GV)-%$3(NIZOR-W>E.7VG,O<YZ4FD3G
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M<%:?'.F4YP(902 <_P#AC639].E-[?BQHE\A^D#A?QX']?M^R^[Y?/Y 'D?
M^ 'P/.VCG,B8WA>18I% ?!@1(X<G#Y>0'VF*W\>?'R\C\_U#\PY<C'/(= 0,
M\<.9 Y3?,ON!LAY#_%$B(BK_ "@+@?K\P^G+V:,FC%($6;9!JD'^(@F5,!'Z
M>3>T $QOQ,81,/U$1YVN............................/'_ZO]'SYP(
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M:7(V280<Z1 *Q%.HK*V7.PII/V\' /Y,C&/D+CD^Y_5B%D)N*E]TSN,E*[9
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M-5D%6Q8^QUZ;C-3H;&)M,6Z7KLC9;)&U-G)+61RC&*RY ?(>0^@_,.....?
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M691\V7=-SU5WLG5O:L5J.G('8R<9("XSNWWN(>+_ '8M][-H.8G)*)$)%@W
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M<<<<<<<<<<<<<<<<<<<<<^1(4P" E 0$0$0'YAY P& ? _K P (?@(!X\<Y
M #Z>?G^(B/\ K$?_ /?.>....6Y:9@86(7<)F ':P@V9@/S\+J@/]\\?K!!,
M#J_\43%*4?\ "#D>Q$3")C")C&$3&,81$QC"/D3&$?F)A$1$1'YB(B(\XXXY
M$WNQ@I.PW7RXU%BR*ZN<"B:ZYX< +\<+;7VSA5.+2.;P)4[-%J2-=6( @"BC
M]HH/D[=,2^2(0,41*8ATS%$2F35(*:J9RB('353, &353, D43, &(H4Q# !
MBB'(\]AO^!:S_P LR'_1A>9'Z15T3O;[;E4_T6[6*K+-02_/XKI4\Q(>PWR'
MY(M8XA_ C\E  ?P'8-QQQP( (" @!BB E,4P>2F*(>#%, _(2F 1 0'Y" B
M_+GI,]-3L6IKN/GSVS21WE\R0C*'66=',=W-4IR"B=4EU%5#B=RX8D;.*[)*
M>T3_ !(UD[<&%21*8VR3CCCCCCCCCCCGR<P$*8PF H 'D3"( !0_681'Y !0
M\F$1^0  B/RY^;+ZA'8ASVE[C[SL7VH'4#)75]5:*!#B9NCGE!.>I4\6P> *
M4DFPC%+$M["E*H^G7BWZ1E3'-#/CCCG99/'<<\:2#!PHT?,'3=ZR=)")56SM
MHL1PV<)F#Y@=%=--0OCZB7P/R$>;LLPO#;1J)7;>A\,BTFR LHV2, @QFVAA
M;2[,0#YE!-XF=5(H@ _9EVYOF!P$8 ]T_P#QHP7_ +#1W_34]R(7'''''/17
M^3I=DE*)V-T3K9,OU"0&Z5,;74VJAS';I:/FC==T]2;IF_O:"]AH+J4,Z5)[
M3N/S.CD3@J)$ 3]GO'''''''''''''''''''''''''''',)Z#(BZF",2F$4H
MY$H" #Y#[0X JJAO'X@E\ GS^8"!@_6/+#XXXYR B @)1$IBB!BF ?!BF ?)
M3%']1BB " _J$ 'GEZ]2CK^GBW8!]98)D1K1]C3?WB$203 C6+LGVHB=Y@DB
ME "))IR[E&>9)!X K&?(D0 *U, :;NPOSA:P'XS+_P#Z-+R8?5>M_F]C->74
M3^&YL[J3LZ_D/!C)/G/V2.]WT'P$<P;'( A_@J^?U\D5QQQQR7O1?7G&.]E<
M^E#N@;5^X2"6=6LJBHI-C1%L=-FC)VX-X, !$V(D-)%,(![4T7!!,4JIQ#U9
M /D/U?@/CZ>0^0_Z><\<<<<<<<<<<B3WSU97$>F?9K4&JOP9&J8O?'$(K\0R
M0IV&3A'$%73%.0!,!PG)6/%,I?!CJ>PI3%$?<'YI::?P4TT $3 @FF@!A'R)
M@1(5,#"/ZQ,!?(C\_(B(\^N....3-Z=:.,):7^=R*XA&V[R^A0.8?8WLS!N(
MJ($\CX*$S&(F3]H>/>[CV@?X2H^:?W2^>HP/_L-'?]-3W(A<<<<<<DMTTUES
MA7;'KEK3<YRITO8Z*[DRD6!O]HKTO,H5FT-#K#^BFFZK<[+(G,?R0 -Y,'@.
M?IH%_P $ \>/'DH>?P*(E ?\H!YY]<<<<<<<<<<<<<<<<<<<<<<<<<<<?3Z\
MC)).1>R+]V(^[[2\<J@/GSY(94WP_'[ 3 I0_4   !SI<<<<<AOWKZ^_W0W7
MZRP42R*YOE-^)>\],4H"X7G(9HM]XU](_CW 2UP1GL0"8?HGDONE40$6Y1#Q
M=;VR<23"G1S5,XNI&QK,&R9B&*K]I?-$6B"9B" &(H"RQ"G(8 ,0X&*8/("'
M-F,'$-Z_"P\ T*!6T'%1T0@4H> ^'&LT68"'C_CBB)Q']8F$>53CCCCG('63
M$%&YS).$Q!1LJ41 R3E,?B-U2B'S R:Q2'*(?,#% 0\"'GGLCQB[%TC)<UOH
M*E6/;J/5Y]R8OT![)0[1=^G]1\"D_,Y2,'ZC$$!^8#S)G''''''''''-17KG
M3;J']-+=T6OGQ/2V25YT8%5$A*RDM9IQG(>$_DJ50C8$5$5/[TJFH8I_(> '
MP&"/D1$?UCY_S\<<<<<[T7)/H:2CY>+<'9R46];2$>Z3$0.W>,UB.&RH"'CR
M!54R^\OT.3W$, E,(<SSV-NS'1)RA7!@!4RR^<QAWC4H@(Q\LWFYYO+1QOU@
M+1\FL1,!^9FQFZOS!0HC'CCCCCCG\EUU&R#ARB82+-6Z[I$P>/)5FR1UTC!Y
M 0\E43*8/("'D/F AY ?U+\JG7-HS+/+*]#VO+!1:?..R^X#^',M7(R07#WE
M32 _A5R</<"28&^H)D ?:%_<<<<<<<<<<<<<<<<<<<<<<<<<<<P!VOT.7R/J
M]V/U> <*-9S,<%V/0H=RBDT750E:7G-ELD:LDC((N&"JB+V,05(D]06:*&(!
M'*2B)CD-^6+GGY51ZO5%1;(6#2\9ULJ"2)3GTC ,^(Z<C\-03J+OL[:Y\[%0
MYE0.)DU$P\HHD H)%.FI.//?RROMI%$(74^G_6F\B F^(K2['K>:.C@)G(E
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M>/Z)9UD422":97#ROR)6UDAD5';9TRD_ ?L&.Z9@>C6?)]>I\O1K_47IF4U
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M0H LZ-#'.5F6!8"!@ Q1*8H_0Q1 Q1_:!BB("'[0$><\<<<<?B/Z@ 1$1^0
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M6!QI[I2X#/-KQ;HYG?G47JIV7R7L%E]OV65C+);D\:F2[+IT!/66S1]OE4,
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6Q4CHT]B")BV3%*6_''''''''''/_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>g429324.jpg
<DESCRIPTION>G429324.JPG
<TEXT>
begin 644 g429324.jpg
M_]C_X  02D9)1@ ! 0$!F@&:  #__@ _1$E32S$Q,CI;,3):0D@S+C$R6D)(
M-#,U,3,N3U544%5473$Q,#,U7S$S7T%#041%34E#7TM?0D%2+D504__; $,
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! ?_   L( :0"C $!$0#_Q  >  $  00# 0$
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M?SJU?$ZXY;T.AU74M^H>YE*EKE]JVFV)\CL.J2-SHKLM)784Z^H:MNE*5O\
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MVES,V?=+[&<SX30FM6[&_5:OU+GS1HR)TWM'=L3=I&J;*V9;+OJO74I'3D_
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M,XDXF7BXDC\J4DGMHQC&!'IF*+5O?2=%DS0MTV]K*I3!0$QXJR7NL0LD0I1
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M*T6D[8I),W*; [<B[5--NJ!T2%(&*IWC7H"R/(R4E=-ZV/.P-)F-;UJTL*=
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MQC&4:QS\95:_.V>:7]RPU<AY.>EG7=[P-HR'8KR+]P(=0 ?(M&RRG01 !$H
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MG @"/0H&.8W3TB(Y6L9U'RYVK)VX3 HG0;.%B <!$HF2144*!@ 0$2B8H (
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M1B]? H((-S))]0](G64,'^;Y(?W6=&'W1--E>[-,6DBU-UZF9D]PNTAZ>'<
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M?'GOC/F*2]:8_GS)51LZ%MBC2K=JLS3*\7:>27424.)D"I&$_>1ZE[IO*@
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M&C];?-C=M_* P9:PG2R9BE-Y,?=LY6THU-0P%$I3&=I'42*<Q!-Y%0Q.^)#
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MNOJU#VK'F,;?25U]6H>U8\QC;Z2NOJU#VK'F+:_25U_+&-Q ?XA 7(@(#Z!
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M*GVV9 U=QBX_:67!YJ_45%I\D &($W'0;=:P@F=,$E$PL4C[MG 343#HJ0)
M"*#U,<#&,81SOX!X?Z,8QC&,8QC&,8QC&,9^%5$T4U%EE")))$.HHHH<I$TT
MR%$YSG.<0*0A"@)C&,(%*4!$1  $<L/5VU-;;MH-7VIJ&]579>M[K'#+5*]4
MB;862JV.-!RX9F?0TY%K.&#]L5VT=-3JH+&*1PW60/W54CD+=LO,Q,!%2<Y.
MR3&%A(6.>R\Q,2SM"-BHF*C6RKR0DI.1>'09L&#!FBL[>NW:Z+=JU25<+J)H
MIG.7M-G;9XW;NVBZ;IJZ13<-G+<X+MW#=9,%45T5DA.DJDLD8JB2A#&(J0Y#
M$,8IRB.(MG\@]-Z8?,(W9]\B:<]DZ1L?8[%&50E!!:D:B1K+C8]B,JSCW2*#
M&JHW*LG?@X42<J^^[8K%!V8%@2S&!@$1 .OA\?0>@]?'P,(=T?#Q\!'P\<Q_
M;=LZQH5IUS2+K?JC5+?MZ=E:OJZM6&?CHF:V!8X. >VF7@ZA'O5T7$]*QU=C
MGTR[81Y%G*4<U6<BF)">-0HNPZ+LZOA:]=VZO7>M#.VNL^_U5E6DY$!8:+:9
MBD7*&%_'J+M@DJO;Z_.5J<:"H"L;-1+^/<E3<-52%O'O!_'Z!'T#Z 'H/Q?+
MZ ](_%UZ9%G??-WB3Q<GX*L<A^0>K=-SMEB%)^$C]@V=K757\(C)!#K2R:CP
MH-TX]*3'W$J[<+(HIK]2'.7H(Y*0#E-XE'J'0# ( (E, AW@$ING=-U#QZ%$
M1Z98DSM"AUZ_T?5LS8VK"_;(AKO8:3656[\SZP0VMPK(W9^U42:*,T4:^%RK
M/NHKURU55&8;%9IN3%6!*_.^'3K]MT_\@_7^4O=[P>GT" >'CZ,L2_[/H>K6
M=<D+]8VE;9VZ]TC6==</$'RR<I>MD6!I5:37418M'8IN[!8'[.+:*N 19I+N
M$C/'39$WE0Z&VMS:KT12W6P]Q7ZKZXI;1_%1)[#;)5O%,%IB>?)1D%"LO+"*
M\E-S<BNBPAX:.0=RDH\4(V8M%U1$H7'2[O4-C5*M7RA66$N-+N4)'62JVJM2
M+:8@+! R[9-Y&2\5*L3K-'C!\V5(LV<)*B10AO >H" 5&>L,#5H>1L5FF8JN
MP$0U5?2TW.R#2(B(MDAT%9Y(R<@LV9,6J0" J.'2Z2) $!,< '+6K^U*!:KU
ML#6E?LC23O.JPJ [ KJ+=^1W6/AY#NI^I _57:),SFFH=DY?($:.7)D4DP!V
M#=55),_ZN.U=:Z]G=>UB\WNIU*P[9M2U'UG"V&=CXF3OEP;P,M:%JS5&;Q=)
M:;FTZ]!R\P:.8D5<@PCW3CN"5, -1*CO+6-[V/LW5%1L+F<NNG7<'&[';,ZU
M; @*U-6&&B[%'UM6[KP2-'DK6C 3D%-S-3A;))62MQ,_ 2%CBXIK.12CNZZ1
M?:CL>OI6JD3C.QUY:8L\ G*QX.!;&F*;9YBFV=A^WH(*E6AK/ 3$.[$R8)@[
M8+>2.JEW%3W<!@'KTZ^ ]!ZE,7\G4 ZA_&'4,YQC&,9![M!^1DIQLXZSEFJZ
MZ;:^6Z39T.CNSBF<T5,33=ZY>V$C<X&!PK7H2/DI)HF<HHFDDX\JX&1,<AO(
M0[=NG[IT^?.G3Y\^=.'SY\^<*NWSY\[5.X=O7KMP=1P[>NW"BB[ITNH==PN<
MZJIS',(CU\?G ?C#Q*(&*("'00$I@ Q3 (&*8 ,40, "'I)[/SF1L/9NFU*Q
M9Y)I.6W5KQE7'DW+)N7LQ/UYZU4<UJ6E71G29G4D@BU>PKYZ<HK/C1B#UR=1
MVY<*J3N\\MP^YPWJ*_MN//+</N<-ZBO[;CSRW#[G#>HK^VX\\MP^YPWJ*_MN
M//+</N<-ZBO[;CSRW#[G#>HK^VX\\MP^YPWJ*_MN//+</N<-ZBO[;CSRW#[G
M#>HK^VYEG6=PE[:C,J2I693,%V::'N1!1$!*NDL=3R@'76[P]4R]T0[O0.O4
M!Z^&4,9@;9^RG<))?!^$>(M'*+<IY)T8B2BR1W $400;>5[Q$U"H#Y150R2@
M@"Z0)]PY3&S$#39%I:."."VAVN)!ZBB\<$=-E Z@(D406 Q1*8 Z")>X<H"/
M<.0?'+L)NBV* (IA"' !Z")6:Y@ ?3TZ@^'XA#/WYY;A]SAO45_;<>>6X?<X
M;U%?VW'GEN'W.&]17]MQYY;A]SAO45_;<>>6X?<X;U%?VW'GEN'W.&]17]MQ
MYY;A]SAO45_;<>>6X?<X;U%?VW'GEN'W.&]17]MQYY;A]SAO45_;<X'<MP #
M#Y.&\"F$/]XK^D"B(?\ WWY0R3[!<[EBS<*=WRB[5LL?N@(%[ZJ":A^Z B(@
M7O&'H B/0.@=1].=O*=+RC2$C'TL^/Y-HP;*N5C=0ZB5,/ A>O0!.H<2ID 1
M !.<H"(=>N1'FMIV26>*+HS2D2W[YO(,HY<B)$4Q$>Z158I05<J@7IWU3F @
MFZBFFF3H4/O&;=M4:B* RK22*(@)#RB8.5R#X]2E725;J'*81\ 6%42].A!*
M B UGSRW#[G#>HK^VX\\MP^YPWJ*_MN//+</N<-ZBO[;CSRW#[G#>HK^VX\\
MMP^YPWJ*_MN//+</N<-ZBO[;CSRW#[G#>HK^VX\\MP^YPWJ*_MN//+</N<-Z
MBO[;CSRW#[G#>HK^VX\\MP^YPWJ*_MN9NUW8Y&TP!Y.3!L5R61=-0!JD=%+R
M2)$#$$2'56'O]5#=X>_T'PZ%#IXWWC&,8R''/VE[SVAQ+W!J'CFDS0VINB&C
MM-1MGDG#9O%:ZK&U9V,HVQ]HR/?FH*1=I:XUO-VRVM8RNO1L\K*1D?'0"0R+
MA%1+5%ICCSSYX>7.A17FI':VD]1<S;MMF#IO$N=@-:4F1TMR>XQ['J,IKVM:
MEW'NALHUKN@^4RC&\6&-M5W=-2U[9S*[4"/D75/F(")CZ]X0<ZKYKJH:MO\
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M==UXC!CO&QC&,9IQ[:&LR\EH36UF9%<JQ55VL@$X1(P>YT$[%6)J(C'SM/\
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M?ME7#EHS7201( G66,1(A3&.!1TG!O0@@!BO.I3 !BCY0?$H^(#_ "A^;*O
M;9?V.;BH&*.HZD)9^W8M44C"8QCK'#OGZ!TZ)H(@HX6.(@5-%)10P@4HCD]^
MG3PZ][IX=[IT[W3P[W3XNOIZ?Q^.,8QC&,8QDIM,?Y(*_P#/4A_U;7,M8QC&
M,QIN7;M!T%JG86Z=I30UW7>KJC.7BY316#^45CZ_7F2C^07;1<4V>2<F[%)+
MR3..CFKE\^=J(M6J"BZI"C9''?D?1N2M8ML_48>[U>3U]L.>U5L.D;'JRU3N
M=)O]<804R_KTU'>ZI.,<*#!VBMS;60@IF9B5V4RV(5^5^A(,F5D:7YMZ"WM
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M0XO:M/E')&H.W,>=0P$3/)MO<K<YQ]!1<@HJBD(^@/+G2*(]  PB(!EX?"&
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MQ#G+U]/00\F/\@AES]PG[TO\T/S99MEM["MNVS5P5+RCAL+DHF$"B!05.EX
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M9V9B0;P\8\DUB$\DT3*H?J  '0RJ:0=1^(.\H'^K,?!M**#P $@#Y ,/^UG
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M0@=![O>-W2FV?:HT5?Z+4T(Z8AGKV??+#(3CAL":C0CLY"I),62BBJ9U&K!
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M!^0,= ^0/R!CNA\G3\7@/Y0Z8Z!\@?R^..@?('Y QT#Y _(&.@?('Y QT#Y
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MPP_O2Z+_ %\Q]DD[._\ #SX8?WI=%_KYC[))V=_X>?##^]+HO]?,?9).SO\
MP\^&']Z71?Z^8^R2=G?^'GPP_O2Z+_7S'V23L[_P\^&']Z71?Z^8^R2=G?\
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M 0 >,''4!'T .D-6]1_$'P4\<Y_8<\2/#_Z+_';Q\ _^8_5OB/01Z!_\D_D
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M&/1&?&OCO'W.V;'8Z(TVTV#>U))6[7EMK&D(W"W*3$.->EU+-94X,LS.GE8
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ME!.!O*&^V/WC>.?0$4@4%8"%\J) 3%3I^V"F43&*03_NA(4QC&*01$I3&,8
M QC"/(I$$X*"4/*% Q0/_G 4PE$Q0'T@0PD*8Y Z%.8I3& 3%*(?KI^/XOC'
MXOY?R_+\?7/P**1CIJ&(4RB7>\F<P 8Y.\'0W<,/4Q1.  4XE$!.4 *;J4 #
M.13()P4$H>4*42%/_G 4PE,8H#Z0*82%$Q0$"G$I1, B4O3DQ2F 2F#O%$!
M0'J(" ^D!#XP$/ >OQ"(>@1 1"%(0"$#ND* %*4/ "E .@%* =.Z !X% O0"
M@  4   S\JI)K$%-4A5"#TZD.4#D-T$!#O%, E, " " & 0 P /I !#]"4IB
MB4P=2F#NF 1$0$.G00'J/B AX#\OQ]<$(5,I2$ "E* %*4/ "E .@%*'H*4
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MMB^'I^V#P_'X^'\N.^3P^V+]MZ/M@\?'IX>/CX^'A\> .0>O0Y1Z=1'H8/
M](CX^'3X^OHRWHJX5.=E[/7X6S0$O.TF0CHFXPL9,1[Z5JLI+P4=9XF.L<>V
M<*.H5])UN7BY^/:R*3=9Y#2+&3;D49ND5CW#WB]>G>+U\/#J'7Q\0\.O7Q#Q
M#Y<Z4A*QD2@DYE)%A&MUW\=%HKOWC9DBM)2[]O%Q4>DJY5234?24D[:Q[!H0
MQG#U\Y0:-DU7"R21NX*J90,8RA *3Q,(F* %Z#T^V'KX>/AX_'X>G.N[?L8]
MJY?/WC5DR9MEWCMV[<)-VS5HV2.X<.G"ZQR)(MT$$U%EEE#%3223.H<Q2%,(
M="O62O6ZOP=LJLY$62KV:'B[#7+'!2+26@YZ!FV*$G#34/*L55V,E%2T<Z;/
MXV09KK-7K-PBY;*J(JD.:M ("'4!Z@/B AZ!#Y<8QG!O0/XA_P!6>:\W_AK]
MJ+_Z9>M__AT<"L]*.,8QC&,8QC&,8QC&,8QC&,8QC&?-;_BE?^3/_P!$<U1]
MEK_E1VH__K7.1G_NGXZYM@QC&,8QC&,8QC&,8QC&,8QC&==VO[F;.''=[WD$
M%EN[X_;>22.IT\ $?'N]/ !'Q\ '-53O<[:1=.7[HZ:CEZLHZ74,?J8RJQA.
M;J(^/0O7NE*/[@A2D   H 'P#;<<(@'[5XCT_=AU_& _$(?$(>(#XAXYLEU9
M9%K=KZJ6)?J*LE%)J'.;KWE1156:@N(^/>!P#<%@-_G IWOC#(:\AM:<T[3O
M^DV+2VUKI3=,QJ%&3M-:@-NZ'JD3*JL;2\>VY9[4-@<"-^7:1._@%&T>Y&&W
MI4$I9JD1E#MZ5)IJV1W%7FQ296,YXZ(W!J76.RMF;G>M./6L[51[GQ9=[@XR
MW724=R'>V>7ML+R']YPC.)VZ^/"%BNFV&UK>W".;6X["CPSS6^PYI&G25;A'
M4);M*4J;MJQ; V5RM-<%YS74-RFUE0M!\B"V&JU=7EI6D-K[&XCWRW1\OJUU
M*0/&,+'"U.E<0&-G<6BH22>PDXXN[(-BXD,H7.4Y=I[*K4?JR?[1)4(]CQ-_
M8/?#"H['&A7.#?[HFTN52O.^2E:FW:M).-U^U\B[)R17JET9:@+2YG4B<AOF
M5M#MU\+#!]IQ3=?VV_:\M7+*U['VYJ+M.&L_5;4@TGV>M7VO.5-<)P_>:@J4
MU"LJ_2-F/..DGL$=4%D2NB;8>A7#W(;.:$@#QV [37^2E,H_+QWH*F]H>]KV
M].2]14T]NN^DY,4_=Z$72^SYH]>U]:;M$4;6S_DS=*A);HK[FDP*.Q8.H0K&
MR13=7D994:J$7#6"2#=]SPJ/'GDUSDW)L;D?6]B\>(_B+N2/TE.2;"CZLMFH
M-3\3^(>[>:M(BJ XC(ZONK#LVZH\E*(M/RCUPXINP6:E?J[ZO1S2<CY*6<Q1
M^1&S> G&I[LIG;K_ +FOW+S@MR*V'7C1RCN2U]4Y_G_I??-CI QK1LB2-JG'
MO4ZQJN_5!(21M?H3^6D7;E4KM\KK<V?H;M!]@<1=J5VX63F1?['R"X)\T[%L
M:DSD@_!S6=YZEY1ZMF.--,US&QL1$*427N6D9[9%;1IL*9-[N6K0#$]@"R6:
M.3EG.:]DSW+&Q\OM1U_3E5YE'T,2,:T.X*[3+R2F83:W'S8/"3:,VSOUEK-G
MUK :@US:X;?J=4J,ZCL.UO.6S;9D4(6.LUG6MI:PS_!>M6G:,4#A1Q\U)L2)
MY":[>TJQ\>ZKOJ8UU1.0+]E"\8&O#J01TO#:0@^/3=;D%6GE;VW U6D<N&U/
M<3>Y:[MUG.RS]=/CW9:P@V]%G%9MLEEQPTDTV_=I;9.S&^M:HC=+[/Z\DM33
M]OG4XQ(KJP3^MIE127I4[)$!)Q,UZ3*WD&$D9T1XS8N!49-\_P",9P;T#^(?
M]6>:\W_AK]J+_P"F7K?_ .'1P*STHXQC&,8QC&,8QC&,8QC&,8QC&,9\UO\
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MQ[_JQL__ !>Q]G#Y8?P?<>_ZL;/_ ,7LX-VX?+#H/_S?<>_0/_[,;/\ D_\
MZO9CWA5NFT\C[[SZW/>&$!%6BY\R80THPJK:290" P7"+AC66GN!K,2T[(I
5HPAFJK@'$JZ SM1<Z/D$#)MTO__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>g123652.jpg
<DESCRIPTION>G123652.JPG
<TEXT>
begin 644 g123652.jpg
M_]C_X  02D9)1@ ! 0$!L &P  #__@ _1$E32S$Q,CI;,3):0D@S+C$R6D)(
M-#,U,3,N3U544%5473$Q,#,U7S$S7TY%5%=/4DM?2U]&3$]7+D504__; $,
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! ?_   L( &H"K $!$0#_Q  >  $  @$% 0$
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MP( PK%&! %CUX$'/I/5G&?9G4M,%R+$+>%*])!NBLHP6 +0"+(,-3] 'H_M
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M<T9&%1)F2LX!G 0YQIIIIIIKDHP"-6(RP8Z0QK$@ AQ[<B&I*"''_D6<8_\
M.KP2#&1,+V$.,B$)H<@A#C&<B$+*,_&,!QCUYSG/JQC&,YS^&J* _P H?^T/
M_K&OK333333359)OLSVNV1:X+NG-,QJ2V4(<./<GI<Y2\IGDZVNC@**[=)W
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MZ?3L1D7>[+\%WT^G8C(N]V7X+OI].Q&1=[LOP7?3ZU#2,@Z6.F\,V \_VLA
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M & 6/5G&<9_UQ[,XQG&<:QZ3R]EB:<LYT-,$<HR+"5$F!@U6HZ'+IB  0@
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M"SG&,8QC.<YSC&,9SG53(EOQV6SV]G+;%"MTM(2K<$TK79K6U(QSA"OEO7#
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M0<# F^R*/M P9QTL& (]%Z49>0_M8&$&09#C(L9Y8SG6P((@"$ 81 &$60C
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M8_U))F,,<E3VA@)CC$X-+; FL4L=6Q2*MJW:RYU*TI36Y)2]7I$ &,B"'(#
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MQFL*8P9.FC\T<#B7N.,TDRI5M+VI;VJ\.W3>8Z73N"O:I+!A=:1%JKM!-I+
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7:::::::::::::::::::::::::::__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>g1045219.jpg
<DESCRIPTION>G1045219.JPG
<TEXT>
begin 644 g1045219.jpg
M_]C_X  02D9)1@ ! 0$!L &P  #__@ _1$E32S$Q,CI;,3):0D@S+C$R6D)(
M-#,U,3,N3U544%5473$Q,#,U7S$S7U)%5D5.545?2U]&3$]7+D504__; $,
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M[JW%W4:($2<L.NQAR@1T[PB/AH43J.QQYNP@62268:9MKIH(YN0:T?HYM;T
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M74TK8 $HT$_E"Q -M=PV !"7<X$ V ==@ 0V 0$! ! 0$.@@(#U 0$/ 0$!
M?KR&W>@*G>51RT^*$)%)Y@FG;-2YQ:2M]]AV'8?-4*HI'IW]MN]OY).7WM@
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MJ1IVYL1I6] D+ E*C1D%)DJ<H!$0+)()UT++T 1';IKJ #L.VP]=MA$?6(@
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MQC&,8QC&,8QC&,8QG3;;740[P;#^PO??_7KKMT_8.=M1 0 0 0#X#J.H^_\
MZ.P (?XAX^_W9CCR!Y>\6>*Y$?/Y(\@*@I099NM+BR:RYW'HLXR/5LTT->#V
M%J<EA;H[(F8G<I0^+T"(] RIMRU#JI1D[:[C56.!<;[=F=;\MHW'ZHLJ8IJZ
M6L52W\QZ1V8+-*RG&Y;NM)@$\;S7%*,8E6@Z*C%L?7"G=D9VY?G1R-0<49)<
M8@D)A:R7+XG&6*.K9_+%,\FBIH0)D)\IF*QF8XZJE#V83KKLXO2ABC,?:37$
M\=C]T#,W)AW\FE* +K[Q73H.Q?01Z].NO3K[^O[?>/7_ !SD0* 0U$"P'KX
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M!S7L4K[Y)N4$=;(G#H]SV4P]LO9H;9W&$,ID;X?&7M&WIV=<F1-K4@1PE&+
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MK1E+#//$O<)'RY7?S,$0Z=??]7A\>O3I\_#Q\ ^OIFK!!VL]&.*Y#+DU2<B
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MT_V^ YK'HSM0:]Y&#7SQ4_&/FQ(:\LV0)F:+W"/'@U'5IJ ^2*8L=+U\H.F
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M-FTU##FS6\VM(]UPC62*$NCN<Y8F0VDY9JEG+//N+EKS7AA'.TYX\<E;GI>
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MJXDR:2EN>(TB@$0@:G/LFI/3<JG:I+-TW+,+K6!:&:;Z[:;Z;Z1)GUWUWUV
M-M=M=@'7;78 V#8! 0 0$,D_&,8QC&,8QC&,8QGS\?VG>NK*M3L?;\A=2P2<
M6/.'"><?E+9%*ZC#_,)4M);;HB*]P4(6*,H7%X4E-Z,@U:L-3)=]4J8DQ2=L
M647MN&G+^QET-R&I,>T-]O%,W-4GK(/%WU9]K==SF!>GA:0OD'<6'US9VGTI
MZ-!P;0<O,/+BC\]0^<^3!2G[^_[M4..L<Y277V9U.SZ+OTBK*5\DN0K7/EK
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M"!M;\@<S/(^3;UK.O?T[DD7&><)^XD4)BU&WER>Z6/E=.]-([  =1]W4-?\
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M,8QC&,8QC&,8QC&,8QC&,8QC&,8QC&,8QC&,9P( /@( (? 0ZX  #W  ?L
M_P!F<XSJ.H"/40_UCT']0AUZ; 'U (" ?5TSGH'3IX_XB(_,1'J/Z^O7K]><
M!IJ ]0Z]?'QZ[#[_ *O$?[OPU_N@/B  /CG(@ AT'Q#_ !_^>OP'WA]6   \
M Z_XB(C_ (B(B(_M'_\ 0,YQC&,8QC&,8QC&,"(![Q /VYQU#XA\PQU#XA\P
MQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#X
MA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQ
MU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA
M\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU
M#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\
MPQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#
MXA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\P
MQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#X
MA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PQU#XA\PS
MG-<5D\BYB^2!85#7H]@C*,\2FW9 226O<BR]0U%>N4*23C= /W[^Q",K4DLD
MGR?E@-/';;6.O;1:WW]D'[U'^3Q[:+6^_L@_>H_R>/;1:WW]D'[U'^3Q[:+6
M^_L@_>H_R>/;1:WW]D'[U'^3Q[:+6^_L@_>H_P GCVT6M]_9!^]1_D\>VBUO
MO[(/WJ/\GCVT6M]_9!^]1_D\>VBUOO[(/WJ/\GCVT6M]_9!^]1_D\>VBUOO[
M(/WJ/\GCVT6M]_9!^]1_D\>VBUOO[(/WJ/\ )X]M%K??V0?O4?Y/'MHM;[^R
M#]ZC_)X]M%K??V0?O4?Y/'MHM;[^R#]ZC_)X]M%K??V0?O4?Y/'MHM;[^R#]
MZC_)X]M%K??V0?O4?Y/'MHM;[^R#]ZC_ ">/;1:WW]D'[U'^3Q[:+6^_L@_>
MH_R>/;1:WW]D'[U'^3Q[:+6^_L@_>H_R>/;1:WW]D'[U'^3Q[:+6^_L@_>H_
MR>/;1:WW]D'[U'^3Q[:+6^_L@_>H_P GCVT6M]_9!^]1_D\>VBUOO[(/WJ/\
MGCVT6M]_9!^]1_D\>VBUOO[(/WJ/\GCVT6M]_9!^]1_D\>VBUOO[(/WJ/\GC
MVT6M]_9!^]1_D\>VBUOO[(/WJ/\ )X]M%K??V0?O4?Y/'MHM;[^R#]ZC_)X]
MM%K??V0?O4?Y/'MHM;[^R#]ZC_)X]M%K??V0?O4?Y/'MHM;[^R#]ZC_)X]M%
MK??V0?O4?Y/'MHM;[^R#]ZC_ ">/;1:WW]D'[U'^3Q[:+6^_L@_>H_R>/;1:
MWW]D'[U'^3Q[:+6^_L@_>H_R>/;1:WW]D'[U'^3Q[:+6^_L@_>H_R>/;1:WW
M]D'[U'^3Q[:+6^_L@_>H_P GCVT6M]_9!^]1_D\>VBUOO[(/WJ/\GCVT6M]_
M9!^]1_D\>VBUOO[(/WJ/\GCVT6M]_9!^]1_D\>VBUOO[(/WJ/\GCVT6M]_9!
M^]1_D\>VBUOO[(/WJ/\ )X]M%K??V0?O4?Y/'MHM;[^R#]ZC_)X]M%K??V0?
MO4?Y/'MHM;[^R#]ZC_)X]M%K??V0?O4?Y/'MHM;[^R#]ZC_)X]M%K??V0?O4
M?Y/'MHM;[^R#]ZC_ ">/;1:WW]D'[U'^3Q[:+6^_L@_>H_R>/;1:WW]D'[U'
M^3Q[:+6^_L@_>H_R>/;1:WW]D'[U'^3Q[:+6^_L@_>H_R>/;1:WW]D'[U'^3
MQ[:+6^_L@_>H_P GCVT6M]_9!^]1_D\RBI_D1NX-;B@L [RK@V;(A1NR1(66
M8Y)E0*@VU6IR?))]%:7=+TV/(T*T4EGECL3H:69N;@?C&,8QC&,8QC&,8QC&
M,8QC&,8QC&,8QC.0 =A#74!VVV$-===0';;;;80#7774 $=MMA$ UU !$1$
M !$<\"-T:W'=84W.C6Y&MQVJ=R*;7-O<36U1L)FNJ=R+0J5!C>HVV*-UU(6Z
MD';;%&ZAH.Q1@:^DH\@\1 @\@\===M]M2%!!^VI>H@&YFVI)F^VI>@B ;[B
M::CMJ&VP#MJ ^?5R;=W$YGT<FTQX3$ J4LY;DAW>$R7;4O<%:EHT4;.2=*.A
MI6X*3TI9 Z&E;@9W32QV]N,8QC&,8QC&,8QC&,8QC&,8QC&,8QC&,K3+_?5_
M]5/_ +5&47&,8QC&,8QC&,8QC&,8QC&,8QC&,8QC&:N^V<L*S:O[-OD;*ZI>
MY#%G\4T!C<AET3*7&2.'UI,+$C49LR2M!K;MHO0*442<ER0QT2;:J&Y&XJE)
M9A.VH*"<#6FN^(O$CM"> D(XQ4@%:QJY*^ED1@=X4AR>K]2P\F(BMJ9WE3^;
MR%HY0S3&?SMDCCDA;W!@LD^2Q/5TFCJ MCNHTC);(W:[.R@XI6?9]?\ 9NW3
M2?$E33$@K;DC+;/O'M"#+?B ^VJD8M8-@M\MI?6HFZ5J)TZ&2)(6AKX"7Z*)
M&[<(_NH\KNQ.:A9ESU5#XC2>U)<GIE7-<\B*X=><ISM$^TZXE\E'B"<NY'+;
M"MUUCK9!+SIRY&0N63:+:G.9,,G]8LS(TZ!$VX'!([;IW!3(9!]DY^@E'J"M
M@T#8I0>5L!77R0;%&[E[ 5UZCY(-M1 OKX]P->OCUS\L8QC&,8QC&,8QC&,8
MQC&,8QC&,8QC&,K3+_?5_P#53_[5&47&,8QC&,8QC&,8QC&,8QC&,8QC&,8Q
MC&4]V:6I_:G)B?6MM?&-Z0+&EY97EO1NS.[M3@1NE<&MU:W E2@<FU>E--3+
M4"U.>D5IS#"5!)A>^VHXIU5P!X14:_D2RH.*='UY*4<C+EK=)8["DQ<@:9"2
MTO3"4X,;PN/7.#"64S21_;=&ME4(&35*[K ]&"9L485D!6575O2T+9JXJ*"Q
MBM(!'-W Q@AL+:B6..LV[LZ*WMSW;6Y,/DTNR]X7K715L6/4U<J/4"/?,$<@
M9KX%\*V.ZMN1K/Q;I5LO+9]4RK6RT4-3$/Q,J6;;F*I4E2:G>KJ*4*#S#59L
MB1L:=Y%><>Y@N!R/-5[Y:^[&,8QC&,8QC&,8QC&,8QC&,8QC&,8QC&5IE_OJ
M_P#JI_\ :HST2R+NL-D+E&WDD2E[<=W!V#78"E:??4-TZY(.P )J125MKN4:
M = 'O%;]TTLS36WN@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_
M ?D..@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_ ?D.
M.@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_ ?D..@_
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M^3'LAK#[A13\%1_R8]D-8?<**?@J/^3'LAK#[A13\%1_R8]D-8?<**?@J/\
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M']/O=>\D=2]0'N_H!_D^@!TV$-M@ZC<Z3EY)-!#S^',:C4.]WO-'1R2;#^D
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MC7%W#0XXHG1(\*DIRDXS0E)JH.V L;[@\\@]G15HG5;3**V!"9 2<H8I?"9
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M[MO =@V$ '*"?Q\I\\>NT+1E?I;;?YJO>4OCM[PZ$.6@=P/]$OIW-/\ 1U
MZ91#N,E3&ZAKHTNR<0V[W?)D+MWA#H(=T?+'G:]T>O7PU#;J ?I=.H#3#.*U
M8;[CMJ9*"M1Z="RWT-M->@  ]!.0FF#U'Q'O&;>(CTZ!T /!]$NNNH]'B8@'
M4>@>D6D>@?#J+)U'I[NH]1^(B.>+?B/"QVV'22RO70=A[FH[,NXZZ]?T=1W%
MKU'80#H'>$ $?>(!G7Z(\-^\TJ^3)_\ #,?1'AOWFE7R9/\ X9CZ(\-^\\J^
M3)_\-SW!Q*KOH'>>IB.W0.\/G[0'7;IXB  R"  (]1  $>GNZC[\]I?%.LM
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=,WW59-Y',Y1H8@UD&K2@S=QC&,8QC&,8QC&?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
<FILENAME>g721464.jpg
<DESCRIPTION>G721464.JPG
<TEXT>
begin 644 g721464.jpg
M_]C_X  02D9)1@ ! 0$!I &D  #__@ ]1$E32S$Q,CI;,3):0D@S+C$R6D)(
M-#,U,3,N3U544%5473$Q,#,U7S$S7T=,3T)!3%]+7U!)12Y%4%/_VP!#  $!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0'_P  +" '  B\! 1$ _\0 'P !  $#!0$!
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M>R0;(L>=[+0J7?!61CV996,,[=-B*)-0D67CF3]J1[]4]\.@C];H'F/U3?\
MMY_: >8>?7T'*<2N-77L:E11G8U:S)1KF74@TG)%9).-9O&+!V[.U3$QR)MG
MDG'(+@?NJ(G?,Q43*1RB8]1@8!$0#KY?,I@#\PB  /YA'-1$ #J/S /SB(
M?E$1  ^T<BC1^:O'R^2=R:,+7)U^&IS28E@OM]J=FU[K"W5VNVAI1[!:M?;,
MN<9"TB[U>&N;YG6W<W!3;AFJ\?1CU@9[!S,++R-T77('1+&T1](?;IU,RN<N
M]81L347>R*6WL\I)2L6I.1D?'U]:<)+/7TC"HK2[%HW9J+O(M%60;IJ-$S+!
M]*EOO1M^E'<'1MRZIN4W'M(Z0?PU4V-3;'*L6$Q+&@8E\\CX::?.VS.4G"*0
MT<Y62(B^EDSQS4ZKPHHYO>;PU4WF$ZTRO%<L%I.\JS9:J5:9B[-:6+6WS<)
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MZM17V(_M;36M&#7-=JMR7?7ZN:SU1;+Z\NLC36R+'VB(@[9!QEDD$IFYV*O
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M8QC($<HN0SJ,7>:THD@+=\0IV]OG6:@>,R\5,2FK\<X(/5%\)#@:6>(F!9D
ME8('3='=';8[@        #H  '0  /@ !Y!C&,^B/],C_GDO_$+GBRL/^^&P
M_P#6&?\ _.'V=1C)!<>M-J[5M?CRB*A:775$'-A7Z&(616,/B-*ZW5#H/BR
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M$$#=1'J !T#-N?)=!%T@LV<)E60<)G162.'4JB9P[IBC^4!\A#H)1 #%$#
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M5R-<I*<5$S^[=D:PD8.U&N2<3/,V\OK.@S%4FQM,19K*E,,5P85QQ80M_HV
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M.,9WL=/.F7=25ZNFP= [AS?A4P#\4H/4>G_$4[Q?@42>N5PS?-7R?B-E0/T
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M>NSE-T\@_#&;#W3>?4.H!U#J&/S&,9UKZ)9/P$5DNXL(= <)="*A\N\/02J
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MH[<PKY5BJY:EH=L<E;N#)^2J(+IIK F<! %"%,'IGG1;\EM\MC&,3:-E4$X
M40<^ZG10 !Z]2%<QBI2#U]3$ IA#R$>GEG>-N6F_FXI__7)70)E[O1]7:TY!
M7ZHE[RXA%)'5/Y][O"<H]X $>H (#WC?F;O= H%4EZP[Z'[PG<U", YB^7X,
M1:J-B@3R$ $"@I]8?PG\WN]^WYR;B2$XKQ="=@8"]PHP,DV\,0$>H@+>>*)^
M\ @'0_4"].H>8CG>MN>6PTS$]KH]'=% G13PG%B9G4/W>@'*(OW1$@[WUA3
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M:0I_O6R3MQC&,8RT^[Z\:R:OMC)%+Q7;1@$PS  ZG]HAE22/=3#U$ZJ""Z(
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M:N(>M^*BHR"BXV$A6#6*AH:/9Q43%L4BHLHV,CFR3-@P:(E "IMVC1%)!(H
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M:U2.:W;OV+ 4=H^*V.\1K\4^<"XM-PD&Z9BJ'B*556LU;)@Q! 4XR&=' 0$
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MHMFUCHV,C6B#&.CH]B@FU9,&#)L1-LS9,VJ239HT;ID0;-DDD$2$23*4.:(
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MNU<3+I6):67?4^ZGKS/+1O0J#F52&4GXBN/%/PD! V6PQ33OI2JY\H.H\/\
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M,@]XC1L0WIU*@D4>@^H=0( Y]S#W"AT .G>(7IZ  &.!1Z=/D ]0^W,(>O\
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M]<(J)A5[K;&L&5QD]>/-A4MI>H6L*W68J+JRP[>Q1510$ 7LLC$+.R/64&@
ME.O).$DVJ*1TUE5"(J$4-1?]T_QR"+&<-O74A(8+VUU@$L?856)&FV&^;NG;
M*F)OC2@-5+&\:,7SMK%IJF<KM6+UTD4S=FY42Y4[R2X^5>VR%!L>\-2P5WB:
MO9+M*U&7V'4X^R1M0IR#QW;++(0KJ62D&4)6VD?(.YR1<MTV\8UCW[EX=)!D
MZ41J&'W-J.P,(R4A-G4"5CIFE2NR8EZPN%?=-I'7T$Z9LIR[M%4I Q5JG"O9
M!BRE[ 7_ &JC'CMNT?.F[E0J65!3+Q3MBUF,N5"L\'<JG-%7/$V*LR;2;AY
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MN]IOM/>S-=G-;6FFQ5(8WXE!I<A6KSINRW6>HK*T7ZPN&$EN:$U=)%MCP5E
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MK5LZE72#91XLVC6ZZJ:S]PBT16=*H-"+*IMDE%SD*DF<Y>O>V^J1RLLA(66
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MXY;*N#K;(#JZ6DXN>EGVH;&P4>2L]L+73IF2CIQ6LZP^<VN91XO^Q[;56BM
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M:K6Q&D['M+-MG8U_1LR$1L>WSD)=HFO6>L+-M222>LY6KT67U[6I>7KDQ)1
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M,LIO/6<)M^MUNC35E<5M,=C:[N:(QTI)PTW+FUK;HF_+P\+)P,Y7K!&O'S>
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MQZ\VDS22!9VE3K/&RLI&$$X)A[X@B+$G88XG$"^'*QC,X"( )?/+Z@("'4!
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M4 P+P=:7-21>OZE:K6XDLDO&9IM",TS3X7;5.K-#LM?:JUQA5ZM-OI]E&5.
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MK#//NX?V&#A&3^3= 111-MX*2RJ?E;Y7?=$&P;=;6=;XK5!37&KF,NB6<O\
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M3^ET"BC*E,/3QI6*G#^9U?/$X3^D3_SB?_?+F/1"'6L-T3@&X"*\Y:S0Z7=
M1$#24X9F)@  $?J%6,<>GH!1'X9G*:M$(]LV8-2@1JP;H,6Q    C9FB1JW*
M !Y= 12( 9]\8QF0WLX.0BFG=WM*7-O%$Z+MY=A6)!,YP!K%W RO@U">,!SD
M(B5=PL>N2*P& /9I-FNL4Y(Y/N>F/&,8QC&,8QEI-];;@="Z6VINBS'2+":O
MH5IO#Y-504_; KL0ZD&T<F8/,7$H]1:QC8@" G<.TB ("8,_,5N-NL.P+=:K
MY;79W]JN]DGKC9GJ@B)G5@M$J[G)E;J(B/=-(OG )!U$"(E3('U2AE.8QC+I
M::V&KK'84'9S'4]U>(,78T""(^T0$@9-)^/=#R,JQ$J,FVZ]1!=D0I?YX]<T
MJ"B2P-UD5"+(K> LBLF/>3615[BB*R9O\9-5,Q5$S?XQ#%'XY@6E/\)R7_24
MC_KSC.#C&,9RF#Z0BWS*4B7BT?+1;UG)Q,@W.9->/E8URD^C'Z"A! Y%F3]N
MW=)'*(&*HB4Q1 0 <_3%X;;^9\HN+VD-]-2%17V-08B6G&I$P2386YD"D)=(
MU),#&Z(QUMC)EHB(CWC())'$ [P!DF<8QC&,8QC&,8QC&,8QC&,8SXN%TVR"
M[E4>B3=%190?D1(ACG'\Q2CD9'3E5XY<.UC"95RLHN<1]>\J<3=/L H"!2A\
M"@ !Y!GPQC&6!Y/Z.C^1.D;OJYR""4M*,2R=.D5P#I$7>%[[VLON^(=4T%G@
M&B9$0$.]%2C\ANH&SQ]OHZ0AY1Y$2S)>-E8J2<1<I'.B"FYCY*.>'9OV+@A@
M 2KLW:"S=4! .BB9NGETR+G&ZM_2#?K5=1/Q&U9=6>SN.H=2E58KN6D=WO@
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M4#E4;2DP ?A&E!,#B,C@.FM:CNY AX!CZ$@                #R
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M .@=/[?G^WYXQC&,8QC&,8QC&,8QFAA H=1^90_.80*'YNHAU'X!YYCUI?:
MUV6LPIW[6ECUKKNTP[6?U%<'=CK-SN-_BI79T3J:IK2&BZ.K,;@J9MFV6=BW
MFL3DK5F8S40=TC;']$M+8M67[.?[2OB9%-+F2'N\];[/2GCR/D:37-=;)7LR
MR[)I%.UY$C9S4&Z#*GHA-Q;5YL2578:_C'[YJQD[*T=.$4CW0V3S7XS:C@4K
M-?=F(0\&H5DL+YO6+I.$;LW\K=85*3>)P%;E%F44B^UU=2OI)VFBSCT*^[=/
M%46ZS)1WUU YP\>-C7RN:PB;+/P]^M3ZU1D-5[A1[A4Y!>3JDUL*(6C%U9J&
M:L&4I.MM57^R52+=O$9&QU2M24]'M3M4>@RH=2\4R.=-Y),&JB:?BG(X>M4#
ME3[HG\0Q%52&*3NE,;O" %[I1'KT 1S&O-]I'"[5L\GK'L_]7R_-N]Q<FY@;
M)LRK3A*5PUU;+M%$DGS?97*]Y$3]5G)6*.J))*@\?J_O/9C%VD+.;JE?2,I(
MMNN)V=]AY%R#:V]I%N)SR@0!9I(1_%.FQTIK#@M4G+<6KA!O*Z<),REGY'R#
M1RDH*TYR;N%_K3MP(25;U;0>\2.;^-'[L"[+-/5&R]?=HKI*DLXO6&R(VLZ?
MWY%U>);L(FF[&JL4E":PN"L;%,D&<5"7>D1C.D++)IMHYE8:5#(*&]OM;4BO
MA_R?G!SL_-L<S[6"T:BO3M/P4@FWNVTI)F<\>V.4"K+5ZIM5/""T7!9 Q!+'
M-E2L89-="0L;Q@T5;)O/9!H'CSJ?C+KN.UEJ"L(UZOLQ(YDGJQB.[%:YD$2H
MKV.W37A(K3,TY ! #BFA'QJ!O8(2/C(TB;,M[,8QC&,8S(%V<_'M3<^\F-JF
M68JT342\=;)DRA"F;2=G*L9:FU\P*)*I+%,^:J3TBB8G3V&)31.8GO!$P^FX
M Z?V_2/YQ\QQC&,8QC&,8RS?('1.O.2^G;[H_:<2:7I.P8)>&E$D%?9Y"/7
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M]2TW:FEE8)*JVEX]V#;YLVRZG.P"2JE:0<'D&D+580S>#<(2XX:7/DQ;XK;
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M  Z>0= #R#Y8[I?+R#R\P\@\A#T$/ETP)2CZE*/Y0 ?AT^/V>7Y/+-0  #H
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CM96">JYF $1]?F(>@AY (@'K]GQ]!]0\NF:XQC&,8QC/_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
